FINANCIAL YEAR 2025 - 26 - A GLANCE
MACRO- ECONOMIC SCENARIO
The global economy remained resilient during FY 2025- 26 despite a challenging operating environment characterized by geopolitical tensions, trade- policy uncertainty, elevated public debt, financial- market volatility and uneven economic recovery across regions. Global growth was supported by continued investment in technology and artificial intelligence, improving financial conditions, fiscal and monetary support in several economies, and the adaptability of businesses and global supply chains.
According to the International Monetary Fund (IMF), global growth was estimated at around 3.3% in 2025 and was projected at 3.3% for 2026 in its January 2026 World Economic Outlook. Global headline inflation was expected to moderate from approximately 4.1% in 2025 to 3.8% in 2026, although inflationary pressures continued to vary significantly across economies. The global outlook remained subject to downside risks arising from trade fragmentation, geopolitical developments, financial- market corrections and a possible reassessment of technology- related investment expectations. The global economic environment continued to be characterized by divergent growth patterns. While advanced economies experienced relatively modest growth, emerging market and developing economies continued to demonstrate greater resilience. However, protectionist trade measures, disruptions in global supply chains and geopolitical developments remained important factors influencing investment, commodity prices and international trade.
Against this challenging global backdrop, the Indian economy demonstrated strong resilience and broad- based growth during FY 2025- 26. The First Advance Estimates released by the National Statistical Office (NSO) estimated Indias real GDP growth at 7.4% in FY 2025- 26, compared with 6.5% in FY 2024- 25. Real GVA growth was estimated at 7.3%. Ministry of Stats & Program Implementation
Economic activity was supported by robust domestic demand, private consumption and investment. Private Final Consumption Expenditure (PFCE) was estimated to grow by 7.0% during FY 2025- 26 and its share in GDP increased to 61.5%, reflecting strengthening domestic consumption. Gross Fixed Capital Formation was estimated to grow by 7.8% supported by continued public capital expenditure and improving investment sentiment. *EEBS Public Now
The industrial sector also showed signs of strengthening. Manufacturing was estimated to grow by approximately 7.0% during FY 2025- 26, while services continued to remain a major contributor to overall economic growth. The Economic Survey 2025- 26 estimated Indias medium- term growth potential at around 7% and projected real GDP growth in the range of 6.8% to 7.2% for FY 2026- 27. *Press Information Bureau
Inflationary pressures moderated considerably during FY 2025- 26. Average headline CPI inflation during April- December 2025 was reported at 1.7%, supported by favorable food and fuel prices. The moderation in inflation, together with stable employment conditions and improving real purchasing power, supported household consumption and domestic economic activity.
Indias economic outlook nevertheless remains exposed to external risks, including global trade disruptions, geopolitical tensions, commodity- price volatility, fluctuations in capital flows and slower growth in major trading partners. At the same time, strong domestic demand, infrastructure investment, improving financial- sector balance sheets, policy reforms and Indias expanding manufacturing base provide a supportive foundation for sustained economic growth.
The global steel industry continued to face a mixed operating environment during 2025. Global crude steel production declined by approximately 2.0% year- on- year to 1,849.4 million tonnes (MT) in 2025, according to the World Steel Association. The decline was primarily attributable to lower production in China and several other major producing regions, although production in a number of emerging markets remained resilient. China remained the worlds largest crude steel producer, with production of approximately 960.8 MT in 2025, representing a decline of 4.4% over the previous year. Chinas weaker steel output reflected subdued property- sector activity and softer domestic demand. At the same time, high export volumes from China continued to place competitive pressure on steel producers in several international markets, contributing to the introduction or strengthening of trade- protection measures in various countries. World Steel Association
The global steel industry continued to be influenced by uneven demand conditions across regions. Steel consumption in developed economies remained relatively subdued, while emerging markets, particularly those outside China, continued to benefit from infrastructure development, urbanisation, manufacturing expansion and public investment.
The medium- term outlook for steel demand therefore remains more favourable in emerging economies than in several mature markets.
