NSE: RAJRATAN · BSE: 517522 · ISIN INE451D01029
Rajratan Global Wire Limited stock analysis
Rajratan Global Wire Limited ranks #2145 in the TickerSutra evidence-ranked universe with a score of 48/100 and 95% data confidence. The latest captured fundamentals show ROCE of 13.2%, quarterly sales growth of 29.1% and quarterly profit growth of 69.8%.Avoid / exit review
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- Institutional ownership is rising
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- CFO/EBITDA is below 0.6×
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹893cr | ₹182cr | ₹124cr | 20.0% |
| 2023 | ₹895cr | ₹162cr | ₹100cr | 18.0% |
| 2024 | ₹890cr | ₹128cr | ₹72cr | 14.0% |
| 2025 | ₹935cr | ₹127cr | ₹59cr | 14.0% |
| 2026 | ₹1,156cr | ₹140cr | ₹70cr | 12.0% |
| TTM | ₹1,228cr | ₹151cr | ₹80cr | 12.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
MANAGEMENT COMMENTARY
Signals from filed documents
3# Deepening global approvals Rajratan continues to expand approvals with leading global tyre manufacturers, strengthening long-term customer integration and demand visibility. 4# Operating leverage through scale Expanded manufacturing capacity across India and Thailand positions the Company to benefit from stronger utilisation, improved fixed-cost absorption, and enhanced profitability. 5# Global supply chain realig
The Indian operations contibuted 62% of its consolidated revenues. The commissioning of the greenfield Chennai facility in FY 23-24 strengthened the Company’s ability to service clients’ manufacturing units in Southern India. It also enhanced the Company’s capability to cater to export-oriented and global OEM customers more effectively.
Rising input costs, including labour, land and raw materials, require continuous efficiency improvements and disciplined cost management. Global market expansion Prudent choice of suppliers Rajratan continues to expand its global footprint through new global offices, export growth and deeper engagement with international tyre manufacturers. The Company’s international presence strengthens customer confidence leading
Consequently, Return on Capital Employed (RoCE) moderated by 119 basis points to 13.53%, reflecting the impact of lower EBITDA margins on returns generated from capital employed. Despite these margin pressures, Return on Equity (RoE) improved from 11.36% to 11.60%, supported by higher profit after tax and efficient utilisation of shareholders’ funds. 40 | Rajratan Global Wires Limited Integrated Annual Report FY 2025
Lakhs) 12,042 5,944 10,573 Profitable growth Year FY24 FY25 FY26 Revenue growth % (0.54) 5 24 EBITDA growth % (21.17) (0.55) 10 Realisations: The Company focused on producing value- added bead wire as a hedge against declining realisations (on account of increased competition). Besides, the Company emphasised maximised offtake at lower realisations without vacating the market. This enhanced the Company’s share of the
The plant benefits from access to recycled steel, which makes its cost structure competitive relative to many other geographies. This advantage enabled us to participate meaningfully in export markets like Europe and the United States. In an environment where several high-cost producers in Europe and Japan are finding it difficult to compete, our Thailand operations are strengthening their relevance in global supply
in Lakhs) Value impact Market capitalisation stood at Rs.1,67,899 Lakhs in FY 25-26. EBITDA margin (%) Value impact EBITDA margin stood at 12.10% in FY 25–26 compared to 13.57% in FY 24–25, as higher raw material costs during the fourth quarter weighed on profitability. Dividend pay-out (Rs.) 13.53 FY26 14.72 FY25 16.30 FY24 23.67 FY23 34.53 FY22 2.31 FY26 1.87 FY25 1.49 FY24 1.05 FY23 0.75 FY22 7,011 FY26 5,880 FY25
Exports accounted for 17% of the Company’s revenues in FY 25-26, reflecting the growing contribution of international markets to overall performance. HOW WE HA VE GROWN A CROSS THE YEARS 2019 Pithampur capacity expanded; coating line commissioned 2022 Thailand capacity increased; Chennai plant proposed 2023 Chennai facility commenced commercial production 1989 Incorporated as Rajratan Wires Pvt. 1991 Commercial produ
Shashank Kanodia: Sir you have guided that the sustainable margin for us is 13.5% to 14% at the consolidated level. So are they are drivers to margin improvement given that you are ramping up new capacities, you are working at the product portfolio. So is it a case that we can improve it to erstwhile 18% to 20% that we had in the past or 15% to 16% as a best case?
Responsible environmental practices, strong employee engagement and ethical governance contribute to long-term value creation for all stakeholders. Through continuous improvement in its ESG practices, the Company aims to achieve the following: Enhance operational efficiency Strengthen customer relationships Attract responsible investment Maintain regulatory compliance Support sustainable industrial developm
(Yes/ No) Yes Yes Yes Yes Yes Yes Yes Yes Yes b. Has the policy been approved by the Board? (Yes/No) Yes Yes Yes Yes Yes Yes Yes Yes Yes c.
Coupled with that, the availability and the price of energy was a difficulty, which also affected the EBITDA margin particularly in this quarter. But we have been able to pass on the price increase in the current quarter and we see a robust demand from all our customers in India, as well as in Thailand and globally also. So I can say that this year should be another growth year for Rajratan and we target to grow our
MANAGEMENT PROMISE LEDGER
Quantified statements on the clock
“Some machines are arrived which are to be installed and put to use. So unless we put to use and start using commercial production, we cannot capitalize. Preet Pitani: So these are the machines which are still on in transit and this is the reason why we will be needing only INR25 crores more for addition.”
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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