🔍 Company Snapshot
| Feature |
Details |
| Founded |
1986 |
| Headquarters |
Mumbai, India |
| Manufacturing Plant |
Chalisgaon, Maharashtra |
| Annual Capacity |
66,000 MTPA |
| FY23 Revenue |
₹520 Crores |
| Export Presence |
30+ Countries |
| Core Products |
Wire Ropes, Stranded Wires, ACSR Cores |
| Certifications |
ISO, BIS, API, CE, Lloyd’s Register |
| Listed On |
BSE & NSE |
| Time |
Bharat Wire Ropes |
Nifty50 Returns |
Sensex Returns |
Industry Returns |
Sector Returns |
| 1 Day |
16.11% |
0.53% |
0.55% |
2.27% |
1.07% |
| 1 Week |
21.47% |
-0.01% |
0.16% |
6.13% |
1.22% |
| 1 Month |
27.29% |
1.66% |
1.17% |
18.13% |
9.2% |
| 3 Months |
68.04% |
12.08% |
11.58% |
27.67% |
14.89% |
| 6 Months |
-4.94% |
1.16% |
0.6% |
8.11% |
-0.45% |
| 1 Year |
-7.86% |
13.1% |
12.99% |
38.28% |
10.1% |
| 3 Year |
257.67% |
49.24% |
46.03% |
175.65% |
119.85% |
| 5 Years |
1,143.85% |
146.79% |
139.67% |
1,120.94% |
534.31% |
| 10 Years |
394.78% |
204.41% |
203.74% |
2,327.99% |
707.05% |
🌐 1. Introduction: The Steel Nerves Behind India’s Rise
In the shadows of India's infrastructure boom, Bharat Wire Ropes Ltd. (BWRL) stands as a quiet yet pivotal force. Whether in bridges, ports, mining elevators, or cableways, BWRL’s high-strength wire ropes are the invisible lifelines supporting the country's upward momentum.
🏗️ 2. From Modest Start to Mega Infrastructure
Founded in the mid-80s, Bharat Wire Ropes transformed its destiny by commissioning a massive, integrated manufacturing facility at Chalisgaon in 2016. Spanning 64 acres, this fully automated plant is one of Asia’s largest and is central to BWRL’s ambition of becoming a global wire rope leader.
“Our Chalisgaon facility positions us at the forefront of global supply capability,” — Company Statement, Investor Deck 2023
🧵 3. Product Universe: Where Engineering Meets Precision
BWRL manufactures and supplies a diverse portfolio:
🪢 A. Wire Ropes
⚡ B. Stranded Wires & ACSR Cores
These are integral to India’s transmission infrastructure and railway electrification.
🛡️ C. Customized Specialty Ropes
Developed for defense, oil & gas, shipping, and infrastructure projects with unique tension and durability requirements.
🏭 4. Strategic Advantages: What Makes Bharat Stand Out
✅ a. Fully Integrated Manufacturing
Vertical integration from wire drawing to rope closing ensures efficiency, cost control, and superior quality control.
✅ b. Global & Government Approvals
BWRL is approved by Indian Railways, Defence agencies, and several foreign ports — giving it access to high-value public and global tenders.
✅ c. Strong Export Traction
Exports now contribute ~40% of total revenue, with BWRL supplying to 30+ countries, including the USA, Australia, and Africa.
📊 5. Financial Highlights: Gaining Traction
| Indicator |
Mar '25 |
Dec '24 |
Sep '24 |
Jun '24 |
Mar '24 |
Dec '23 |
Sep '23 |
Jun '23 |
Mar '23 |
| Total Rev. |
172 |
162 |
152.4 |
133.7 |
147.4 |
157.4 |
159.4 |
158.6 |
162.5 |
| Operating Exp. |
134.8 |
132.8 |
118.5 |
100.9 |
109.8 |
113.3 |
117.5 |
117.3 |
116.6 |
| Operating Profit |
37.1 |
29 |
33.7 |
32.6 |
37.4 |
43.9 |
41.6 |
41.1 |
45.7 |
| Operating Profit Margin % |
21.58% |
17.92% |
22.14% |
24.42% |
25.40% |
27.92% |
26.17% |
25.96% |
28.14% |
| Depr. |
5.7 |
5.5 |
5.5 |
5.3 |
5.3 |
5.3 |
5.3 |
5.3 |
5.2 |
| Interest |
3.6 |
3.6 |
2.9 |
3.2 |
3.6 |
3.4 |
3.6 |
4.1 |
6.2 |
| Profit Before Tax |
27.9 |
20.1 |
25.5 |
24.3 |
28.6 |
35.4 |
32.9 |
32 |
34.5 |
| Tax |
7.3 |
5.2 |
6.7 |
6.3 |
6.8 |
9 |
8.5 |
8.2 |
18.5 |
| Net Profit |
20.7 |
14.9 |
18.9 |
18.1 |
21.8 |
26.4 |
24.5 |
23.7 |
16 |
| EPS Adj. latest |
3 |
2.2 |
2.8 |
2.6 |
3.2 |
3.9 |
3.6 |
3.5 |
2.3 |
| Net profit TTM |
72.4 |
73.6 |
85.1 |
90.7 |
96.3 |
90.5 |
83 |
73.9 |
62.3 |
| Basic EPS TTM |
10.6 |
10.8 |
12.4 |
13.3 |
14.2 |
13.3 |
12.2 |
10.9 |
9.2 |
The company is clearly leveraging its fixed asset base—as capacity utilization improves, operating leverage is leading to margin expansion and profitability.
