Steel Wire Stocks and Companies in India

The largest Steel Wire stocks in India by market value are Usha Martin (₹14,810 crore), Bansal Wire Industries (₹4,671 crore) and Bharat Wire Ropes (₹1,032 crore), at prices of 4 Nov 2026.

• Usha Martin: ₹486 | market value ₹14,810 crore | P/E 27.1
• Bansal Wire Industries: ₹59.68 | market value ₹4,671 crore | P/E 29.3
• Bharat Wire Ropes: ₹149.95 | market value ₹1,032 crore | P/E 14.9

Share price | market value | P/E, biggest first. Prices, market values and ratios at the official close of 4 Nov 2026; the score list below uses the weekly figures.

All 3 listed Indian Steel - Wires companies are named here, largest first. This is the set of companies people mean when they search for a Nifty Steel - Wires index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one. One large company cannot set the reading.

1. Usha Martin Ltd₹13,600 cr
2. Bansal Wire Industries Ltd₹4,490 cr
3. Bharat Wire Ropes Ltd₹975 cr

3 Steel Wire companies in the Steel - Wires industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 3 are listed below, largest first. The largest is Usha Martin (₹13,588 crore) and the smallest with a market value is Bharat Wire Ropes.

Download all 3 Steel Wire companies (CSV)

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 16% behind NIFTY 500. Earnings across its companies grew 1% on average over the last four reported quarters, close to flat.

Price down, no fundamental support. 0 of 3 companies pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high).

Not ahead of NIFTY 500 on the three-month view this week; 0 of the 3 companies in the industry index above their 200-day average (2 fewer than four weeks earlier); 0 of those 3 pass the momentum test (1 fewer than four weeks earlier); earnings rising at 2 of the 3 that report earnings.

Not ahead of NIFTY 500, not building participation, not giving any back. Earnings confirming, 2 of 3 members have higher trailing twelve-month earnings than a year ago.

Both lines start at 200 in the same week, so the gap between them tells the story: the sector line is an equal-weighted index of its 3 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member set to 100 at the start and the sector taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover or tap any point to read both values and the gap.

Steel - Wires has done worse than the NIFTY 500 by 5% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 8.9%. Usha Martin Ltd is the strongest against the sector itself at +7.5%.

Steel - Wires has done worse than the NIFTY 500 by 5% over 52 weeks and by 8.9% over 13 weeks. 0 of 3 companies we track are beating the NIFTY on relative strength (how a share price has done against the index over recent months), and 2 of 3 are ahead of the industry itself.

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

Usha Martin Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 85.6% evidence confidence.

Bharat Wire Ropes Ltd scores well on valuation against its peers or its own history, but its earnings have not yet improved enough to back that up.

Usha Martin Ltd has the strongest one-year price move in Steel - Wires at −4.1%. It also leads on relative strength against the NIFTY, at +1.5%. 1 of 3 companies we track is ahead of the index on that measure. Every line covers 313 weekly closes through 30 October 2026.

Price and relative strength

Price · same starting point: Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts: the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

RS vs NIFTY 500: How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against Steel - Wires itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

Biggest one-year moves

Strongest against NIFTY 500

Strongest against the sector itself

The full history shows a completed recovery followed by a newer sideways pause. Annual combined profit was negative from 2015 through 2018, became positive in 2019, and reached ₹699 crore in 2026; the reporting company count changed from two to three in 2022, so the earlier levels are not a fixed-company comparison. In the week of 5 October 2026, 66.7% of 3 Steel - Wires companies were beating the Nifty 500, against 100% on 25 May 2026.

Steel - Wires is one of the Top 25 sectors in our latest review.

From our industry review of 10 October 2026.

Both main companies are moving toward specialized products, but the profit benefit is uneven. Usha Martin has delivered better margins; Bansal still needs to prove that recovered pricing and new capacity produce steady profits. Changed goals at both companies limit confidence in the timing.

From our industry review of 10 October 2026.

1 of 4 Steel - Wires companies held a results call for July to September 2026. Rajratan Global Wire guided: FY27 consolidated volume goal about 160,000 tons; 15-20% on a year earlier growth framed for at least 10-15 quarters.

From the results calls for July to September 2026.

Big funds, foreign and Indian, raised their stake by 6.4 points over the last two quarters. Founders and promoters cut theirs by 1.1 points.

• Spending on new plants and equipment was ₹607 crore in the last 12 months, 16% less than a year before.
• Projects still being built shrank 11% in a year.

Big funds = foreign and Indian institutions, change in their share of ownership across 3 Steel - Wires companies, in percentage points.

Ownership and spending as of 10 October 2026.

1 chain of cause and effect links Steel - Wires to other industries right now. Cost shocks reward suppliers that can raise customer prices. For Steel - Wires: Usha Martin's protection and Bansal's repricing offer company opportunities, but neither removes industry cost risk.

From our cross-industry review of 10 October 2026.

