Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Bansal Wire Industries Ltd (NSE: BANSALWIRE) Q3 2026 Earnings Call dated Jan. 20, 2026
Corporate Participants:
Pranav Bansal — Managing Director & Chief Executive Officer
Ghanshyam Das Gujrati — Chief Financial Officer
Analysts:
Parthiv Jomsa — Analyst
Unidentified Participant
Depesh Kashyap — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to Bunsal Wire Q3FY26 earning conference call hosted by Anandrati Sharon Stockbrokers Ltd. As a reminder, all participant line will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call please signal an operator by pressing Star then zero on your touchtone phone. I now hand the conference over to Mr. Partif Jon sir from Anandrati. Thank you and over to you sir.
Parthiv Jomsa — Analyst
Thank you Dhanush Good afternoon everyone and thank you for joining Banchalwai Industries Limited Quarter 3 FY26 earnings conference call. We at Anand Rahee are pleased to host the management of Banchalwai Industries Limited from the company we have with us Mr. Pranav Bansal Managing Director and CEO and Mr. Ganshan Das Gujarati CFO. We would now like to invite the management for the opening remarks which will then be followed by question and answer session. Thank you and over to you sir.
Pranav Bansal — Managing Director & Chief Executive Officer
Thank you Batya Good afternoon everyone and welcome to Bansalwaia’s Q3 earnings call. We are pleased to report that Q3 has been another strong quarter for Bansalwai reflecting better operating execution and sustained demand across core and end markets. During the quarter we delivered our strongest ever operating performance supported by robust demand across automotive infrastructure and general engineering. For the nine months ended we have maintained a consistently strong growth trajectory reflecting the depth of customer engagement and the scalability of our operating platform.
Even though it was a challenging first couple of months due to labor shortages on account of early Diwali and Bihar election but we picked up in December achieving our highest ever monthly sale of 45,000 tons. This growth has been effectively supported by our expanded manufacturing base of over 6 lakh tonnes which has enabled us to serve rising customer demand without compromising on delivery timelines, product quality and service levels. But more importantly, this capacity is no longer just driving volume growth it is increasingly helping us upgrade our product mix towards higher value segments.
During Q3 we made a significant strategic move by strengthening our specialty wires added portfolio. We successfully launched induction hardened and tempered IHTYs by adding 9,000 tons of high performance capacity. This product is primarily used in automotive suspension springs allowing us to deepen our engagement with automotive OEMs and to while improving our long term margin profile. I’m also pleased to tell you that we were able to stabilize this product within the first month of installation and have already started commercial sales.
Looking at the response we are seeing from our customers, we have also started phase two of expansion by adding another 6,000 tons of ohty which would also come on stream within the next two to three quarters. Alongside this we continue to see strong traction from LRPC which was launched at a DADRI facility with a capacity of 18,000 tons. This product caters to infrastructure applications such as bridges, beams and long concrete structures, enabling us to participate more meaningful in India’s growing infrastructure pipeline.
Together, these launches not only expand our volumes but also reposition bansalwai towards structurally high growth areas and higher value added end markets. Another positive I would like to highlight is that we’ve generated almost 240 crores of free cash from operations which was almost a full year’s target. And with another quarter left, I’m confident we would be able to achieve much better than expected. On that front, our ROC has also been consistently improving every quarter and I believe we are on track to achieving 25% ROC by the end of next year.
So that’s all from my side. I would like to hand over the call to our CFO Mr. Kanchan.
Ghanshyam Das Gujrati — Chief Financial Officer
Thank you Prana sir and good afternoon everyone. I will briefly summarize the key operation, operating and financial performance for Q3 and nine months here by $0.20 during the quarter company delivered a record sales volume of 1,21,000 metric tons representing a strong 32% year on year growth and 6% sequential growth over quarter two financial 26. This is the highest quarterly volume ever recorded by the company for the nine months period ended financial year 26. Total volume stored at 3.40,000 metric ton compared to 2.46,000 metric ton in nine months FY26 reflecting a healthy 38% year on year growth underlying the consistency of our operating performance.