⚔️ 6. Competitor Snapshot: Bharat vs Usha Martin
| Stock |
Current Price |
Market Capitalization |
PE TTM Price to Earnings |
PEG TTM PE to Growth |
ROE Annual % |
RoA Annual % |
Piotroski Score |
Revenue Growth Annual YoY % |
Net Profit Annual YoY Growth % |
Dividend yield 1yr % |
| Bharat Wire Ropes Ltd. |
225 |
1543.15 |
21.3 |
-0.86 |
9.83% |
7.57% |
4 |
-0.41% |
-24.81% |
0.00% |
| APL Apollo Tubes Ltd. |
1914.3 |
53126.53 |
70.17 |
20.88 |
17.98% |
9.96% |
6 |
14.25% |
3.36% |
0.29% |
| Welspun Corp Ltd. |
966.95 |
25452.24 |
13.34 |
0.19 |
25.59% |
12.52% |
5 |
-19.42% |
71.84% |
0.52% |
| Usha Martin Ltd. |
306.6 |
9343.39 |
22.93 |
-5.87 |
14.80% |
10.86% |
5 |
7.60% |
-3.91% |
0.90% |
| Surya Roshni Ltd. |
340.55 |
7411.59 |
21.38 |
4.04 |
14.05% |
10.71% |
6 |
-4.57% |
5.30% |
0.73% |
| Technocraft Industries |
3080.1 |
6983.45 |
27.26 |
-8.99 |
14.45% |
8.55% |
5 |
18.69% |
-3.03% |
0.00% |
| Bansal Wire Industries |
367.9 |
5759.7 |
39.83 |
0.41 |
11.39% |
6.66% |
5 |
42.32% |
87.40% |
0.00% |
While Usha Martin is more established, BWRL offers better capacity scalability and is available at a lower valuation—which may present an opportunity.
🌍 7. Macro Winds in Favor: Tailwinds for Bharat
🏗️ Infrastructure Boom
India’s ₹100 lakh crore National Infrastructure Pipeline is fueling demand for steel wire ropes.
🇮🇳 Make-in-India Push
BWRL substitutes imports by delivering international-grade quality domestically—backed by certifications like CE and Lloyd’s Register.
🛡️ Defense & Maritime Momentum
With naval modernization and logistics revamp, demand for specialty ropes is accelerating.
⚠️ 8. What Could Weigh Down the Climb
-
Raw Material Risk: Steel price fluctuations can compress margins.
-
Capital Cycle: Export credit and government orders can stretch working capital.
-
Low Brand Recall: Despite quality parity, BWRL competes against decades-old global brands.
The company is addressing these by entering long-term price contracts and expanding after-sales engineering support.
🚀 9. The Road Ahead: From Ropes to Riches?
BWRL is sharpening its focus on:
-
Increasing exports to 50%+
-
Boosting customized, high-margin product segments
-
Reducing debt further
-
Enhancing digital traceability in manufacturing (Industry 4.0)
Leadership Insight: “We are no longer a rope manufacturer; we are becoming a wire rope solution provider.”
📈 10. Investor Takeaway: A High-Tensile Opportunity
With scalable infrastructure, rising exports, and improving financials, Bharat Wire Ropes Ltd. is quietly coiling up for an upward breakout. Investors looking at the industrials sector’s next big midcap story may find this underdog ready for its time in the sun.
🔚 Conclusion: Holding India Together, Strand by Strand
Whether it's lifting cargo, supporting bridges, or powering mines, Bharat Wire Ropes is an unsung enabler of India's development dreams. As the nation ascends economically, BWRL is poised to rise in tandem—its ropes not just supporting machines, but progress itself.
Discalimer!
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