“Steel cord is still largely imported, with nearly 60 per cent of India’s requirement met from overseas. We are the first Indian company to enter this segment,” managing director Pranav Bansal told Business Standard, adding that the idea is to help the country cut imports of tyre-grade steel. The investment will be made in phases through borrowings and internal accruals.
As part of the main project, the company has built a 20,000-tonne pilot facility with an investment of Rs 150 crore, which will be commissioned by the end of this year. “Once customer approvals come, we will begin the main investment in a phased manner, which will be rolled out over the next three years,” Bansal said.
The remaining Rs 1,000 crore of the company’s capex will go towards strengthening its existing portfolio through capacity augmentation, debottlenecking, process improvements and value-added products. “We typically require around Rs 150 crore to Rs 200 crore annually to support steady growth in our current mix,” Bansal said. The company reported an 11 per cent jump in revenue to Rs 1,029 crore in the quarter ended December 2025.
Despite a challenging global environment, the BSE-listed firm expects to maintain its long-term growth trajectory. It has grown around 20 per cent annually in volume for over a decade and expects to deliver similar growth in FY26.
As the European Union’s Carbon Border Adjustment Mechanism entered its payment phase in January 2026, Bansal said it is fundamentally altering how cross-border trade is conducted. “What has changed is that customers have begun factoring CBAM charges into pricing,” he said. The company now quotes prices inclusive of the anticipated CBAM component.
The company has applied for the recently announced new production-linked incentive (PLI) scheme for specialty steel, particularly for stainless steel and high-galvanised coated wires. Bansal said earlier versions of the scheme were too rigid, with high sales thresholds that limited participation by mid-sized manufacturers. “The new scheme is far more flexible and allows smaller companies to participate meaningfully,” he said.
On the recently announced safeguard duty, which excludes stainless steel, Bansal said that while quality control and protection against low-quality imports are important, such measures must not push domestic steel prices above global parity. “If domestic prices rise too sharply, export competitiveness suffers,” he said.
Bansal also said India may face a shortage of long steel products by around 2027 if meaningful capacity additions do not materialise. Most recent steel investments have been in flat products, whereas the wire industry depends on long products. “Availability, quality and price of steel are critical for us. Any imbalance can affect expansion plans,” he said.
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