India continued to strengthen its position as a key global steel producer during FY 2025- 26. According to the World Steel Association, Indias crude steel production reached approximately 164.9 MT in calendar year 2025, registering a strong year- on- year increase of 10.4%. India consequently remained the second- largest crude steel- producing country globally, behind China.
The domestic steel industry benefited from Indias sustained economic growth, government- led infrastructure expenditure, urbanisation, expansion of manufacturing capacity, growth in automotive and engineering sectors, and continued development of railways, roads, ports, airports, power infrastructure and other capital- intensive projects.
The Ministry of Steel reported that during April- December 2025, Indias crude steel production increased by 11.5% to 124.55 MT, compared with 111.84 MT during the corresponding period of the previous year. Finished steel production increased by 10.5% to 118.70 MT, while finished steel consumption increased by 7.0% to 119.57 MT. Finished steel imports declined by 37.4% to 4.65 MT, whereas exports increased by 33.3% to 4.80 MT during the period.
[Image: Indian steel industry – production trend: Growth in total finished steel production in India from FY 2021–22 to FY 2025–26. A line graph showing Finished steel production increasing from approximately 113 MT in FY 2021-22 to 161 MT in FY 2025-26.]
Source: Ministry of Steel, Government of India; FY 2025-26 figures are provisional.
The strong growth in domestic steel production and consumption reflects the structural strength of Indias steel demand. The Governments continued emphasis on infrastructure development, manufacturing, renewable energy, defence, transportation and urban infrastructure is expected to remain an important driver of steel consumption over the medium to long term. India is expected to grow between 6.5% and 7.0%.
illustrative management assessment of major structural opportunity areas for the Indian steel industry.
[Image: A donut chart showing key opportunities for the Indian steel industry with the following segments and percentages: Infrastructure & construction (30%), Automotive & mobility (18%), Capital goods & manufacturing (15%), Railways & transport (12%), Renewable energy & power (10%), Specialty & value-added steel (8%), Defence & strategic sectors (4%), Green steel & decarbonisation (3%)]
1. Robust Demand (FY 2025-27 Projections) Indias finished steel consumption is projected to reach approximately 130-135 MT by the end of FY 2026-27. Analysis by the Ministry of Steel (MoS) predicts steady annual growth in domestic demand. Key drivers: Large-scale high-speed rail network expansion (like the Mumbai- Ahmedabad corridor), major city metro extensions, mass- scale affordable housing projects (like PMAY), and smart city developments. 2. Competitive Advantage (FY 2025-27 Updates) Crude steel production capacity is on track to achieve an interim milestone of 180-200 MTPA by 2026. Implementation of advanced digital twinning and process automation across brownfield steel plants reduces operational costs. Indias access to high-grade iron ore and development of a green hydrogen ecosystem for lower-carbon steel making.
[Image: Advantage India chart with four segments: 1. Wind turbine (Sustainability), 2. Rolls of steel (Manufacturing), 3. High-speed train (Infrastructure), 4. Circuit board (Technology)]
To accelerate capacity expansion towards 300 MTPA by 2030, an estimated US$ 75- 80 billion of investment is required during this period. Significant FDI and domestic investment are flowing into Green Steel initiatives and recycling technologies. Further private player consolidation and foreign direct investment are strengthening market dynamics.
Expansion and evolution of the PLI scheme, with specific tranches for specialty green steel and downstream products. National Steel Policy (NSP) directives are fully integrated, promoting a Make in India and circular economy approach. Strategic allocations under Union Budgets 2025- 26 and 2026- 27 provide continued fiscal support, with enhanced funding for the Ministry of Steel.
D P Wires Limited has entered a period of robust structural stability, transitioning from an aggressive capital expenditure phase to an asset- optimization era across FY 2025- 26 and looking toward FY 2026- 27 and beyond. Having successfully scaled its production footprint, the company is leveraging its strengthened market position to drive stable margins despite cyclical raw material costs.
