# Steel - Wires — company-by-company sector analysis

> Steel - Wires: Bansal Wire Industries Ltd owns the largest revenue base AND the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Steel - Wires has outperformed NIFTY 500 by 6.2% over 52 weeks and 0.7% over 13 weeks. 3 of 3 covered companies beat NIFTY on Mansfield relative strength, while 1 of 3 beat the sector itself. Bansal Wire Industries Ltd leads with revenue of ₹4,388 crore, based on 2 of 3 comparable companies through Jun 2026.

### Is the Steel - Wires sector outperforming NIFTY 500?

Steel - Wires has outperformed NIFTY 500 by 6.2% over 52 weeks and 0.7% over 13 weeks. 3 of 3 covered companies beat NIFTY on Mansfield relative strength, while 1 of 3 beat the sector itself.

### Which Steel - Wires company is largest by revenue?

Bansal Wire Industries Ltd leads with revenue of ₹4,388 crore, based on 2 of 3 comparable companies through Jun 2026.

### Which Steel - Wires company is growing fastest?

Bansal Wire Industries Ltd has the fastest current revenue growth at 20.9%, across 2 of 3 comparable companies.

### Which Steel - Wires company has the strongest 4-Factor Sector Score?

Usha Martin Ltd ranks first at 63.7/100 with 85.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Steel - Wires company has the least gross debt?

Bharat Wire Ropes Ltd has the lowest comparable gross debt at ₹75 crore. Bansal Wire Industries Ltd has the highest at ₹555 crore.

### Which Steel - Wires company has the lowest comparable PEG?

Usha Martin Ltd has the lowest comparable Guarded PEG at 3.3, among 2 of 3 companies that pass the metric’s comparability rules.

### How much history does this Steel - Wires comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Steel - Wires has outperformed NIFTY 500 by 6.2% over the last 52 weeks. Over 13 weeks the gap is a lead of 0.7%. 3 of 3 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Usha Martin Ltd is the strongest against the sector itself at +3.9%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: 0.7%
52-week sector return versus NIFTY 500: 6.2%
Stocks leading NIFTY: 3/3
Stocks leading sector: 1/3

Central tension: The central tension: current leadership is concentrated, so durability matters more than rank.

Companies: 3
Combined market value: ₹21.5K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Usha Martin Ltd (USHAMART): 64/100 — Mixed-positive evidence; evidence 86%
   - Growth & earnings 20.3/35 | Capital efficiency 20.4/25 | Valuation 5.0/20 | Relative strength 18.0/20
   - Exact sum: 20.3 + 20.4 + 5 + 18 = 63.7
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
2. Bharat Wire Ropes Ltd (BHARATWIRE): 53/100 — Thin evidence · provisional; evidence 60%
   - Growth & earnings 15.5/35 | Capital efficiency 21.3/25 | Valuation 11.0/20 | Relative strength 5.2/20
   - Exact sum: 15.5 + 21.3 + 11 + 5.2 = 53
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
3. Bansal Wire Industries Ltd (BANSALWIRE): 39/100 — Mixed-negative evidence; evidence 90%
   - Growth & earnings 10.0/35 | Capital efficiency 12.3/25 | Valuation 5.0/20 | Relative strength 11.5/20
   - Exact sum: 10 + 12.3 + 5 + 11.5 = 38.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: Bansal Wire Industries Ltd is the scale leader at ₹4,388 crore, 18.9% ahead of Usha Martin Ltd. Bansal Wire Industries Ltd's growth is 20.9% from a ₹4,388 crore base, with 13 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Bansal Wire Industries Ltd is the scale benchmark; Bansal Wire Industries Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Bansal Wire Industries Ltd's growth falls below Bansal Wire Industries Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Bansal Wire Industries Ltd · ₹4,388 crore | 18.9% versus #2 · Usha Martin Ltd | 8/8 recent comparable periods | 2/3 companies · 39 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Bansal Wire Industries Ltd (BANSALWIRE): ₹4.4K Cr
2. Usha Martin Ltd (USHAMART): ₹3.7K Cr

