Rajratan Global Wire (517522) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 consolidated sales volume rose 17% YoY to 38,605 MT; revenue increased 26% to Rs 37,083 lakh, EBITDA 14% to Rs 4,579 lakh and PAT 17% to Rs 2,414 lakh.

• H1 FY27 revenue grew 27% to Rs 68,918 lakh and PAT 38% to Rs 4,710 lakh; growth was driven by higher volumes and utilisation.

• Market-share gains and volume growth remain priorities despite near-term margin pressure; management expects a multi-year growth runway, subject to market conditions and returns on investment.

Financial highlights

• Q2 FY27 consolidated PBT was Rs 3,184 lakh, up 19% YoY; PAT was Rs 2,414 lakh, up 17%.

• H1 FY27 EBITDA was Rs 8,750 lakh, up 23% YoY; PAT was Rs 4,710 lakh, up 38%.

• Q2 FY27 EBITDA margin was 12.35% versus 13.60% YoY; PAT margin was 6.51% versus 6.99%.

• September 2026 operating cash flow was Rs 25.7 crore standalone and Rs 8.6 crore consolidated; H1 consolidated operating cash flow was Rs 861 lakh, versus cash used of Rs 4,985 lakh in H1 FY26.

• Consolidated debt-to-equity was 0.6x; current borrowings were Rs 28,395 lakh at Sep. 30, 2026, versus Rs 19,457 lakh at Mar. 31, 2026.

Outlook and guidance

• FY27 consolidated volume target is 160,000 tons; H1 volume was 71,000 tons, with India volume growth of 14% and Thailand growth of 22%.

• Management expects volume growth of 15%–20% YoY for at least the next 10–15 quarters, driven by Thailand, Chennai and Indore.

• Chennai’s expansion toward 60,000 TPA is underway, targeted for completion by Q3 FY27; full utilisation is expected in FY28. Output is expected at 37,000–38,000 tons in FY27.

• Thailand plans to add 50,000 TPA to its existing 60,000 TPA capacity over the coming year; management expects utilisation within two years of implementation, based on current demand.

• FY27 priorities include higher utilisation, operational efficiency, market-share gains and growth in global customer relationships and premium segments.