Ram Ratna Wires financials and balance sheet

NSE: RAMRATBSE: 522281Electrical EquipmentSmall Cap

₹533.15₹7.20 (1.33%)BSE ₹532.95

Share price at the NSE close on 23 Oct 2026. Previous close ₹540.35.

52-week range of traded prices to 23 Oct 2026

₹268.00Low, 20 Jan 2026₹662.85High, 5 Oct 2026

Next results date: the board meets on 29 Oct 2026 to consider: financial results.

Market cap: ₹4,977 Cr940th largest listed
P/E: 39.2
P/B: 8.6
Dividend yield: 0.47%
ROE: 23.9%
ROCE: 21.6%
Debt to equity: 1.12
Volume, NSE: 4,40,89644.2% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Ram Ratna Wires annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹5,177 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.4% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue5,177
Materials and goods−4,654
Employee costs−97
Other expenses−162
Operating profit264
Depreciation−38
Other income+18
One-off items−3.6
Finance costs−84
Profit before tax157
Tax−44
Joint ventures−3.9
Net profit109

What the company owns

Plant, investments and other assets₹853 Cr
Receivables₹641 Cr
Inventory₹486 Cr
Cash and bank₹14 Cr
Current investments₹0 Cr

What pays for it: net worth and liabilities

Borrowings₹654 Cr
Owed to suppliers₹641 Cr
Net worth₹585 Cr
Other liabilities₹113 Cr

Ram Ratna Wires business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Ram Ratna Wires segment results by quarter

Revenue by segment

₹5,234 CrTotal

Winding wires and strips₹3,987 Cr76.2% of total
Copper tubes and pipes₹1,147 Cr21.9% of total
Other₹101 Cr1.9% of total

Profit by segment

Winding wires and strips₹182 Cr71.1% of total
Copper tubes and pipes₹68 Cr26.7% of total
Other₹6 Cr2.3% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Winding wires and strips
Revenue, ₹ crore
1,250
1,255
1,387
2,013
2,328
2,615
3,090
3,987
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
24
16
18
66
57
69
113
182
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Copper tubes and pipes
Revenue, ₹ crore
173
192
145
281
306
344
533
1,147
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1
0
4
9
12
13
38
68
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Other
Revenue, ₹ crore
0
1
18
27
55
101
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−1
−2
−5
−7
3
6
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	1,423	1,446	1,533	2,295	2,651	2,986	3,678	5,234
Company revenue, as in its results	1,423	1,446	1,527	2,289	2,650	2,983	3,677	5,177
Revenue	1,250	1,255	1,387	2,013	2,328	2,615	3,090	3,987
Revenue growth	–	0.4%	10.5%	45.1%	15.7%	12.3%	18.2%	29.0%
Profit	24	16	18	66	57	69	113	182
Profit growth	–	−30.7%	11.4%	263.8%	−13.4%	20.4%	62.8%	61.3%
Margin	1.9%	1.3%	1.3%	3.3%	2.5%	2.6%	3.6%	4.6%
Return on capital	–	9.7%	9.8%	26.0%	19.9%	18.6%	45.9%	64.6%
Assets	–	459	564	606	692	735	733	1,079
Liabilities	–	290	378	351	403	364	488	798
Capital employed	–	169	186	255	289	372	245	281
Revenue	173	192	145	281	306	344	533	1,147
Revenue growth	–	10.8%	−24.2%	93.3%	8.7%	12.6%	54.9%	115.2%
Profit	1	0	4	9	12	13	38	68
Profit growth	–	−68.6%	968.3%	144.5%	34.0%	7.9%	202.1%	79.6%
Margin	0.6%	0.2%	2.4%	3.1%	3.8%	3.7%	7.1%	5.9%
Return on capital	–	2.0%	18.7%	34.3%	34.9%	29.3%	20.7%	18.8%
Assets	–	82	75	95	111	164	339	544
Liabilities	–	65	56	70	77	121	155	181
Capital employed	–	17	19	25	33	43	184	363
Revenue	–	–	0	1	18	27	55	101
Revenue growth	–	–	–	–	–	–	–	83.1%
Profit	–	–	−1	−2	−5	−7	3	6
Profit growth	–	–	–	–	–	–	–	73.7%
Margin	–	–	−298.2%	−262.5%	−26.3%	−26.6%	6.0%	5.7%
Return on capital	–	–	−17.9%	−163.4%	−146.0%	−40.4%	9.3%	14.4%
Assets	–	–	7	15	26	54	79	115
Liabilities	–	–	3	13	23	36	43	75
Capital employed	–	–	3	1	3	18	36	40

