Vidya Wires Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Vidya Wires Ltd filed with BSE on 18 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Vidya Wires reported FY26 revenue from operations of 18,396.4 million, up 24.2% year-on-year, with EBITDA of 857.8 million at a 4.66% margin and PAT of 576.1 million. Management said volumes grew 6.5% for the year to about 18,024 metric tons, and the new ALCU Industries facility commenced manufacturing on February 7, 2026 with about 800 metric tons produced in its first weeks. Management described plans to scale ALCU capacity toward 35,000-36,000 metric tons by around Diwali and discussed working capital, export mix and new product categories including PV round ribbon, CTC and copper foils.
Numbers mentioned
Revenue from operations: 18,396.4 million (FY26)
p. 4
“our revenue from operations stood at 18,396.4 million, representing a 24.2% growth over the previous fiscal year”
Naveen Pachisia, page 4 of the filed PDF · View the filing
EBITDA: 857.8 million, margin 4.66% (FY26)
p. 4
“EBITDA reached 857.8 million with a margin of 4.66, an increase of 35 basis points year-over-year improvement”
Naveen Pachisia, page 4 of the filed PDF · View the filing
PAT: 576.1 million (FY26)
p. 4
“PAT has reached 576.1 million.”
Naveen Pachisia, page 4 of the filed PDF · View the filing
Volume growth: 6.5% (FY26)
p. 5
“So by volume-wise our company has grown by 6.5% or so and the revenue growth is around 17% to 18%.”
Shailesh Rathi, page 5 of the filed PDF · View the filing
Volume: 18,024 metric tons (FY26)
p. 5
“No, volume will be around 18,024 metric tons.”
Shailesh Rathi, page 5 of the filed PDF · View the filing
ALCU Industries volume contribution: approximately 800 metric tons (since Feb 2026)
p. 5
“we have started and we have done some 800 metric tons approximately volume from ALCU Industries.”
Shailesh Rathi, page 5 of the filed PDF · View the filing
Working capital cycle: 60 days (FY26)
p. 7
“Currently it is at 60 days of working cycle.”
Naveen Pachisia, page 7 of the filed PDF · View the filing
Inventory days: 20 to 23 days (FY26)
p. 7
“Inventory is roughly between 20 to 23 days, so which is in line with the business requirement.”
Naveen Pachisia, page 7 of the filed PDF · View the filing
Debtor days: 41 days (current)
p. 14
“Currently, we are at 41 days of debtors as of now, and we can definitely bring it down to around 35 days.”
Shailesh Rathi, page 14 of the filed PDF · View the filing
Export share of revenue: 12% (current)
p. 12
“So Ayush, currently we are at 12% of exports of the total business volume.”
Shailesh Rathi, page 12 of the filed PDF · View the filing
Copper vs aluminum revenue mix: 96% copper, 4% aluminum (as of March 26, 2026)
p. 13
“we have done somewhere 96% is copper and 4% is aluminum because aluminum is actually three times cheaper than copper.”
Shailesh Rathi, page 13 of the filed PDF · View the filing
Segment mix - power and transmission: 51% (FY26)
p. 8
“currently we are around 51% in the basically power and transmission segment.”
Shailesh Rathi, page 8 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
ALCU Industries capacity utilization — 100% capacity · by around September or October, before Diwali
stated as an aspiration by Shailesh Rathi
p. 5
“the remaining 8, 000 to 9,000 tons or so will be added over a period of around September or October or before Diwali we are expecting to operate at 100% capacity planned in ALCU.”
Shailesh Rathi, page 5 of the filed PDF · View the filing
Total installed capacity — 35,000-36,000 metric tons · by Diwali
stated as an aspiration by Shailesh Rathi
p. 5
“So we will be close to -- by Diwali we will be close to 35,00, 36,000 metric tons of capacity, which was planned.”
Shailesh Rathi, page 5 of the filed PDF · View the filing
EBITDA per metric ton
stated as an aspiration by Shailesh Rathi
p. 6
“we are expecting that this will be better considering new product addition and of course our selection of the new product has also been on the same motive that the EBITDA per metric ton needs to be improved.”
Shailesh Rathi, page 6 of the filed PDF · View the filing
Working capital cycle — 50 to 52 days
stated as an aspiration by Naveen Pachisia
p. 7
“we are taking measures to bring this down to say the levels of 50 to 52.”
Naveen Pachisia, page 7 of the filed PDF · View the filing
Export to domestic mix — 25% export, 75% domestic
stated as an aspiration by Shailesh Rathi
p. 12
“we should have a balance of 75% domestic and 25% export.”
Shailesh Rathi, page 12 of the filed PDF · View the filing
CTC segment commissioning — 3,000 tons per annum capacity in Phase 1 · maybe September or October, before Diwali
stated firmly by Shailesh Rathi
p. 14
“So, sir, still our CTC is in the, I mean, the project is ongoing, so we are about to start maybe September or October, or probably before Diwali.”
Shailesh Rathi, page 14 of the filed PDF · View the filing
ALCU capacity utilization — 50% to 60% utilization · FY27
stated as an aspiration by Shailesh Rathi
p. 16
“we do expect that total capacity is 50% to 60% we should be able to utilize in this year.”
Shailesh Rathi, page 16 of the filed PDF · View the filing
ALCU full capacity utilization — 36,000-ton capacity · FY28
stated as an aspiration by Shailesh Rathi
p. 16
“And, of course, '27-'28 would be a full year where we will be completely operating at 36,000-ton capacity.”
