NSE: GFSTEELS · BSE: 513343
GRAND FOUNDRY LTD
Operates under the name Grand Foundry, suggesting metal foundry or casting work, and is small in scale — FY26 revenue was ₹10.5256 crore against net profit of ₹0.1813 crore. The cost structure is dominated by materials at 95% of revenue, with employees at 1.6% and other operating costs at 4.3%, and no depreciation or capex recorded. In Q1 FY27, total income was ₹1,968.31 lakhs and profit after tax was ₹211.08 lakhs, against a loss of ₹14.69 lakhs in Q1 FY26. Filings indicate the board has approved proposals to rename the company to Tikona Communication Limited and to appoint directors associated with a telecom pivot, pointing to a strategic shift toward telecom equipment. Promoters have entered a Share Purchase Agreement to sell a 70.17% stake, with an open offer at ₹2.50 per share. The shares remain under GSM Stage 3, the lowest trading stage on the exchanges. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Foundry operations (current), Telecom equipment (proposed pivot). Small, materials-heavy manufacturer proposing a strategic pivot to telecom equipment
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 11 |
| EBITDA (ex other income) | (0) | (1) | (0) | (0) | 1 |
| margin % | — | (922.7) | — | — | 7.1 |
| Owners' profit | (0) | (1) | (1) | (1) | 0 |
| EPS, as reported (₹) | 0.04 | (0.09) | (0.17) | 0.22 | 0.06 |
| ROE % · ROCE % | 6.3 · 12.9 | 25.2 · 21.2 | 10.4 · 3.5 | 12.1 · 5.2 | (3.3) · 55.5 |
| Debt / equity (x) | (0.50) | (0.99) | (0.99) | (0.99) | (1.25) |
| Cash from operations | (0) | 2 | 0 | (1) | (1) |
| Capex | 0 | 0 | 0 | 0 | 0 |
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 | 0 | 0 | 0 | 0 | 0 | 0 | 11 | 20 |
| Profit before tax | (0) | (0) | (0) | (0) | (0) | (0) | 1 | 2 |
| Net profit | (0) | (0) | (0) | (0) | (0) | (0) | 1 | 2 |
| EPS (₹) | (0.05) | (0.05) | 0.05 | 0.05 | (0.11) | (0.08) | 0.29 | 0.69 |
Exhibit 3: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · Routine RTA certificate on share dematerialization for July-September 2026 | compliance | minimal | — | — |
| 6 Oct 2026 · EGM on Oct 28: Capital raise, warrants, preferential issue, and RPTs | board shareholder meetings | low | — | — |
| 6 Oct 2026 · Revised CA certificate filed for proposed name change to Tikona Communication | compliance | minimal | — | — |
| 1 Oct 2026 · Board approves preferential issue, warrants, and acquisition of FWSL via RNCPS | fund raising | high | — | — |
| 29 Sept 2026 · Sar Televenture completes takeover of Grand Foundry; old promoters exit | strategic transactions | critical | — | — |
| 29 Sept 2026 · SAR Televenture acquires 56.13% in Grand Foundry; holding rises to 70.17% | strategic transactions | high | — | — |
| 28 Sept 2026 · Board to consider equity shares, warrants, and preference share issuance on Oct 1 | fund raising | medium | — | — |
| 28 Sept 2026 · Trading window closed for insiders ahead of Q2 results | compliance | minimal | — | — |
| 25 Sept 2026 · Promoter Rakesh Kumar Bansal sells 14.03% stake to SAR Televenture via open offer | strategic transactions | high | — | — |
| 17 Sept 2026 · Board approves NCDs worth Rs 99.19 cr for 62% stake in Tikona Infinet | strategic transactions | high | — | — |
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.