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Bharat Wire Ropes Ltd

| Quarterly Financial Results Q3 FY 2025-26

NEUTRAL SENTIMENT

Report Source

⬤2nd Feb 26

Summary : Bharat Wire Ropes reported a decline in Q3 FY26 profit and revenue, but 9M FY26 performance showed slight growth, with a clean auditor's review and ongoing assessment of new labor code impacts.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Cost of Materials Consumed: 7,142.40 Lakhs (Q3 FY26).
  2. Employee Benefits Expense: 1,956.58 Lakhs (Q3 FY26).
  3. Finance Costs: 235.21 Lakhs (Q3 FY26).
  4. Depreciation and Amortisation Expense: 599.33 Lakhs (Q3 FY26).
  5. Other Expenses: 1,952.48 Lakhs (Q3 FY26).
  6. Revenue from Operations: 14,281.80 Lakhs (Q3 FY26), 44,905.83 Lakhs (9M FY26).
  7. Other Income: 17.27 Lakhs (Q3 FY26), 51.66 Lakhs (9M FY26).
  8. Paid-up Equity Share Capital: 6,858.46 Lakhs.
  9. Other Equity: 66,812.81 Lakhs (as of March 31, 2025).
  10. Standalone financial results.

Corporate Overview

  1. Assessing financial impact of new Labour Codes.
  2. Manufacturing of wire and wire ropes.

Risk Factors

  1. Quarterly revenue declined significantly from prior period.
  2. New labor codes impact expenses.
  3. Uncertainty regarding final labor rules.

Key Drivers

  1. Strong 9-month revenue growth.
  2. Stable earnings per share.
  3. Clean auditor's review report.

Auditor’s Report

  1. Unmodified review conclusion on unaudited financial results.

Board Commentary

  1. Financial impact from new Labour Codes.
  2. New Labour Codes (Code on Wages, Industrial Relations Code, Social Security Code, Occupational Safety, Health and Working Conditions Code, 2020) notified by Government of India.
  3. Company assessed incremental impact of Rs. 188.35 lakhs on employee benefit expense.

Corporate Governance

  1. Audit Committee reviewed financial results.

Management Discussion & Analysis

Operational Focus Areas

  1. Monitoring finalization of new Labour Codes.

Risk Control Measures

  1. Assessed incremental impact on employee benefits expense.
  2. Continues to monitor finalization of rules.

Critical Risks

  1. Regulatory changes from new Labour Codes.