RAJRATAN

Rajratan Global Wire share price & financials

Price
₹448.6
Market cap
₹2.5k Cr
Sector
Automobile and Auto Components
Calls analysed
3
Latest concall · Q4 FY26 · call held 22 Apr 2026

Rajratan Global Q4 FY26

Sales Volume 1,33,000 tons +18%Raw Material Price Increase 10,000 Rs/ton Raw Material Consumption 63% India Market Share 42%

What went well

  • Highest ever sales tonnage achieved, totaling over 133,000 tons from three locations.
  • Consolidated sales volume grew by 18% year-on-year.
  • Price increases of INR10,000 per ton for raw materials have been successfully passed on to customers in the current quarter.

What to watch

  • EBITDA margin in Q4 FY26 was lower than targeted due to a sudden INR10,000 per ton increase in steel prices (Jan-Mar) which could not be immediately passed on.
  • Energy price and availability issues also negatively impacted Q4 EBITDA margins.
Read the full call →

What Rajratan Global Wire Limited does

Rajratan Global Wire manufactures high-carbon steel bead wire, the reinforcement material embedded inside tyre beads, supplying tyre manufacturers in India, Thailand and export markets across Southeast Asia, Europe and the USA. It operates three manufacturing facilities — at Pithampur (India), a greenfield unit at Chennai (India), and a plant in Thailand — and is the only bead wire manufacturer in Thailand. The company is also building a new steel cord manufacturing vertical, a related but distinct wire product used in applications such as conveyor belts, to diversify beyond its core bead wire business.

Segments

  • Bead Wire
  • Steel Cord (new vertical)
Manufacturing facilities
3 (Pithampur and Chennai in India; and Thailand)
Installed capacity — Pithampur, India
72,000 TPA, of which 60,000 TPA is bead wire
Installed capacity — Thailand plant
60,000 TPA
Installed capacity — Chennai plant
30,000 TPA installed in Phase 1, scalable up to 60,000 TPA
Market position in Thailand
Only bead wire manufacturer in Thailand
New steel cord plant capacity (under construction)
10,000 tons per year
Company website

Guidance record · Q4 FY26

what the last two calls moved 8 tracked 2 delivered 1 missed 5 open
  • Overall Volume Growth delivered said Q4 FY25 Promised: at least 15% volume growth from here for the next year Q4 FY26: Consolidated sales volume grew by 18% year-on-year to 133,000 tons
  • PLI Scheme Production Targets missed said Q2 FY26 Promised: 14,000 tons as committed with the PLI agreement Q4 FY26: first year was missed and second year targeted production was also not achieved
  • Wire Rope (Steel Cord) Production Start delayed said Q4 FY25 Promised: it will take about 1 year to start production of wire ropes Q4 FY26: start trials in the second quarter (Q2 FY27)

All 8 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 28.7%, net profit up 64.3% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue245 218 251 247 294 +20%302 +39%314 +25%318 +29%
EBITDA38 26 33 31 40 +5%40 +54%29 −12%42 +35%
Net profit19 9 15 14 21 +11%21 +133%15 +0%23 +64%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +51.6% 1Y

₹300₹350₹400₹450₹500₹550Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 31 Oct 2025Q4 FY26 — 22 Apr 2026

1Y: ₹328.65 on 10 Sept 2025 → ₹498.15. High ₹540.05 (4 Aug 2026), low ₹309 (8 Oct 2025).

How the price took the results

close before → close after

Q4 FY26
−5.1%
22 Apr
Q2 FY26
+6.8%
31 Oct

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 8.9% a year over 3 years, FY23 to FY26. Operating margin narrowed to 12.1%.

