Bansal Wire Q2 FY27: consolidated PAT up 38% YoY to ₹52.9 Cr, margins expand on volumes

Bansal Wire's consolidated revenue rose 23.95% YoY to ₹1,308.14 Cr (from ₹1,055.40 Cr) and 12.01% sequentially, with PAT up 38.05% YoY to ₹52.90 Cr (from ₹38.32 Cr) and up 158.6% QoQ off a weak June-quarter base of ₹20.46 Cr. EPS came to ₹0.68 (post the 5:1 split) versus a restated ₹0.49 a year ago. Standalone PAT of ₹40.87 Cr (+28.5% YoY) tracked the consolidated trend, with the two subsidiaries — Bansal Steel & Power and BWI Steel — contributing the balance (combined PAT ₹12.92 Cr for the quarter per the auditor's note). Exceptional items were negligible (₹0.01 Cr) in both periods, so adjusted and reported growth are effectively identical.

Operating margin (EBITDA/revenue) expanded to roughly 8.0% from 7.27% a year ago and 4.83% in the June quarter; net margin improved to 4.05% from 3.63% YoY. PBT grew faster, at 40.9% YoY, but the effective tax rate rose to 26.3% from 24.8% a year ago, trimming the drop-through to PAT. Management's own disclosure flagged record sales volumes this quarter, the proximate driver of both the topline growth and the margin expansion. Set against the FY27 target reiterated on the July 28 concall — 20% volume and EBITDA growth — this quarter's EBITDA grew roughly 36% YoY, but cumulative H1 EBITDA is still only up about 8.3% YoY because Q1 was weak (Q1 PAT had fallen sharply YoY); H1 PAT of ₹73.37 Cr remains 5.4% below last year's ₹77.60 Cr despite the Q2 rebound, so H2 needs to accelerate further to hit the full-year goal.

The stock went into the print at ₹58.55, down 7.4% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; revenue is at a 6-quarter high.

The July concall tone was cautious/bearish with a cautiously-optimistic short-term outlook; this quarter's acceleration is the first concrete sign of that view playing out, though the H1 shortfall against the 20% target means it is not yet confirmed. Management simultaneously raised capex guidance to ₹200–250 Cr annually (from ₹150–200 Cr) toward its Speciality Wire ambition of 2 lakh tonnes capacity and ₹600–800 Cr EBITDA by FY30 — none of that capex deployment is separately quantified in this filing. No Q2-specific street consensus could be found (vsStreet unknown); FY27 full-year consensus EPS growth of roughly 22% (per third-party trackers) is broadly consistent with this quarter's trajectory. Management gives no formal quarterly guidance beyond the FY27 targets restated last call, and no press release text accompanied this filing to cross-check framing. The only other corporate action this quarter was the completed 5:1 equity split (record date Oct 16, 2026), which restates EPS across all comparative periods shown.