Bharat Wire Ropes Ltd. (BHARATWIRE) AI Stock Analysis

• Market Cap: ₹10.62B
• Dividend Yield: N/A
• Average Volume (3M): 98.00K
• Price to Earnings (P/E): 17.1
• Beta (1Y): 1.70
• Revenue Growth: 8.45%
• EPS Growth: -14.27%
• Country: IN
• Employees: 605
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Steel
• EPS (TTM): 2.66
• Shares Outstanding: 68,584,650
• 10 Day Avg. Volume: 10,823
• 30 Day Avg. Volume: 97,995
• PEG Ratio: -0.71
• Price to Book (P/B): 1.75
• Price to Sales (P/S): 2.08
• P/FCF Ratio: 136.24
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 76 Outperform
• Price Target: ₹175.00 ▼(-6.91% Downside)
• Action: Reiterated Date: 11/11/25
• Date: Action: Reiterated 11/11/25

Bharat Wire Ropes Ltd. scores well due to its strong financial performance, characterized by consistent revenue growth and robust cash flow generation. Technical indicators suggest a stable upward trend, while valuation metrics indicate moderate pricing. The absence of dividend yield and earnings call data slightly limit the overall attractiveness.

Positive Factors

Free Cash Flow Generation

The company’s strong and growing free cash flow (2024–2025) supports durable self-funding for maintenance capex, working capital and selective capacity investments. Reliable cash conversion enhances financial flexibility to reduce leverage, fund product quality upgrades, and absorb cyclical downturns without external financing.

Consistent Revenue & Margin Improvement

Sustained revenue growth and materially improved gross and operating margins indicate durable demand for engineered wire-rope products and better cost or mix management. Higher operating leverage and margin expansion support long-term profitability and reinvestment capacity, strengthening competitive positioning in industrial markets.

Stable Balance Sheet & Improving ROE

A stable capital structure with a growing equity base and improving ROE points to disciplined financing and efficient use of capital. Balanced leverage provides capacity to pursue contracts and capex while maintaining resilience to sector cycles, lowering long-term funding and solvency risk if debt is managed prudently.

Negative Factors

Cyclicality of End-Markets

Dependence on commodity-linked and infrastructure sectors exposes revenue to long multi-year cycles in mining, oil & gas and construction. Even with repeat replacement demand, downturns in these end-markets can materially reduce volumes and extend recovery times, creating sustained revenue and margin pressure over multi-quarter horizons.

Material Outstanding Debt

While leverage appears balanced, the presence of considerable debt increases interest and refinancing risk during industry slowdowns or rising rates. Debt servicing can constrain capital allocation for growth, capex or strategic initiatives and amplify downside in prolonged cyclical downturns if free cash flow weakens.

Net Profit Margin Volatility

Volatile net margins, even amid improving gross margins, indicate sensitivity to input costs, product mix or operating expenses. This variability reduces predictability of earnings and free cash flow, complicating long-term planning, investment prioritization, and the reliability of returns to shareholders across business cycles.

Bharat Wire Ropes Ltd. Business Overview & Revenue Model

Company Description

Bharat Wire Ropes Limited manufactures and sells steel wire ropes in India. It offers wire ropes for use in general engineering, fishing, elevators, cranes, material handling, power transmission, suspension bridges, onshore/offshore oil exploration, ports and shipping, mining, defense, construction, and railways and allied industrial applications; mechanically spliced slings, hand spliced slings, and socketed slings; galvanized steel wire strands, such as earth wires, stay wires, and structural strands; and galvanized and non-galvanized steel wires. The company serves international consumers, private clients, and defense segment clients, as well as government and semi-government organizations. It also exports its products to South Africa, Kuwait, New Zealand, Vietnam, the United States, Singapore, Australia, Nepal, and internationally. The company was formerly known as Bharat Ropes Limited and changed its name to Bharat Wire Ropes Limited in July 1996. Bharat Wire Ropes Limited was incorporated in 1986 and is based in Mumbai, India.

How the Company Makes Money

Bharat Wire Ropes Ltd. primarily makes money by manufacturing and selling steel wire ropes and associated wire/strand products to customers in multiple industrial sectors. Revenue is largely product-sales driven: (1) domestic B2B sales to industrial users and OEMs (e.g., crane/elevator manufacturers, mining and oilfield operators, port operators, EPC/construction contractors) who procure wire ropes and strands for equipment operation, project execution, and periodic replacement; and (2) export sales where the company supplies wire-rope products to overseas distributors and industrial customers. Earnings are influenced by (a) product mix (specialty/high-performance ropes versus standard ropes), (b) volumes tied to industrial activity, infrastructure spending, and commodity-linked sectors such as mining and oil & gas, (c) replacement/maintenance demand because wire ropes are consumables with wear-and-tear driven repeat purchases, and (d) input costs (notably steel wire rod) and the company’s ability to pass through price changes. Specific details on named long-term contracts, customer concentration, or explicit partnership arrangements are null.

