Buy Bansal Wire Industries; target of Rs 360: Anand Rathi

Anand Rathi is bullish on Bansal Wire Industries has recommended buy rating on the stock with a target price of Rs 360 in its research report dated January 21, 2026.

Broker Research

January 21, 2026 / 11:43 IST

Buy

Anand Rathi's research report on Bansal Wire Industries

Bansal Wire Industries is planning to undertake greenfield and brownfield expansion at Sanand and Dadri to augment its installed capacity by ~24% to 0.77m tonne over the next 2-3 years. With recalibrated growth plans, it has commissioned a 9,000-tonne IHT specialty wire unit, which is likely to achieve 40% utilisation by FY26. It also plans to set-up a 6,000-tonne OHT facility, which is likely to be commercialised by Q3FY27. The company expects Phase-I approval for steel tyre cord from one tyre manufacturer in the next two weeks, while Phase-II field trial is likely to begin soon. This unit is likely to commercialise by mid-FY27 (delay of ~1-2 months due to recent fireincidence at Dadri unit). As major chunk of enhanced capacities is likely to be over in the next two years in phased manner, we have trimmed our EBITDA estimate for FY27/28 by 5.6/8.1% and APAT estimate by 12/14% due to higher depreciation and finance cost.

Outlook

Considering its presence across steel-wire value chain, focus on high RoCE segments and management’s guidance for surpassing Rs8,000 EBITDA/tonne, we continue to remain positive and retain BUY rating on the stock with a TP of Rs360, valuing it at 1.15x FY28 PEG

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