Ram Ratna Wires Ltd (RAMRAT)
🎯 Key Takeaways
- Ram Ratna Wires Ltd is in a high-growth phase driven by strategic diversification into copper tubes and pipes, which now contribute 26% of revenue and are associated with higher margins. Management is executing a disciplined expansion plan, including capacity additions and operational improvements, supported by strong top-line growth and improving profitability.
- Revenue grew 5.7% QoQ to ₹1,853 in Q1FY27.
- ⚠️ Ongoing GST demand of ₹29.23 crores with potential liability and interest could affect cash flows if not resolved favorably.
📖 The Story
Ram Ratna Wires Ltd is in a high-growth phase driven by strategic diversification into copper tubes and pipes, which now contribute 26% of revenue and are associated with higher margins. Management is executing a disciplined expansion plan, including capacity additions and operational improvements, supported by strong top-line growth and improving profitability. The company benefits from India's infrastructure momentum but faces regulatory scrutiny around GST compliance.
📰 What's Happening
In Q1 FY27, revenue surged 88.6% YoY to ₹1,853.3 crores, with PAT rising 120.8% YoY to ₹35.2 crores and EBITDA up 109% YoY to ₹89.6 crores, reflecting strong operational momentum. EBITDA margin expanded to 4.8% from prior-year levels, aided by higher-margin copper tube sales and PLI benefits. Management announced plans to add 3,600 MTPA capacity at Silvassa, targeted for commissioning by March 2027. A plant visit for institutional investors is scheduled in September 2026 to showcase operations. The company also received a GST demand notice for ₹29.23 crores related to FY 2020-21 to 2023-24, which it is evaluating without material impact on current operations.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 1,163 | 1,278 | 1,753 | 1,853 |
| Operating Profit | 47 | 64 | 81 | 77 |
| OPM % | 4.0% | 5.0% | 4.6% | 4.2% |
| Net Profit | 22 | 32 | 39 | 35 |
| EPS | ₹4.57 | ₹3.35 | ₹4.18 | ₹3.77 |
Revenue has grown sequentially from ₹1,163 crores in Sep 2025 to ₹1,853 crores in Jun 2026, with OPM stabilizing around 4.2-4.6% and net profit margins improving to 1.9%. Despite rising operating expenses, profitability has expanded significantly, with PAT increasing from ₹22 crores to ₹35 crores over the same period. The sequential acceleration in revenue growth and margin stability suggests that scale benefits from copper tube expansion and capacity additions are beginning to materialize, supporting sustainable earnings growth.
🔮 Management Outlook & What's Next
Management emphasized sustainable growth through operational excellence, disciplined capital allocation, and working capital efficiency. They highlighted ongoing capacity expansion at Silvassa and continued benefits from PLI schemes and rising demand in winding wires and copper tubes. No formal financial guidance was provided, but strategic focus remains on scaling high-margin segments and improving operational efficiency without compromising profitability.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 22 | 22 | 23 | 47 |
| Reserves | 404 | 461 | 484 | 533 |
| Borrowings | 217 | 305 | 627 | 654 |
| Total Liabilities | 995 | 1,300 | 1,706 | 1,994 |
| Fixed Assets | 191 | 380 | 406 | 639 |
| Investments | 25 | 19 | 18 | 16 |
| Total Assets | 995 | 1,300 | 1,706 | 1,994 |
Equity has increased from ₹22 crores to ₹47 crores over the past year, while reserves grew from ₹461 crores to ₹533 crores, indicating retained earnings are supporting growth. Borrowings have risen from ₹305 crores to ₹654 crores, reflecting capital expenditure for expansion, particularly at the Silvassa plant. Despite higher debt, total assets have more than doubled to ₹1,994 crores, suggesting investments are scaling the asset base in line with growth ambitions.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Operating | -93 |
| Investing | -151 |
| Financing | +250 |
| Net Cash Flow | +6 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 68.8% | 69.3% | 69.3% | 69.3% |
| FII | 0.1% | 0.1% | 0.2% | 0.5% |
| DII | 0.3% | 0.4% | 0.4% | 0.6% |
| Public | 18.1% | 17.1% | 17.1% | 17.4% |
| # Shareholders | 18,074 | 20,231 | 19,958 | 24,296 |
Promoter holding remains stable at 69.3% over the last four quarters, indicating confidence in long-term prospects. FII and DII holdings have seen marginal increases from 0.09% to 0.47% and 0.33% to 0.62% respectively, suggesting growing institutional interest. The number of public shareholders has risen from 18,074 to 24,296, reflecting broader retail participation and improved liquidity.
