Bansal Wire Inds Q2 FY27 Results (NSE: BANSALWIRE)

22 Oct 2026 · Analysis by Alpha Inflection

Signal: Steady quarter

The read

Q2FY27 marks a margin recovery after Q1FY27's 4.8% EBITDA margin: consolidated EBITDA margin returned to 8.0% and PAT rose 38.1% to ₹52.90 Cr, but revenue growth of 23.9% remains dependent on sustaining raw-material pass-through because material cost stayed high at 78.6% of sales.

P&L walk

Consolidated revenue increased 23.9% YoY to ₹1,308.14 Cr and EBITDA rose 28.7% to ₹105.03 Cr, with EBITDA margin recovering 318bps sequentially to 8.0%; PAT grew faster at 38.1% to ₹52.90 Cr, helped by operating recovery rather than other income.

Segments

There is no reportable segment split, but subsidiaries materially lifted the group: the two subsidiaries contributed ₹440.58 Cr of quarterly revenue and ₹12.92 Cr of net profit, explaining consolidated PAT of ₹52.90 Cr versus standalone PAT of ₹40.87 Cr.

Key positives

• Consolidated revenue rose 23.9% YoY to ₹1,308.14 Cr and 12.0% QoQ, extending the recent growth trajectory.
• EBITDA increased 28.7% YoY to ₹105.03 Cr against 23.9% revenue growth, expanding EBITDA margin by 30bps YoY to 8.0% and by 318bps QoQ.
• Net debt declined ₹149.91 Cr to ₹332.40 Cr by 30 September 2026, while standalone H1 operating cash flow improved to ₹266.08 Cr from ₹217.60 Cr.
• Subsidiaries contributed ₹12.92 Cr of quarterly net profit, lifting consolidated PAT above standalone PAT by ₹12.03 Cr.

Key concerns

• Raw-material cost remained high at 78.6% of consolidated revenue, up 37bps YoY, leaving margins sensitive to input-cost movements and pass-through timing.
• Consolidated EBIT grew only 9.7% YoY to ₹89.54 Cr, materially slower than revenue growth of 23.9%, despite the EBITDA margin recovery.
• Finance cost rose 12.7% YoY to ₹17.73 Cr, even though net debt declined, indicating that financing remains a meaningful deduction below EBITDA.

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