NSE: INVPRECQ · BSE: 504786
INVESTMENT & PREC CAST L
Manufactures investment castings — precision metal parts formed by pouring molten metal into ceramic moulds — primarily for the automotive sector, with growing business in aerospace and defence. The investment castings segment accounts for the vast majority of revenue; the group also runs a small wind-mill power generation operation that contributes a marginal share. Production runs at about 1,500 tons per year against an installed capacity of 3,060 tons, leaving significant headroom to scale at the Bhavnagar, Gujarat facility. Defence customers include the Gas Turbine Research Establishment (GTRE, a DRDO lab under the Ministry of Defence) for super-alloy HP turbine castings, and MKU Limited for precision aluminium thermal-weapon-sight components. A 4 MWp captive solar power plant was commissioned in March 2026, with management stating 25% of energy now comes from renewable sources. Costs are dominated by materials (31.5% of revenue) and other operating expenses (46.2% of revenue), with employees at 6.5% and depreciation at 4.5%. A wholly-owned subsidiary, I&PCL Vacuum Cast Limited, supports the casting operations. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Investment castings (100%), Power generation. Asset-heavy, small-cap industrial castings manufacturer diversifying from auto into defence and aerospace
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 132 | 170 | 171 | 165 | 188 |
| EBITDA (ex other income) | 13 | 21 | 25 | 22 | 30 |
| margin % | 9.8 | 12.6 | 14.8 | 13.6 | 16.1 |
| Owners' profit | 0 | 6 | 8 | 6 | 12 |
| EPS, as reported (₹) | 0.34 | 11.11 | 15.58 | 12.11 | 11.76 |
| ROE % · ROCE % | 0.2 · 6.5 | 7.1 · 14.5 | 9.1 · 17.8 | 6.6 · 14.4 | 11.5 · 17.8 |
| Debt / equity (x) | 0.88 | 0.83 | 0.87 | 0.71 | 0.68 |
| Cash from operations | 13 | 12 | 6 | 19 | 26 |
| Capex | (6) | (7) | (8) | (4) | (24) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 41 | 42 | 40 | 43 | 45 | 45 | 47 | 51 |
| Profit before tax | 3 | 2 | 1 | 3 | 3 | 4 | 4 | 6 |
| Net profit | 2 | 2 | 0 | 2 | 2 | 3 | 3 | 4 |
| EPS (₹) | 4.51 | 3.07 | 0.74 | 3.79 | 2.17 | 3.03 | 2.79 | 3.77 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| A. Investment castings | 95 | 50.3 |
| B. Power Generation | 1 | 0.7 |
| Investment castings | 47 | 24.9 |
| Power Generation | 1 | 0.7 |
| Investment Castings | 44 | 23.4 |
| Total, before eliminations | 188 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PTC INDUSTRIES LIMITED | 35,906 | 285.9 | 23.82 | 209.7 | 6.7 | 7.5 | 29.8 | 28.3 |
| AIA ENGINEERING LIMITED | 33,643 | 26.6 | 4.19 | 19.4 | 15.8 | 19.3 | 8.9 | 35.8 |
| HAPPY FORGINGS LIMITED | 16,966 | 51.8 | 7.97 | 34.4 | 14.2 | 18.5 | — | 33.8 |
| BALU FORGE INDUSTRIES LTD | 5,387 | 18.2 | 3.38 | 16.3 | 16.2 | 18.8 | — | 29.5 |
| STEELCAST LIMITED | 3,516 | 38.8 | 8.90 | — | 22.0 | 28.5 | — | 28.2 |
| Amic Forging Limited | 2,327 | 27.1 | — | — | — | 18.4 | — | — |
| INVESTMENT & PREC CAST L ◆ | 1,290 | 109.7 | 12.57 | 43.0 | 11.5 | 13.0 | 12.5 | 18.6 |
| NELCAST LIMITED | 1,148 | 27.9 | 1.92 | 10.6 | 8.1 | 9.4 | 16.8 | 5.9 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 109.7 | 26.7 | 21 of 22 | 5% |
| P/B | 12.6 | 3.6 | 19 of 20 | 5% |
| ROCE | 13.0 | 13.7 | 14 of 24 | 44% |
| ROE | 11.5 | 11.5 | 11 of 20 | 47% |
| Debt / Equity | 0.7 | 0.1 | 16 of 20 | 21% |
| EBITDA margin | 18.6 | 18.5 | 10 of 20 | 53% |
| Revenue growth | 20.4 | 12.2 | 6 of 18 | 71% |
| Profit growth | 98.9 | 19.3 | 6 of 17 | 69% |
| Market cap | 1290 | 425 | 7 of 24 | 74% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 17 Oct 2026 · I&PCL begins series production of CQB carbine components | business updates | high | — | — |
| 13 Oct 2026 · RTA compliance certificate filed for Q2 FY27 demat process | compliance | minimal | — | — |
| 9 Oct 2026 · Compliance certificate on share transfer activities for H1 FY27 | compliance | minimal | — | — |
| 29 Sept 2026 · Trading window closed from Oct 1 for Q2 FY27 results | compliance | minimal | — | — |
| 23 Sept 2026 · New defence order for Light Machine Gun components from PLR Systems | business updates | high | — | — |
| 7 Sept 2026 · HAL orders combat aircraft components from IPCL | business updates | high | — | — |
| 14 Aug 2026 · 51st AGM results: 10% dividend declared, all resolutions passed | board shareholder meetings | low | — | — |
| 14 Aug 2026 · 51st AGM approves all five resolutions, including dividend and higher director pay | board shareholder meetings | low | — | — |
| 13 Aug 2026 · IPCL 51st AGM held - 10% dividend declared, FY26 results adopted | board shareholder meetings | low | — | — |
| 13 Aug 2026 · Q1 FY27 results: revenue up 21%, profit more than doubles | results | 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.