## **Table of Contents** 1. [Q4 FY26 Financial Performance Overview](#anchor1) 2. [Operational Metrics and Geographic Performance](#anchor2) 3. [Market Challenges and Strategic Response](#anchor3) 4. [Client Portfolio and Future Outlook](#anchor4) --- <h2 id="anchor1">Q4 FY26 Financial Performance Overview</h2> Rajratan Global Wire Ltd reported mixed financial results for Q4 FY26, with revenue growing 25% year-on-year to ₹3,142.9 lakh compared to ₹2,514.2 lakh in the corresponding quarter of the previous year. The bead wire manufacturer achieved record volume sales of 36,484 MT against 30,573 MT in Q4 FY25, representing a 19% increase, while facing margin pressures from raw material and energy cost inflation that impacted profitability metrics during the quarter. The company's financial performance reflected the challenging macro environment, with EBITDA declining 14% to ₹286.0 lakh from ₹333.3 lakh in Q4 FY25, while PAT registered modest growth of 2% to ₹154.3 lakh from ₹152.0 lakh. Management attributed the margin compression to their inability to immediately pass on cost increases to customers, forcing the company to absorb inflation internally while maintaining competitive positioning. The lag in cost pass-through to customers created temporary pressure on profitability despite achieving the highest tonnage volume sales in any quarter in the company's history. <h2 id="anchor2">Operational Metrics and Geographic Performance</h2> The company's operational performance demonstrated resilience across both geographic markets during Q4 FY26. India operations contributed 65% of revenue with sales volume reaching 22,122 MT compared to 18,409 MT in Q4 FY25, marking 20% growth. Thailand operations accounted for 35% of revenue contribution with volume sales of 14,362 MT against 12,164 MT in the previous year, achieving 18% growth. For the full financial year FY26, total volume reached 133,615 MT compared to 112,805 MT in FY25, representing 18% annual growth. Revenue for FY26 stood at ₹115,650 lakh against ₹93,525 lakh in FY25, marking 24% growth, while annual EBITDA grew 10% to ₹13,995 lakh from ₹12,696 lakh. ### Annual Performance Comparison | **Metric** | **FY26** | **FY25** | **Growth** | |------------|----------|----------|------------| | Total Volume (MT) | 133,615 | 112,805 | 18% | | Revenue (₹ Lakh) | 115,650 | 93,525 | 24% | | EBITDA (₹ Lakh) | 13,995 | 12,696 | 10% | | PAT (₹ Lakh) | 7,011 | 5,880 | 19% | The company benefited from weakening rupee dynamics that provided favorable tailwinds for export competitiveness, supporting international business operations. Interest outflow declined by **18% year-on-year** in Q4, providing some relief to financial costs. <h2 id="anchor3">Market Challenges and Strategic Response</h2> Raw material and energy cost inflation emerged as the primary challenge during Q4 FY26, with the company facing stable realisations while being unable to immediately pass cost increases to customers. Management noted that without material and fuel inflation, superior financial numbers would have been reported, highlighting the significant impact of input cost pressures on margins. The company's strategic response focused on enhancing operating efficiencies to counter inflation while deepening engagement with existing customers without vacating any market segment. This approach enabled the maintenance of volume growth targets despite challenging macro conditions and competitive industry dynamics. ### Competitive Positioning The company leverages its position as the only bead wire manufacturer in Thailand while working to increase market share in both Thailand and India. Limited immediate pricing power with large tyre manufacturers and the competitive industry structure required careful cost management, with the bargaining power of major tyre company customers impacting margin flexibility. Management emphasized the volume-value focused approach while making deeper inroads into Europe and USA markets. The company successfully met volume sales targets despite challenging macro conditions, demonstrating operational resilience and customer loyalty across its diversified client base. <h2 id="anchor4">Client Portfolio and Future Outlook</h2> Rajratan Global Wire maintains a prestigious global client roster spanning multiple continents and tyre segments. The company serves premium tire manufacturers including Bridgestone, Continental, Goodyear, and Michelin, alongside Asian tyre leaders such as Hankook, Kumho, Sumitomo, Toyo, and Yokohama. The Indian market is served through relationships with Apollo Tyres, CEAT, JK Tyre, MRF, and TVS Eurogrip. The client base extends to emerging market players including Chinese manufacturers like Chengshan Tyres, Doublecoin, ZC Rubber, and specialized segment players such as BKT for off-highway tyres and Nokian Tyres for winter tyre applications. This diversified customer portfolio across premium, mid-range, and value segments provides operational stability. ### Q1 FY27 Outlook Management established a robust sales pipeline with marquee customers for Q1 FY27, expecting higher volume production and sales in both tonnage and revenues. Enhanced capacity commissioning at the Chennai plant and higher capacity utilization projected across all plants support growth expectations for the upcoming quarter. The company continues emphasis on ESG initiatives as part of long-term strategy while focusing on operational efficiency improvements. Strategic priorities include maintaining the volume-value balance critical for market position while managing cost pressures through enhanced operational efficiencies. The combination of record volume achievement, diversified global client base, and strategic capacity expansion positions the company for continued growth, though margin recovery remains dependent on successful cost pass-through to customers and stabilization of input cost inflation in subsequent quarters.