Company Overview

Bharat Wire Ropes Limited (BWR) was incorporated in 1986 and acquired in 2010 by Mr. M. L. Mittal, the current promoter and Managing Director. The company is headquartered in Mumbai, Maharashtra, and is one of India's largest manufacturers of specialty steel wire ropes, strands, slings, and wires.

Operational Capacity

  • Total manufacturing capacity: 72,000 MTPA across two integrated plants
  • Chalisgaon, Maharashtra plant: 66,000 MTPA capacity
  • Atgaon, Maharashtra plant: 6,000 MTPA capacity
  • Employee strength: 1,000+ people across manufacturing and corporate operations

Product Portfolio

  • Thousands of SKUs including wire ropes from 6 mm to 100 mm and steel wires from 0.3 mm to 5.5 mm
  • Serves diverse industries: General Engineering, Aviation, Fishing, Elevators, Cranes, Material Handling, Onshore/Offshore Oil Exploration, Ports & Shipping, and Mining
  • Export footprint spanning 55+ countries including Australia, Middle East, UK, US, Singapore, South Africa, and Vietnam

Sustainability Initiatives

  • 6.5 MW captive solar power under consumption
  • Additional 1.86 MW under commissioning
  • Zero-liquid-discharge facilities
  • Global technology from Germany, UK, and Korea

Q1 FY27 Financial Performance (INR Millions)

| Metric | Q1 FY27 | Q1 FY26 | YoY Change | Q4 FY26 | QoQ Change |

| Revenue from operations | 1,304 | 1,417 | (8.0)% | 1,415 | (7.8)% |

| Total expenses | 1,049 | 1,116 | (6.0)% | 1,119 | (6.3)% |

| EBITDA | 255 | 301 | (15.3)% | 296 | (13.9)% |

| EBITDA margin (%) | 19.56% | 21.24% | (168) bps | 20.92% | (136) bps |

| Depreciation & amortisation | 66 | 58 | 13.8% | 61 | 8.2% |

| Finance costs | 28 | 38 | (26.3)% | 21 | 33.3% |

| Other income | 4 | 2 | NA | 5 | (20.0)% |

| PBT | 165 | 207 | (20.3)% | 219 | (24.7)% |

| Tax | 43 | 51 | (15.7)% | 54 | (20.4)% |

| PAT | 122 | 156 | (21.8)% | 165 | (26.1)% |

| PAT margin (%) | 9.36% | 11.01% | (165) bps | 11.66% | (230) bps |

| Other comprehensive income | – | – | NA | (6) | NA |

| Total comprehensive income | 122 | 156 | (21.8)% | 159 | (23.3)% |

| Diluted EPS (INR) | 1.38 | 1.80 | (23.3)% | 1.74 | (20.7)% |

Historical Financial Performance

FY26 Annual Performance (INR Millions):

  • EBITDA: ₹1,308 million (22.15% margin)
  • Depreciation & amortisation: ₹238 million
  • Finance costs: ₹110 million
  • Other income: ₹10 million
  • PBT: ₹970 million
  • Tax: ₹245 million
  • PAT: ₹725 million (12.28% margin)
  • Other comprehensive income: (₹6) million
  • Total comprehensive income: ₹719 million

FY25 Annual Performance (INR Millions):

  • EBITDA: ₹1,323 million (21.36% margin)
  • Depreciation & amortisation: ₹220 million
  • Finance costs: ₹133 million
  • Other income: ₹8 million
  • PBT: ₹978 million
  • Tax: ₹254 million
  • PAT: ₹724 million (11.69% margin)
  • Other comprehensive income: (₹1) million
  • Total comprehensive income: ₹723 million

Balance Sheet Position (INR Millions)

As of FY26:

Equity & Liabilities:

  • Total equity: ₹8,108 million
  • Equity share capital: ₹686 million
  • Other equity: ₹7,422 million
  • Non-current liabilities: ₹1,124 million
  • Borrowings: ₹388 million
  • Lease liabilities: ₹4 million
  • Other financial liabilities: ₹61 million
  • Provisions: ₹50 million
  • Deferred tax liabilities (net): ₹621 million
  • Current liabilities: ₹667 million
  • Borrowings: ₹355 million
  • Lease liabilities: ₹2 million
  • Trade payables: ₹101 million
  • Other financial liabilities: ₹46 million
  • Other current liabilities: ₹141 million
  • Provisions: ₹22 million
  • Total equity and liabilities: ₹9,899 million

Assets:

  • Non-current assets: ₹5,516 million
  • Property, plant and equipment: ₹5,333 million
  • Capital work in progress: ₹42 million
  • Right of use assets: ₹6 million
  • Other intangible assets: ₹7 million
  • Investment & other financial assets: ₹25 million
  • Other non-current assets: ₹103 million
  • Current assets: ₹4,383 million
  • Inventories: ₹1,171 million
  • Trade receivables: ₹973 million
  • Cash and cash equivalents: ₹1 million
  • Other bank balances: ₹177 million
  • Other financial assets: ₹11 million
  • Other current assets: ₹2,050 million
  • Total assets: ₹9,899 million

Capital Market Data (as of presentation date)

  • Current Market Price: ₹201.65
  • 52 Week High/Low: ₹262.20 / ₹149.15
  • Market Capitalization: ₹13,830.09 million
  • Shares Outstanding: 68.58 million
  • Average Volume: 556,380 shares

Disclaimer

The presentation includes standard disclaimers regarding forward-looking statements, noting that actual results may differ materially due to various risks and uncertainties. Valorem Advisors certified that their directors or employees do not own any stock in the company.