Rajratan Global Wire LtdThailand full, Chennai ramps, margins at bottom

Rajratan Global Wire's Q2 FY27 call, held on 22 October 2026, gave no revenue or profit figures in its opening remarks, but the Chairman said earnings are growing faster than revenue and, answering questions, put revenue growth at 27% and EBITDA growth at 14% year on year and 10% on the previous quarter.

Thailand is running at almost full capacity and is refusing some customers, so a 50,000-ton brownfield expansion costing about ₹100 crore is planned within a year, funded by loans below 4% and internal accruals. Chennai is ramping toward 60,000 tons, with 37,000 to 38,000 tons expected this year, and consolidated volume is targeted at about 160,000 tons against 133,000. Exports should exceed 30,000 tons, with India's up about 40%.

The Chairman called current margins the bottom and said price rises will be completed at the end of Q3 as steel and other costs rise; EBITDA per tonne fell about 3%. A steel cord line for conveyor belts at Pithampur is in trials with no revenue assumed. Management expects 15% to 20% volume growth for 10 to 15 quarters.