Year endingFY23FY24FY25FY26
Revenue₹895 Cr₹891 Cr₹934 Cr₹1.2k Cr
Operating profit₹163 Cr₹127 Cr₹127 Cr₹140 Cr
Operating margin18.2%14.3%13.6%12.1%
Interest₹16 Cr₹19 Cr₹28 Cr₹28 Cr
Depreciation₹18 Cr₹18 Cr₹23 Cr₹29 Cr
Net profit₹100 Cr₹71 Cr₹58 Cr₹71 Cr
Net margin11.2%8.0%6.2%6.1%
ROCE27.0%18.0%14.0%13.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹10 Cr₹10 Cr₹10 Cr₹10 Cr₹10 Cr₹10 Cr
Reserves₹216 Cr₹331 Cr₹429 Cr₹482 Cr₹593 Cr₹640 Cr
Borrowings₹142 Cr₹137 Cr₹171 Cr₹191 Cr₹373 Cr₹324 Cr
Other liabilities₹70 Cr₹139 Cr₹128 Cr₹143 Cr₹132 Cr₹185 Cr
Total liabilities₹439 Cr₹617 Cr₹739 Cr₹826 Cr₹1.1k Cr₹1.2k Cr
Fixed assets₹242 Cr₹281 Cr₹325 Cr₹364 Cr₹600 Cr₹619 Cr
Capital work in progress₹9 Cr₹30 Cr₹140 Cr₹191 Cr₹55 Cr₹88 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹1 Cr
Other assets₹188 Cr₹306 Cr₹274 Cr₹271 Cr₹453 Cr₹450 Cr
Total assets₹439 Cr₹617 Cr₹739 Cr₹826 Cr₹1.1k Cr₹1.2k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public trimmed −0.85 pp while FIIs added +0.69 pp. The shareholder count shrank 5% to 62,564.

Promoters
65.2%
FIIs
0.8%
DIIs
8.3%
Public
25.6%

Since Jun 2025

  • Public −0.85 pp
  • FIIs +0.69 pp
  • DIIs +0.09 pp

How it drifted, 12 quarters

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 65.1%, FIIs 0.7%, DIIs 8.4%, Public 25.8%.Dec '23: Promoters 65.1%, FIIs 0.7%, DIIs 8.7%, Public 25.5%.Mar '24: Promoters 65.1%, FIIs 0.9%, DIIs 8.0%, Public 26.0%.Jun '24: Promoters 65.1%, FIIs 0.3%, DIIs 8.2%, Public 26.4%.Sep '24: Promoters 65.1%, FIIs 0.3%, DIIs 8.3%, Public 26.3%.Dec '24: Promoters 65.1%, FIIs 0.2%, DIIs 8.2%, Public 26.5%.Mar '25: Promoters 65.1%, FIIs 0.2%, DIIs 8.2%, Public 26.5%.Jun '25: Promoters 65.1%, FIIs 0.1%, DIIs 8.3%, Public 26.5%.Sep '25: Promoters 65.1%, FIIs 0.6%, DIIs 8.3%, Public 26.0%.Dec '25: Promoters 65.1%, FIIs 0.5%, DIIs 8.3%, Public 26.1%.Mar '26: Promoters 65.2%, FIIs 0.6%, DIIs 8.3%, Public 25.9%.Jun '26: Promoters 65.2%, FIIs 0.8%, DIIs 8.3%, Public 25.6%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Rajratan Global Wire Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Rajratan Investments Limited 18.50%unchanged
Sangita Sunil Chordia 13.11%unchanged
Sunil Chordia 11.28%unchanged
Rajratan Resources Pvt Ltd. 8.99%unchanged
SBI Small Cap Fund Mutual fund7.39%unchanged
Yashovardhan Chordia 4.35%unchanged
Sunil Kumar Chandan Mal Huf 4.14%unchanged
Shubhika Akash Parakh 2.48%unchanged
Kishan Gopal Mohta 1.70%unchanged
D Srimathi 1.21%unchanged
Mohini Chordia 1.09%unchanged
Chandrakant Nagar 1.03%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in RAJRATAN

Filings to Aug 2026

0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).

Held by funds
₹187 Cr
1 schemes
Biggest holder
SBI Smallcap Fund
₹187 Cr · 0.4% of that fund
SchemeHoldingLast month
SBI Smallcap Fund SBI Mutual Fund₹187 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

0 added, 0 trimmed — net 0 shares (+0.0%)

Funds are sitting on
+9%
vs est. average cost
Held by funds
₹187 Cr
1 schemes · ≈ 6.7% of the company

Shares held by these funds −3%

Aug '23 37.54 L shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹498, this stock must grow earnings at 21% every year for 7 years. Our analysis caps realistic growth at ~-11%. At that growth it is worth ₹86 — downside of 83%.

Growth the price implies
21.5% a year
for 7 years, fading to 4%
It has actually compounded at
-10.8% a year
net profit, FY23–FY26 · EPS -11.1%
The gap
0.3 pp
-83% downside if it only repeats history
Price today ₹498.15 Value at the reference growth ₹85.93

Change the assumptions yourself →

All earnings calls (3)

Read the Q4 FY26 call →

Learn to analyse Rajratan Global Wire Limited

Guides on how to read this kind of business and the numbers that matter.