The next things that show whether the Steel - Wires story is on course. First: Usha Martin's phased elevator-rope commissioning, guided to begin in October and finish by April to June 2027; completion is not confirmed in this context.

• Usha Martin sustaining its guided minimum 20% operating cash-profit margin while delivering its revised plastic-coated cable goal.
• Bansal sustaining ₹7 to 8 operating cash profit per kg after repricing, rather than repeating the committed-order cost hit.
• Bansal delivering guided specialty utilization and moving steel cord trials into commercial orders; the July trial timetable needs an updated check.
• The industry's comparison line breaking above its own range while company participation becomes consistent with aggregate strength.

What would change the story

A next quarterly industry result showing combined profit below the corresponding previous-year quarter despite higher sales would break the call that this breakout is being supported by improving earning power.

From our industry review of 10 October 2026.

Bansal Wire Industries Ltd has the highest Revenue among the 3 Steel - Wires companies compared here, at ₹4,641 crore. Usha Martin Ltd is next at ₹3,837 crore. The same company also has the highest Revenue growth, at 20.3%. 3 of 3 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Bansal Wire Industries Ltd is the largest at ₹4,641 crore, 21% ahead of Usha Martin Ltd. Bansal Wire Industries Ltd's growth is 20.3% from a ₹4,641 crore base, with 14 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: Bansal Wire Industries Ltd is both the largest and the fastest-growing company here; the growth has to turn into margin and returns before it counts as more than a fast start.

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

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

Revenue · company comparison

Revenue · largest

Revenue growth · fastest growers

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

Bharat Wire Ropes Ltd has the highest OPM among the 3 Steel - Wires companies compared here, at 20%. Usha Martin Ltd has the highest Margin change at +4 percentage points, so level and change sit with different companies. 3 of 3 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Bharat Wire Ropes Ltd leads opm at 20%; Usha Martin Ltd leads margin change at +4 percentage points.

What this means: Bharat Wire Ropes Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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

Operating margin · company comparison

OPM · highest

Margin change · fastest expanders

All-company data · latest reported quarter

Usha Martin Ltd has the highest Net profit among the 3 Steel - Wires companies compared here, at ₹508 crore. Bansal Wire Industries Ltd is next at ₹156 crore. The same company also has the highest Profit growth, at 26.1%. 3 of 3 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Usha Martin Ltd earns the most, ₹508 crore of profit over the last 12 months, 225.6% above Bansal Wire Industries Ltd. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: Usha Martin Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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 · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

Usha Martin Ltd has the highest ROCE among the 3 Steel - Wires companies compared here, at 19.5%. Bansal Wire Industries Ltd is next at 13.8%. The same company also has the highest ROCE change, at +1.8 percentage points. 3 of 3 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Usha Martin Ltd leads ROCE at 19.5%, 5.7 percentage points above Bansal Wire Industries Ltd. A high return reported once may be one good year; a high return reported year after year shows a lasting business.

What this means: Usha Martin Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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.

Return on capital · company comparison

ROCE · highest

ROCE change · fastest improvers

All-company data · latest reported quarter

Bharat Wire Ropes Ltd has the lowest PEG among the 3 Steel - Wires companies compared here, at 1.02×. Usha Martin Ltd is next at 3.3×. The same company also has the lowest P/E, at 14.1×. 3 of 3 companies report a comparable reading, the latest through Jun 2026. Its PEG series carries 4 reported observations across the 20-quarter window.

What the numbers say: Bharat Wire Ropes Ltd has the lowest comparable PEG at 1.02×, 69.1% below Usha Martin Ltd. That would need today's multiple, the company's own history and steady growth to agree.

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

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

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is worked out the same way every time, as the P/E on the last 12 months of reported earnings divided by that growth rate, never on expected earnings. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

Valuation · company comparison

PEG · lowest PEG

P/E · lowest P/E

All-company data · latest reported quarter

Steel - Wires companies show up on 3 of our India lists. The most are on the 52 week high & low list (1 company).

This Steel - Wires comparison names 4 specific ways its own evidence can mislead, all listed below. All 3 companies here report on comparable dates, so no rank carries a stale marker. A high growth rate can still come from a very small starting figure.

Keep these limits visible

• A high growth rate can come from a very small starting figure. The page keeps level and change separate for that reason.
• A high ROCE can be temporary, or look high because the capital base is small. It is best read beside margin, cash flow and how much is spent back on the business.
• The 4-Factor Sector Score ranks published data only. Management quality, upcoming events and risks are not part of it.
• An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.

This comparison is built from the reported filings of 3 Steel - Wires companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Sep 2026 and market data through 30 October 2026.

Every company's second-feed figures reconcile against the primary source on overlapping reported periods, so nothing here is unverified or withheld.

These 23 answers restate the Steel - Wires comparison above in question form. Every one is computed from the same 3 companies and the same reported filings as the rankings and charts, current through Sep 2026. Price and relative-strength answers run through 30 October 2026. Nothing here is estimated, and none of it is a recommendation.