Bansal Wire Industries Limited (BANSALWIRE) share price

₹309.35 on NSE as of 2026-09-11. -0.66% on the day. market cap ₹4,843 Cr. P/E 34.0. 52-week range ₹224.95 to ₹365.80. Capital Goods.

Bansal Wire Industries Q1 FY27: Revenue Up 24%, Profit Down 48%, and a Gas Pipeline in the Middle

At a glance

Bansal Wire Industries reported consolidated revenue of ₹1,168 crore for the quarter ended June 2026, against ₹939 crore a year earlier — growth of 24.4%. Operating profit came in at ₹56 crore versus ₹72 crore, and net profit at ₹20.5 crore versus ₹39.3 crore, a fall of 47.9%. EPS for the quarter was ₹1.31 against ₹2.51.

Sequentially the pattern repeats: revenue rose 2.8% over the March quarter's ₹1,136 crore, while profit fell 48.9% from ₹40.1 crore. Operating margin was 5% for the quarter, against 7% in the March quarter and 8% in June 2025.

The company sold 1,11,962 MT in the quarter and reported capacity utilisation of 66.0%. Management attributes the profitability squeeze to geopolitical tensions in West Asia, which disrupted industrial gas supplies and raised input costs during the first half of the quarter, stating that conditions improved in the latter half. The same statement notes the Steel Tyre Cord business secured its first trial order from a leading Indian tyre manufacturer.

FY26, the year just closed, was the company's largest: revenue ₹4,160 crore, up 19% on FY25's ₹3,507 crore, with net profit of ₹161 crore. Sales volume for FY26 was 4,58,055 MT against 3,44,710 MT.

Two facts sit next to each other in this quarter: the top line grew a quarter faster than a year ago, and the bottom line halved. What connects them is a story about energy costs and order books — and it runs through the whole entry below.

Introduction

Bansal Wire Industries was incorporated in 1985 by Arun Gupta, and the family traces its steel wire trading roots to 1938. The company manufactures and sells wires of multiple varieties, and by its own presentation ranks second in India by steel wire volume and first in stainless steel wire volume.

The listing is recent. The company raised ₹745 crore through an IPO and listed on July 10, 2024, with proceeds earmarked for repayment of borrowings, working capital and general corporate purposes. Since then the corporate calendar has been busy. The Dadri plant — described as India's largest single-location wire manufacturing facility — commenced operations in January 2025, with further capacity added through FY26. BWI Steel Private Limited was incorporated as a wholly owned subsidiary in October 2024 to manufacture steel wire rods and wire. Bansal Steel & Power Limited, acquired earlier through the NCLT route, is the other wholly owned subsidiary.

The last twelve months produced a dense filing trail. In February 2026, BWI Steel signed an MoU with the Ministry of Steel for a PLI arrangement covering ₹70 crore and 70,000 tpa of stainless wire. In December 2025 the company launched LRPC wire at Dadri, an 18,000 MT capacity addition. In October 2025 a fire at the Dadri plant's C Shed disrupted operations there, with no injuries and insurance cover in place. In March 2026 the company disclosed a natural gas supply disruption that cut production capacity by roughly 35% from mid-March, with electric furnaces and alternatives deployed.

Crisil reaffirmed its ratings at 'Crisil A+/Stable/Crisil A1' in October 2025 across ₹805 crore of bank facilities, citing the group's market position, diversified customer profile and financial risk profile, and listing large working capital requirement and raw-material price volatility as offsetting weaknesses.

In June 2026, promoter group member Mrinaal Mittal sold 46,82,916 shares — a 2.99% stake.

Business model

They make wire. Enormous quantities of it, in 3,000+ SKUs, which the company says is the highest count among Indian steel wire manufacturers. If a thing needs to be thin, metallic and strong, Bansal probably extrudes a version of it.

The catalogue reads like a hardware shop that refused to specialise: stainless steel wires, MIG/TIG and submerged arc welding wires, core wires for electrodes, CO₂ wires, high carbon steel wires, GI wires, bright bars, barbed wire, spring wire, ACSR core wire, and round steel wire for ropes. There is a wire for the fence, a wire for the electrode that welds the fence, and a wire for the power line running over the fence.

The mix, per management, is roughly 55% low carbon, 25% high carbon and 20% stainless steel. End industries for FY26: Miscellaneous 23.1%, Automotive 21.9%, General Engineering 12.0%, Infrastructure 10.5%, Hardware 9.5%, Consumer Durables 9.4%, Cable 8.9%, Agriculture/Poultry 4.7%. "Miscellaneous" being the largest single bucket is what happens when you sell 3,000 SKUs to 5,000+ customers — the categories give up before the customers do.

Concentration is deliberately thin: no single customer exceeds ~5% of revenue, no single sector exceeds ~25%, and retention among key customers runs at ~90%. Exports were around 10% of revenue, spanning roughly 40 countries per the latest presentation. Manufacturing runs across five facilities; Dadri is the anchor, Bahadurgarh houses the stainless steel division, and other NCR units handle mild steel and superfine wires. Installed capacity is ~6,80,000 MTPA.

The newer, more interesting half of the business is the attempt to stop being a commodity. Specialty products — Steel Tyre Cord and Hose Wire (20,000 MTPA), IHT Wire (9,000 MTPA), OHT Wire (6,000 MTPA) — are the stated route to what the company calls de-commoditizing the portfolio. Steel Tyre Cord trial orders have started coming in; IHT Wire has customer approvals received with optimum utilisation targeted in FY27; OHT Wire commercialization is expected in Q4 FY27. Management has previously described the tyre cord market as import-dependent, with a single domestic producer today.

Meanwhile, the newest venture is farming, fencing and poultry wire sold B2C. A ninety-year-old industrial wire house is now, in part, in the chicken-run business. The margin logic — B2C carries higher ROCE, per the presentation — is more elegant than the mental image.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Bansal Wire Industries Limited.

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