D P Wires has achieved a highly defensible stable position within the current market environment, characterized by:
? Debt-Light Balance Sheet: The massive capacity expansions across both the Wire and Plastic divisions over the past five years were funded efficiently, insulating the company from high interest-rate environments and ensuring robust liquidity.- Operationa l Resilience: By absorbing near-term macroeconomic adjustments, the company has successfully converted its historical capital expenditures into active, cash-generating assets with optimized fixed-cost absorption.- Strategic Sourcing Stability: Operating in proximity to major domestic steel hubs allows the company to lock in predictable raw material inputs, protecting its structural operating margins.
To maintain its compounding growth trajectory and overcome ongoing market cyclicality, D P Wires is deploying a forward- looking strategy centered on three key pillars:
[Image: D P WIRES FUTURE GROWTH PLAN flowchart with three pillars: PRODUCT MIX OPTIMIZATION - Moving away from low-margin base commercial wires to premium LRPC wire contracts. INFRASTRUCTURE ENGINES - Deeply integrated into PM GatiShakti and national high-speed rail links. SUPPLY CHAIN EFFICIENCY - Scaling up raw material linkages to ensure stable conversion cost metrics.]
Value over VolumeRather than pursuing immediate, land- grab factory expansions, the future strategy prioritizes maximizing capacity utilization of existing plants. The target is to shift the product mix toward higher- margin, custom- engineered specialty products within both divisions.
Infrastructure- Led TailwindsThe demand for LRPC steel wires is structurally tied to Indias long- term infrastructure pipeline. Government capital allocations for high- speed transport networks and urban expansion projects provide a clear, visible demand runway for the companys expanded manufacturing base.
Overcoming Industry ObstaclesThe company is systematically mitigating localized raw material price fluctuations through disciplined inventory cycles and flexible pricing contracts with its institutional infrastructure client base.
| Pillar Component | Historical Achievement (Past 5 Years) | FY 2025\u201326 Baseline Status | Future Strategic Target Vector |
| Wire Division | 3x Capacity Expansion | High Utilization & Stable Production | Focus on Premium Infrastructure & LRPC Products |
| Plastic Division | 2x Capacity Expansion | Steady Offtake and Margin Contribution | Market Capture in Environmental & Water Projects |
| Financial Profile | Heavy Capital Investment Phase | Highly Stable Asset Base | Free Cash Flow Generation & Debt Optimization |
| Market Footprint | Regional Market Penetration | Established Pan-India Industrial Supplier | Portfolio De-risking via Value-Added Grade Expansion |
The Company has wide basket of products which cater to our customers across the globe with presence in countries like Nepal, Oman, Doha, Muscat, Sri Lanka. R & D Department of the Company looks after the innovation and also takes into consideration the standards laid down under the ISO certification 9001:2015. At present there are only three suppliers who are dealing in Stranded Wires and we are an approved supplier of various Government authorities like National Highway Authority in India (NHAI), National Thermal Power Corporation Limited (NTPC), Delhi Metro Rail Corporation Limited (DMRC), Public Work Department (PWD), Central Public Work Department (CPWD), Railways, large public and private sector industries. Due to increased overseas demand and technological advancement, the Company has vide opportunities to expand its existing production capacity, business operations and product base across the Globe.
The development of a countrys infrastructure is vital to the growth of its sectors and the overall economy. There is an opportunity for DP Wires Limited to become more organized, through growth and acquisitions. This would improve overall construction quality. Strong population growth and a growing economy is fueling demand for infrastructure. The government is looking to attract private companies to invest in infrastructure through publicprivate partnership (PPPs). With emphasis on Vocal for local, the company sees many opportunities in renewable power in India. We have set up wind energy based 2 wind farms of 0.80 MW each in village Okha- Madhi and Jodhpur in District Jamnagar, Gujarat. These wind farms are connected by 33kV grid capacity Enercon Site, sub- station at Bhogat. Global slowdown in international market, logistics and transportation hurdles, increased competition, technological changes etc. remains as threats.
