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Kalyani Cast-Tech reported FY25 revenue of INR 139.88 crore, up 47% YoY from INR 95.11 crore, crossing the INR 1 billion (100 crore) turnover mark for the first time. EBITDA rose 44%, PBT grew 45%, and PAT increased 48%, with EPS up 21% to INR 19.84. The company is nearly debt-free (debt-to-equity at 0.08%) with current ratio improving from 3.9 to 6.5. Management disclosed an order book of INR 110 crore for FY26, with INR 31 crore already executed in the first two months. The company is undertaking a large expansion on 144 acres of land near a port, including a Gati Shakti Cargo Terminal, a wagon manufacturing unit (capacity up to 8,000 wagons/year in phases), new container manufacturing (10,000 units/year), refrigerated containers, and a steel foundry — total capex of INR 400-500 crore over 4-5 years. Management guided FY26 revenue growth of 30-40% with margins of 9-12%, and a long-term revenue ambition of INR 4,000 crore in 7-8 years.
For shareholders, the strong FY25 print and debt-free balance sheet support the stock's premium valuation, but the upcoming INR 400-500 crore capex will require equity, debt, or JV funding and introduces execution risk over the next 4-5 years. The FY26 guidance of 30-40% growth with 9-12% net margins is roughly in line with current run-rate, so any meaningful upside will come from the new wagon and logistics facilities becoming operational by H2 FY27.