Shailesh Rathi, page 16 of the filed PDF · View the filing
Debtor days — around 35 days
stated as an aspiration by Shailesh Rathi
p. 14
“Currently, we are at 41 days of debtors as of now, and we can definitely bring it down to around 35 days.”
Shailesh Rathi, page 14 of the filed PDF · View the filing
Other expenses run rate
stated firmly by Naveen Pachisia
p. 13
“So rest going forward, the expenses will be in line with the revenue percentages only and we will not see any major increase in each quarter basically.”
Naveen Pachisia, page 13 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management gave total volume and a small initial ALCU contribution since its February start.
Answered by Shailesh Rathi
Asked by Mahesh Bendre: What was the FY26 volume in metric tons and what has ALCU contributed?
p. 5
“No, volume will be around 18,024 metric tons.”
Shailesh Rathi, page 5 of the filed PDF · View the filing
Management said the business model is back-to-back hedged so price moves have limited margin impact.
Answered by Shailesh Rathi
Asked by Mihir Manohar: Does copper/aluminum price volatility hurt margins?
p. 6
“our model of business is completely back-to-back. So I don't think any increase in the price of copper or aluminium, it will be a just a marginal shift here and there, but it has nothing to do in a big fashion.”
Shailesh Rathi, page 6 of the filed PDF · View the filing
CFO said the working capital cycle has been rising and outlined plans to increase payable days and reduce debtor days.
Answered by Naveen Pachisia
Asked by Mihir Manohar: Why has OCF conversion versus EBITDA been weaker, and what is being done?
p. 7
“our working capital cycle has been increasing year-on-year basis. And we are taking measures to bring this down to say the levels of 50 to 52.”
Naveen Pachisia, page 7 of the filed PDF · View the filing
Management attributed it to rising copper prices and improved capacity utilization plus early ALCU contribution.
Answered by Shailesh Rathi
Asked by Praveen Motwani: What drove the 58% Q4 revenue growth?
p. 7
“the revenue increase is because of the copper price increased and second is a better capacity utilization, the order flow is very good and this made the revenue on a better side.”
Shailesh Rathi, page 7 of the filed PDF · View the filing
Management described a GST subsidy covering a portion of investment over 10 years.
Answered by Shailesh Rathi
Asked by Sudarshan Padmanabhan: Are there tax/subsidy benefits for the new Gujarat facility?
p. 9
“we will be having a GST subsidy for the next 10 years. So this will be able to, you know, 45 to 50% of our investment what we have done would come as a subsidy over a period of 10 years in tranche of 10 years basically.”
Shailesh Rathi, page 9 of the filed PDF · View the filing
Management said EBITDA per ton would improve with new products but declined to commit to matching a specific peer figure.
Answered by Shailesh Rathi
Asked by Ajit Sethi: Can EBITDA per ton reach peer levels of around 66,000?
p. 13
“I cannot comment on that ki we will be also in the same line to get INR66 per metric ton. But then we are sure that our EBITDA from whatever level we are currently operating, we will still fare better than that.”
Shailesh Rathi, page 13 of the filed PDF · View the filing
Management said the company prefers its current cash credit facility due to better interest rates versus LC documentation burden.
Answered by Shailesh Rathi
Asked by Ashray Sheth: Are payable days planned to shift to letter of credit financing?
p. 14
“our company is able to gather a better interest cost even on the CC facilities on the working capital. So, I think we don't believe in just to improve the number of payable days and go for LC”
Shailesh Rathi, page 14 of the filed PDF · View the filing
Management estimated the domestic market and described a large, growing international transformer market.
Answered by Shailesh Rathi
Asked by Rajesh Mudaliar: What is the CTC segment market size domestically and internationally?
p. 15
“even currently should be around I believe 30,000 tons or 40,000 tons of capacity, 40,000 tons of demand in India and it is growing at a faster pace.”
Shailesh Rathi, page 15 of the filed PDF · View the filing
Management said raw material supply was not majorly affected, though shipping and packaging costs rose somewhat.
Answered by Shailesh Rathi
Asked by Khadija Mantri: Are there supply constraints due to the Middle East crisis?
p. 15
“Middle East problem is not affected us, only one of the supplier is available in Middle East, but we have another five, six suppliers in India, as well as in other countries.”
Shailesh Rathi, page 15 of the filed PDF · View the filing
Management pointed to a long-standing internal policy of managing inventory and debtors that has kept days lower than peers.
Answered by Shailesh Rathi
Asked by Pranav Jain: How does the company manage working capital more efficiently than peers?
p. 18
“we’re always having better way to manage our inventory and also our debtors also. And this, kind of, policy or this, kind of, principle has always helped us”
Shailesh Rathi, page 18 of the filed PDF · View the filing
Risks flagged
Rising ocean freight costs and vessel availability affecting exports and imports
p. 12
“the ocean freights have gone up, we are not getting many time vessels. So this problem is there for export also and this problem is also still continues for import as well.”
Shailesh Rathi, page 12 of the filed PDF · View the filing
Middle East geopolitical crisis affecting some trade
p. 12
“the Middle East crisis which is going on, so everyone to some extent will get affected.”
Shailesh Rathi, page 12 of the filed PDF · View the filing
Rising shipping freight and packing material costs
p. 16
“the shipping freights have gone up, so also the many packing material, etcetera, the pricing has definitely gone up.”
Shailesh Rathi, page 16 of the filed PDF · View the filing
Competitive intensity from peers expanding capacity
p. 8
“Whenever there will be a better demand in the industry, so everybody would try to rise increase their capacities.”
Shailesh Rathi, page 8 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.