NSE: ALICON · BSE: 531147
ALICON CASTALLOY LIMITED
Manufactures aluminium castings — gravity die castings, low pressure die castings and machined components — almost entirely for automotive OEMs. The company operates in a single segment, aluminium castings, sold to global and Indian vehicle makers including JLR (Range Rover program now in production) and Daimler, alongside domestic two-wheeler, passenger vehicle and commercial vehicle platforms. FY26 consolidated revenue was ₹1,775.73 crore, with Q4 FY26 alone delivering ₹495 crore (+16% YoY), and 14 new parts added across 7 customers during the year carrying peak annual sales potential of ₹140 crore. Operations run at 78% capacity utilisation, prompting a new 1,30,000 sq ft plant near Shikrapur, Pune with capital outlay of ₹1,255 million for gravity die casting, low pressure die casting and machining, funded via bank borrowings and internal accruals. The executable order book stands at ₹7,600 crore spread over six years (FY25-26 to FY30-31), including the Daimler program expected to peak at ₹80-90 crore annual sales in H2 FY27. Raw materials, principally aluminium, account for 54.4% of revenue and were the main driver of a 248 bps gross margin compression in Q4 FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Aluminium castings (100%). Cyclical, asset-heavy single-segment aluminium castings supplier to automotive OEMs.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,078 | 1,401 | 1,559 | 1,720 | 1,776 |
| EBITDA (ex other income) | 112 | 153 | 195 | 194 | 187 |
| margin % | 10.4 | 10.9 | 12.5 | 11.3 | 10.5 |
| Owners' profit | 24 | 0 | 61 | 46 | 0 |
| EPS, as reported (₹) | 15.68 | 31.92 | 38.04 | 28.36 | 21.09 |
| ROE % · ROCE % | 5.4 · 10.4 | 11.7 · 15.0 | 11.0 · 17.0 | 7.8 · 14.4 | 5.5 · 11.7 |
| Debt / equity (x) | 0.58 | 0.62 | 0.55 | 0.58 | 0.52 |
| Cash from operations | 77 | 87 | 157 | 205 | 239 |
| Capex | (60) | 0 | 0 | (165) | (132) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 464 | 392 | 425 | 418 | 428 | 430 | 495 | 578 |
| Profit before tax | 23 | 1 | 13 | 13 | 19 | 6 | 10 | 18 |
| Net profit | 17 | 1 | 10 | 9 | 14 | 3 | 8 | 11 |
| EPS (₹) | 10.34 | 0.48 | 5.80 | 5.71 | 8.50 | 2.01 | 4.86 | 14.04 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SAMVRDHNA MTHRSN INTL LTD | 1,69,176 | 38.6 | 3.87 | 15.1 | 9.4 | 8.2 | 17.1 | 9.0 |
| BOSCH LIMITED | 1,39,756 | 59.1 | 9.41 | 34.3 | 18.7 | 24.1 | 15.6 | 17.9 |
| BHARAT FORGE LTD | 83,937 | 118.9 | 8.78 | 30.3 | 11.4 | 13.2 | 21.6 | 8.8 |
| UNO MINDA LIMITED | 63,520 | 52.8 | 8.75 | 29.1 | 17.7 | 15.7 | 25.3 | 10.4 |
| SCHAEFFLER INDIA LIMITED | 56,735 | 45.3 | 9.23 | — | 10.4 | 14.1 | — | 19.4 |
| SONA BLW PRECISION FRGS L | 54,705 | 78.5 | 8.92 | 47.5 | 10.3 | 12.9 | — | 25.1 |
| TUBE INVEST OF INDIA LTD | 41,237 | 67.9 | 2.90 | 15.9 | 7.9 | 12.4 | 30.3 | 10.6 |
| ENDURANCE TECHNO. LTD. | 32,484 | 33.5 | 4.75 | 15.9 | 13.9 | 15.6 | 17.4 | 13.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 29.3 | 25.3 | 64 of 119 | 47% |
| P/B | 2.3 | 3.2 | 45 of 117 | 62% |
| ROCE | 6.2 | 12.6 | 96 of 125 | 23% |
| ROE | 5.5 | 11.7 | 91 of 117 | 22% |
| Debt / Equity | 0.5 | 0.3 | 81 of 117 | 31% |
| EBITDA margin | 9.6 | 12.2 | 82 of 118 | 31% |
| Revenue growth | 38.3 | 20.2 | 12 of 113 | 90% |
| Profit growth | 29.9 | 24.4 | 52 of 115 | 55% |
| Market cap | 1416 | 1460 | 64 of 126 | 50% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board meeting set for 12 November to approve quarterly results | results | low | — | — |
| 26 Oct 2026 · Alicon Castalloy grants 115,000 stock options to its CEO | capital market events | medium | — | — |
| 6 Oct 2026 · Reg 74(5) compliance certificate for Q2 FY27 filed with exchanges | compliance | minimal | — | — |
| 1 Oct 2026 · Alicon Castalloy says unaware of reason behind sharp rise in trading volumes | regulatory legal | medium | — | — |
| 30 Sept 2026 · NSE seeks clarification from Alicon Castalloy on unusual trading volume | regulatory legal | high | — | — |
| 29 Sept 2026 · 36th AGM results: all 4 resolutions passed, dividend of Rs 3 per share approved | board shareholder meetings | low | — | — |
| 28 Sept 2026 · 36th AGM held; 4 resolutions proposed with final dividend of Rs 3 per share | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Trading Window Closure from Oct 1 Ahead of Q2 Results | compliance | minimal | — | — |
| 12 Sept 2026 · Independent Director Ajay Patil resigns due to time commitments | management changes | medium | — | — |
| 7 Sept 2026 · Newspaper notice of 36th AGM published | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.