This strong volume has been supported by our expanded installed capacity of the of approximately 6.18,000 metric ton and commercialization of new products such as LRPC wires with 18,000 metric ton as already mentioned by. Panav S. And the healthy demand from the cable, automobile and general engineering sector. These drives have enabled us to scale efficiently while improving the quality of our reunion mix. Turning to the financial for quarter three financial year, our revenue to date 2.9crores representing 11% year on year growth, EBITDA increased by 19% year on year to 87%.
It is to rupees 87 crores with a margin of 8.4% while the net profit for the quarter was rupees 43 crores. That is up 4% as compared to the period last year. The operating cash was generated during the nine months period to reach 233 million crores. And the company generated cash flow from the operation during this quarter. That is. 85 crores for the nine. Months period index financial 26 revenue grew by 18% year on year to 3023 crores while the EBITDA came into rupees 243 crores reflecting an increase of 19% year on year.
Net profit of nine months for financial 26 studio rupees 121 crores higher by sale percent on year on year basis. This. This concludes my remark and I will now. We will now open for the floor for the question.
Questions and Answers:
Operator
Thank you so much sir. Ladies and gentlemen will now begin with the question and answer session. Anyone who wishes to ask a question may press star N1 on their touchstone telephone. If you wish to remove yourself from the question queue you may press star and two participants are request to use handsets while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles.
Unidentified Participant
Ladies and gentlemen, we will wait for a moment while the question queue assembles.
Operator
Our first question come from the line of Kunal Sharma from Veritors Research and advisors. Please go ahead.
Parthiv Jomsa
Yeah, hi. Hi. Good afternoon and I hope I’m audible.
Pranav Bansal
Yes you are. Please go ahead.
Parthiv Jomsa
Yeah, so for now just wanted to understand can you please throw some light on the GST related issues which we faced a couple of so notice was somewhere around 206 crore. So what’s the status on that regard and how does that impact on our financial is being imposed by the GSC council then?
Ghanshyam Das Gujrati
Sure. So as actually we have already intimated through the exchange now everything has been sorted out and there is no demand right now and the little will demand, little bit demand is there and we have already filed appeal to the high authority for the. For queen of the order which has been given by them.
Pranav Bansal
So basically I think these were some unrealistic demands that came from the GS department which I think we’ve already settled to the tune of. They’ve reduced it to the tune of 98:99 and the remaining will also be squashed very soon.
Parthiv Jomsa
Okay, so we will not going to see any impacts on our financial first?
Pranav Bansal
No, almost nothing.
Parthiv Jomsa
My second question on during the quarter we got an approval from the customer for ihc. Right. So will you please throw some elaborate more on this particular thing on a volume side and how would be the quantum and what are we supposed to you know close by the end of this 26th with regards to ISP and. OHT if you can
Pranav Bansal
Sure. So IHT was a product that we started which is used majorly in the suspension application for two and four wheelers. This is a product that is, you know, increasingly replacing regular steel wires in all high end and EV vehicles. So we started this product in Q3. The thought process was that we would take about six months to receive some customer approvals. But I think the team did a great job there. We were able to stabilize our product within the first very, within the very first month. And from the demand side, I think it has been quite positive.
We’ve already received some customer approvals and I think this month we are looking at maybe a 20% capacity utilization already. Our now target, revised target for this year is to reach about 40% capacity utilization. So yeah, I think that’s, that’s the main thing looking at this. We’ve already started the phase two expansion. So the capacity was 9,000 tons, which we are now expanding to 15,000 tons. This should be done in the next two to three quarters.
Parthiv Jomsa
Okay. For the IHT, right? 9 to 15.
Pranav Bansal
Yeah. IHT and OHT combined. So these are similar products. IHT is what we call a thicker size and a finer and a smaller size is what we call OHT. So kind of a similar application. So from 9 to 15,000 tons. That’s the thought process now.
