BSE: 544023
Kalyani Cast-Tech Limited
Manufactures cargo containers and is expanding into railway wagon manufacturing from a 144-acre integrated campus being built in Kachchh, Gujarat. The core business is container manufacturing — including standard, stainless steel and foldable variants for transporting steel coils, slabs and sheets — with 15,000 containers delivered as of H1 FY26 and a ₹140 cr order book for FY26. A diversification into wagon manufacturing is underway, with RDSO-cleared specialized designs and Phase 1 capacity of 2,500 wagons per year planned to scale to 7,500–8,000 per year. The Gujarat campus is also intended to host a Gati Shakti cargo rail terminal, an inline container depot for EXIM cargo, and a steel foundry for wagon components such as bogies, couplers and wheelsets. Revenue in FY26 stood at ₹149.94 cr, with materials accounting for 68.6% of revenue and capex running at 24.5% of revenue. The customer base spans Indian Railways, container train operators and private logistics firms including DP World, Mazagon Dock, NTPC, Western Carriers and Amba Coach Builders, and a Japanese alliance signed in February 2026 with Innovation Thru Energy adds ISO IceBattery refrigerated containers to the line. The balance sheet is nearly debt-free at 0.08% debt-to-equity, with ₹170–200 cr of capex planned at the Gujarat site. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Container manufacturing, Wagon manufacturing, Steel foundry and wagon components, Logistics infrastructure (planned). Capital-intensive, growing industrial manufacturer in the middle of a heavy capex phase, with a debt-free balance sheet and a multi-year buildout in containers, wagons and rail-logistics infrastructure.
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 94 | 139 | 150 |
| EBITDA (ex other income) | 13 | — | — |
| margin % | 14.3 | — | — |
| Owners' profit | 0 | — | — |
| EPS, as reported (₹) | 16.41 | 19.85 | 23.89 |
| ROE % · ROCE % | 18.9 · 26.1 | — · 29.6 | — · 26.4 |
| Debt / equity (x) | 0.15 | — | — |
| Cash from operations | (9) | 8 | 18 |
| Capex | (2) | (2) | (37) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|
| Revenue | 45 | 70 | 69 | 92 | 58 |
| Profit before tax | 5 | 11 | 8 | 13 | 10 |
| Net profit | 4 | — | — | — | — |
| EPS (₹) | 5.56 | 11.47 | 8.53 | 13.35 | 10.44 |
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. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,786 | 97.2 | 24.93 | 80.7 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 29,194 | 78.7 | 9.52 | 50.8 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 27,680 | 50.5 | 6.20 | — | 11.8 | 15.5 | — | 18.2 |
| KAYNES TECHNOLOGY IND LTD | 22,459 | 64.9 | 4.72 | 31.9 | 7.6 | 9.8 | — | 17.1 |
| JYOTI CNC AUTOMATION LTD | 21,078 | 65.5 | 10.53 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| LMW LIMITED | 17,356 | 99.3 | 6.05 | 56.2 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,374 | 469.7 | 3.93 | 40.0 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,314 | 48.4 | 7.32 | 50.2 | 11.7 | 11.5 | — | 15.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 25.1 | 26.5 | 62 of 130 | 53% |
| ROCE | 26.3 | 11.3 | 12 of 142 | 92% |
| Revenue growth | 27.2 | 20.6 | 41 of 114 | 65% |
| Market cap | 788 | 279 | 46 of 141 | 68% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · RDSO grants Stage-I concept approval for new container wagon design | business updates | medium | — | — |
| 19 Oct 2026 · Business update conference call scheduled for October 29, 2026 | board shareholder meetings | low | — | — |
| 12 Oct 2026 · RTA confirms Regulation 74(5) certificate not applicable for Q2 FY27 | compliance | minimal | — | — |
| 2 Oct 2026 · Kalyani Cast-Tech 14th AGM: All 5 resolutions passed unanimously | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Kalyani Cast-Tech holds 14th AGM via video conferencing on Sept 30, 2026 | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Trading Window Closed from Oct 1, 2026 Pending H2 FY26 Results | compliance | minimal | — | — |
| 23 Sept 2026 · Allotment of 3,23,123 convertible warrants on preferential basis approved | fund raising | high | — | — |
| 13 Sept 2026 · Rescheduled inauguration of Gati Shakti Cargo Terminal to 15 Sept | capex operations | low | — | — |
| 11 Sept 2026 · Inauguration of Gati Shakti Cargo Terminal and key logistics milestones on Sep 14 | capex operations | high | — | — |
| 11 Sept 2026 · Approval received for Inland Container Depot at Shivlakha, Kutch, Gujarat | capex operations | 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.