[Image: SWOT Analysis chart with four quadrants: STRENGTHS: Proven Growth Track Record – Consistent performance driven by innovation and operational excellence. Resilient Business Model – Strong fundamentals with ability to withstand multiple business cycles. Diverse Product Portfolio – Wide range of solutions catering to varied customer needs and industries. Strong Customer Relationships – Long-standing trust built through quality, reliability and service. Experienced Leadership & Talent – Seasoned leadership with a skilled and committed workforce. Robust Financial Position – Healthy balance sheet and cash flows enabling strategic flexibility and investments. WEAKNESSES: Intense Competition – From larger established players with scale advantages and deeper capabilities. Unorganized Sector Presence – Price undercutting and quality inconsistencies impacting margins. Raw Material Dependence – Exposure to volatility in prices and supply chain disruptions. Geographic Concentration – Revenue concentration in select regions or markets. Rising Operating Costs – Increasing labour, energy and logistics costs pressuring profitability. Capacity Constraints – Inability to scale rapidly in high-demand segments or geographies. OPPORTUNITIES: Indias Economic Growth – Strong growth outlook driving demand across auto, real estate, white goods, transportation and industrial sectors. Infrastructure Push – Government focus on infrastructure (Gati Shakti, PMAY, highways, urban infra) creating significant demand opportunities. Policy Support & Initiatives – Make in India, PLI schemes and other policy reforms promoting domestic manufacturing and exports. Sustainability & Energy Transition – Rising demand for eco-friendly, energy-efficient and circular solutions. Technology & Automation – Adoption of Industry 4.0, digitisation and automation to improve productivity and quality. Export Expansion – Growing global demand and new market access supported by free trade agreements. THREATS: Regulatory Changes – Evolving environmental norms, taxation policies and compliance requirements. Raw Material & Input Cost Volatility – Price fluctuations in metals, energy and key raw materials. Technological Disruption – New materials and technologies may require high capital investment and capability building. Global Uncertainties – Geopolitical tensions, trade barriers and currency fluctuations affecting demand. Demand Slowdown – Cyclicality in end-use industries may impact volumes. Talent Risk – Intense competition for skilled talent and potential attrition in key roles.]
Our Company caters to needs of different users which include government and private sectors. Among the government sector we have clients in central, state and local bodies. Most of the existing clients are loyal and have maintained healthy relationship with the Company. 27 Years of experience helps in a better understanding of requirements, demands & market trends. Customers are held in highest esteem. When dealing with our customers, we are characterized by our reliability, flexibility as well as solution- oriented work approach.
[Image: A lightbulb infographic with four surrounding boxes: OPTIMIZE CURRENT CAPACITY UTILIZATION: Improve efficiency and unlock value from existing assets to drive profitable growth. Enhance operational efficiency and reduce downtime. Leverage digital tools for real-time monitoring and analytics. Focus on cost optimization and resource productivity. PURSUE LONG-TERM GROWTH STRATEGY: Invest in future-ready capabilities and businesses to ensure sustained long-term value. Strengthen core businesses and build new growth engines. Invest in R&D, innovation and emerging technologies. Build a future-ready and agile organizational culture. EXPAND MARKETS & GEOGRAPHIES: Strengthen presence in existing markets and explore new geographies for growth. Deepen relationships in core markets through customer-centric approach. Enter adjacent and high-potential geographies. Build partnerships and local alliances to accelerate market entry. DRIVE PRODUCT & CAPACITY EXPANSION: Expand product portfolio and capacity to capture increasing demand and strengthen leadership. Expand into new product categories and value-added solutions. Debottleneck and expand capacities to meet future demand. Focus on brownfield & greenfield opportunities with strong returns.]
