Financial Performance (Consolidated)

Q2 FY27 Results:

  • Revenue: ₹37,083 lakhs, up 26% YoY from ₹29,417 lakhs in Q2 FY26
  • EBITDA: ₹4,579 lakhs, up 14% YoY from ₹4,002 lakhs
  • Profit After Tax: ₹2,414 lakhs, up 17% YoY from ₹2,055 lakhs
  • Earnings Per Share: ₹4.75, increased from ₹4.05 in Q2 FY26 (70 basis points improvement)
  • EBITDA Margin: 12.35% (down 125 bps from 13.60% in Q2 FY26)
  • PAT Margin: 6.51% (down 48 bps from 6.99% in Q2 FY26)

H1 FY27 Performance:

  • Revenue: ₹68,918 lakhs, up 27% YoY from ₹54,068 lakhs
  • Profit After Tax: ₹4,710 lakhs, up 38% YoY from ₹3,407 lakhs
  • Earnings Per Share: ₹9.28, increased from ₹6.71 in H1 FY26

Operational Highlights

Volume Performance Q2 FY27:

  • India Sales Volume: 23,344 MT, up 12% YoY from 20,816 MT
  • Thailand Sales Volume: 15,261 MT, up 26% YoY from 12,071 MT
  • Total Sales Volume: 38,605 MT, up 17% YoY from 32,887 MT

H1 FY27 Volume Performance:

  • India Sales Volume: 43,054 MT, up 14% YoY from 37,777 MT
  • Thailand Sales Volume: 28,851 MT, up 22% YoY from 23,744 MT
  • Total Sales Volume: 71,905 MT, up 17% YoY from 61,521 MT

Capacity and Expansion Updates

Current Capacity:

  • Pithampur, India: 72,000 TPA total capacity (60,000 TPA for bead wire)
  • Thailand: 60,000 TPA capacity
  • Chennai: Greenfield unit with capacity expansion underway

Expansion Plans:

  • Chennai facility expansion to 60,000 TPA capacity targeted for completion by Q3 FY27
  • Full utilization of Chennai capacity expected in next financial year
  • Thailand capacity expansion: Adding 50,000 TPA within one year to reach 110,000 TPA total capacity
  • New land secured in Ratchaburi, Thailand to support market position

Operational Turnaround

  • Chennai facility moved from losses in previous year to profitability in Q2 FY27
  • Operating cash flow turned positive at ₹25.7 crore standalone and ₹8.6 crore consolidated as of September 2026
  • Total debt-to-equity ratio stands at healthy 0.6x

Business Strategy and Market Position

  • Company is the only bead wire manufacturer in Thailand
  • Market leader in India by installed capacity and market share
  • Export volumes from India grew approximately 38-40% year-on-year
  • Focus on volume-led growth strategy prioritizing market share gains over short-term margins
  • Strengthened relationships with multinational customers in Europe and Americas

Macroeconomic Challenges and Response

Challenges faced in Q2 FY27:

  • Middle East tensions disrupting global shipping routes
  • Unpredictable freight conditions at Indian and Thai ports
  • European import quotas and higher duties
  • Rising production costs due to fuel price hikes
  • Higher US import duties impacting exports
  • Intensifying competition across markets

Company Response:

  • Improved availability of common sizes for long-standing customers
  • Introduced freight surcharges to offset volatile ocean freight costs
  • Offered duty-paid deliveries to European customers
  • Prioritized volume growth and market share gains

Sustainability Initiatives

  • ISO-certified environmental and safety management systems
  • Solar power installations commissioned at Thailand and Chennai facilities
  • Greenhouse gas emissions tracking across all scopes
  • Metal scrap recovery and recycling during production
  • Wastewater recycling systems
  • Transition to cleaner fuel sources across operations

Management Commentary

Sunil Chordia, Chairman and Managing Director, stated: "We remain committed to regaining and consolidating market share across India, Thailand and international markets. While this strategy entails near-term pressure on margins, we believe that a stronger market position, higher capacity utilisation and improved operating efficiencies will create opportunities for sustainable profitability over time."

Forward Outlook

  • Consolidate market share across India, Thailand and global markets
  • Improve capacity utilisation and operational efficiency
  • Expand Chennai capacity and advance expansion at Thailand and Pithampur
  • Grow global customer relationships and premium-segment presence
  • Manage freight volatility and input costs through commercial measures
  • Invest strategically to strengthen competitiveness and long-term value