### Revenue growth — fastest growers
1. Bansal Wire Industries Ltd (BANSALWIRE): 21%
2. Usha Martin Ltd (USHAMART): 6.3%

### 20-quarter Revenue history
- USHAMART: Sep 2021 ₹594 Cr | Dec 2021 ₹712 Cr | Mar 2022 ₹767 Cr | Jun 2022 ₹759 Cr | Sep 2022 ₹820 Cr | Dec 2022 ₹834 Cr | Mar 2023 ₹855 Cr | Jun 2023 ₹814 Cr | Sep 2023 ₹785 Cr | Dec 2023 ₹797 Cr | Mar 2024 ₹829 Cr | Jun 2024 ₹826 Cr | Sep 2024 ₹891 Cr | Dec 2024 ₹861 Cr | Mar 2025 ₹896 Cr | Jun 2025 ₹887 Cr | Sep 2025 ₹908 Cr | Dec 2025 ₹917 Cr | Mar 2026 ₹979 Cr | Jun 2026 —
- BANSALWIRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹548 Cr | Sep 2023 ₹603 Cr | Dec 2023 ₹606 Cr | Mar 2024 ₹709 Cr | Jun 2024 ₹817 Cr | Sep 2024 ₹825 Cr | Dec 2024 ₹925 Cr | Mar 2025 ₹940 Cr | Jun 2025 ₹939 Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 ₹1.2K Cr
- BHARATWIRE: Sep 2021 — | Dec 2021 — | Mar 2022 ₹134 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 ₹144 Cr | Mar 2023 ₹162 Cr | Jun 2023 ₹158 Cr | Sep 2023 ₹159 Cr | Dec 2023 ₹157 Cr | Mar 2024 ₹147 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter Revenue growth history
- USHAMART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 23% | Sep 2022 38% | Dec 2022 17% | Mar 2023 11% | Jun 2023 7.3% | Sep 2023 -4.3% | Dec 2023 -4.4% | Mar 2024 -3.0% | Jun 2024 1.5% | Sep 2024 14% | Dec 2024 8.0% | Mar 2025 8.1% | Jun 2025 7.4% | Sep 2025 1.9% | Dec 2025 6.5% | Mar 2026 9.3% | Jun 2026 —
- BANSALWIRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 49% | Sep 2024 37% | Dec 2024 53% | Mar 2025 33% | Jun 2025 15% | Sep 2025 28% | Dec 2025 11% | Mar 2026 21% | Jun 2026 24%
- BHARATWIRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 21% | Jun 2023 — | Sep 2023 — | Dec 2023 9.0% | Mar 2024 -9.3% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Bharat Wire Ropes Ltd leads opm at 25%; Usha Martin Ltd leads margin change at +6 percentage points.

Investor read: Bharat Wire Ropes Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Bharat Wire Ropes Ltd · 25% | 13.6% versus #2 · Usha Martin Ltd | 4/7 recent comparable periods | 3/3 companies · 41 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Bharat Wire Ropes Ltd (BHARATWIRE): 25%
2. Usha Martin Ltd (USHAMART): 22%
3. Bansal Wire Industries Ltd (BANSALWIRE): 5.0%

### Margin change — fastest expanders
1. Usha Martin Ltd (USHAMART): +6.0 pp
2. Bansal Wire Industries Ltd (BANSALWIRE): −3.0 pp
3. Bharat Wire Ropes Ltd (BHARATWIRE): −3.0 pp