Parthiv Jomsa
And how would that beneficially for us to, you know, accelerate the margin going forward there?
Pranav Bansal
Sure. So we are already, I think we have already achieved our margin target here, although we are not seeing absolute profitability in this segment today because of low capacity utilization. But I think we will get there within quarter four. So yeah, I think margin wise, I think it’s almost double than the regular high carbon wire that we make.
Parthiv Jomsa
Okay. And if you can throw more light on the product mix, considering this facility wire where we stand today and what are we target to like and by the end of this effort? 26.
Pranav Bansal
Yeah, sure. So I think there was an unfortunate incident in our plant where there was a fire in our specialty wire shed. Although there was no material damage, but I think we are, we have now received approvals from insurers to, you know, start back the project. I think we, it will still take us about a month, month and a half to stabilize the steel cord front, after which we will resume our approval cycle which was already set. I think the target for us was mid of next year. I think we are still on that, maybe you know, delayed by maybe a month or so.
So once we achieve that, we will be able to achieve our commercial production or sales within Q2 or Q3 of next year. Apart from that IHT and OHT they have done well better than expected. So bulk of the growth for next year will come from IHT and OHT and from I think FY27 is when we would be looking at good numbers of of steel cord coming in. So once that does, I think our margin profile will significantly improve within next year and the year after that.
Parthiv Jomsa
Okay. And I guess the products make somewhere around 4 to 5% of the entire volume. This facility wire considering all these three.
Pranav Bansal
Yeah. So the product mix is now about 5% of the total volume. That’s to start with. But in terms of volume, yes, it is about 4 or 5%. But in terms of contribution towards EBITDA I think this can be contributing about 15 to 20% of the total EBITDA going forward.
Parthiv Jomsa
Okay, my third question on Sarano, just to understand your thought process on the profitability. The run rate is remain same over the last many quarters despite of growing 20% growth in the EBITDA. So why it’s not reflecting into our pack and what do you see like the gradual recovery in the package?
Pranav Bansal
Yeah, so as I mentioned before, our target for this year was a growth of about 30% which we revised to maybe towards 40% within this year. I think we are already on track for that. I think we’ve done more than 35% growth till now. So that should remain positive for the fourth quarter as well. We were looking at a slight dip in EBITDA starting at the start of the year owning towards product mix change which has not virtually happened, which was what we what we explained on the earlier on the last call as well.
I think our EBITDA which was supposed to dip is now constant and it should remain constant within this year even after this volume growth. And next year we are looking at a better product mix. This will give us a better per turn EBITDA going forward. This year our focus was more on cash flows and our return profile. So I think that’s the main focus area this year we want to focus majorly on cash flows and our RoC which has started increasing already.
Parthiv Jomsa
So you mean to say gradually from FY27 we start the EPIC will start reflecting into the pack as well because over the last many quarters we have seen 42,43 crore of Fed, right?
Pranav Bansal
Yes. So. So in the last quarter we have capitalized all interest cost, we have capitalized all investments. Therefore you see a jump in depreciation as well as interest. Although our cash profit has increased by 15, 20% but PAT level does not reflect that because of higher depreciation. But we don’t have any more interest or depreciation cost that we are capitalizing, you know, anymore. So any growth here in EBITDA should also reflect in that.
Parthiv Jomsa
Thanks. Thanks. Thank you.
Operator
Thank you. Ladies and gentlemen. Anyone who wishes to ask a question may press star n1 on their touchdown telephone. Our next question comes from the line of Vineet from Investec. Please go ahead.
Parthiv Jomsa
Hi Pranav. Good afternoon. Hi sir. Pranav, my first question is looking at our current run rate and EBITDA per ton being broadly stable now for the last 2, 3/4 at 7 7.1 rupees kilograms. Don’t you think our EBITDA growth, if we include other income as well, the way we define it, should grow at more, closer to 25% than 20%. And could volumes be more closer towards the upper end of the guidance, 35 to 40% guidance.
