Bharat Wire Ropes Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Bharat Wire Ropes Ltd trades at ₹200, in a confirmed uptrend and 11 weeks into that stage. That is +1.6% against its own 200-day average. It sits at 48% of a 52-week range of ₹154 to ₹251. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (7 weeks and counting).

Today the stock is in a confirmed uptrend — week 11 of stage 2, confirmed. At ₹200 it trades +1.6% versus its 200-day average and sits at 48% of its 52-week range (₹154–₹251).

Against the market, two honest reads. Cumulative: over the last 10.2 years the stock moved +364% while the NIFTY 500 moved +249% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (7 weeks and counting; last ahead the week of 2026-06-17) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 31st percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Bharat Wire Ropes Ltd trades at 13.8× P/E, near the bottom of its own range — cheaper only 31% of the time. Its long-run median P/E is 15.8×, measured across 3.2 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 13.8× is near the bottom of its own range — cheaper only 31% of the time, against a long-run median of 15.8× measured over 3.2 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +54.2% against a −5.4% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 3y, of the −0.3%/yr price move, ~+15.4%/yr came from earnings growth and ~−15.7 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Bharat Wire Ropes Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

56.4/100 — rank 2 of 3 in Steel - Wires · 60% evidence confidence

Bharat Wire Ropes Ltd scores 56.4 out of 100 against the 3 companies it is compared with in Steel - Wires, ranking 2. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 15.5 + 21.3 + 11 + 8.6 = 56.4. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Bharat Wire Ropes Ltd reported ₹147 Cr of revenue in the Mar 24 quarter, −9.3% year on year. Over 2 years it has compounded at 23.0% a year. The last full year, FY24, came in at ₹622 Cr. The last four reported quarters add to ₹621 Cr.

Bharat Wire Ropes Ltd reported ₹147 Cr of revenue in the Mar 24 quarter, −9.3% year on year. Over 2 years it has compounded at 23.0% a year. The last full year, FY24, came in at ₹622 Cr. The last four reported quarters add to ₹621 Cr.

FY24 revenue came in at ₹622 Cr (+5.6% on the year), capping 2 years at 23.0% compound. The latest quarter (Mar 24) printed ₹147 Cr, −9.3% year on year.

Pace check: the last four quarters averaged −0.2% growth against the decade's 23.0% — the current year is running slower than its own long-run rate.

→ Revenue slipped — did margins hold as it scaled? Next: 25.0% this quarter (−3.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Bharat Wire Ropes Ltd's operating margin is 25.0% in the Mar 24 quarter, −3.0 percentage points against the same quarter a year ago. Across 3 fiscal years the operating margin has ranged 15.0% to 26.0%. The current quarter sits inside that band.

Bharat Wire Ropes Ltd's operating margin is 25.0% in the Mar 24 quarter, −3.0 percentage points against the same quarter a year ago. Across 3 fiscal years the operating margin has ranged 15.0% to 26.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 25.0%, −3.0 pp against the same quarter a year ago. Across 3 fiscal years the operating margin has ranged 15.0%–26.0%.

🚨 Why the margin moved: operating margin went −2.8 pp year on year while gross margin went −0.2 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

→ Margins slipped — did that reach the bottom line? Next: profit +37.5% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Bharat Wire Ropes Ltd earned ₹22.0 Cr of net profit in the Mar 24 quarter, +37.5% year on year. It is the 2nd consecutive quarter of growth. Full-year FY24 profit was ₹96.0 Cr. The 2-year compound rate is 161.9%. That is 15.0% of the quarter's revenue. The same quarter a year earlier earned ₹16.0 Cr.

Bharat Wire Ropes Ltd earned ₹22.0 Cr of net profit in the Mar 24 quarter, +37.5% year on year. It is the 2nd consecutive quarter of growth. Full-year FY24 profit was ₹96.0 Cr. The 2-year compound rate is 161.9%. That is 15.0% of the quarter's revenue. The same quarter a year earlier earned ₹16.0 Cr.

Mar 24 profit was ₹22.0 Cr, +37.5% year on year — the 2nd consecutive quarter of growth. On the full year, FY24 printed ₹96.0 Cr (+54.8%), and the 2-year compound rate is 161.9%.

→ Profit rose — but did the cash follow? Next: 112% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 112% of Bharat Wire Ropes Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY24 that was ₹85.0 Cr of operating cash against ₹96.0 Cr of profit. After ₹25.0 Cr of capital spending, ₹60.0 Cr was left as free cash.

FY24: operating cash of ₹85.0 Cr against reported profit of ₹96.0 Cr, leaving free cash of ₹60.0 Cr after ₹25.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 112% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 112%: the cash cycle stretched 46 days between FY22 and FY24 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

→ So follow the cash to where it goes. Next: a 150-day cycle and ₹38.0 Cr of building.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Bharat Wire Ropes Ltd's cash conversion cycle runs 150 days in FY24, up from 104 days in FY22. Capital spending ran ₹38.0 Cr over the last 2 years. At FY24 sales of ₹622 Cr each day of that cycle holds about ₹1.7 Cr, so roughly ₹256 Cr sits inside the business at any moment.

FY24: debtors at 46 days, inventory at 110 days — roughly 3.6 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 150 days, looser than FY22's 104.

The full loop: cash goes out to suppliers and production on day 0; stock waits 110 days to sell; customers pay about 46 days after that; and suppliers themselves are paid at 7 days — netting out to the 150-day cycle.

In money terms: at FY24 sales of ₹622 Cr, each day of the cycle holds about ₹1.7 Cr — so the 150-day loop keeps roughly ₹256 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹38.0 Cr over the last 2 fiscal years against ₹42.0 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹13.0 Cr (FY24) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 19% and the ROIC − WACC spread is −2.8 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.⚠ unverified

Bharat Wire Ropes Ltd earns a ROCE of 19% in FY24. Return on invested capital clears the cost of that capital by −2.8 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 15.4% net margin on 0.74× asset turns.

FY24 ROCE is 19%.

🚨 Why the return is what it is — the wiring (FY24): 15.4% net margin × 0.74× asset turns × 3.00× balance-sheet leverage ≈ 34.2% on equity. Margin is doing the heavy lifting; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 9.2% − 12.0% = a −2.8 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 1.85.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.⚠ unverified

Bharat Wire Ropes Ltd carries total debt of ₹75.0 Cr against shareholder equity of ₹811 Cr as of Mar 26, a debt-to-equity of 0.09 — effectively unlevered. On the annual view that ratio went from 0.60 in FY22 to 0.09 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹75.0 Cr against shareholder equity of ₹811 Cr — a debt-to-equity of 0.09. On the annual view, debt-to-equity went from 0.60 (FY22) to 0.09 (FY26). The returns on this page are earned, not borrowed.

→ Who owns this, and are they adding or leaving? Next: Domestic institutions added 16.4 points over 8 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions added 16.4 points of Bharat Wire Ropes Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 19.0% of the company. Foreign institutions moved −1.0 points over the same window, to 2.1%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: +16.4 points over 8 quarters to 19.0%; Foreign institutions: −1.0 points over 8 quarters to 2.1%; Promoters: +0.3 points over 8 quarters to 41.3%.

Why the register moved: domestic institutions drove it (+16.4 points), absorbed on the other side by foreign institutions (−1.0 points) — steady accumulation by institutions reading the same numbers this page reads.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Bharat Wire Ropes Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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