💰 Financial Performance

Revenue Growth by Segment

The company achieved a total turnover of INR 110.11 Cr in the manufactured goods segment for FY25, representing a 35.28% growth compared to INR 81.39 Cr in FY24. Total gross income grew 32.93% YoY to INR 110.69 Cr from INR 83.27 Cr.

Geographic Revenue Split

Not disclosed in available documents, though the company operates its registered office and manufacturing facility in Indore, Madhya Pradesh.

Profitability Margins

Net Profit Margin improved to 9.17% in FY25 from 6.03% in FY24, a 50% increase in margin efficiency. Profit After Tax (PAT) rose 102.26% YoY to INR 10.15 Cr from INR 5.02 Cr.

EBITDA Margin

EBITDA (Profit before tax and depreciation) stood at INR 13.86 Cr in FY25, representing an EBITDA margin of 12.52%, compared to INR 6.77 Cr (8.13% margin) in FY24, a 104.7% increase in absolute core profit.

Capital Expenditure

Not disclosed in available documents; however, the company maintains manufacturing facilities on a leasehold basis.

Credit Rating & Borrowing

Crisil assigned a long-term rating of 'Crisil B+/Stable' and a short-term rating of 'Crisil A4' as of May 29, 2025. The company is classified as 'Issuer Not Cooperating' due to lack of information. Total bank loan facilities rated are INR 13.05 Cr.

⚙️ Operational Drivers

Raw Materials

Specific raw materials include alloy metals, precious metals, and other high-grade raw materials required for wire manufacturing. Raw material costs constitute a significant but unspecified percentage of total expenditure (INR 96.84 Cr).

Import Sources

The company reports import dependency for certain high-grade raw materials, though specific countries of origin are not listed.

Key Suppliers

The company relies on a 'few qualified suppliers' for primary raw materials, but specific company names are not disclosed.

Capacity Expansion

Current and planned capacity in MT/units is not disclosed; however, the company recently converted to a Public Limited Company (August 2024) to facilitate growth and listing on the NSE EMERGE platform.

Raw Material Costs

Raw material costs are a primary expense driver; any increase in alloy or precious metal prices adversely affects margins. Total expenditure increased 26.57% YoY to INR 96.84 Cr in FY25.

Manufacturing Efficiency

Inventory turnover ratio improved by 33.21% to 12.16 in FY25 from 9.13 in FY24, indicating faster movement of stock and better efficiency.

Logistics & Distribution

Logistics cost fluctuations are cited as a threat to profitability, particularly for the distribution of manufactured wire products.

📈 Strategic Growth

Expected Growth Rate

32.9%

Growth Strategy

Growth is targeted through increased focus on renewable energy and electrification projects, expansion in housing and infrastructure sectors, and exploring export potential for value-added wire products. The transition to a Public Limited Company and listing on NSE EMERGE (August 2024) provides the capital structure for expansion.

Products & Services

Metal wires, wire products, and various manufactured goods for the infrastructure and energy sectors.

Brand Portfolio

The company operates under the Bhadora Industries name and maintains the web domain www.vidhutcables.com.

New Products/Services

Focus on value-added wire products with export potential; specific revenue contribution percentages for new launches are not disclosed.

Market Expansion

Targeting growth in the renewable energy and electrification segments, alongside infrastructure development in India.

🌍 External Factors

Industry Trends

The industry is seeing a rise in demand for metal wires driven by renewable energy and urban infrastructure. The company is positioning itself by shifting from a private to a public entity to capture this growth.

Competitive Landscape

Intense competition from organized and unorganized players in the metal wire segment.

Competitive Moat

The company's moat is based on its established relationship with government entities and improved operational efficiency (33% better inventory turnover). However, the lack of long-term customer contracts makes this moat vulnerable.

Macro Economic Sensitivity

Highly sensitive to infrastructure spending, housing demand, and government electrification policies.

Consumer Behavior

Shift toward higher demand for specialized wires in renewable energy and electrification projects.

Geopolitical Risks

Trade barriers or supply chain disruptions affecting the import of high-grade raw materials pose a risk to operations.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to the Companies Act 2013, SEBI Regulations, and specific industrial laws including the Micro, Small and Medium Enterprises Development Act 2006.

Environmental Compliance

Regulatory and environmental compliance challenges are identified as a threat, though specific ESG costs are not disclosed.

Taxation Policy Impact

The effective tax rate for FY25 was approximately 26.7%, with current tax expenses of INR 3.61 Cr on a profit before tax of INR 13.86 Cr.

Legal Contingencies

The Secretarial Audit report for FY25 indicates compliance with applicable laws; no specific pending court case values in INR were disclosed.

⚠️ Risk Analysis

Key Uncertainties

Trade receivable turnover ratio declined 83.26% to 1.62 in FY25, indicating a significant increase in outstanding receivables and potential liquidity risk.

Geographic Concentration Risk

Operations are concentrated in Indore, Madhya Pradesh, where the primary manufacturing facility and registered office are located.

Third Party Dependencies

High dependency on a few qualified suppliers for raw materials and government entities for revenue.

Technology Obsolescence Risk

Not disclosed; however, the company identifies the need for value-added products to remain competitive.

Credit & Counterparty Risk

The sharp decline in trade receivable turnover (from 9.68 to 1.62) suggests increasing credit exposure to customers.