Bansal Wire Q1: consolidated PAT halves to ₹20 Cr on margin squeeze as revenue climbs 24%

Bansal Wire Industries reported a Q1 FY27 (June 2026) that split cleanly in two: strong topline, collapsed bottom line. Consolidated revenue from operations rose 24.4% YoY to ₹1,167.89 Cr (+2.8% QoQ), but consolidated net profit fell 47.9% YoY and 48.9% QoQ to ₹20.46 Cr, from ₹39.28 Cr a year ago and ₹40.07 Cr in the March quarter. EPS more than halved to ₹1.31 from ₹2.51. The print is clean — there were no exceptional items this quarter on either basis — so the profit halving is entirely operational, not an accounting artefact. The damage sits on the cost line. Net margin cratered to 1.75% from 4.17% a year ago (and 3.51% last quarter), and operating/EBITDA margin fell to roughly 4.8% from 7.65% YoY. The driver is raw material: cost of materials consumed plus inventory movement ran at about 80.5% of revenue versus roughly 77.8% a year ago — a ~2.7pp swing that more than absorbed the volume-led revenue growth. This is exactly the outcome management flagged on the Q4 FY26 call, where it guided a 'subdued Q1 FY27' on gas price volatility and sluggish demand hitting production and margins; the result confirms rather than contradicts that cautious near-term view, so on its own guidance the quarter lands as expected even as it disappoints on absolute profit. Standalone tells the same story a shade worse — PAT ₹16.48 Cr, EPS ₹1.05 — with subsidiaries (Bansal Steel & Power, BWI Steel) contributing ₹4.86 Cr of net profit on ₹391.1 Cr of revenue. Concurrent board actions were routine housekeeping — appointment of cost and internal auditors for FY27 — and follow a quarter marked by a 2.99% promoter stake sale (to meet public shareholding) and a steel tyre-cord trial order. Against management's standing FY27 target of 20% volume and EBITDA growth, Q1 EBITDA actually fell YoY, meaning the year now leans heavily on the expected Q2 normalisation and an H2 ramp, including the high-value Steel Cord segment. No brokerage consensus estimate is on record for this quarter, so there is no street bar to measure the print against.