Bharat Wire Ropes Ltd (BHARATWIRE)

Metals & Mining · Steel · NSE · Updated 3 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹176.1 ↓ 2.52% (1Y)

🎯 Key Takeaways

Bharat Wire Ropes Ltd is in a mature phase with stable financials and no aggressive growth signals. Management maintains operational discipline, focusing on capital efficiency and shareholder returns amid modest revenue trends.
Revenue declined 6.4% QoQ to ₹147 in Q4FY24.
⚠️ Revenue stagnation amid flat-to-declining top-line trends poses execution risk in a capital-intensive industry.

Market Cap

₹1,208

P/E Ratio

12.4

P/B Ratio

4.34

ROE

34.6%

ROCE

35.0%

Debt/Equity

0.48

Promoter

41.3%

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📖 The Story

Bharat Wire Ropes Ltd is in a mature phase with stable financials and no aggressive growth signals. Management maintains operational discipline, focusing on capital efficiency and shareholder returns amid modest revenue trends. The company shows resilience in profitability but operates in a capital-intensive sector with limited top-line expansion.

📰 What's Happening

Recent developments center on governance and capital actions rather than operational expansion. The company scheduled its 40th AGM for 25 September 2026, where shareholders will vote on director remuneration, auditor appointments, and re-appointment of Whole-Time Director Sushil Sharda, effective May 19, 2027, pending approval. Additionally, on 7 August 2026, the company allotted 1,98,337 equity shares under its 2022 ESOP and issued 38,266 compulsorily convertible preference shares worth Rs. 3.83 lakh, increasing paid-up capital to Rs. 68.78 crore. These moves reflect routine capital structuring rather than strategic reinvestment.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Revenue	158	159	157	147
Operating Profit	36	36	39	32
OPM %	22.6%	22.8%	24.6%	21.8%
Net Profit	24	24	26	22
EPS	₹3.50	₹3.60	₹3.88	₹3.19

Quarterly revenue has shown a slight downward trend from Rs. 159 crore in September 2023 to Rs. 147 crore in March 2024, while operating margins remain stable around 22-24%. Profitability is steady, with net profit declining marginally from Rs. 26 crore to Rs. 22 crore over the same period. Despite flat revenue, margins have held firm, indicating effective cost management. The slight revenue contraction appears to be offset by operational efficiency, as evidenced by consistent OPM and EPS performance.

🔮 Management Outlook & What's Next

Management has not provided explicit forward guidance on revenue or margin growth in the latest filings. However, re-appointment of Sushil Sharda as Whole-Time Director for a five-year term, pending shareholder approval at the AGM, signals confidence in continuity of financial leadership. No new business initiatives or expansion plans were disclosed in recent board meetings. The focus remains on governance compliance and capital allocation discipline rather than growth projections.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2022	Mar 2023	Mar 2024	Mar 2024
Equity Capital	64	68	68	68
Reserves	388	492	543	210
Borrowings	269	182	179	132
Total Liabilities	774	781	825	817
Fixed Assets	491	481	474	476
Investments	0	2	2	2
Total Assets	774	781	825	817

The balance sheet shows stable equity of Rs. 68 crore but rising reserves from Rs. 492 crore to Rs. 543 crore and further to Rs. 210 crore in newer filings, indicating retained earnings accumulation. Borrowings have decreased from Rs. 182 crore to Rs. 132 crore, suggesting active deleveraging. Total assets remain flat around Rs. 817-825 crore. This reflects a conservative capital structure with a preference for reducing debt over aggressive investment, aligning with low D/E of 0.48.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2024
Operating	+85
Investing	-25
Financing	-61
Net Cash Flow	-0

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	41.3%	41.3%	41.3%	41.3%
FII	2.1%	2.3%	4.4%	2.1%
DII	2.6%	0.9%	0.3%	19.0%
Public	29.7%	27.1%	25.0%	24.8%
# Shareholders	32,812	33,400	31,679	31,626

Promoter holding remains steady at 41.27% across recent quarters, with no significant changes. FII ownership has increased from 2.06% in Q1FY27 to 4.42% in Q4FY26, indicating growing institutional interest. DII shareholding has declined from 2.6% to 0.32%, suggesting reduced domestic institutional participation. The rise in FII allocation may reflect improved investor sentiment despite flat financials, possibly driven by governance stability and consistent profitability.

⚖️ Peer Comparison — Steel

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
JSWSTEEL	3.19 L Cr	12.9	20.9%	28.0%	0.95
TATASTEEL	2.29 L Cr	20.8	12.7%	11.0%	0.83
JINDALSTEL	1.18 L Cr	43.3	7.4%	5.3%	0.43
SAIL	81,103	19.0	8.8%	7.3%	0.51
JSL	60,475	18.6	18.0%	16.4%	0.37
SHYAMMETL	29,934	26.6	14.2%	9.7%	0.09
SARDAEN	17,298	15.3	19.2%	17.6%	0.45
GPIL	16,138	18.3	19.2%	14.2%	0.07
USHAMART	15,307	30.2	20.6%	15.4%	0.04
VISL	14,543	—	—	—	-1.07

🔗 Peer Stock Analyses

JSWSTEEL TATASTEEL JINDALSTEL SAIL JSL

⚠️ Risk Factors

1. Revenue stagnation amid flat-to-declining top-line trends poses execution risk in a capital-intensive industry. 2. High reliance on promoter group for governance continuity, with key managerial appointments requiring shareholder approval, introduces dependency risk. 3. Low public float and high promoter holding may limit liquidity and increase volatility. 4. Margin pressure could emerge if input costs rise without pricing power, especially in a competitive metals market.

📋 Recent Filings

🧠 Analyst's Read

Bharat Wire Ropes operates as a stable, cash-generating business with strong returns and conservative leverage, but lacks growth catalysts. Investors should monitor AGM outcomes for governance signals and any shift in capital allocation strategy. The stock may trade sideways unless operational improvements or market tailwinds emerge in the infrastructure or construction-linked wire rope demand cycle.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-03.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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