Vidya Wires 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.

Vidya Wires Ltd trades at ₹90.5, in a confirmed uptrend and 24 weeks into that stage. That is +14.8% against its own 200-day average. It sits at 72% of a 52-week range of ₹45 to ₹109. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (11 weeks and counting).

Today the stock is in a confirmed uptrend — week 24 of stage 2, confirmed. At ₹90.5 it trades +14.8% versus its 200-day average and sits at 72% of its 52-week range (₹45–₹109).

Against the market, two honest reads. Cumulative: over the last 10 months the stock moved +75% while the NIFTY 500 moved −4% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (11 weeks and counting; last ahead the week of 2026-07-10) — 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.

Story check

Vidya Wires Ltd's story is not scored yet against the markers our research file set on 27 June 2026. Where it sits in its own cycle: Not stated in the research file. Still open: A failure to achieve 50% utilization of the newly expanded capacity by the end of FY27, indicating weak demand or execution issues.

Our read, 27 June 2026. Capacity expansion and shift to margin-accretive EV and solar products sets up an earnings growth runway.

From the numbers. Cycle position cannot be confidently determined due to limited operating history data. The current PE sits at 36, but without a 10-year percentile history, a structural valuation judgment is premature.

From the price. Price stage 2, week 24 — above its 200-day line.

From the research. Capacity expansion and shift to margin-accretive EV and solar products sets up an earnings growth runway.

🚨 Where they disagree. Cycle position cannot be confidently determined due to limited operating history data. The current PE sits at 36, but without a 10-year percentile history, a structural valuation judgment is premature.

What is proven. Capacity expansion and shift to margin-accretive EV and solar products sets up an earnings growth runway.

What is not proven yet. A failure to achieve 50% utilization of the newly expanded capacity by the end of FY27, indicating weak demand or execution issues.

🚨 What would change our mind. A failure to achieve 50% utilization of the newly expanded capacity by the end of FY27, indicating weak demand or execution issues.

🚨 Layer 1 read, 22 August 2026 — DROP. Sales up a third, but the profit is not turning into cash and the new shares ate most of the gain. Vidya Wires nearly doubled its wire-making capacity to 37,680 tonnes at the new Nursanda plant and sales duly jumped 33.5% year on year to ₹550 crore in the June 2026 quarter. Two things spoil it. First, the money is not arriving: over the three years to March 2026 the company reported ₹125 crore of profit while cumulative operating cash flow was an outflow of ₹24 crore, and over five years the running total is about zero — the cash is sitting in stock and receivables. Second, the profit that is reported is barely reaching shareholders: the listing raised roughly ₹310 crore and lifted the share count by about a third, so a 41.7% rise in profit became a 6.6% rise in earnings per share, and…

What would change Layer 1’s mind. Consuming the timeline's own falsification ("a failure to achieve 50% utilization of the newly expanded capacity by the end of FY27") and driver D2's kill switch ("customers reject the new value-added products or pricing premiums fail to hold"), sharpened to this decision: what would flip this back up is two consecutive quarters with operating margin above 5.0% AND operating cash flow turning positive — proving the electric-vehicle and solar mix is real and that working capital is no longer…

CIO read, 22 August 2026 — RETAIN. HELD (defended slot) · forward-asymmetry 33/100 · CONTESTED. Sales grew 33.5%, but per-share earnings rose only 6.6% after dilution, and three-year operating cash flow was negative Rs 24 crore. The judged 8% EPS path misses the model's 17.1% hurdle; the SPENT rating forces a contest.

The test written in advance. A failure to achieve 50% utilization of the newly expanded capacity by the end of FY27, indicating weak demand or execution issues. — the thesis as written as stated by the next result.

What the company does. Vidya Wires executed a capacity doubling with its new ALCU plant, relieving past capacity constraints. A shift toward specialized products for EV and solar segments offers an avenue for margin improvement from historically thin levels. The primary constraint is execution of the volume ramp and managing high exposure to copper price volatility.

🚨 What the surface reading misses. The surface reading is: ROE of 17.8% is adequate. The research reads it further: Return profile is decent but constrained by thin operating margins.

🚨 What the surface reading misses. The surface reading is: Thin margins at 4-5% indicate low value addition. The research reads it further: Thin absolute margins expose the company to copper price volatility.