⚖️ Peer Comparison — Non Ferrous Metals
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| HINDZINC | 2.52 L Cr | 14.8 | 76.5% | 75.4% | 0.36 |
| HINDALCO | 2.28 L Cr | 13.7 | 11.1% | 12.0% | 0.71 |
| VAML | 1.70 L Cr | — | — | — | -0.81 |
| VEDL | 1.07 L Cr | 5.4 | 27.0% | 57.5% | 0.65 |
| NATIONALUM | 68,093 | 10.1 | 42.2% | 31.3% | 0.00 |
| HINDCOPPER | 50,904 | 44.8 | 44.4% | 34.1% | 0.03 |
| GRAVITA | 13,145 | 33.1 | 21.0% | 18.9% | 0.14 |
| JAINREC | 9,690 | 26.4 | 20.9% | 23.1% | 0.81 |
| PRECWIRE | 9,091 | — | — | — | 0.14 |
| KSHINTL | 6,464 | 46.4 | 33.9% | 43.4% | 1.21 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Ongoing GST demand of ₹29.23 crores with potential liability and interest could affect cash flows if not resolved favorably. 2. Rising borrowings to fund expansion may increase financial leverage and interest burden if growth slows. 3. EPR compliance costs remain uncertain as regulatory guidelines are pending, potentially impacting future capital and operational expenses. 4. High promoter concentration (69.3%) may limit float and increase vulnerability to sudden exits.
📋 Recent Filings
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🟡 Board Meeting 29 August 2026Ram Ratna Wires received a Show Cause-cum-Demand Notice from DGGI Surat on August 27, 2026, alleging GST demand of INR 29.23 Crores plus interest and ...
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🟡 Board Meeting 27 August 2026Ram Ratna Wires Ltd announced a two-day plant visit on September 2-3, 2026, in Silvassa for institutional investors and analysts, allowing them to obs...
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🟡 Board Meeting 31 July 2026Ram Ratna Wires Limited announced the outcome of its Board meeting held on July 31, 2026, where it approved un-audited standalone and consolidated fin...
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🔴 Financial Results 31 July 2026Ram Ratna Wires reported Q1 FY27 revenue of **₹1,853 crores**, up **89% YoY**, with EBITDA at **₹90 crores** (+109% YoY) and PAT at **₹35 crores** (+1...
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🔴 Financial Results 31 July 2026Ram Ratna Wires reported Q1 FY27 revenue of **₹1,853.3 crores**, up **+88.6% YoY**, with PAT at **₹35.2 crores** (+120.8% YoY). EBITDA rose **+109% Yo...
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🟡 Board Meeting 22 July 2026Ram Ratna Wires Limited announced an investor meeting scheduled for August 13, 2026, organized by Equirus, to discuss its operations and growth strate...
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🔴 annual report 11 July 2026Ram Ratna Wires Limited (RAMRAT) released its FY 2025-26 Business Responsibility and Sustainability Report (BRSR) as part of the Annual Report, disclo...
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🔴 annual report 11 July 2026Ram Ratna Wires Limited announced its 34th AGM on August 4, 2026, recommending a ₹2.50 dividend per share (50% payout) for FY2025-26, with record date...
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🟡 Board Meeting 8 July 2026Ram Ratna Wires Limited announced on July 8, 2026, that it submitted a certificate for the quarter ended June 30, 2026, issued by Datamatics Business ...
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🔴 Corporate Action 1 July 2026Ram Ratna Wires announced a final dividend of Rs 2.50 per share, representing 50% of face value, with the record date set for July 22, 2026 to determi...
🧠 Analyst's Read
Ram Ratna Wires is executing a clear growth strategy centered on copper tube expansion and capacity scaling, supported by strong operational performance and improving margins. Investors should monitor the outcome of the GST notice, progress on Silvassa capacity commissioning, and evolving EPR cost structures as key near-term catalysts.
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 2026-09-02.
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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