Bharat Wire Ropes Ltd. Financial Statement Overview

Summary

Bharat Wire Ropes Ltd. demonstrates a strong financial position with consistent revenue growth, improved profitability margins, and robust cash flow generation. The company manages its debt levels well, though maintaining vigilance on leverage is essential for long-term stability.

Income Statement

Bharat Wire Ropes Ltd. shows a strong income statement with consistent revenue growth over the past five years, moving from 2020 to 2025. The revenue growth rate from 2024 to 2025 is steady, though not exceptionally high. The company has improved its gross profit margin significantly, indicating efficient cost management and production processes. However, the net profit margin has seen fluctuations, reflecting some volatility in profitability. EBIT and EBITDA margins have improved over time, signaling robust operational performance.

Balance Sheet

The balance sheet of Bharat Wire Ropes Ltd. appears stable with a healthy debt-to-equity ratio indicating balanced leverage. The company has consistently enhanced its equity base, resulting in a favorable equity ratio. Return on equity has been improving yearly, showcasing efficient use of equity capital. However, the company still holds a considerable amount of debt, which poses potential risks if not managed properly in the long term.

Cash Flow

The cash flow statement reveals strong free cash flow generation, with substantial growth in free cash flow from 2024 to 2025. The operating cash flow to net income ratio indicates effective conversion of earnings into cash, essential for sustaining operations and funding growth. Despite some fluctuations in operating cash flow, the company maintains a positive trend, demonstrating sound financial management.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	6.40B	6.19B	6.22B	5.89B	4.11B	2.49B
Gross Profit	2.85B	2.75B	2.92B	2.60B	550.51M	894.60M
EBITDA	1.35B	1.32B	1.64B	1.38B	627.79M	331.55M
Net Income	732.77M	724.40M	962.00M	622.34M	136.65M	-167.87M
Balance Sheet
Total Assets	9.77B	9.56B	8.17B	7.81B	7.74B	7.47B
Cash, Cash Equivalents and Short-Term Investments	73.05M	3.36M	4.38M	94.54M	33.58M	12.48M
Total Debt	1.02B	1.31B	1.32B	1.82B	2.69B	2.74B
Total Liabilities	2.01B	2.19B	1.56B	2.21B	3.22B	3.11B
Stockholders Equity	7.76B	7.37B	6.61B	5.60B	4.52B	4.35B
Cash Flow
Free Cash Flow	312.60M	94.67M	602.17M	697.62M	230.12M	-2.46B
Operating Cash Flow	557.90M	740.54M	852.25M	832.31M	236.55M	-2.44B
Investing Cash Flow	-245.20M	-619.26M	-249.99M	-134.69M	-4.12M	-13.45M
Financing Cash Flow	-342.77M	-110.92M	-606.37M	-642.38M	-253.88M	2.47B

Bharat Wire Ropes Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 188.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:BHARATWIRE, the sentiment is Negative. The current price of 188 is above the 20-day moving average (MA) of 172.17, above the 50-day MA of 173.67, and above the 200-day MA of 184.85, indicating a bearish trend. The MACD of -4.22 indicates Positive momentum. The RSI at 32.81 is Neutral, neither overbought nor oversold. The STOCH value of 20.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:BHARATWIRE.

Bharat Wire Ropes Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BHARATWIRE	76 Outperform	₹10.62B	17.06	―	―	8.45%	-14.27%
RAJRATAN	66 Neutral	₹18.67B	28.57	―	0.42%	7.76%	-21.05%
HARIOMPIPE	66 Neutral	₹9.80B	25.01	―	0.17%	17.98%	-0.62%
HITECH	66 Neutral	₹15.98B	27.40	―	0.03%	9.05%	-4.65%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
RAMASTEEL	56 Neutral	₹9.21B	176.56	―	―	14.51%	-30.02%
MSPL	51 Neutral	₹17.55B	96.37	―	―	-3.14%	-466.99%

Bharat Wire Ropes Ltd. Corporate Events

Bharat Wire Ropes Posts Strong Q3 FY2025-26 Earnings, Adjusts for New Labour Codes

Bharat Wire Ropes Ltd. has published the extract of its unaudited financial results for the quarter and nine months ended 31 December 2025, showing quarterly revenue from operations of about Rs 14,299 lakh and net profit after tax of roughly Rs 1,825 lakh, with earnings per share of Rs 2.66 (basic and diluted). For the nine months, the company reported revenue of about Rs 44,958 lakh and net profit after tax of around Rs 5,599 lakh, indicating continued profitability compared with the previous year, while also recognizing an estimated Rs 188.35 lakh additional employee benefit expense linked to India’s newly notified labour codes, which it is monitoring for further financial and operational impact.