BSE: 543765
Earthstahl & Alloys Limited
Makes cast iron lumps and pipe-fittings or casting articles at a plant in Chhattisgarh using submerged arc furnaces. The Cast Iron Lumps segment had a segment loss of Rs 617.38 lakhs in H1 FY26 versus Rs 161.20 lakhs in H1 FY25, while Foundry (Casting Articles) revenue fell to Rs 691.82 lakhs from Rs 1,790.17 lakhs. Due to adverse market conditions, only one of the two submerged arc furnaces has been running since 1 November 2025. Full-year FY26 revenue from operations came in at Rs 6,159 lakhs, down ~15% from Rs 7,228 lakhs in FY25, and the company swung from a Rs 53 lakhs profit to a Rs 490 lakhs loss. The largest cost bucket is other operating expenses at 53.5% of revenue, with raw materials at 34.5%; the company has flagged sharp rises in electricity tariffs and power charges as the specific pressure point, and commissioned a 132 KV power supply system and a briquetting plant in October 2024 to address them. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Cast Iron Lumps, Foundry / Casting Articles. Small iron and steel products manufacturer exposed to commodity price and power cost cycles
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 92 | 88 | 72 | 62 |
| EBITDA (ex other income) | — | — | — | — |
| margin % | — | — | — | — |
| Owners' profit | — | — | — | — |
| EPS, as reported (₹) | 7.94 | 1.55 | 0.44 | 4.00 |
| ROE % · ROCE % | — · 24.6 | — · 8.7 | — · 4.0 | — · (12.2) |
| Debt / equity (x) | — | — | — | — |
| Cash from operations | 14 | 8 | (1) | 4 |
| Capex | — | — | (9) | (0) |
Exhibit 2: Quarterly performance, last 7 quarters
| ₹ crore | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|
| Revenue | 44 | 46 | 42 | 37 | 36 | 34 | 28 |
| Profit before tax | 2 | 1 | 2 | 1 | (0) | (4) | (2) |
| Net profit | — | — | — | — | — | — | — |
| EPS (₹) | 1.85 | 0.86 | 0.69 | 0.55 | 0.11 | 2.61 | 1.39 |
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. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 67,533 | 29.2 | 7.18 | 28.8 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 60,250 | 49.0 | 11.38 | 31.4 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 31,861 | 28.4 | 2.58 | 12.9 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 16,161 | 37.3 | 3.84 | 18.9 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 15,396 | 23.5 | 1.25 | 8.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 14,152 | 27.9 | 4.29 | 18.6 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,005 | 29.9 | 3.92 | 17.3 | 14.6 | 16.8 | 34.4 | 17.8 |
| GODAWARI POW & ISP LTD | 12,751 | 14.9 | 2.18 | 9.7 | 13.7 | 17.0 | 5.7 | 21.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 3.0 | 15.4 | 8 of 105 | 93% |
| ROCE | (15.8) | 9.1 | 110 of 115 | 4% |
| Revenue growth | (34.5) | 13.7 | 85 of 97 | 13% |
| Market cap | 17 | 216 | 103 of 122 | 16% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · Compliance certificate for demat and remat requests for Sept 2026 quarter | compliance | minimal | — | — |
| 1 Oct 2026 · All 6 resolutions passed at 17th AGM; WTDs reappointed for 5 years | compliance | minimal | — | — |
| 29 Sept 2026 · 17th AGM proceedings of Earthstahl & Alloys held on 29 Sep 2026 | board shareholder meetings | medium | — | — |
| 22 Sept 2026 · Company pays exchange fine for delayed compliance officer appointment | regulatory legal | medium | — | — |
| 21 Sept 2026 · Trading window closed ahead of HY financial results - Oct 2026 | compliance | minimal | — | — |
| 4 Sept 2026 · Newspaper publication of AGM notice and e-voting information | compliance | minimal | — | — |
| 3 Sept 2026 · Earthstahl and Alloys files FY26 annual report; AGM on 29 Sept | results | medium | — | — |
| 3 Sept 2026 · Earthstahl and Alloys schedules 17th AGM on 29 September 2026 via video conferencing | board shareholder meetings | low | — | — |
| 20 Aug 2026 · BSE imposes Rs 1,000 fine on Earthstahl for delayed compliance officer appointment | regulatory legal | medium | — | — |
| 14 Aug 2026 · Reappointment of Prawin Somani and Rajesh Somani as Whole Time Directors for 5 years | management changes | medium | — | — |
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.