### 20-quarter OPM history
- USHAMART: Sep 2021 14% | Dec 2021 14% | Mar 2022 14% | Jun 2022 15% | Sep 2022 14% | Dec 2022 15% | Mar 2023 18% | Jun 2023 18% | Sep 2023 18% | Dec 2023 20% | Mar 2024 18% | Jun 2024 19% | Sep 2024 18% | Dec 2024 17% | Mar 2025 16% | Jun 2025 16% | Sep 2025 19% | Dec 2025 19% | Mar 2026 22% | Jun 2026 —
- BANSALWIRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 5.0% | Sep 2023 6.0% | Dec 2023 6.0% | Mar 2024 6.0% | Jun 2024 7.0% | Sep 2024 8.0% | Dec 2024 8.0% | Mar 2025 7.0% | Jun 2025 8.0% | Sep 2025 7.0% | Dec 2025 8.0% | Mar 2026 7.0% | Jun 2026 5.0%
- BHARATWIRE: Sep 2021 14% | Dec 2021 15% | Mar 2022 16% | Jun 2022 — | Sep 2022 — | Dec 2022 25% | Mar 2023 28% | Jun 2023 26% | Sep 2023 26% | Dec 2023 28% | Mar 2024 25% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter Margin change history
- USHAMART: Sep 2021 +0.5 pp | Dec 2021 +2.0 pp | Mar 2022 −1.6 pp | Jun 2022 +0.6 pp | Sep 2022 −0.3 pp | Dec 2022 +0.9 pp | Mar 2023 +4.1 pp | Jun 2023 +2.5 pp | Sep 2023 +4.0 pp | Dec 2023 +5.0 pp | Mar 2024 0.0 pp | Jun 2024 +1.0 pp | Sep 2024 0.0 pp | Dec 2024 −3.0 pp | Mar 2025 −2.0 pp | Jun 2025 −3.0 pp | Sep 2025 +1.0 pp | Dec 2025 +2.0 pp | Mar 2026 +6.0 pp | Jun 2026 —
- BANSALWIRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 +2.0 pp | Sep 2024 +2.0 pp | Dec 2024 +2.0 pp | Mar 2025 +1.0 pp | Jun 2025 +1.0 pp | Sep 2025 −1.0 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp | Jun 2026 −3.0 pp
- BHARATWIRE: Sep 2021 −0.7 pp | Dec 2021 −2.9 pp | Mar 2022 +5.4 pp | Jun 2022 — | Sep 2022 — | Dec 2022 +10.4 pp | Mar 2023 +12.0 pp | Jun 2023 — | Sep 2023 — | Dec 2023 +3.0 pp | Mar 2024 −3.0 pp | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Usha Martin Ltd leads with ₹467 crore of TTM profit, 231.2% above Bansal Wire Industries Ltd. Usha Martin Ltd shows 15% growth from a ₹467 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Usha Martin Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Usha Martin Ltd · ₹467 crore | 231.2% versus #2 · Bansal Wire Industries Ltd | 4/8 recent comparable periods | 2/3 companies · 39 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Usha Martin Ltd (USHAMART): ₹467 Cr
2. Bansal Wire Industries Ltd (BANSALWIRE): ₹141 Cr