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Ram Ratna Wires quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 12 Jun	Mar 2020Filed 3 Aug	Mar 2021Filed 5 Jul	Mar 2022Filed 27 May	Mar 2023Filed 27 May	Mar 2024Filed 16 May	Mar 2025Filed 23 Jun	Mar 2026Filed 26 May
Revenue from operations	814	1,164	1,423	1,446	1,527	2,289	2,650	2,983	3,677	5,177
	762	1,095	1,355	1,386	1,466	2,179	2,541	2,864	3,520	4,913
Materials and goods bought	704	1,002	1,267	1,285	1,375	2,067	2,404	2,713	3,341	4,654
Employee costs	–	–	31	34	32	40	48	56	67	97
Other expenses	–	–	58	67	59	72	89	96	113	162
Operating profit before depreciation	52	69	67	60	61	109	109	119	156	264
Operating margin	6.4%	5.9%	4.7%	4.1%	4.0%	4.8%	4.1%	4.0%	4.3%	5.1%
Materials, % of revenue	–	–	89.0%	88.8%	90.0%	90.3%	90.7%	90.9%	90.9%	89.9%
Employee costs, % of revenue	–	–	2.2%	2.4%	2.1%	1.8%	1.8%	1.9%	1.8%	1.9%
Other expenses, % of revenue	–	–	4.1%	4.7%	3.8%	3.1%	3.4%	3.2%	3.1%	3.1%
Depreciation and amortisation	9	11	16	19	18	18	18	20	22	38
Operating profit after depreciation	43	58	51	41	44	92	90	99	134	226
Other income	2	3	4	4	3	7	7	15	18	18
Finance costs	11	17	29	28	25	27	33	40	54	84
Profit before one-off items and tax	34	44	25	17	21	71	64	74	98	160
One-off items	0	0	0	0	0	0	0	0	0	−4
Profit before tax	34	44	25	17	21	71	64	74	98	157
	12	16	9	2	5	18	17	20	27	44
Current tax	–	–	8	5	6	18	17	21	24	37
Deferred tax	–	–	1	−3	0	1	0	−1	3	7
Share of profit of joint ventures and associates	–	–	−1	0	0	1	0	0	−1	−4
	22	28	16	15	16	54	47	55	70	109
Belonging to the company's shareholders	22	28	16	14	15	52	45	52	70	107
Belonging to outside owners of subsidiaries	–	–	0	0	1	2	2	2	0	2
Other comprehensive income	–	–	4	−16	8	21	6	68	−7	1
Total comprehensive income	–	–	20	−1	23	75	53	122	63	110
Net margin	2.7%	2.4%	1.1%	1.0%	1.0%	2.4%	1.8%	1.8%	1.9%	2.1%
Net margin without joint ventures and associates	–	–	1.2%	1.0%	1.0%	2.3%	1.8%	1.8%	1.9%	2.2%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 12 Jun	Mar 2020Filed 3 Aug	Mar 2021Filed 5 Jul	Mar 2022Filed 27 May	Mar 2023Filed 27 May	Mar 2024Filed 16 May	Mar 2025Filed 23 Jun	Mar 2026Filed 26 May
	190	185	209	282	326	432	488	585
	184	179	200	271	312	410	483	579
Share capital	11	11	11	11	22	22	22	47
Reserves	173	168	189	260	290	388	461	533
Belonging to outside owners of subsidiaries	7	7	9	11	14	22	4	5
	300	269	339	269	266	228	296	654
Repayable after a year	74	74	106	113	96	102	191	265
Repayable within a year	225	195	233	157	170	125	105	389
	325	270	319	300	383	401	598	1,090
Trade payables	63	31	45	120	192	244	425	641
Other financial liabilities	32	38	36	19	8	20	52	43
Other liabilities	5	4	4	3	10	10	11	15
Provisions	0	0	0	1	1	2	1	1
Tax owed	0	1	1	1	2	0	4	1
	94	85	119	133	119	121	215	319
Other financial liabilities	–	0	0	0	1	11	0	18
Provisions	1	1	1	1	1	2	2	4
Deferred tax	17	10	12	19	21	4	10	18
	609	541	646	715	829	953	1,300	1,994
Held for sale or for a demerger	–	–	–	7	11	4	0	0
	225	202	207	229	241	307	588	742
Plant in use, after depreciation	167	164	156	149	143	172	352	565
Plant being built	1	1	3	6	4	29	113	34
Intangible assets	1	1	0	0	2	2	0	0
Goodwill	1	1	1	1	1	1	25	25
Intangible assets being developed	0	0	0	1	0	0	0	0
Investments	43	27	37	66	75	6	19	16
Stakes in joint ventures and associates	4	0	0	–	0	0	0	0
Loans given	0	0	0	0	0	0	18	21
Other financial assets	0	0	0	1	1	1	3	2
Other assets	8	7	8	5	16	97	58	78
	384	339	439	480	576	642	712	1,252
Inventories	100	102	133	126	187	196	234	486
Trade receivables	242	218	284	314	341	323	390	641
Cash and cash equivalents	7	1	4	15	9	2	2	8
Other bank balances	1	1	1	2	2	27	22	6
Current investments	0	0	0	0	5	37	0	0
Loans given	0	0	0	0	0	0	0	0
Other financial assets	0	0	0	1	1	1	4	5
Other assets	33	17	16	22	31	56	60	105
Net debt	292	267	334	253	251	161	272	640