Pranav Bansal
That was in fact our target for Q3, but Q3 has not. Although we have shown good results in Q3, but it could still have been better because of October, November, we lost some volumes because of labor shortages. I think Q4 is something that we also look forward to. We are already seeing good tractions from all our segments. So yes, in terms of volume, we should be able to do a little better in Q4. And if we do good volumes, our EBITDA should also increase. But as of now, I would like to stick with my guidance.
You know, I don’t want to take a lot of pressure on the system. Yes, we do have scope to improve. We do have room to grow, but let’s see how it goes.
Parthiv Jomsa
Secondly, Pranav, the question was on cash flow. This year we’ve done decent OCF in the first nine months of the year. You’re expecting that to continue in Q4 as well. How should we think about FY27 from a cash flow perspective? Post this. And if we are assuming a similar sort of a run rate in terms of ocf, what should drive this? Is it the case that we’ve not started any discounting as yet, which will contribute to positive OCF going into FY27?
Pranav Bansal
Sure. So this year our target was to maintain the same level of inventory, the same level of receivables, even While growing at 35%, the same level of debt without, you know, doing anything else, but still being able to grow at 35%. If we were to do that, we estimated that we will get about 25%, 250 crores of free cash flow which we now have already done. So I think we have a quarter left. We should be seeing similar trend in Q4 as well. For the next year our target was 350 crores. I think that is still intact.
Looking at what we did in this year we should be able to achieve that easily as well. This will come definitely from a lot of discounting and other provisions that we are making for inventories and our receivables but also through channel financing and a lot of. Lot of operational changes as well in terms of inventory and receivables that we have done. So I think, yeah, a combination of what we have done this year should also flow into next year. We should be able to achieve a target.
Parthiv Jomsa
Understood. Understood. So we maintain that roughly 600 crores of OCF over 2 year period still should be doable.
Pranav Bansal
Yeah, of course, of course.
Parthiv Jomsa
Perfect. Perfect. Thanks. Thanks Prana for this. Thank you. And just Pranav, just last one from my side if you can give some updates. Where are we on the approval side with customers on the steel cord business Lab trials, field trials. How long will it take? What should be the timelines that we should consider?
Pranav Bansal
So I think we are. We are behind by a month because of some approvals that we have now received from the insurance companies to start production. But other than that I see no major change there. We are on track otherwise for field trials and lab approvals. I think the last company that we are expecting lab approval from should also come in in the next 10, 15 days. After that we go to field trial once we have our plant up and running which will take about a month, month and a half. So Q2 Q3 is our target still for starting supplies of steel COD.
Apart from steel cord, the second product for specialty was IHT that has already started and that’s doing well. So I think we should be able to see some traction from there from Steel Code.
Parthiv Jomsa
Understood. Understood. Thanks. Thanks Panu for this. Thank you.
Pranav Bansal
Thank you.
Operator
Thank you. Our next question comes from the line of Aditya Pal from MSA Capital Partners. Please go ahead.
Parthiv Jomsa
Hello. Am I audible?
Operator
Yes sir, you are.
Parthiv Jomsa
Yeah. Thank you so much for the opportunity. So I just have one question. Wanted to quickly get an update on. The consolidation of our related party entities. That is Balaji Wires and Bansal High Carbons. If you can help us know where we are. Because last couple of con calls we. Had mentioned that we are plan. We are planning to consolidate it and. It will happen maybe in the next. 18 to 24 months.
Pranav Bansal
Yeah. So there are two parts to this consolidation. First on financials that has been consolidated last year, I think last December. Last. Last year. Q3 is when we consolidated all financials. The only thing that is left right. Now is that there is still some. Production happening in those two entities in the older plants. But that is only being done for Bansalwai. So those two companies are not operating independently anymore. Whatever they produce, it is for Bansalwai which is still happening.