### Profit growth — fastest growers
1. Usha Martin Ltd (USHAMART): 15%
2. Bansal Wire Industries Ltd (BANSALWIRE): -8.4%

### 20-quarter Net profit history
- USHAMART: Sep 2021 ₹58 Cr | Dec 2021 ₹67 Cr | Mar 2022 ₹109 Cr | Jun 2022 ₹82 Cr | Sep 2022 ₹79 Cr | Dec 2022 ₹84 Cr | Mar 2023 ₹105 Cr | Jun 2023 ₹101 Cr | Sep 2023 ₹110 Cr | Dec 2023 ₹108 Cr | Mar 2024 ₹106 Cr | Jun 2024 ₹104 Cr | Sep 2024 ₹109 Cr | Dec 2024 ₹92 Cr | Mar 2025 ₹101 Cr | Jun 2025 ₹101 Cr | Sep 2025 ₹110 Cr | Dec 2025 ₹108 Cr | Mar 2026 ₹148 Cr | Jun 2026 —
- BANSALWIRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹17 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹32 Cr | Sep 2024 ₹40 Cr | Dec 2024 ₹42 Cr | Mar 2025 ₹33 Cr | Jun 2025 ₹39 Cr | Sep 2025 ₹38 Cr | Dec 2025 ₹43 Cr | Mar 2026 ₹40 Cr | Jun 2026 ₹20 Cr
- BHARATWIRE: Sep 2021 — | Dec 2021 — | Mar 2022 ₹8 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 ₹19 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹24 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹26 Cr | Mar 2024 ₹22 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter Profit growth history
- USHAMART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 41% | Sep 2022 36% | Dec 2022 25% | Mar 2023 -3.7% | Jun 2023 23% | Sep 2023 39% | Dec 2023 29% | Mar 2024 1.0% | Jun 2024 3.0% | Sep 2024 -0.9% | Dec 2024 -15% | Mar 2025 -4.7% | Jun 2025 -2.9% | Sep 2025 0.9% | Dec 2025 17% | Mar 2026 47% | Jun 2026 —
- BANSALWIRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 88% | Sep 2024 122% | Dec 2024 180% | Mar 2025 38% | Jun 2025 22% | Sep 2025 -5.0% | Dec 2025 2.4% | Mar 2026 21% | Jun 2026 -49%
- BHARATWIRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 100% | Jun 2023 — | Sep 2023 — | Dec 2023 37% | Mar 2024 38% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/3 companies · 0 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: Usha Martin Ltd has the clearest covered balance-sheet capacity with ₹249 crore net cash and gross debt of ₹229 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Bharat Wire Ropes Ltd · ₹75 crore | 67.2% versus #2 · Usha Martin Ltd | 0/8 recent comparable periods | 3/3 companies · 50 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Bharat Wire Ropes Ltd (BHARATWIRE): ₹75 Cr
2. Usha Martin Ltd (USHAMART): ₹229 Cr
3. Bansal Wire Industries Ltd (BANSALWIRE): ₹555 Cr

### Net debt — lowest net debt
1. Usha Martin Ltd (USHAMART): ₹-249 Cr
2. Bharat Wire Ropes Ltd (BHARATWIRE): ₹57 Cr
3. Bansal Wire Industries Ltd (BANSALWIRE): ₹548 Cr

### 20-quarter Gross debt history
- USHAMART: Sep 2021 ₹448 Cr | Dec 2021 ₹448 Cr | Mar 2022 ₹411 Cr | Jun 2022 ₹411 Cr | Sep 2022 ₹423 Cr | Dec 2022 ₹423 Cr | Mar 2023 ₹417 Cr | Jun 2023 ₹417 Cr | Sep 2023 ₹423 Cr | Dec 2023 ₹423 Cr | Mar 2024 ₹364 Cr | Jun 2024 ₹364 Cr | Sep 2024 ₹459 Cr | Dec 2024 ₹459 Cr | Mar 2025 ₹417 Cr | Jun 2025 ₹417 Cr | Sep 2025 ₹264 Cr | Dec 2025 ₹264 Cr | Mar 2026 ₹229 Cr | Jun 2026 —
- BANSALWIRE: Sep 2021 — | Dec 2021 — | Mar 2022 ₹413 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹422 Cr | Jun 2023 ₹422 Cr | Sep 2023 ₹403 Cr | Dec 2023 — | Mar 2024 ₹681 Cr | Jun 2024 ₹681 Cr | Sep 2024 ₹251 Cr | Dec 2024 ₹251 Cr | Mar 2025 ₹608 Cr | Jun 2025 ₹608 Cr | Sep 2025 ₹598 Cr | Dec 2025 ₹598 Cr | Mar 2026 ₹555 Cr | Jun 2026 ₹555 Cr
- BHARATWIRE: Sep 2021 — | Dec 2021 — | Mar 2022 ₹652 Cr | Jun 2022 ₹269 Cr | Sep 2022 ₹250 Cr | Dec 2022 ₹250 Cr | Mar 2023 ₹564 Cr | Jun 2023 ₹182 Cr | Sep 2023 ₹179 Cr | Dec 2023 ₹179 Cr | Mar 2024 ₹515 Cr | Jun 2024 ₹132 Cr | Sep 2024 ₹125 Cr | Dec 2024 ₹125 Cr | Mar 2025 ₹131 Cr | Jun 2025 ₹131 Cr | Sep 2025 ₹102 Cr | Dec 2025 ₹102 Cr | Mar 2026 ₹75 Cr | Jun 2026 —

