Bharat Wire Ropes FY26 PAT rises marginally to INR 725 Mn
Bharat Wire Ropes reported a marginal 0.1% YoY increase in PAT to INR 725 Mn for FY26, despite a 4.7% drop in revenue to INR 5,905 Mn. Q4FY26 PAT fell 19.9% to INR 165 Mn due to supply chain disruptions and lower volumes, though EBITDA margins improved annually to 22.15%.
*this image is generated using AI for illustrative purposes only.
Bharat Wire Ropes reported a marginal 0.1% year-on-year increase in profit after tax (PAT) to INR 725 Mn for the financial year ended March 31, 2026 (FY26), despite a 4.7% decline in revenue from operations to INR 5,905 Mn. The company maintained profitability through a focus on the domestic market and value-added products, even as operational costs rose due to higher raw material prices and increased power and fuel expenses. For the quarter ended Q4FY26, PAT decreased by 19.9% to INR 165 Mn, while revenue fell 17.6% to INR 1,415 Mn, attributed to supply chain disruptions and lower sales volumes.
Financial Performance for FY26
The company’s EBITDA for FY26 stood at INR 1,308 Mn, a slight decrease of 1.1% compared to the previous year, while EBITDA margins improved by 79 basis points to 22.15%. Finance costs reduced significantly by 17.3% to INR 110 Mn, contributing to the stability in net profit. Diluted earnings per share (EPS) for the year was INR 7.66, a decline of 5.4% from INR 8.10 in the previous year.
| Particulars (INR Mn) | FY26 | FY25 | YoY Change |
|---|---|---|---|
| Revenue from Operations | 5,905 | 6,193 | (4.7)% |
| EBITDA | 1,308 | 1,323 | (1.1)% |
| EBITDA Margins (%) | 22.15% | 21.36% | 79 Bps |
| PAT | 725 | 724 | 0.1% |
| PAT Margins (%) | 12.28% | 11.69% | 59 Bps |
Q4FY26 Results
In Q4FY26, the company faced a 20% decline in sales volume, which dropped to 9,948 MT from 12,442 MT in the same quarter of the previous year. This volume reduction impacted the top line, with revenue from operations falling to INR 1,415 Mn. EBITDA for the quarter decreased by 20% to INR 296 Mn, with margins contracting by 62 basis points to 20.92%. PAT margins also saw a contraction of 33 basis points to settle at 11.66%.
| Particulars (INR Mn) | Q4FY26 | Q4FY25 | YoY Change |
|---|---|---|---|
| Revenue from Operations | 1,415 | 1,718 | (17.6)% |
| EBITDA | 296 | 370 | (20.0)% |
| EBITDA Margins (%) | 20.92% | 21.54% | (62) Bps |
| PAT | 165 | 206 | (19.9)% |
| PAT Margins (%) | 11.66% | 11.99% | (33) Bps |
Operational and Strategic Highlights
The company noted that the escalation of conflict in the Middle East disrupted supply chains and resulted in lower sales volumes. However, a strategic focus on the domestic market and value-added products helped maintain profitability levels. On the balance sheet, the company continued to reduce its debt burden, with total debt decreasing to INR 743 Mn in FY26 from INR 1,311 Mn in FY25. Net worth showed a positive trend, increasing to INR 8,108 Mn from INR 7,366 Mn in the previous year.
Geographically, exports constituted 67% of the product distribution for FY26, while the domestic market accounted for 33%. The company’s products are exported to over 55 countries, serving diverse industries such as oil & gas, infrastructure, mining, and shipping.
Historical Stock Returns for Bharat Wire Ropes
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.46% | -7.25% | -3.30% | +24.43% | +14.35% | +286.15% |
How will the company mitigate the impact of ongoing Middle East conflicts on its export-heavy supply chain?
What strategies are in place to reverse the 20% decline in sales volumes witnessed in Q4?
Will the reduction in finance costs and debt burden enable increased capital expenditure or capacity expansion?
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