And should we would take another, I think 2/4 or 3/4 for that to shift to Dadri because of the Dadri ramp up which is slower than expected. Although on Dadri FL plant also we have done well. I think we’ve improved our capacity utilization. In fact we ended the year at almost 60 capacity utilization in Dadari. So I think as and when this improves, even the production for those two entities will stop. But all revenue and profitability has been in bansalwaia for all these companies from last year.
Parthiv Jomsa
Understood? Understood. So only, Only the. So we will Correct me if my. If my understanding is wrong. So only the consolidation is yet to happen. That is in terms of the entity. Wise that you them merging into. So there.
Pranav Bansal
There is no plan of any merger or anything like that for those two entities. Those two entities have to just shut down.
Parthiv Jomsa
Understood.
Pranav Bansal
So Bansalwire, they’re. They’re only producing some quantities for Bansalwire in their own which is not very viable and will shut down.
Parthiv Jomsa
You’ve already clarified that they only do. Job work for the current listed entity. But just wanted this update which you provided. Thank you so much for that and wishing you and the company all the very best.
Pranav Bansal
Thank you sir.
Operator
Thank you. Ladies and gentlemen. Anyone who wishes to ask a question may press star and one on their touchdown telephone. Our next question comes from the line of H from Dalal in brochure. Please go ahead.
Parthiv Jomsa
Just one question. In the last phone call we had. Mentioned, the low carbon wire happens to be the higher ROC business instead of being a lower EBITDA burden category. So could you just give a. Just on the asset turnover of each. Of the categories, the low carbon, High carbon.
Pranav Bansal
Sir, I do not have numbers of asset turn of each category right now. But yes, low carbon. Even though it is a lower EBITDA per ton business, asset turns are generally better. That’s why the higher ROC that we understand which. And that’s the focus area as well.
Parthiv Jomsa
Okay. Any. Any ballpark number that you could give.
Pranav Bansal
So I would say low carbon is, you know, acid turn would be about two, two and a half times of Our general high carbon portfolio and at least twice of the stainless steel. So that’s the difference between these three.
Parthiv Jomsa
Okay. Okay, fine. Thanks a lot.
Operator
Thank you. Our next question come from the line of Parthi Joseph from Anandrati. Please go ahead.
Parthiv Jomsa
Hi. Am I audible, sir?
Operator
Yes.
Parthiv Jomsa
Yeah. Thanks for the opportunity and thank you for, you know, allowing us to host the call. I just have a couple of quick questions. Just, you know, just taking one of your remarks from earlier, taking forward that you said that, you know, your older facilities are basically doing job work for bunchal wires. Right. So once the entire capacity moves to Dadri at the end of the day, what is your plans to do at these older facilities? Any idea?
Pranav Bansal
So these are two very unviable and very old facilities. Right now we are only running it just to service the market because we don’t want to lose our customers till the time we have the right production. In the other, we don’t earn much from these two entities. As and when we are able to shift our capacities, I think this will just shut down. So that’s the plan. And the two entities, they’re outside of Bansalwar and we have no plans of, you know, merging these two entities because there will be nothing left here.
The plant and equipment, all of it was already purchased by Bansalwai. So they’re just operating on lease as of now.
Parthiv Jomsa
All right. All right, thanks for the clarity. The next question is pertaining to the fire. I think your insurance is. Claim settlement is still going on. So just wanted to get your idea on what is the expected, you know, you know, losses you expect, post your claims and everything because then that will have some overhang on quarter four.
Pranav Bansal
Sure. So we have already posted an exceptional loss of one and a half crore that was due to the inventory loss in the fire which we’ve estimated everything else was insured. I think the only loss that we were looking ahead was in inventory which we’ve already done in Q3. So we do not expect anything material to happen in Q4 as well.
