Dadri, Ghaziabad-based Bansal Wire Industries, the largest stainless steel wire manufacturer in the country, has entered the tyre cords segment.
With this, Bansal has become the first domestic firm to enter this high-end wire segment, which was so far served only by the Belgian firm Bekaert with its Pune plants since 1998.
Bansal, which went public last July with a Rs 750-crore public issue, is the second largest wire-maker in the country with 6% market share after Tata Wires which controls 7% of the industry.
Bansal's tyre cords entry will considerably reduce the domestic tyremakers’ heavy dependence on imports for this critical safety element in tyres, Bansal Wire chief executive Pranav Bansal told TNIE.
Bansal has also opened a new plant in Dadri, thus more than doubling wire capacity to 6 lakh tonne per annum. It serves over 5,000 customers from a range of sectors such as automotives, general engineering, infrastructure, hardware, consumer durables, power generation & transmission, agriculture and auto replacement, offering over 3,000 stock keeping units in 0.04 mm-15.65 mm sizes.
The company, which began operations in 1985, has four plants and the latest capacity addition of 3.5 lakh tonne comes on an investment of Rs 650 crore. The new plant is the largest single location steel wire plant in Asia, taking its total capacity from 3.6 lakh tonne now to 4.2 lakh tonne by the first half of FY26 and to 6 lakh tonne in the second phase, Bansal said.
In the December 2024 quarter, Bansal had reported a two-fold jump in net profit at Rs 42 crore on a revenue if Rs 924.6 crore, up 52.6% from Rs 606 crore on-year.
Bansal expects to clock 20-22% topline growth in FY26 over the FY25, which is yet to be announced. Bansal’s optimism comes from rising demand and the resultant spike in volume, which is the only growth metric in this segment as price fall or increase is passed onto end customers.
The company is also investing Rs 600 crore in a greenfield 1.8 lakh tonne induction-based steel plant for scrap steel and 60,000 tonne of low carbon and stainless steel wire manufacturing facility in Gujarat. The facility is coming up on a 42-acre plot in Sanand and expects to be completed by September 2027.
Bansal said the Gujarat plant offers them backward integration wherein it will import steel scraps and produce steel for making wires. The reason for Gujarat entry is that Gujarat has the largest steel scrap yards in the country, he added.
He said he does not see the higher tariff threatening his business as his total export is only a little over 10% and most of which come from the European markets.
Typically, the steel wire industry is volume-driven and not cost-driven, he said, adding if the demand is good, our volume will go up and the price increase or fall is not a factor as we pass on the cost difference either ways to the end customer. And our current assessment does not give me any headwinds so far.