### 20-quarter Net debt history
- USHAMART: Sep 2021 ₹303 Cr | Dec 2021 ₹303 Cr | Mar 2022 ₹249 Cr | Jun 2022 ₹249 Cr | Sep 2022 ₹325 Cr | Dec 2022 ₹325 Cr | Mar 2023 ₹258 Cr | Jun 2023 ₹258 Cr | Sep 2023 ₹209 Cr | Dec 2023 ₹209 Cr | Mar 2024 ₹199 Cr | Jun 2024 ₹198 Cr | Sep 2024 ₹269 Cr | Dec 2024 ₹269 Cr | Mar 2025 ₹145 Cr | Jun 2025 ₹145 Cr | Sep 2025 ₹-28 Cr | Dec 2025 ₹-28 Cr | Mar 2026 ₹-249 Cr | Jun 2026 —
- BANSALWIRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹399 Cr | Sep 2023 ₹400 Cr | Dec 2023 — | Mar 2024 ₹679 Cr | Jun 2024 ₹679 Cr | Sep 2024 ₹232 Cr | Dec 2024 ₹232 Cr | Mar 2025 ₹606 Cr | Jun 2025 ₹602 Cr | Sep 2025 ₹592 Cr | Dec 2025 ₹592 Cr | Mar 2026 ₹548 Cr | Jun 2026 ₹548 Cr
- BHARATWIRE: Sep 2021 — | Dec 2021 — | Mar 2022 ₹266 Cr | Jun 2022 ₹266 Cr | Sep 2022 ₹249 Cr | Dec 2022 ₹249 Cr | Mar 2023 ₹181 Cr | Jun 2023 ₹182 Cr | Sep 2023 ₹172 Cr | Dec 2023 ₹172 Cr | Mar 2024 ₹132 Cr | Jun 2024 ₹124 Cr | Sep 2024 ₹117 Cr | Dec 2024 ₹117 Cr | Mar 2025 ₹131 Cr | Jun 2025 ₹122 Cr | Sep 2025 ₹96 Cr | Dec 2025 ₹96 Cr | Mar 2026 ₹57 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Usha Martin Ltd leads ROCE at 20.2%, 1.5 percentage points above Bharat Wire Ropes Ltd. Usha Martin Ltd has the strongest latest improvement at +0.1 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Usha Martin Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Usha Martin Ltd · 20.2% | 8% versus #2 · Bharat Wire Ropes Ltd | 2/8 recent comparable periods | 3/3 companies · 36 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Usha Martin Ltd (USHAMART): 20%
2. Bharat Wire Ropes Ltd (BHARATWIRE): 19%
3. Bansal Wire Industries Ltd (BANSALWIRE): 14%

### ROCE change — fastest improvers
1. Usha Martin Ltd (USHAMART): +0.1 pp
2. Bharat Wire Ropes Ltd (BHARATWIRE): −1.2 pp
3. Bansal Wire Industries Ltd (BANSALWIRE): −6.7 pp

### 20-quarter ROCE history
- USHAMART: Sep 2021 17% | Dec 2021 — | Mar 2022 16% | Jun 2022 — | Sep 2022 18% | Dec 2022 — | Mar 2023 19% | Jun 2023 — | Sep 2023 21% | Dec 2023 25% | Mar 2024 19% | Jun 2024 23% | Sep 2024 19% | Dec 2024 21% | Mar 2025 17% | Jun 2025 19% | Sep 2025 16% | Dec 2025 19% | Mar 2026 17% | Jun 2026 —
- BANSALWIRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 11% | Dec 2023 — | Mar 2024 17% | Jun 2024 22% | Sep 2024 14% | Dec 2024 24% | Mar 2025 16% | Jun 2025 22% | Sep 2025 16% | Dec 2025 18% | Mar 2026 16% | Jun 2026 16%
- BHARATWIRE: Sep 2021 — | Dec 2021 — | Mar 2022 6.2% | Jun 2022 — | Sep 2022 11% | Dec 2022 — | Mar 2023 17% | Jun 2023 — | Sep 2023 19% | Dec 2023 21% | Mar 2024 18% | Jun 2024 — | Sep 2024 15% | Dec 2024 — | Mar 2025 13% | Jun 2025 — | Sep 2025 12% | Dec 2025 — | Mar 2026 12% | Jun 2026 —