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 5 Jul	Mar 2022Filed 27 May	Mar 2023Filed 27 May	Mar 2024Filed 16 May	Mar 2025Filed 23 Jun	Mar 2026Filed 26 May
	−26	151	65	138	227	−93
	−21	168	82	167	249	−47
	−86	54	−34	39	81	−322
Receivables	−68	−29	−30	19	−62	−247
Inventories	−31	8	−61	−9	−35	−252
Payables	13	75	61	51	175	216
Other working capital	1	1	−4	−22	3	−39
Tax paid	−5	−18	−17	−29	−22	−46
Capital spending	14	19	25	116	243	171
Free cash flow	−40	132	39	23	−16	−264
	−14	−19	−20	−6	−268	−151
Plant and property sold	0	0	0	10	5	0
Companies bought	0	0	0	0	−30	0
Interest received	0	0	0	1	3	4
Dividends received	0	0	1	1	0	0
	42	−121	−45	−107	3	250
Borrowings raised	69	7	13	6	90	358
Borrowings repaid	0	−98	−16	−45	−23	0
Interest paid	−26	−27	−32	−39	−51	−82
Lease payments	0	0	0	−13	−11	−11
Dividends paid	1	2	11	22	11	12
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	5	0	0
Net change in cash	3	11	−1	26	−38	6

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Ram Ratna Wires dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 12 Jun	Mar 2020Filed 3 Aug	Mar 2021Filed 5 Jul	Mar 2022Filed 27 May	Mar 2023Filed 27 May	Mar 2024Filed 16 May	Mar 2025Filed 23 Jun	Mar 2026Filed 26 May
	₹2.50	₹3.09	₹1.78	₹1.64	₹1.69	₹5.93	₹5.10	₹5.94	–	₹11.48
As stated that year	₹10.01	₹12.35	₹7.11	₹6.57	₹6.77	₹23.72	₹10.20	₹11.88	–	₹11.48
	₹2.50	₹3.09	₹1.78	₹1.64	₹1.69	₹5.93	₹5.10	₹5.94	–	₹11.46
As stated that year	₹10.01	₹12.35	₹7.11	₹6.57	₹6.77	₹23.72	₹10.20	₹11.88	–	₹11.46
	–	–	–	–	–	₹1.25	₹1.25	₹2.50	₹1.25	₹2.50
As declared that year	–	–	–	–	–	₹5.00	₹2.50	₹5.00	₹2.50	₹2.50
	–	–	₹20.86	₹20.32	₹22.76	₹30.84	₹35.41	₹46.64	₹54.87	₹62.08
On that year's share count	–	–	₹83.42	₹81.26	₹91.03	₹123.38	₹70.83	₹93.27	₹109.75	₹62.08
Dividend payout	–	–	–	–	–	21.1%	24.5%	42.1%	15.7%	21.8%
Shareholder yield	–	–	–	–	0.6%	0.5%	1.6%	1.5%	0.5%	0.4%
Market cap at the year end (₹ crore)	237	367	221	98	176	435	696	1,128	2,375	2,699

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from. As stated that year and earnings per share are left blank for the year to Mar 2025: the earnings per share stated does not match any profit the filing states over the shares in issue, and the share count barely moved during the period.

