Anand Rathi Recommends 'BUY' for Bansal Wire Industries; Target Rs 360

• Bansal Wire Industries plans significant greenfield and brownfield expansion at Sanand and Dadri, aiming to increase capacity by 24% to 0.77 million tonnes over 2-3 years.
• The company has commissioned a 9,000-tonne IHT specialty wire unit, projected to reach 40% utilization by FY26, and plans a 6,000-tonne OHT facility for Q3FY27.
• Phase-I approval for steel tire cord from a tire manufacturer is expected within two weeks, with Phase-II trials starting soon; commercialization is anticipated by mid-FY27 despite a recent fire at the Dadri unit.
• Due to phased capacity expansion, Anand Rathi trimmed FY27/28 EBITDA estimates by 5.6/8.1% and APAT estimates by 12/14% due to higher depreciation and finance costs.
• Anand Rathi maintains a 'BUY' rating with a target price of Rs 360, citing the company's presence across the steel-wire value chain, focus on high RoCE segments, and management's EBITDA/tonne guidance.

Why It Matters: Anand Rathi recommends buying Bansal Wire Industries, setting a target of Rs 360, based on expansion plans and strong outlook.