# 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 2026-08-05. Not investment advice. ## Bottom line Steel - Wires has outperformed NIFTY 500 by 5.5% over 52 weeks and 0.3% over 13 weeks. 2 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. ## Sector relative strength Steel - Wires has outperformed NIFTY 500 by 5.5% over the last 52 weeks. Over 13 weeks the gap is a lead of 0.3%. 2 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 +3.8%. Readings are as of 2026-07-19. 13-week sector return versus NIFTY 500: 0.3% 52-week sector return versus NIFTY 500: 5.5% Stocks leading NIFTY: 2/3 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: ₹21.4K 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): 66/100 — Favorable setup; evidence 90% - Growth & earnings 24.8/35 | Capital efficiency 18.9/25 | Valuation 5.0/20 | Relative strength 16.9/20 - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 11 of the last 12 weeks - Exact sum: 24.8 + 18.9 + 5 + 16.9 = 65.6 - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. 2. Bharat Wire Ropes Ltd (BHARATWIRE): 54/100 — Thin evidence · provisional; evidence 60% - Growth & earnings 15.5/35 | Capital efficiency 20.8/25 | Valuation 11.0/20 | Relative strength 6.8/20 - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 9 of the last 12 weeks - Exact sum: 15.5 + 20.8 + 11 + 6.8 = 54.1 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 3. Bansal Wire Industries Ltd (BANSALWIRE): 34/100 — Adverse evidence; evidence 90% - Growth & earnings 10.0/35 | Capital efficiency 10.0/25 | Valuation 5.0/20 | Relative strength 8.5/20 - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 9 of the last 12 weeks - Exact sum: 10 + 10 + 5 + 8.5 = 33.5 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. ## Market action Usha Martin Ltd has the strongest one-year price move in Steel - Wires at +34.9%. It also leads on Mansfield relative strength against NIFTY at +10.6%. 2 of 3 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-31. ### Strongest one-year price performers 1. Usha Martin Ltd (USHAMART): 35% 2. Bharat Wire Ropes Ltd (BHARATWIRE): 3.6% 3. Bansal Wire Industries Ltd (BANSALWIRE): -23% ### Strongest relative strength versus NIFTY 500 1. Usha Martin Ltd (USHAMART): 11% 2. Bharat Wire Ropes Ltd (BHARATWIRE): 3.8% 3. Bansal Wire Industries Ltd (BANSALWIRE): -0.0% ## Revenue Scale & Growth Durability What the numbers say: Bansal Wire Industries Ltd is the scale leader at ₹4,388 crore, 14.4% 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 | 14.4% versus #2 · Usha Martin Ltd | 8/8 recent comparable periods | 2/3 companies · 40 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): ₹3.8K Cr ### Revenue growth — fastest growers 1. Bansal Wire Industries Ltd (BANSALWIRE): 21% 2. Usha Martin Ltd (USHAMART): 8.5% ### 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 ₹1.0K Cr - 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 16% - 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 +4 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% | 25% versus #2 · Usha Martin Ltd | 4/7 recent comparable periods | 3/3 companies · 42 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): 20% 3. Bansal Wire Industries Ltd (BANSALWIRE): 4.8% ### Margin change — fastest expanders 1. Usha Martin Ltd (USHAMART): +4.0 pp 2. Bharat Wire Ropes Ltd (BHARATWIRE): −3.0 pp 3. Bansal Wire Industries Ltd (BANSALWIRE): −3.2 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 20% - BANSALWIRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 4.8% | 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 4.8% - 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 +4.0 pp - 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 +2.2 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 −3.2 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 ₹508 crore of TTM profit, 260.3% above Bansal Wire Industries Ltd. Usha Martin Ltd shows 26.1% growth from a ₹508 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 · ₹508 crore | 260.3% versus #2 · Bansal Wire Industries Ltd | 4/8 recent comparable periods | 2/3 companies · 40 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): ₹508 Cr 2. Bansal Wire Industries Ltd (BANSALWIRE): ₹141 Cr ### Profit growth — fastest growers 1. Usha Martin Ltd (USHAMART): 26% 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 ₹142 Cr - 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 41% - 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 — ## Return On Capital Employed What the numbers say: Usha Martin Ltd leads ROCE at 19.5%, 0.8 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 · 19.5% | 4.3% 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 PEG at 3.3×, 15.4% below Bansal Wire Industries Ltd. Only 2 of 3 companies have earnings and growth steady enough for the ratio to mean anything, 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 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. ### 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): 14.0 2. Usha Martin Ltd (USHAMART): 27.7 3. Bansal Wire Industries Ltd (BANSALWIRE): 34.1 ### 20-quarter 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 28.6 - 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 — ## 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, Valuation have fewer than three usable current readings. ## Every company - Usha Martin Ltd (USHAMART) — market value ₹15.1K Cr; latest fundamentals Jun 2026 - Bansal Wire Industries Ltd (BANSALWIRE) — market value ₹4.9K Cr; latest fundamentals Jun 2026 - Bharat Wire Ropes Ltd (BHARATWIRE) — market value ₹1.4K 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 2026-07-31. 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 ### Is the Steel - Wires sector outperforming NIFTY 500? Steel - Wires has outperformed NIFTY 500 by 5.5% over 52 weeks and 0.3% over 13 weeks. 2 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 65.6/100 with 90% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### Which Steel - Wires company has the lowest comparable PEG? Usha Martin Ltd has the lowest comparable PEG at 3.3, among 2 of 3 companies whose earnings and growth are steady enough for the ratio to mean anything. ### How much history does this Steel - Wires comparison include? The page compares up to 20 reported quarters per company for fundamentals, returns 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. ### 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 ₹3,837 crore. That covers 2 of 3 companies with comparable reporting through Jun 2026. ### 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 +4 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 ₹508 crore of trailing-twelve-month net profit, from 2 of 3 comparable companies. Usha Martin Ltd has the fastest profit growth at 26.1%, 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 19.5%, 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 PEG — where a LOWER number is cheaper — Usha Martin Ltd screens cheapest at 3.3×. Only 2 of 3 companies have earnings and growth steady enough for the ratio to mean anything, 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. ### Is the Steel - Wires sector beating the market? Steel - Wires has outperformed NIFTY 500 by 5.5% over the last 52 weeks and 0.3% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 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 65.6 out of 100 with 90% evidence confidence, from 24.8 points on growth and earnings, 18.9 on capital efficiency, 5 on valuation and 16.9 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, 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 ₹21,391 crore of combined market value. Usha Martin Ltd is the largest at ₹15,114 crore, about 71% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-05. ### How is the Steel - Wires sector performing? 2 of the 3 covered Steel - Wires companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 5.5% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-05. ### 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.