Rajratan Global Wire Ltd(RAJRATAN)

NSE: RAJRATANBSE: 517522

₹ 372.2-3.11%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,890 crWebsite: www.rajratan.co.inUpdated: 24 Oct 2026

About

Rajratan Global Wire Ltd manufactures bead wire - the high-tensile steel wire that locks a tyre to its rim - and supplies it primarily to tyre makers in India and Thailand. In FY26 the company sold 133,615 MT of wire across its two geographies, generating consolidated revenue of Rs. 1,156.5 crore. It holds a 42 - 43% share of the domestic Indian tyre-segment bead wire market and is the only bead wire manufacturer in Thailand.^[1][2]

Products

Core product is bead wire - high-tensile steel wire used to anchor a tyre to its wheel rim - sold to tyre manufacturers across India and Thailand.^[1][3]
A new 10,000 TPA steel cord (for conveyor belts) facility is being commissioned at Pithampur; this is also being positioned as a learning step toward future wire rope manufacturing.^[1]

Operations and installed capacity

India plants: Pithampur (Indore) operating at ~90% utilisation in FY26; Chennai plant with 30,000 TPA installed capacity reached 85 - 90% utilisation at exit rate in March 2026.^[1]
Thailand plant: only bead wire manufacturer in the country; operated at ~90% utilisation in FY26 and 91% in Q2 FY26.^[1][4][3]
Steel cord facility at Pithampur: 10,000 TPA capacity; Rs. 50 crore invested of Rs. 70 crore total capex as of Q4 FY26; production trials targeted for Q2 FY27.^[1]
Solar power commissioned at the Thailand facility; installation ongoing at the Chennai plant, expected to meet a substantial portion of operational energy needs.^[3]

Key operating volumes and realisations

Consolidated sales volume: 133,615 MT in FY26, up 18% YoY; India 81,734 MT (+19% YoY) and Thailand 51,881 MT (+17% YoY).^[1]
Q4 FY26 consolidated volume: 36,484 MT, up 19% YoY; India 22,122 MT (+20% YoY), Thailand 14,362 MT (+18% YoY).^[1]
India exports grew ~250% YoY in FY26, reaching over 9,000 MT; India revenue share was 64% in Q3 FY26.^[1][3]
Raw material (wire rod) as a percentage of consolidated revenue moved from 57% to 63% in Q4 FY26 following a ~Rs. 10,000/tonne spike in steel prices from January to March 2026.^[1]

Customers and distribution

Domestic tyre segment market share in India recovered to 42 - 43% in Q4 FY26, up from a trough of 35 - 37%, matching historical peak levels of 43 - 44%.^[1]
US consolidated revenue was Rs. 118 crore in FY26; Rajratan USA (100% subsidiary) has been merged into consolidated financials from H2 FY26.^[1]
European customers progressed from the approval phase to regular bulk supply over the six months ended March 2026; Japan is at an early-stage engagement as a new export market.^[1]
One Japanese MNC buying 3,000 - 4,000 MT/month of bead wire globally, with Rajratan supplying 5 - 8% of that volume as of Q2 FY26.^[4]

Expansion and capex

Chennai plant capacity doubling: balancing equipment ordered to expand from 30,000 TPA to 60,000 TPA; targeted completion by Q2 FY27 at an additional capex of ~Rs. 25 crore.^[1]
Chennai volume target: ~34,000 - 35,000 MT in FY27, vs. 17,000 MT achieved in FY26.^[1]
Steel cord project (Pithampur): Rs. 70 crore total capex, Rs. 50 crore spent; production trials in Q2 FY27, full capitalisation by Q3 FY27; peak revenue potential Rs. 150 crore (expected within two years).^[1]
MP state government capital subsidy for the steel cord investment similar to the 2020 Indore subsidy - approximately 30% of capex over seven years.^[1]
Thailand: debottlenecking targeted to grow volumes to 55,000 - 56,000 MT in FY27 from ~51,000 MT in FY26.^[1]

Recent developments

Rajratan USA (100% subsidiary) consolidated into group financials from H2 FY26; ~Rs. 30 crore of shipping and logistics costs for H2 FY26 are now booked in the USA entity.^[1]
Wire rope pilot project at Pithampur was repositioned as steel cord for conveyor belts - a niche global market of 70,000 - 80,000 MT - rather than direct wire rope production.^[1]
Pithampur plant received the TPM Excellence Award Category A from JIPM (Japan) in Q1 FY26.^[5]
Chennai plant turned profitable on a monthly basis within 12 months of commissioning, achieving ~60% utilisation in the latter half of Q2 FY26.^[4]

Market Cap

₹1,890 Cr

High / Low

₹564 / 322

Stock P/E

22.7

Price / Book

2.8

Book Value

₹128

EPS

₹13.8

No. of Shares

5.08 Cr

ROCE

13.3%

ROE

11.6%

OPM

10.1%

Debt / Equity

0.50

Sales

₹1,157 Cr

Net Profit

₹70 Cr

Promoter holding

65.2%

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