Rajratan Global Wire Limited

RAJRATAN.NS

Steel · Basic Materials

Price

₹496.70

-0.45 (-0.09%)

Market Cap

₹25.22B

Exchange

National Stock Exchange of India

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Sep 2, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Weak

Stability

Mixed

Valuation

Good

Dividends

Weak

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Winston Score History

The full picture

Rajratan Global Wire is an Indian company that makes steel wires used mainly in tires. These bead wires are embedded inside tires to help them hold their shape and stay attached to the wheel rim. The company is one of the largest bead wire manufacturers in India and also operates in Thailand, serving major tire makers across Asia.

Rajratan earns revenue by selling steel bead wire and other industrial wire products to tire manufacturers. It operates manufacturing plants in India and Thailand, giving it access to both domestic and Southeast Asian markets. Its long-standing relationships with leading tire companies and specialized manufacturing expertise act as competitive advantages. Growth depends largely on rising vehicle production and tire demand across Asia, though the business faces risks from steel price volatility and concentration in a single product category.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+25.0% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+1.7% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

₹0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (3%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

70.6%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

₹446M cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Rajratan Global Wire Limited grew revenue 25% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.1% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 50.8M (2022) → 50.8M (2026)

Score breakdown

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Quality

Profit per sale

Gross Margin

39.7%

Modest — 39.7% gross margin

Profit after running costs

Operating Margin

10.7%

Modest — 10.7% operating margin

Return on the money invested

ROCE

18.7%

Strong — 18.7% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+27.7%

Fast-growing sales (+27.7% YoY)

Profit growth

EPS YoY

+39.7%

Earnings growing fast (+39.7% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

-63%

Weak — only -63% of profit becomes cash

Spare cash per sale

FCF Margin

-7.6%

Burning cash (-7.6%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

4.27x

Adequate interest coverage (4.3x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

31.7x

Pricey — P/E 31.7

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+10.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (31.7 → 21.3)

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Dividends

Dividend

Dividend Yield

0.40%

Small dividend — 0.40% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

N/A

Data not available

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