Ratios

Consolidated, years to March.Ram Ratna Wires PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 12 Jun	Mar 2020Filed 3 Aug	Mar 2021Filed 5 Jul	Mar 2022Filed 27 May	Mar 2023Filed 27 May	Mar 2024Filed 16 May	Mar 2025Filed 23 Jun	Mar 2026Filed 26 May
Revenue growth	–	43.1%	22.2%	1.7%	5.6%	49.9%	15.8%	12.6%	23.2%	40.8%
Operating profit growth	–	32.3%	−2.0%	−10.7%	1.9%	79.2%	−0.7%	9.4%	31.4%	68.7%
Net profit growth	–	25.9%	−42.5%	−8.6%	7.8%	244.5%	−13.2%	16.2%	28.5%	54.7%
Earnings per share growth	–	23.4%	−42.4%	−7.6%	3.0%	250.4%	−14.0%	16.4%	–	–
	–	–	8.5%	8.0%	7.9%	22.1%	15.4%	14.5%	15.7%	20.1%
	–	–	–	−0.5 pts	−0.1 pts	14.3 pts	−6.7 pts	−0.9 pts	1.2 pts	4.4 pts
From the net margin	–	–	–	−0.8 pts	−0.2 pts	10.5 pts	−5.7 pts	0.5 pts	1.3 pts	1.3 pts
From asset turnover	–	–	–	0.6 pts	0.2 pts	5.6 pts	0.3 pts	−0.4 pts	−0.4 pts	−0.6 pts
From borrowing	–	–	–	−0.4 pts	−0.1 pts	−1.9 pts	−1.4 pts	−1.1 pts	0.3 pts	3.8 pts
Return on capital employed	–	–	10.4%	9.1%	7.9%	16.7%	15.3%	15.1%	17.1%	18.2%
Cash conversion	–	–	–	–	−163.1%	278.3%	137.7%	253.3%	323.8%	−85.6%
Interest cover	3.9	3.3	1.7	1.5	1.7	3.4	2.7	2.5	2.5	2.7
Debt to equity	–	–	1.58	1.45	1.62	0.96	0.82	0.53	0.61	1.12
Receivable days	–	–	62	55	68	50	47	39	39	45
Inventory days	–	–	29	29	35	22	28	26	26	38
Payable days	–	–	18	9	12	21	29	33	46	50
Cash conversion cycle, days	–	–	73	75	91	51	46	33	18	33
Working capital days	–	–	71	66	83	51	48	37	19	38
Asset turnover	–	–	2.34	2.52	2.57	3.36	3.43	3.35	3.26	3.14
Assets per rupee of net worth	–	–	3.32	3.17	3.13	2.89	2.65	2.47	2.52	3.10
Sales per rupee of plant	–	–	8.54	8.80	9.76	15.35	18.52	17.36	10.45	9.16
Capital spending to depreciation	–	–	–	–	0.80	1.08	1.38	5.87	10.98	4.52
Plant being built, % of plant in use	–	–	0.5%	0.4%	2.2%	3.8%	2.5%	16.7%	32.3%	5.9%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 6.5%
Cash from operations against operating profit: −35.3%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	27.7%	25.0%
Profit growth, yearly rate	–	48.3%	33.6%
Return on equity, average	–	17.6%	16.8%
Return on capital employed, average	–	16.5%	16.8%
Operating margin, average	4.7%	4.4%	4.4%
Net margin, average	1.8%	2.0%	1.9%
Asset turnover, average	–	3.31	3.25
Cash conversion cycle, days, average	–	36	28
Interest cover, average	2.6	2.8	2.6
Debt to equity, average	–	0.80	0.75

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	488	273	−93
Cash from investing	−464	−424	−151
Cash from financing	−20	146	250
Capital spending	574	530	171
Dividends paid	58	45	12
Shares bought back	0	0	0
Shares issued for cash	5	5	0
Borrowings raised	474	454	358
Borrowings repaid	182	67	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	5	8	5	7	6	5
Altman Z-scorePublished threshold 1.81	–	–	3.46	3.70	3.48	5.07	5.18	5.70	5.57	4.62
Beneish M-scorePublished threshold −1.78	–	–	–	–	−1.78	−2.64	−2.31	−1.90	−2.70	−1.84
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	9.27	−11.39	0.35	−8.77	9.83	21.39
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.62	2.27	2.50	1.17
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−11.71	24.75	−39.30	−7.10	−18.07	−2.34	23.40
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	0.01	23.87	−55.99	32.23	−8.09	−3.84	68.70
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−1.11	0.00	0.28	0.35	0.81	0.21	0.89
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.04	0.36	0.54	0.28	0.59	0.56	0.13
Effective tax ratePublished threshold 17.16 per cent	34.48	35.91	34.15	12.59	26.05	25.77	27.14	26.94	27.42	28.29
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	1.05	0.01	−12.04	5.21	−1.16

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
30 Sep 2025	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term Loan	CARE A-New, New	Stable	188.95
30 Sep 2025	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash Credit	CARE A-Review, Re-affirm	Stable	105
30 Sep 2025	CARE Ratings Limited (opens in a new tab)	Fund-based - LT/ ST-Working Capital Demand loan	CARE A- / CARE A2+Review, Re-affirm	Stable	25
30 Sep 2025	CARE Ratings Limited (opens in a new tab)	Fund-based - LT/ ST-Working Capital Limits	CARE A- / CARE A2+Review, Re-affirm	Stable	130
30 Sep 2025	CARE Ratings Limited (opens in a new tab)	Non-fund-based - LT/ ST-BG/LC	CARE A- / CARE A2+Review, Re-affirm	Stable	200
30 Sep 2025	CARE Ratings Limited (opens in a new tab)	Fund-based - ST-Working Capital Demand loan	CARE A2+Review, Re-affirm		15
30 Sep 2025	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-Letter of credit	CARE A2+Review, Re-affirm		298

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.