Parthiv Jomsa
Oh, okay. That’s actually good to know, sir. So the third question, I just wanted to get your clarity because I think there has been some confusion that, you know, what is the current capacity between high carbon, low carbon, stainless and specialty and how the roadmap is panned out, you know, in say FY27 and 28. Because in presentation you have indicated that you are planning on 90,000 ton kind of a expansion, say by 20 FY28 in Gujarat. So can you just give a breakdown of high carbon, low carbon Steel industry and specialty.
And what do you expect from 27 and 28 going forward?
Pranav Bansal
Sure. So right now, out of our capacity of 6 lakh 20,000 tons, I would say about 55, 60% is low carbon, 20% would be stainless steel and the rest will be high carbon. And I think going forward also we are looking at similar numbers. The only difference could be in low carbon where we expect at least 60, 62% of the total capacity. So if you look at our Sanant Capex also we are expanding low carbon and stainless steel there, whereas in high carbon we have capacities to expand in the DADRI facility in phases.
So overall, again, the thought process is to still have 60% kind of a low carbon capacity and 20, 25% high carbon and 20% stainless steel, even on satellites.
Parthiv Jomsa
And what about the specialty? Where do you categorize it? Because I know specialty depending on the product, basically moves across the category. But just wanted to get an idea.
Pranav Bansal
So speciality, right now we have a capacity of about 29,000 tonnes which we will expand to 35,000 tons by within the next two to three quarters. So that will still be maybe 5% of the total installed capacity.
Parthiv Jomsa
This includes the steel tire cord. 20,000. Yeah,
Pranav Bansal
This includes the pilot of 20,000 tons for steel tire cord
Parthiv Jomsa
And also. The one which are taking from 9,000 to 15,000 ist ost. Right? Yeah.
Pranav Bansal
So speciality comprises of these two products, steel cord and hosewire, which is 20,000 tons and IHT on OHT, which will gradually be 15,000 tons. So 35,000 tons combined for these two products.
Parthiv Jomsa
And sir, I think you just mentioned that one of your waiting, you know, approval in next couple of days from. I think, I think that that’s a phase one approval. Right. From one of your clients is still pending.
Pranav Bansal
Yes. So for steelcod, we, we are anticipating the last approval that we were targeting maybe within the next 10, 15 days or something like that. Yeah. After this we will start phase two for all customers.
Parthiv Jomsa
Okay. And so if I may just squeeze a quick last question, just wanted to get your EBITDA per tons, you know, guidance for 27 and 28. Because right now in I think quarter three, finally you have inched back toward that 7,000 mark after almost three quarters. So I just wanted to get your guidance on how, what do you expect in EBITDA pattern going forward? Improvement there.
Pranav Bansal
Sure. I think we are not looking at a very significant change in terms of our product mix. There will be a bit of flow carbon increasing, but there will also be numbers coming in from specialty. So like this year we were anticipating our EBITDA per ton to go down next year. We are next year we do not see that. We see speciality wire kicking in and gradually. The target of course is to increase this to eight, eight and a half or nine over the next one or two years.
Parthiv Jomsa
Perfect, perfect. That actually answers all my question. Thank you so much. But
Pranav Bansal
Overall I think for EBITDA pattern we focus more on the final growth. So I think the standard 20, 25% kind of growth we would like to achieve, you know, every year. So yeah, overall sound span. Yeah,
Parthiv Jomsa
Perfect. Thank you so much. Thank you.
Operator
Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and one on the touchdown telephone. Our next question comes from the line of Kunal Sharma from Veritas Research and advisors. Please go ahead.
Parthiv Jomsa
Yeah, thanks. I wanted to know your thought on the Sanand facility. So we now dropped the backbone integration plan. So and still we have 40 acre, I guess a free space over there. So what’s the status on this particular thing and where I supposed to put the bead wire and the stainless steel wire? I guess if I’m not wrong.
Pranav Bansal
So beadwire we’ve already started and this was planned for the Gadri facility, not in the Sanand plant. In Sanand it is more low carbon and stainless steel. So 50% of the land that we acquired was for backward integration whereas 50% was still for wire. I think we are utilizing that 50% as of now we started you know with this 90,000 tonnes capex and this again has a potential to go much higher than the current numbers in different phases for the balance 50% land. I think we are still evaluating, we see a possibility of being able to utilize this in the current wire facility also.
