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