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.
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 70,880 | 30.7 | 7.54 | 30.2 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 59,803 | 48.6 | 11.29 | 31.1 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 29,979 | 26.8 | 2.43 | 12.2 | 8.6 | 11.4 | 24.1 | 14.9 |
| JINDAL SAW LIMITED | 20,016 | 30.5 | 1.63 | 10.5 | 7.5 | 6.8 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 1 Sept 2026 · 71st AGM results: dividend, accounts, director re-appointment all approved | compliance | minimal | — | — |
| 31 Aug 2026 · 71st AGM held, final dividend of Re 0.90 per share declared | board shareholder meetings | low | — | — |
| 27 Aug 2026 · Electrosteel Castings to meet investors and analysts on September 3 | board shareholder meetings | low | — | — |
| 14 Aug 2026 · Postal Ballot Results: Two Director Resolutions Passed by Shareholders | board shareholder meetings | medium | — | — |
| 12 Aug 2026 · Q1 FY27 Concall: Margin Recovery Plan, New Paints Foray | investor communications | medium | — | — |
| 12 Aug 2026 · Electrosteel Castings: Senior Management Personnel resigns on personal grounds | management changes | medium | — | — |
| 12 Aug 2026 · President Manoj Kumar Thakur resigns from Electrosteel Castings effective August 12, 2026 | management changes | high | — | — |
| 8 Aug 2026 · Electrosteel Castings Q1FY27 newspaper results show sharp profit fall | compliance | minimal | — | — |
| 7 Aug 2026 · Audio link shared for Q1 FY27 earnings conference call | investor communications | low | — | — |
| 7 Aug 2026 · Ashutosh Agarwal exits as CFO, Rajesh Daga takes over from Aug 11 | management changes | high | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| 10.9 |
| 9.4 |
| RATNAMANI MET & TUB LTD. | 19,815 | 45.8 | 4.71 | 23.1 | 12.7 | 15.6 | 14.4 | 18.5 |
| GODAWARI POW & ISP LTD | 15,875 | 18.6 | 2.71 | 12.0 | 13.7 | 17.0 | 5.7 | 21.0 |
| USHA MARTIN LTD. | 15,069 | 29.7 | 4.56 | 19.8 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,270 | 30.6 | 4.00 | 17.7 | 14.6 | 16.8 | 34.4 | 17.8 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 39.7 | 16.2 | 98 of 118 | 17% |
| P/B | 0.8 | 1.7 | 21 of 99 | 80% |
| ROCE | 3.1 | 8.7 | 89 of 120 | 26% |
| ROE | 2.7 | 8.6 | 87 of 114 | 24% |
| Debt / Equity | 0.3 | 0.1 | 72 of 114 | 37% |
| 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 | 4816 | 247 | 17 of 120 | 87% |
| 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 |
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.