But yeah, I think that’s still to be yet to be decided. So we might take a call within the next one or two quarters where we sell it off and monetize or we will use it if we see further expansion, need of further expansion there.
Parthiv Jomsa
On a capacity utilization today we stand at 78% and we guided for 80 to 85% in the next two to three years I guess. FY27, FY28. So are we stick with the guidance now?
Pranav Bansal
No, as far as capacity utilization go our target is always to achieve 90% kind of a capacity utilization. That’s where we are able to get the best returns of our investments. Yeah but yes, we have come out of a major Capex cycle. That’s why you know in the last one, one and a Half year we’ve, we’ve seen these kind of numbers. Otherwise historically we generally only operate at 90% kind of a capacity utilization. So going forward also our first target Is to achieve 90 and then to expand each and every quarter or every six months wherever required so that we do not come down to this level again.
Parthiv Jomsa
And by then we are targeting to achieve 90%.
Pranav Bansal
Sir, if you look at our current trajectory we are already at 78%. So within this capacity that we have of 6.2 lakh tonnes, I think we should be able to do that within the next 2/4, 2 or 3/4 I think. But with this we are also expanding. So every quarter or every six months we now keep wanting to, now we want to keep expanding as well. So there is still a 60,000 ton capex lined up in the Dadri facility for us.
Parthiv Jomsa
And at the end we want to be at the 6 lakh 80,000 ton capacity in blended combined, all the portfolio. Right.
Pranav Bansal
So as of now the capex that we planned is 60,000 tons additional for the otheri and about 90,000 tons for Sanad. So from 6.2 we should be able to go to about 7.7.
Parthiv Jomsa
So like we will be the largest player in the country. I, I guess we will be supposed. To. Post and considering the 90 capacity. So what are the market share that we are expecting and what was the trend over the last, I would say one or two year. And where are we stand today as far as the market share is concerned?
Pranav Bansal
Yeah, the market is growing at about 7, 8%. I think we were at about 6 or 7% kind of a market share with the, the current capacity. Yes, we are now as far as capacity goes, I think we are now the largest in India. So yeah, I think we’ll, and obviously we want to keep growing at 20, 25% in terms of volume as well over the long run. So once we do that we are every year, I think we are capturing market share. So in the very near future, in the next two to three years I think we should be able to go to a 10% kind of a market share.
Parthiv Jomsa
Okay. Okay, thanks for now and batch of love.
Pranav Bansal
Thank you.
Operator
Thank you. Our next question comes from the line of Deepak from Sundaram Mutual fund. Please go ahead.
Depesh Kashyap
Yeah, thank you for the opportunity. I’m audible.
Operator
Yes sir. Hi.
Depesh Kashyap
Yeah, hi Pranav. Just, just quick double clicking on that fact. You said that we want to expand our capacity from 6.22, 7.7 with 60,000 coming at Dadri and another 90,000 at Fanan just wanted to know what is the commercialization timelines for this because I thought that 60,000 incremental was supposed to come in Q3, but hopefully I think it may come in Q4. So just could you highlight like when do you plan to commercialize both of these facilities? 60,000 and Dadri and 90,000 and Tanan.
Pranav Bansal
Sure. So sir, for a greenfield project, I think that requires a long planning. But for a brownfield expansion like what we are doing in the ADRI for another 60,000 tons, that is a very flexible thing. So we, I mean we keep on tweaking the timelines based on the capacity utilization because we don’t want to end up in a phase where we have, we have excess capacity. So if you’re able to sell, we, we are able to fast track the expansion. If we see that, okay, it might take another two, three months, then we can delay it.
So similarly for the 60,000 ton capex for Dadri, I think now we have, I think we will be commissioning it another three, four days. So yeah, that’s where we at. That’s where we are at for 90,000 tons. I think the timelines are still intact by end of next year is when we are expecting that to happen.
