Ram Ratna Wires Ltd(RAMRAT)

NSE: RAMRATBSE: 522281

₹ 533-1.45%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 4,976 crNext results: 29 Oct 2026Website: www.rrshramik.comUpdated: 24 Oct 2026

About

Ram Ratna Wires Ltd is India's leading manufacturer of enamelled winding wires and strips and among India's largest copper tube manufacturers, with a 64%-owned subsidiary Tefabo that holds 30 - 40% market share in key wind tower internal components. In FY26, consolidated revenue reached ₹5,176.6 Cr with two reported segments: winding wires and strips (76% of revenue) and copper tubes and pipes (22%). The company operates 5 manufacturing plants across India and serves major OEMs including Cummins, Siemens, Schneider Electric, Daikin, and Bosch.^[1][2][3][4]

Business segments

Tefabo (64% subsidiary) manufactures wind tower internals and supplies almost all major wind OEMs in India; not reported as a separate financial segment.^[4][2]

Products and portfolio

Portfolio organised into Core Solutions (enamelled winding wires, strips, copper tubes) and Engineered Solutions (specialised conductors, Litz wires, CTC, EV application wires).^[2]
Winding wire range spans 5 mm to ultra-fine 0.016 mm in round conductors and 1 sq mm to 80 sq mm in rectangular conductors; among very few Indian makers of Class 240 high-temperature enamelled wire.^[2]
Copper tube portfolio includes Level Wound Coils (LWC), Inner Grooved Tubes (IGT), Pancake Coils, Straight Tubes, PVC-Coated, Capillary, Medical Grade, and Low Finned tubes.^[2]
Epavo Electricals Pvt Ltd is a 50:50 JV with EPACK Durable, making BLDC and PMSM motors for air conditioners, ceiling fans, HVLS fans, and electric mobility applications.^[2]

Manufacturing capacity and utilisation

Enamelled winding wire installed capacity: ~41,400 MTPA across existing plants; capacity utilisation ~76% as of FY26.^[2][5]
Bhiwadi, Rajasthan facility - described as one of India's largest copper tube plants - uses advanced Cast & Roll technology and commenced production in June 2025 under the PLI Scheme for White Goods.^[2]
Tefabo Bengaluru plant capacity: ~40 towers/month; Vadodara plant completed machinery installation and is undergoing phased expansion from ~40 to ~80 towers/month.^[6][4]
Company operates 5 national manufacturing plants and 2 offices (7 total locations); no international plants.^[2]

Key operating numbers

Copper Tubes & Pipes share of consolidated revenue: 26% in Q1 FY27 vs 22% in FY26 vs 14% in FY25, reflecting Bhiwadi ramp.^[6][4]
Copper tube capacity utilisation: ~76% for Q1 FY27 vs ~45% for FY26 (Bhiwadi ramp continuing).^[6][2]
Winding wire capacity utilisation: ~45% in Q1 FY27 (FY26 figure: ~76% per annual report).^[6][2]
ROCE: 25.1% in FY26, up from 18.8% in FY25 and 14.4% in FY24.^[4]
Net debt/equity ratio: 0.46x in FY26, up from 0.34x in FY25 and 0.20x in FY24, driven by Bhiwadi investment.^[6]
Tefabo holds 30 - 40% market share in its key wind tower product segments as of FY26.^[4]

Customers and distribution

~70 - 75% of winding wire business comes from large OEM customers including Cummins, Siemens, CG Power, Schneider Electric, Havells, Godrej & Boyce, Amber Enterprises, Epack Durables, Daikin, Panasonic Life Solutions, and Bosch.^[2]
Copper tubes distribution spans more than 200 cities in India as of FY26.^[2][4]
Exports contributed 7.39% of total turnover in FY26; the company serves 8 countries internationally and is present across 28 states and 8 union territories domestically.^[2]

Expansion and capex

Silvassa enamelled wire expansion: adding 3,600 MTPA capacity, now targeted for commissioning in March 2027 (delayed from earlier H1 FY26 timeline).^[6]
Tefabo Vadodara: phased expansion from ~40 to ~80 towers/month underway; Phase 1 adds 20 towers/month, Phase 2 adds another 20 upon Phase 1 scale-up.^[6][4]
EPAVO registered under PLI Scheme for White Goods (Air Conditioners) with committed investment of ~₹253 Cr.^[6]
Tefabo is diversifying into nacelle parts manufacturing alongside tower internals to broaden its addressable market.^[4]
Company targeting copper foils manufacturing by FY2028 - 29 to serve EV and switchgear demand.^[7]

Recent developments

NCLT approved the merger of Global Copper Pvt Ltd (GCPL) into RRWL, effective May 29, 2025, consolidating the Baroda 12,000 MTPA copper tube plant into the parent.^[6][7]
RRWL acquired an additional 4% stake in Tefabo effective July 1, 2025, raising consolidated ownership to 64%.^[8]
Demo small wind turbine installed at Chikmagalur as of Q1 FY27; European technology transfer for mini wind turbines is in progress.^[6]
Ram Ratna Wires received a GST Show Cause-cum-Demand Notice for ₹29.23 Cr (plus interest and penalty) for FY2020 - 21 to FY2023 - 24; the company intends to file submissions rebutting the allegations (notice dated 29 Aug 2026).^[9]

Market Cap

₹4,976 Cr

High / Low

₹662 / 269

Stock P/E

39.2

Price / Book

8.6

Book Value

₹62

EPS

₹11.5

No. of Shares

9.33 Cr

ROCE

23.5%

ROE

20.1%

OPM

4.7%

Debt / Equity

1.13

Sales

₹5,177 Cr

Net Profit

₹109 Cr

Promoter holding

67.9%

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Ram Ratna Wires Ltd(RAMRAT)

About

Business segments

Products and portfolio

Manufacturing capacity and utilisation

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

Signal history

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