Vidya Wires Ltd(VIDYAWIRES)

NSE: VIDYAWIRESBSE: 544633

₹ 85.33-3.71%refreshed 23 Oct, 03:52 pm ISTMarket cap: ₹ 1,815 crWebsite: www.vidyawire.comUpdated: 24 Oct 2026

About

Vidya Wires Ltd manufactures winding wires and conductivity products - copper and aluminium conductors used in transformers, motors, renewables and EV infrastructure - from its facility in Narsanda. The company recorded revenue of ₹18,396.4 mn in FY26 and produced 18,024 MT of product. It was India's 4th largest winding and conductivity product manufacturer by installed capacity as of FY25, with a 5.7% market share.^[1][2][3]

Business segments

Power and transmission (including transformers): 51% of revenue in FY26.^[1]
Electricals: 27% of revenue in FY26.^[1]
General engineering: 13% of revenue in FY26.^[1]
Renewables and EV: 7% of revenue in FY26, up from 9.51% contribution disclosed for FY25.^[1][4]
Consumer durables: 3% of revenue in FY26.^[1]

Products

Core portfolio of 12 product categories includes enamelled copper winding wires, paper-covered copper conductors and related conductivity products for transformer and motor winding.^[4][2]
ALCU Industries expansion has enabled launch of aluminium paper-covered conductors, aluminium enamelled wires and strips, PV round ribbon, multi-paper covered copper conductors and copper bus bars.^[1]
Portfolio is being expanded from 12 to 20 categories; additions include Continuously Transposed Conductors (CTC), solar cables, copper foils, special enamelled copper strips for EV and enamelled aluminium rectangular strips.^[2][4]

Manufacturing capacity and operations

Existing facility at Narsanda had installed capacity of 19,680 MT p.a. and was running at approximately 90% utilisation through Q2 FY26.^[4][2]
ALCU Industries, a new facility at Narsanda, commenced manufacturing on 7 February 2026; ~6,000 - 7,000 MT of its 18,000 MT capacity was installed by Q4 FY26, contributing ~800 MT in that quarter.^[1]
Approximately 26% of the company's power requirements are sourced from its own captive solar and windmill installations.^[4]
Copper accounts for ~96% of revenue in FY26, reflecting the raw-material composition of the product mix.^[1]

Key operating numbers

Production volume: 18,024 MT in FY26, +6.5% YoY.^[1]
EBITDA margin: 4.66% in FY26, +35 bps YoY.^[1]
Debtor days: 41 days in FY26; working capital cycle: 60 days in FY26; inventory days: 21 - 24 days in FY26.^[1]
Market share of installed capacity: 5.7% in FY25.^[2]
CRISIL long-term credit rating: A-/Positive as of Q2 FY26.^[4]

Pricing model

The company operates a fully back-to-back pricing model: customers book copper on LME and the company simultaneously books with its supplier on the same LME rate, with a 30 - 45 day order-to-delivery cycle, insulating margins from spot price movements.^[1][4]

Customers and distribution

Export share of revenue: 12% in FY26, down from 13.63% in FY25 and a prior peak of 18 - 19%, as strong domestic infrastructure demand absorbed capacity.^[1][2]
The company serves 19 international customers across 18 countries as of FY25, with presence in the USA, Middle East, Europe and Australia.^[2][4]

Expansion and capex

ALCU Industries: 18,000 MT capacity addition at Narsanda funded by ₹140 Cr of IPO proceeds; remaining 8,000 - 9,000 MT targeted for commissioning by October 2026 (before Diwali), bringing total capacity to ~35,000 - 36,000 MT.^[1][4]
FY27 utilisation of new ALCU capacity targeted at 50 - 60%; optimum utilisation (~80%) of full 36,000 MT capacity expected in FY28.^[1]
CTC (Continuously Transposed Conductor) production targeted to commence ~October 2026 with Phase 1 capacity of 3,000 MT p.a.^[1]
Post-expansion, market share of installed capacity is expected to rise from 5.7% to 11.3%, positioning the company as India's 3rd largest winding and conductivity product manufacturer.^[2]
Export share targeted to grow from 12% to 25% of revenue post-expansion.^[1]
Working capital cycle targeted to reduce from 60 days to 50 - 52 days; debtor days from 41 to ~35 days by FY27.^[1]

Recent developments

IPO completed in FY26: ₹274 Cr fresh issue proceeds deployed - ₹140 Cr to ALCU capex and ₹100 Cr to repay working capital borrowings, reducing the debt-to-equity ratio from 0.88x (FY25) to 0.11x (9M FY26).^[4][2][1]
ALCU Industries commenced manufacturing on 7 February 2026, marking the start of the company's phased capacity ramp-up.^[1]

Market Cap

₹1,815 Cr

High / Low

₹117 / 44

Stock P/E

31.1

Price / Book

4.1

Book Value

₹23

EPS

₹2.7

No. of Shares

21.27 Cr

ROCE

16.1%

ROE

12.0%

OPM

4.9%

Debt / Equity

0.18

Sales

₹1,840 Cr

Net Profit

₹58 Cr

Promoter holding

72.8%

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