Depesh Kashyap
Okay. So but again, I mean these are
Pranav Bansal
Very modular things. So we keep on adjusting it.
Depesh Kashyap
Yeah. So it would be fair to assume that 60,000 may come in Q4 and the 90,000 may come by, let’s say third quarter of next fit career, correct?
Pranav Bansal
Yes. Third or fourth quarter. Yes.
Depesh Kashyap
Okay. And by any chance could you provide the split between let’s say stainless steel and low carbon in that 90,000 and what about the 60,000, the split between the capacity where we are making most amount of investment? Because somewhere I feel that if you have already called it out, that if you want to increase your low carbon capacity from 55% right now to let the 60% now obviously this will weigh on our EBITDA per ton. I know that we are also ramping up the IST and other specialty wire, but somewhere I feel that some netting off might happen and we may not see any improvement in EBITDA per ton.
Would that understanding be correct?
Pranav Bansal
Sure. So our thought process on EBITDA is, you know, to grow at 20, 25% on the absolute number. So I think that we are confident about in terms of per ton ebitda, yes, there is some change, but there is a minor change in product mix from 55 to 60% that will not change much. And also in low carbon, our EBITDA per ton is also increasing. Even in the first three quarters we have seen better EBITDA levels in low carbon. And low carbon is a product wherein we have the B2C segment that has started kicking in.
So in the third quarter, in the second quarter we were at about 5% B2C sales. In the third quarter itself we have already crossed 7% B2C sales. And our target for next year is to achieve a 12 to 15% kind of a number. So even in low carbon, once we are able to get a better B2C portfolio, our EBITDA per ton there will increase and go to maybe the similar levels of our average EBITDA in the long run. With that our addition of speciality, I think it definitely will help in absolute EBITDA pattern also going up.
Depesh Kashyap
Okay, one final question. So if I recall correctly, you know our EBITDA pattern have gradually reduced over the last 3, 4 quarter. And one of the two reasons was one is your sales and exchange more towards carbon wire. And also we may would have went some offered some pricing discount in low carbon wire. So just wanted to understand from market perspective, let’s say if you have reduced some pricing to gain market share, would it be easy for us to again go back on the previous price level or then or else does it benchmark us to a new price level after whatever discounting we may have done to gain market share in low carbon?
While
Pranav Bansal
Sure. So this year that was the thought process from the start of the year that we would be we will have to price our products aggressively to gain market share. But in the second quarter and towards the third quarter, I think this is what we’ve realized in the last call. Also I highlighted this that we have taken some initiatives in different products where we in fact increased our EBITDA per ton. The strategy of gaining market share by reducing prices did not really happen. We have not actually increased EBITDA per ton on any of our product.
So only difference right now that you see in the blended EBITDA is because of product mix and not because of any reduction in margin. And even after this we were able to achieve 35% volume growth. So even in the future, in the next one year, two years or three years, we do not expect a trade off between volume and EBITDA per ton anytime soon. We we expect that our EBITDA per ton should be intact even if we want to grow at 2025%.
Depesh Kashyap
Okay. Okay, very helpful Pranav. Thank you and all the best.
Pranav Bansal
Thank you.
Operator
Thank you. Ladies and gentlemen. Anyone who wishes to ask a question may press star and one on their touchstone telephone. As there are no further questions from the participant, I would like to hand the conference over again to Mr. Partif Jon. Sir, thank you. And over to you, sir.
Parthiv Jomsa
Thank you all for joining us for the conference call today. We at Anandrati would like to thank the management of Bansal Wires Industries Ltd. For giving us this conference opportunity. This concludes the conference. Thank you everyone and have a good day.
Operator
Thank you, sir. Ladies and gentlemen, on behalf of Anandrati Sharon Stock Brokers limited, that concludes this conference. Thank you for joining us. And you may now disconnect your line.