Bansal Wire Industries reported steady Q3 financial performance with net profit rising 3.8% year-on-year to ₹43.2 crore, while simultaneously addressing a significant GST notice from tax authorities. The steel wire manufacturer demonstrated operational resilience with strong EBITDA growth despite regulatory challenges.

Q3 Financial Performance Overview

The company delivered consistent growth across key financial metrics for the December quarter. Revenue increased 11.4% year-on-year to ₹1,029 crore from ₹924 crore in the corresponding period last year, reflecting stable demand across its steel wire product portfolio.

Strong Operating Performance and Margin Expansion

Operating performance showed significant improvement with EBITDA rising 19.7% year-on-year to ₹85.5 crore, up from ₹71.4 crore in the previous year. The company achieved EBITDA margin expansion of 60 basis points to 8.3% compared with 7.7% in Q3 last year. The margin gains indicate better operating leverage and cost efficiencies amid a challenging input cost environment for metal manufacturers.

GST Notice and Regulatory Challenge

In December 2025, the company received a show-cause notice from the Joint Commissioner, SGST, Ghaziabad, seeking ₹202.77 crore for FY21. The notice breakdown includes:

The notice pertains to issues related to e-way bills, availment of blocked and excess input tax credit, and alleged non-payment of tax on the sale of RODTEP licences. The company has maintained that the claims are untenable and will file an appropriate response within prescribed timelines.

Management Response and Market Impact

Management stated there is no material impact on the company's financials, operations or ongoing activities arising from the notice. The company referenced that a similar notice for FY20 was resolved with negligible outflow, providing confidence in their ability to contest the current notice effectively.

Shares of Bansal Wire Industries closed down at ₹300.00 on the NSE, declining by ₹4.45 or 1.46%, reflecting market concerns over the regulatory development despite strong operational performance.

Bansal Wire Industries released its unaudited financial results for the third quarter, presenting strong operational performance with significant EBITDA growth and margin expansion despite mixed standalone profitability. The steel wire manufacturer's Board of Directors approved these results during their meeting held on January 19, 2026.

Strong EBITDA Performance Drives Operational Excellence

The company demonstrated robust operational efficiency with substantial improvement in EBITDA metrics:

Standalone Financial Performance

The company's standalone financial performance showed contrasting trends in revenue and profitability metrics:

Consolidated Performance Shows Strength

On a consolidated basis, which includes subsidiaries Bansal Steel & Power Limited and BWI Steel Private Limited, the company demonstrated stronger performance across all key metrics:

Operational Challenges and Impact

The company faced significant operational disruption due to a fire incident at its Dadri unit on October 2, 2025. This incident occurred in the C Shed, which was under trial at the time. The financial impact included exceptional items of ₹15.41 crores, primarily representing estimated inventory losses.

Financial Structure and Capital

Bansal Wire Industries maintained a stable capital structure with paid-up share capital of ₹782.78 crores, consisting of equity shares with a face value of ₹5 each. The company's other equity stood at ₹11,050.95 crores as of March 31, 2025. The company operates primarily in steel wire manufacturing and does not have separate reportable segments under Ind AS 108.