### 20-quarter ROCE change history
- USHAMART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.6 pp | Dec 2022 — | Mar 2023 +3.2 pp | Jun 2023 — | Sep 2023 +2.3 pp | Dec 2023 — | Mar 2024 +0.1 pp | Jun 2024 — | Sep 2024 −2.1 pp | Dec 2024 −4.5 pp | Mar 2025 −2.8 pp | Jun 2025 −3.7 pp | Sep 2025 −3.0 pp | Dec 2025 −2.1 pp | Mar 2026 +0.1 pp | Jun 2026 —
- BANSALWIRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +3.6 pp | Dec 2024 — | Mar 2025 −0.5 pp | Jun 2025 +0.8 pp | Sep 2025 +1.8 pp | Dec 2025 −5.8 pp | Mar 2026 −0.8 pp | Jun 2026 −6.7 pp
- BHARATWIRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +10.5 pp | Jun 2023 — | Sep 2023 +8.8 pp | Dec 2023 — | Mar 2024 +1.4 pp | Jun 2024 — | Sep 2024 −4.0 pp | Dec 2024 — | Mar 2025 −5.3 pp | Jun 2025 — | Sep 2025 −2.9 pp | Dec 2025 — | Mar 2026 −1.2 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Usha Martin Ltd has the lowest comparable Guarded PEG at 3.3×, 15.4% below Bansal Wire Industries Ltd. Only 2 of 3 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Usha Martin Ltd · 3.3× | 15.4% versus #2 · Bansal Wire Industries Ltd | 0/8 recent comparable periods | 2/3 companies · 13 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Usha Martin Ltd (USHAMART): 3.3
2. Bansal Wire Industries Ltd (BANSALWIRE): 3.9

### P/E — lowest P/E
1. Bharat Wire Ropes Ltd (BHARATWIRE): 13.8
2. Usha Martin Ltd (USHAMART): 30.0
3. Bansal Wire Industries Ltd (BANSALWIRE): 35.1

### 20-quarter Guarded PEG history
- USHAMART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.3 | Dec 2022 0.7 | Mar 2023 — | Jun 2023 0.7 | Sep 2023 1.0 | Dec 2023 0.8 | Mar 2024 0.8 | Jun 2024 — | Sep 2024 1.6 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 3.3 | Jun 2026 —
- BANSALWIRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 2.7 | Jun 2025 6.8 | Sep 2025 — | Dec 2025 1.4 | Mar 2026 4.4 | Jun 2026 3.9

### 20-quarter P/E history
- USHAMART: Sep 2021 12.0 | Dec 2021 12.4 | Mar 2022 13.6 | Jun 2022 12.6 | Sep 2022 12.9 | Dec 2022 17.0 | Mar 2023 20.1 | Jun 2023 23.5 | Sep 2023 28.4 | Dec 2023 22.6 | Mar 2024 22.9 | Jun 2024 27.9 | Sep 2024 25.3 | Dec 2024 27.3 | Mar 2025 24.9 | Jun 2025 26.6 | Sep 2025 33.9 | Dec 2025 32.0 | Mar 2026 27.8 | Jun 2026 —
- BANSALWIRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 19.1 | Dec 2024 57.5 | Mar 2025 41.2 | Jun 2025 40.3 | Sep 2025 36.1 | Dec 2025 32.0 | Mar 2026 23.9 | Jun 2026 30.2
- BHARATWIRE: Sep 2021 22.2 | Dec 2021 10.8 | Mar 2022 31.9 | Jun 2022 15.8 | Sep 2022 18.4 | Dec 2022 12.5 | Mar 2023 16.9 | Jun 2023 19.1 | Sep 2023 29.8 | Dec 2023 25.0 | Mar 2024 20.7 | Jun 2024 18.2 | Sep 2024 18.6 | Dec 2024 15.3 | Mar 2025 13.6 | Jun 2025 15.9 | Sep 2025 11.2 | Dec 2025 12.7 | Mar 2026 10.9 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Bharat Wire Ropes Ltd leads ev/ebitda at 9.5×; Bansal Wire Industries Ltd leads p/bv at 3.54×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Bharat Wire Ropes Ltd · 9.5× | 43.8% versus #2 · Bansal Wire Industries Ltd | 0/8 recent comparable periods | 3/3 companies · 46 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Bharat Wire Ropes Ltd (BHARATWIRE): 9.5
2. Bansal Wire Industries Ltd (BANSALWIRE): 16.9
3. Usha Martin Ltd (USHAMART): 17.3

