NSE: ELECTCAST · BSE: 500128
ELECTROSTEEL CASTINGS LTD
Makes Ductile Iron (DI) pipes used in water supply, sewerage and irrigation networks, primarily serving India's Jal Jeevan Mission (JJM) and other government water infrastructure programmes. FY26 sales volume fell 25% year-on-year to 5.84 lakh tons after a freeze in JJM fund disbursements, dragging Q4 standalone to a ₹10.7 crore loss. Exports grew 7% year-on-year and contributed about 23% of Q4 revenue, with the Middle East accounting for roughly half of export sales. The company holds a 20-25% share of the domestic DI pipe market and is running at 50% capacity utilisation, which management describes as a cyclical trough. Government approval of Jal Jeevan Mission 2.0 — with an ₹8.69 lakh crore outlay through December 2028 — is the main stated demand catalyst. Diversification moves include the acquisition of Italy-based T.I.S. Service for valve manufacturing and a planned entry into industrial paints and protective coatings. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Domestic DI Pipes, Export DI Pipes, Valves (T.I.S. Italy), Industrial Paints & Coatings. Cyclical, capital-intensive DI pipe manufacturer tied to government water infrastructure spending.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 5,281 | 7,276 | 7,478 | 7,320 | 5,918 |
| EBITDA (ex other income) | 698 | 738 | 1,178 | 1,036 | 321 |
| margin % | 13.2 | 10.1 | 15.8 | 14.1 | 5.4 |
| Owners' profit | 347 | 316 | 740 | 710 | 161 |
| EPS, as reported (₹) | 5.84 | 5.31 | 12.35 | 11.48 | 2.61 |
| ROE % · ROCE % | 8.5 · 11.6 | 7.2 · 12.6 | 14.5 · 18.6 | 12.3 · 14.7 | 2.7 · 5.1 |
| Debt / equity (x) | 0.71 | 0.60 | 0.44 | 0.36 | 0.26 |
| Cash from operations | (279) | 452 | 806 | 480 | 1,147 |
| Capex | (195) | (188) | (244) | (278) | (130) |
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 | 1,828 | 1,777 | 1,701 | 1,558 | 1,396 | 1,472 | 1,493 | 1,426 |
| Profit before tax | 212 | 213 | 126 | 121 | 107 | (32) | 23 | 69 |
| Net profit | 155 | 160 | 168 | 89 | 78 | (22) | 16 | 48 |
| EPS (₹) | 2.51 | 2.59 | 2.72 | 1.44 | 1.27 | (0.35) | 0.26 | 0.78 |
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 | 65,982 | 28.6 | 7.01 | 28.1 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 61,480 | 50.0 | 11.61 | 32.0 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 32,069 | 28.6 | 2.60 | 13.0 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 16,437 | 38.0 | 3.91 | 19.2 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 15,732 | 24.0 | 1.28 | 8.7 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 14,523 | 28.6 | 4.40 | 19.1 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,114 | 30.2 | 3.95 | 17.5 | 14.6 | 16.8 | 34.4 | 17.8 |
| GODAWARI POW & ISP LTD | 12,641 | 14.8 | 2.16 | 9.6 | 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) | 34.1 | 15.6 | 82 of 105 | 22% |
| P/B | 0.7 | 1.4 | 19 of 101 | 82% |
| ROCE | 3.1 | 9.1 | 88 of 115 | 24% |
| ROE | 2.7 | 8.6 | 80 of 103 | 23% |
| Debt / Equity | 0.3 | 0.2 | 59 of 101 | 42% |
| EBITDA margin | 9.8 | 11.0 | 55 of 100 | 46% |
| Revenue growth | (8.5) | 13.7 | 74 of 97 | 24% |
| Profit growth | (45.7) | 29.3 | 86 of 105 | 18% |
| Market cap | 4129 | 210 | 18 of 122 | 86% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · CFO certificate on use of Commercial Paper proceeds for Q2 FY26 | compliance | minimal | — | — |
| 12 Oct 2026 · CFO certifies Commercial Paper proceeds used as disclosed for Sep 2026 quarter | compliance | minimal | — | — |
| 8 Oct 2026 · RTA Compliance Certificate for Q2 FY27 Filed with BSE and NSE | compliance | minimal | — | — |
| 8 Oct 2026 · Electrosteel Castings redeems Rs 100 crore Commercial Paper on maturity | credit debt | medium | — | — |
| 1 Oct 2026 · Promoter group entities buy shares worth about Rs 195 cr in Electrosteel | ownership changes | medium | — | — |
| 30 Sept 2026 · Promoter Group buys 5% in Electrosteel Castings, holding crosses 54% | ownership changes | high | — | — |
| 30 Sept 2026 · FII Belgrave Investment Fund files SAST disclosure for Electrosteel Castings | ownership changes | medium | — | — |
| 30 Sept 2026 · SAST Disclosure Filed By Belgrave Investment Fund Under Reg 29(2) | ownership changes | medium | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 23 Sept 2026 · Virtual investor meeting scheduled for 29 September 2026 | board shareholder meetings | low | — | — |
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.