Bharat Wire Ropes Limited has announced the appointment of M/s. Borkar & Muzumdar, Chartered Accountants as its new statutory auditor following a board meeting held on March 7, 2026. The appointment addresses a casual vacancy created by the resignation of the company's previous statutory auditor.

Board Meeting Details

The board of directors convened on Saturday, March 7, 2026, with the meeting commencing at 11:15 A.M. and concluding at 11:45 A.M. Based on the recommendation of the Audit Committee, the board considered and approved the appointment of M/s. Borkar & Muzumdar, Chartered Accountants (FRN: 101569W) as the statutory auditors.

Auditor Profile and Experience

Borkar & Muzumdar is a reputed chartered accountancy firm with over 75 years of experience in the industry. The firm offers a comprehensive range of specialized services including:

• Assurance services
• Taxation consultancy
• Financial advisory services
• Risk-based internal audits
• Internal Financial Control Reviews
• Investigation assignments
• Due diligence reporting
• Tax structuring
• Data verification assignments

The firm operates with 19 partners and is supported by a team of over 230 staff members, comprising qualified Chartered Accountants, experienced associates, trainees, and support personnel. Their extensive client portfolio includes statutory central auditor roles for several public and private sector banks, other private and public sector undertakings, NBFCs, and insurance companies.

Regulatory Compliance

The appointment has been made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has also complied with SEBI circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, and SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.

Shareholder Approval Required

The appointment is subject to approval by shareholders at the ensuing General Meeting. This procedural requirement ensures that the company maintains proper corporate governance standards and provides shareholders with the opportunity to ratify the board's decision regarding the statutory auditor appointment.

Bharat Wire Ropes Limited has released its Q3 FY26 investor presentation, showcasing a strategic shift toward value-added products that resulted in improved profitability despite lower revenue volumes. The company, one of India's largest steel wire rope manufacturers with a total manufacturing capacity of 72,000 MTPA, demonstrated resilience in margin expansion while navigating market dynamics.

Q3 FY26 Financial Performance

The third quarter results reflected the company's strategic focus on higher-margin products, with revenue from operations declining to INR 1,428 Mn compared to INR 1,618 Mn in Q3 FY25, representing an 11.7% year-on-year decrease. However, profitability metrics showed substantial improvement across key parameters.

Operational Highlights and Strategic Focus

The company's volume decreased 12.3% to 10,058 MT in Q3 FY26 from 11,469 MT in the previous year, primarily reflecting the strategic shift toward fine and value-added rope products. Management emphasized that while tonnage volumes were lower, the focus on higher-margin products resulted in improved profitability metrics. This approach demonstrates the company's ability to optimize product mix for enhanced returns.

Nine-Month Performance Analysis

For the nine-month period ending December 2025, Bharat Wire Ropes maintained steady operational performance with marginal revenue growth and consistent margin expansion:

Company Profile and Market Position

Bharat Wire Ropes operates as one of India's leading manufacturers of specialty steel wire, steel wire ropes, slings, and strands, producing over thousands of product varieties. The company maintains two manufacturing facilities in Maharashtra - one in Atgaon with 6,000 MTPA capacity and another in Chalisgaon with 66,000 MTPA capacity. With products exported to over 55 countries and applications spanning oil & gas, infrastructure, mining, elevators, and marine sectors, the company has established a strong global presence.

Financial Trajectory and Debt Management

The company has demonstrated consistent debt reduction, with total debt declining from INR 1,817 Mn in FY23 to INR 1,017 Mn in H1-FY26. Net worth has grown steadily from INR 5,602 Mn in FY23 to INR 7,762 Mn in H1-FY26, reflecting strong balance sheet management. The company has also benefited from industrial promotion subsidies and electricity duty exemptions, supporting its operational efficiency initiatives.

Market Performance and Outlook

As of December 31, 2025, the company's stock was trading at INR 181.40 with a market capitalization of INR 12,441.26 Mn. The shareholding pattern shows public holding at 55.52%, promoter holding at 41.27%, with institutional participation from banks (0.87%) and foreign institutions (2.34%). The company's three-year CAGR shows revenue growth of 15% and EBITDA growth of 29%, highlighting its consistent performance trajectory.