### P/BV — lowest P/BV
1. Bansal Wire Industries Ltd (BANSALWIRE): 3.5
2. Usha Martin Ltd (USHAMART): 4.6
3. Bharat Wire Ropes Ltd (BHARATWIRE): 4.7

### 20-quarter EV/EBITDA history
- USHAMART: Sep 2021 7.8 | Dec 2021 8.0 | Mar 2022 9.0 | Jun 2022 8.8 | Sep 2022 9.0 | Dec 2022 11.7 | Mar 2023 13.5 | Jun 2023 15.3 | Sep 2023 18.6 | Dec 2023 14.8 | Mar 2024 15.2 | Jun 2024 18.5 | Sep 2024 16.6 | Dec 2024 18.0 | Mar 2025 16.2 | Jun 2025 16.9 | Sep 2025 21.1 | Dec 2025 19.7 | Mar 2026 17.3 | Jun 2026 —
- BANSALWIRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 41.6 | Dec 2024 34.3 | Mar 2025 25.1 | Jun 2025 24.6 | Sep 2025 21.4 | Dec 2025 18.1 | Mar 2026 13.6 | Jun 2026 16.9
- BHARATWIRE: Sep 2021 23.3 | Dec 2021 21.0 | Mar 2022 17.4 | Jun 2022 8.6 | Sep 2022 14.5 | Dec 2022 8.0 | Mar 2023 9.4 | Jun 2023 12.5 | Sep 2023 17.3 | Dec 2023 13.7 | Mar 2024 11.8 | Jun 2024 14.1 | Sep 2024 14.0 | Dec 2024 12.1 | Mar 2025 11.1 | Jun 2025 12.4 | Sep 2025 9.7 | Dec 2025 10.5 | Mar 2026 9.5 | Jun 2026 —

### 20-quarter P/BV history
- USHAMART: Sep 2021 1.7 | Dec 2021 1.8 | Mar 2022 2.3 | Jun 2022 2.4 | Sep 2022 2.1 | Dec 2022 3.0 | Mar 2023 3.9 | Jun 2023 4.9 | Sep 2023 5.2 | Dec 2023 4.2 | Mar 2024 4.5 | Jun 2024 5.8 | Sep 2024 4.5 | Dec 2024 4.5 | Mar 2025 4.0 | Jun 2025 4.5 | Sep 2025 5.0 | Dec 2025 4.5 | Mar 2026 4.2 | Jun 2026 —
- BANSALWIRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 5.9 | Dec 2024 6.0 | Mar 2025 5.1 | Jun 2025 4.8 | Sep 2025 4.4 | Dec 2025 3.6 | Mar 2026 2.8 | Jun 2026 3.5
- BHARATWIRE: Sep 2021 — | Dec 2021 — | Mar 2022 1.0 | Jun 2022 0.8 | Sep 2022 1.5 | Dec 2022 1.4 | Mar 2023 1.9 | Jun 2023 6.7 | Sep 2023 10.5 | Dec 2023 3.4 | Mar 2024 3.1 | Jun 2024 9.8 | Sep 2024 6.4 | Dec 2024 5.3 | Mar 2025 4.7 | Jun 2025 5.5 | Sep 2025 3.9 | Dec 2025 4.4 | Mar 2026 3.8 | Jun 2026 —