Sources: our stock research file (27 June 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

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

Vidya Wires Ltd reported ₹550 Cr of revenue in the Jun 26 quarter, +33.5% year on year. That is the 4th straight quarter of year-on-year growth. Over 4 years it has compounded at 19.1% a year. The last full year, FY26, came in at ₹1,840 Cr. The last four reported quarters add to ₹1,978 Cr.

Why this happened. The new facility increases total capacity to approximately 37,680 metric tons, providing the necessary headroom for volume growth in FY27.

FY26 revenue came in at ₹1,840 Cr (+24.2% on the year), capping 4 years at 19.1% compound. The latest quarter (Jun 26) printed ₹550 Cr, +33.5% year on year — the 4th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +31.2% growth against the decade's 19.1% — the current year is running faster than its own long-run rate.

FY26-Q4. revenue ₹599 Cr and profit ₹20 Cr as reported.

FY27-Q1. revenue ₹550 Cr and profit ₹17 Cr as reported.

Why-sources: our stock research file (27 June 2026) and the company’s own results for those quarters.

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.

Vidya Wires Ltd's operating margin is 4.0% in the Jun 26 quarter, −0.5 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 5 fiscal years the operating margin has ranged 3.4% to 4.7%. The current quarter sits inside that band.

The latest quarter's operating margin is 4.0%, −0.5 pp against the same quarter a year ago. Across 5 fiscal years the operating margin has ranged 3.4%–4.7%, and FY26's 4.7% is the top of that band — a record year.

🚨 Why the margin moved: operating margin went −0.5 pp year on year while gross margin went −1.0 pp — the loss came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

FY26-Q4. revenue ₹599 Cr and profit ₹20 Cr as reported.

FY27-Q1. revenue ₹550 Cr and profit ₹17 Cr as reported.

Why-sources: our stock research file (27 June 2026) and the company’s own results for those quarters.

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

Vidya Wires Ltd earned ₹17.0 Cr of net profit in the Jun 26 quarter, +41.7% year on year. It is the 4th consecutive quarter of growth. Full-year FY26 profit was ₹58.0 Cr. The 4-year compound rate is 30.5%. That is 3.1% of the quarter's revenue. The same quarter a year earlier earned ₹12.0 Cr.

Jun 26 profit was ₹17.0 Cr, +41.7% year on year — the 4th consecutive quarter of growth. On the full year, FY26 printed ₹58.0 Cr (+41.5%), and the 4-year compound rate is 30.5%.

Why profit moved: revenue contributed +33.5% and the margin −0.5 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +39.2% vs revenue +31.2%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

FY26-Q4. revenue ₹599 Cr and profit ₹20 Cr as reported.

FY27-Q1. revenue ₹550 Cr and profit ₹17 Cr as reported.

Why-sources: our stock research file (27 June 2026) and the company’s own results for those quarters.

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 −19% of Vidya Wires Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹−9.0 Cr of operating cash against ₹58.0 Cr of profit. After ₹103 Cr of capital spending, ₹−112 Cr was left as free cash.

FY26: operating cash of ₹−9.0 Cr against reported profit of ₹58.0 Cr, leaving free cash of ₹−112 Cr after ₹103 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −19% 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 −19%: the cash cycle held roughly steady between FY22 and FY26 — so conversion tracks profitability rather than the cycle. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: the bigger cash user is investment — capital spending ran 11.5× depreciation over three years, so the next section's job is to check what that build-out is buying.

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).

Vidya Wires Ltd's cash conversion cycle runs 64 days in FY26, up from 59 days in FY22. Capital spending ran ₹115 Cr over the last 3 years. At FY26 sales of ₹1,840 Cr each day of that cycle holds about ₹5.0 Cr, so roughly ₹323 Cr sits inside the business at any moment.

FY26: debtors at 40 days, inventory at 28 days — roughly 0.9 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 64 days, looser than FY22's 59.

The full loop: cash goes out to suppliers and production on day 0; stock waits 28 days to sell; customers pay about 40 days after that; and suppliers themselves are paid at 5 days — netting out to the 64-day cycle.