1. Sources of funds/Application of funds(a) Share CapitalAt present, the Company has only one class of shares - equity shares of par value of Rs. 10/- each. The Companys authorized share capital is Rs. 1800 Lakh, divided into 180 Lakh equity shares of Rs. 10/- each. The issued, subscribed and paid- up capital stood at Rs. 1550.04 Lakh as on March 31, 2026.(b) Security Premium ReserveThe balance in securities premium reserve account as on March 31, 2025 as well as March 31, 2026 was Rs. 2919.00 Lakh. There was no change in Securities Premium Account during the year.(c) Profit and Loss AccountThe balance in the Profit and Loss account as at March 31, 2026 is Rs. 1760.10 Lakh which has decreased from Rs. 2223.04 Lakh as reported in the previous year.2. Deferred Tax Assets / LiabilitiesDeferred Tax assets were reported to be Rs. 67.84 Lakhs. We assess the likelihood that our deferred tax assets will be recovered from future taxable income.3. Trade ReceivablesThe Trade Receivables of the company were decreased as compared to previous year. The figure of Trade Receivables was reported at Rs. 5,191.53 Lakhs as on March 31, 2026 which was Rs. 6240.61 Lakhs on March 31, 2025.4. Cash & Cash EquivalentsThe Cash & Cash Equivalents of the company increased significantly as compared to previous financial year. The figure of Cash & Cash Equivalents was reported at Rs. 2,947.68 Lakh as on 31st March, 2026 which was Rs. 125.69 Lakh in the previous year.5. Income from OperationsIncome from operations reported a figure of Rs. 48,073.06 Lakh as on 31st March, 2026 as compared to Rs. 62,093.15 Lakh in the previous year ended 31st March, 2025 showing a decrease of around 22.58%.6. RevenueTotal revenue also reduced from Rs. 62982.81 Lakh in 2025 to Rs. 49122.33 Lakh in 2026.7. Other IncomeIncome from other sources during the Current Year ended 31st March, 2026 was Rs. 1,049.27 Lakh as compared to Rs. 889.66 Lakh in the previous Financial Year ended 31st March 2025.8. Earnings Per ShareThe earnings per share for the financial year 2025 - 26 is Rs. 11.34/- in comparison to figure reported for financial year 2024 - 25 i.e. Rs. 14.33/-.9. Details of changes in Key Financial RatiosFollowing is the comparative chart of all the significant financial ratios of the company:
| S. No. | Type of Ratio | 2026 | 2025 |
| 1. | Debtors Turnover Ratio | 8.41 | 7.73 |
| 2. | Inventory Turnover Ratio | 24.61 | 22.07 |
| 3. | Interest Coverage Ratio | 23.95 | 21.84 |
| 4. | Current Ratio | 6.73 | 2.84 |
| 5. | Debt Equity Ratio | 0.008 | 0.11 |
| 6. | Operating Profit Margin Ratio | 8.03% | 8.13% |
| 7. | Net Profit Margin Ratio | 3.66% | 3.58% |
The company has impressive record of maintaining human relations at all levels in past due to the professional approach of the management. The company has rarely faced any unrest or discomfort in connection with employees.
Your companys philosophy on people is deep rooted in building and nurturing talent and leadership within the organization. We believe that our people have always been the drivers of innovation, efficiency and productivity leading to our consistent track record of growth The Company continuously invests in the development of its human resources through a series of employee friendly measures aimed at talent acquisition, development, motivation and retention. Our focus and belief lie in enabling and empowering our talent pool for the challenges of tomorrow by providing new avenues of learning and development through behavioral and leadership interventions.
Human Resources at DP Group of Industries serve as a steward for excellence and leadership through:
Organizational effectiveness by ensuring good governance and adopting best practices Fair process for recruitment, retention and enrichment Continuous Employee Engagement By providing regular performance- based incentives
Employee engagement at the company does not end with hiring of an employee; in fact, it begins with the employees appointment and continues through his whole career span in the organization.
The company is also carrying regular performance appraisal of employees to enable them identify their strengths and weaknesses and to strive for better performance.
This report contains several forward- looking statements that involve risks and uncertainties, including, but not limited to, risks inherent in DP Wires growth strategy, acquisition plans, dependence on certain businesses, dependence on availability of qualified and trained manpower, economic conditions, government policies and other factors. Actual results, performances or achievements could differ materially from those expressed or implied in such forward- looking statements. This report should be read in conjunction with the financial statements included herein and the notes thereto
For & on behalf of the Board of Directors
Place : Ratlam Date : September 05, 2026
Sd/- Anil Kumar Mehta Chairman (DIN: 07657024) 90/3, Sajjan Mill Road, Sajjan Mill, Ratlam, Madhya Pradesh, India 457001
Sd/- Praveen Kataria MD (DIN: 00088633) 63, Ghas Bazar, Ratlam, Madhya Pradesh, India 457001
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