## Market action

Usha Martin Ltd has the strongest one-year price move in Steel - Wires at +30%. It also leads on Mansfield relative strength against NIFTY at +13.8%. 3 of 3 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Usha Martin Ltd (USHAMART): 30%
2. Bharat Wire Ropes Ltd (BHARATWIRE): -8.8%
3. Bansal Wire Industries Ltd (BANSALWIRE): -23%

### Strongest relative strength versus NIFTY 500
1. Usha Martin Ltd (USHAMART): 14%
2. Bansal Wire Industries Ltd (BANSALWIRE): 4.8%
3. Bharat Wire Ropes Ltd (BHARATWIRE): 4.4%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company draws at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; it is marked unverified wherever that figure appears.
- Thin comparisons: Revenue, Net profit, Capital expenditure, Valuation have fewer than three usable current readings.

## Every company
- Usha Martin Ltd (USHAMART) — market value ₹15.1K Cr; latest fundamentals Mar 2026
- Bansal Wire Industries Ltd (BANSALWIRE) — market value ₹5.1K Cr; latest fundamentals Jun 2026
- Bharat Wire Ropes Ltd (BHARATWIRE) — market value ₹1.3K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 2. Unverified: 1. Withheld: 0. Graded companies: 3.

1 of 3 companies draws at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

- UNVERIFIED | BHARATWIRE | Bharat Wire Ropes Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Steel - Wires index?

The Nifty Steel - Wires index tracks India's listed Steel - Wires companies as a single basket. This page follows the same 3 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Steel - Wires sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Steel - Wires stocks in India?

Ranked by this page's four-factor score, Usha Martin Ltd places first among 3 listed Steel - Wires companies, followed by Bharat Wire Ropes Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Steel - Wires stocks are listed in India?

This comparison covers 3 listed Steel - Wires companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Steel - Wires company is the biggest?

Bansal Wire Industries Ltd is the largest, with trailing-twelve-month revenue of ₹4,388 crore, ahead of Usha Martin Ltd at ₹3,691 crore. That covers 2 of 3 companies with comparable reporting through Jun 2026.

### Which Steel - Wires company is growing fastest?

Bansal Wire Industries Ltd has the fastest revenue growth at 20.9% year on year, across 2 of 3 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Steel - Wires company has the best profit margins?

Bharat Wire Ropes Ltd has the highest operating margin at 25%, from 3 of 3 comparable companies. Usha Martin Ltd shows the biggest recent improvement, at +6 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Steel - Wires company makes the most profit?

Usha Martin Ltd earns the most, at ₹467 crore of trailing-twelve-month net profit, from 2 of 3 comparable companies. Usha Martin Ltd has the fastest profit growth at 15%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Steel - Wires company earns the highest return on capital?

Usha Martin Ltd leads on return on capital employed at 20.2%, across 3 of 3 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Steel - Wires stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Usha Martin Ltd screens cheapest at 3.3×. Only 2 of 3 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Steel - Wires company has the strongest balance sheet?

Bharat Wire Ropes Ltd carries the lowest comparable gross debt at ₹75 crore, from 3 of 3 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the Steel - Wires sector beating the market?

Steel - Wires has outperformed NIFTY 500 by 6.2% over the last 52 weeks and 0.7% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 3 of 3 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Steel - Wires stock has the strongest price momentum?

Usha Martin Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Steel - Wires company scores highest for research priority?

Usha Martin Ltd scores 63.7 out of 100 with 85.6% evidence confidence, from 20.3 points on growth and earnings, 20.4 on capital efficiency, 5 on valuation and 18 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Steel - Wires companies does this comparison cover, and over what period?

It compares 3 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Steel - Wires sector?

The 3 Steel - Wires companies on this page carry ₹21,504 crore of combined market value. Usha Martin Ltd is the largest at ₹15,106 crore, about 70% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### How is the Steel - Wires sector performing?

3 of the 3 covered Steel - Wires companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 6.2% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/steel-wires