In money terms: at FY26 sales of ₹1,840 Cr, each day of the cycle holds about ₹5.0 Cr — so the 64-day loop keeps roughly ₹323 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹115 Cr over the last 3 fiscal years against ₹10.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹72.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

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

Vidya Wires Ltd earns a ROCE of 21% in FY26. That is up from a trough of 19% in FY23. Return on invested capital clears the cost of that capital by +0.7 percentage points, so growth here adds value rather than only size. The wiring behind it is 3.2% net margin on 3.04× asset turns.

FY26 ROCE is 21%, recovered from a FY23 trough of 19% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 3.2% net margin × 3.04× asset turns × 1.26× balance-sheet leverage ≈ 12.3% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 12.7% − 12.0% = a +0.7 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. Positive but thin — value creation with little room for error.

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

Vidya Wires Ltd carries total debt of ₹85.0 Cr against shareholder equity of ₹480 Cr as of Mar 26, a debt-to-equity of 0.18 — effectively unlevered. On the annual view that ratio went from 0.88 in FY25 to 0.18 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹85.0 Cr against shareholder equity of ₹480 Cr — a debt-to-equity of 0.18. On the annual view, debt-to-equity went from 0.88 (FY25) to 0.18 (FY26). The returns on this page are earned, not borrowed.

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.

No holder of Vidya Wires Ltd moved a full percentage point over the last two years — the register is quiet. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — .

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.

Vidya Wires 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.

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.

Vidya Wires Ltd trades at 30.9× P/E, at the pricey end of its own range (81st percentile). Its long-run median P/E is 27.7×, measured across 0.8 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 30.9× is at the pricey end of its own range (81st percentile), against a long-run median of 27.7× measured over 0.8 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

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

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

Solved at its 27 August 2026 price, Vidya Wires Ltd was paying for profit growth of about 17.1% a year. Profit itself has compounded 30.5% a year over the past 4 years. Today the market pays 30.9× P/E, the 81st percentile of its own 1-year range.

What the two numbers say together. The multiple is full against its own past, and the growth the price is paying for is below what this company has actually delivered.

How to hold this number: it is a reading of one day's price, taken on 27 August 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 28 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.

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).

Vidya Wires 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. The read is built from 4 quarters across 1 curve, on partial evidence.

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.

4-Factor Sector Score

No sector-relative score — Vidya Wires Ltd is score temporarily unavailable — [mlaSectorData] ambiguous sector slug "electric-equipment-general": Electric Equipment - General, Electric Equipment General for undefined.

The score is a rank WITHIN a peer set: every metric is scored by percentile against the other members. Without the peer set there is no score to state, so none is invented here.

Said versus delivered

What Vidya Wires Ltd's management promised, set against what actually arrived — 3 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

🚨 New Facility Full Capacity Ramp-Up Timeline Pushed Back · 14 May 2026. In the Dec 2025 call, management guided that manufacturing would commence by January/February 2026 and that full capacity would be reached 'in a phased manner, maybe another four or five months' from start-up, implying a complete ramp-up by approximately June-July 2026. In the May 2026 call, while manufacturing did start on February 7 as planned, full capacity is now expected only by 'September or October, or before Diwali' - roughly 8-9 months from the February start - representing a 3-4 month slip of approximately 50% against the original timeline, with no explanation provided for the delay.

Total Planned Capacity Target Reduced · 14 May 2026. In the Dec 2025 call, management explicitly stated total manufacturing capacity would expand to 37,680 metric tons per annum via its new subsidiary. In the May 2026 call, the total capacity target is stated as 35,000-36,000 metric tons and referred to as 'which was planned' - implicitly rewriting the prior commitment and representing a reduction of approximately 4-7% from the 37,680 figure given five months earlier. No acknowledgement of or explanation for this reduction was offered.

Receivable Days Target Revised Upward · 14 May 2026. In the Dec 2025 call, the CFO made a specific forward-looking commitment to reduce receivable days to 30 days. In the May 2026 call, actual debtor days stand at 41 days and the revised target is 'around 35 days' - 17% above the original 30-day commitment - with no acknowledgement of the prior target being abandoned. This directly softens the working capital efficiency trajectory and the free cash flow assumptions embedded in earlier guidance.

Every quote above is taken word for word from the company’s own earnings calls.

Frequently asked questions