Credit rating agency ICRA has reaffirmed Rajratan Global Wire's long-term rating at 'A+' with stable outlook. The agency has also assigned 'A1 rating' to the company's short-term bank facilities. According to reports from Business Standard, the ratings reflect the company's established market position in the tyre bead wire (TBW) segment, supported by strong relationships with leading domestic and global tyre manufacturers.
The company maintains a 42% market share in India and its Thailand subsidiary serves as the country's sole TBW manufacturing unit with high utilisation and acceptance among global original equipment manufacturers (OEMs). As reported by Business Standard, the critical nature of TBW in tyre manufacturing, long approval cycles with tyre OEMs, and elevated switching costs support business stability and revenue visibility. The company manufactures high carbon steel wires, primarily tyre bead wire (TBW), which is a critical input for the tyre industry.
According to Business Standard, consolidated volumes increased to 1.34 lakh tonnes in FY2026, with revenues reaching around ₹1,150 crore in FY2026, representing 24% year-over-year growth. The healthy demand outlook for the tyre industry, particularly the resilience of the replacement segment, is expected to support steady revenue growth over the medium term. The company's capital structure remains conservative, with major capex plans nearing completion and gradual deleveraging expected.
As reported by Business Standard, the ratings are constrained by the company's high dependence on the TBW segment, exposing it to cyclicality in the tyre and automobile sectors. The company remains exposed to raw material price fluctuations, which can impact margins, particularly during periods of heightened competition or excess supply. Additionally, RGWL's operations, especially in Thailand and exports to the U.S. and other geographies, continue to be vulnerable to changes in global trade policies, tariff structures and protectionist measures.
According to Business Standard, the company's scrip fell 1.12% to currently trade at ₹450 on the BSE following the rating announcement. The company also manufactures drawn steel wire (black wire), catering to automobile, construction and engineering sectors, providing limited diversification beyond its core TBW operations.
