In , Ram Ratna Wires Ltd (Copper Wires) is outperforming Nifty 500 with +51.4% relative strength. Fundamentals: Average. On a 5-week streak.
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
Based on Q3 FY26 earnings • Updated Apr 18, 2026
What: Copper Tube Revenue Mix: 27%
Impact: EBITDA margin expansion to 5.6%
“Higher share from Copper Tubes & Pipes reflects portfolio diversification and supports improved profitability.”
What: Bhiwadi Capacity: 24,000 MTPA
Impact: 84.9% EBITDA growth
“Bhiwadi facility has been successfully scaled to an installed capacity of 24,000 MTPA.”
What: PLI Scheme Investment: ₹253 crore
“Received approval under the PLI Scheme for White Goods (Air Conditioners) Committed Investment: ~₹ 253 crore.”
What: Export Mix: 8%
“Strategic Vision: To be preferred domestic and export supplier. Leverage India’s emergence as a global HVAC manufacturing hub.”
What: Copper Foils: FY29 Launch
“Copper foils by FY 2028-29 to meet rising demand in electric vehicles, switchgear, transformers, etc.”
What: Revenue growth of 43.8% YoY
“Revenue from Operations 1,277.9 888.7 43.8%. Higher share from Copper Tubes & Pipes reflects portfolio diversification.”
What: 7,200 MTPA (Baroda) → 12,000 MTPA (Baroda) + 24,000 MTPA (Bhiwadi)
“The Jarod unit will contribute an additional 12,000 MTPA... taking the total installed capacity to 36,000 MTPA by FY26.”
Earnings deceleration risks from management commentary
Trigger: Copper is the primary raw material, and price fluctuations directly impact COGS.
Management view: Protection against copper LME and USD volatility through long-term partnerships with OEMs.
Monitor: commodity
Trigger: Implementation of new labor regulations required a one-time financial adjustment.
Impact: PAT impact: ₹3.6 Cr
Management view: Provisioned in the current quarter.
Monitor: labor
Trigger: The company imports raw materials and is expanding its export footprint.
Management view: Managed through long-term OEM partnerships.
Monitor: fx
Key quotes from recent conference calls
“Installed Capacity : 7,200 MTPA – Copper Tubes Scaling up to 12,000 MTPA – expansion activities in progress [Previous Copper Tube Capacity guidance]”
“Copper foils by FY 2028-29 to meet rising demand in electric vehicles, switchgear, transformers, etc. [Initiative: Copper Foils Launch]”
“Inner Grooved Tubes (IGT) production currently in progress. Higher share from Copper Tubes & Pipes reflects portfolio diversification. [Initiative: Inner Grooved Tubes (IGT) Production]”
“Protection against copper LME and USD volatility, enabling long-term partnerships with leading HVAC and appliance OEMs. [Risk (commodity): HIGH]”
Headline numbers from the latest earnings call
Revenue
₹1,277.9 Cr
Why: Growth was driven by a higher share from Copper Tubes & Pipes reflecting portfolio diversification and improved profitability.
Revenue growth was significantly aided by the scaling of the new Bhiwadi facility.
EBITDA
₹72.0 Cr
Why: Operating leverage from increased capacity utilization and a shift toward higher-margin copper tube products expanded margins.
EBITDA growth outpaced revenue growth, indicating strong operating leverage.
PAT
₹31.6 Cr
Why: Profitability improved due to higher operational efficiencies and product mix optimization despite a ₹3.6 crore exceptional labor code provision.
PAT margins improved to 2.5% from 2.1% in the previous year's quarter.
Other Highlights
• Copper Tubes & Pipes revenue mix increased to 27% in Q3 FY26 from 17% in Q3 FY25.
• Bhiwadi facility successfully scaled to an installed capacity of 24,000 MTPA.
• EPS for the quarter stood at ₹3.4, up from ₹1.9 in Q3 FY25.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Capacity Utilization - Enameled Wires
80%
Why: High demand from OEMs for winding wires.
Capacity Utilization - Copper Tubes
35-40%
Why: Low utilization due to recent massive capacity addition at Bhiwadi.
Annual Capacity - Enameled Wires
54,840 Tons
Why: Expansion to meet growing demand in motors and transformers.
Copper Tube Capacity (Bhiwadi & Baroda)
25,200 Tons
Why: Successful scaling of the Bhiwadi facility.
ROCE
21.5%
Why: Maintained through efficient capital allocation despite heavy capex.
Revenue Mix - Copper Tubes & Pipes
27%
Why: Strategic shift toward higher-margin diversified products.
Export Revenue %
8%
Why: Gradual expansion into international HVAC markets.
Net Debt/Equity Ratio
0.34
Why: Increase in borrowings to fund the Bhiwadi expansion and working capital.
Forward-looking targets from management for 5 Years
Revenue Growth Target
20%
Capex Plan
₹253 Cr
20% CAGR
₹253 crore
Committed Investment for PLI Scheme for White Goods (Air Conditioners)
Total installed capacity to reach 36,000 MTPA for Copper Tubes by FY26
Guidance Changes
Copper Tube Capacity: 7,200 MTPA (Baroda) → 12,000 MTPA (Baroda) + 24,000 MTPA (Bhiwadi)
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +44% | +17% | Stable |
| PAT (Net Profit) | +78% | +9% | Stable |
| OPM | 6.0% | +200 bps | Expanding |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
Ram Ratna Wires Ltd's latest quarterly results (Dec 2025) show
Ram Ratna Wires Ltd's profit is growing with an stable trend.
Ram Ratna Wires Ltd's revenue growth trend is stable.
Ram Ratna Wires Ltd's operating margin is expanding.
Ram Ratna Wires Ltd's long-term compounding rates
Ram Ratna Wires Ltd's earnings growth is stable with improving on a sequential basis.
Ram Ratna Wires Ltd's trailing twelve month (TTM) performance
Ram Ratna Wires Ltd appears significantly overvalued based on our fair value analysis.
Ram Ratna Wires Ltd's current PE ratio is 46.8x.
Ram Ratna Wires Ltd's current PE is 46.8x.
Ram Ratna Wires Ltd's price-to-book ratio is 8.2x.
Ram Ratna Wires Ltd is rated Average with a fundamental score of 50.32/100. This score is calculated from objective financial metrics
Ram Ratna Wires Ltd has a debt-to-equity ratio of N/A.
Ram Ratna Wires Ltd's return ratios over recent years
Ram Ratna Wires Ltd's operating cash flow is positive (FY2025).
Ram Ratna Wires Ltd's current dividend yield is 0.28%.
Ram Ratna Wires Ltd's shareholding pattern (Mar 2026)
Ram Ratna Wires Ltd's promoter holding has increased recently.
Ram Ratna Wires Ltd has been outperforming Nifty 500 for 5 consecutive weeks, indicating building momentum.
Ram Ratna Wires Ltd is an established outperformer with 5 weeks of consecutive Nifty 500 outperformance.
Ram Ratna Wires Ltd has 7 key growth catalysts identified from recent earnings analysis
Ram Ratna Wires Ltd has 3 key risks worth monitoring
In Q3 FY26, Ram Ratna Wires Ltd's management highlighted
Ram Ratna Wires Ltd's management has provided the following forward guidance for 5 Years
Ram Ratna Wires Ltd's most important sub-sector-specific KPIs from the latest concall
Based on quantitative research signals, here is why Ram Ratna Wires Ltd may be worth studying
Ram Ratna Wires Ltd investment thesis summary:
Ram Ratna Wires Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
