Manufactures RDSO-certified cast steel components for Indian Railways, covering braking, suspension, coupling and propulsion parts. The product mix spans bogies, couplers, brake supports, axle box housings, cast steel bearing plates, slide chairs, insulated tie plates, centre pivot tops and cast steel blocks, sold to private wagon builders, railway coach factories and track projects. The ₹140–150 cr order book is described as roughly 40% coach, 20–30% track, with the remainder wagon. A new bogie plant at Haridwar, commissioned June 2026, is designed for 500 bogies/month capacity and ₹200 cr of peak revenue, lifting combined revenue potential to ₹340–350 cr in FY28. Direct-to-Railways sales scaled from ₹1.83 cr in H1 FY25 to ₹13.24 cr in H1 FY26, supplying production units such as Integral Coach Factory, Rail Coach Factory Kapurthala and MCF. Materials are the biggest input cost at 46.8% of revenue; FY26 revenue was ₹98.35 cr with an EBITDA margin of 34.44%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Wagon components, Coach components, Track section components. Asset-heavy castings supplier in mid-stage capacity expansion, serving a concentrated Indian Railways customer base
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 71 | 98 |
| EBITDA (ex other income) | 23 | 31 |
| margin % | 32.9 | 31.1 |
| Owners' profit | 16 | 25 |
| EPS, as reported (₹) | 5.84 | 6.91 |
| ROE % · ROCE % | 36.8 · 42.5 | 18.2 · 23.0 |
| Debt / equity (x) | 0.31 | 0.03 |
| Cash from operations | 12 | 4 |
| Capex | 0 | (53) |
| ₹ crore | Q4 FY25 | Q4 FY26 |
|---|---|---|
| Revenue | 35 | 54 |
| Profit before tax | 10 | 16 |
| Net profit | 8 | 13 |
| EPS (₹) | 3.02 | 2.75 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| AIA ENGINEERING LIMITED | 38,261 | 30.2 | 4.76 | 22.0 | 15.8 | 19.3 | 8.9 | 35.8 |
| PTC INDUSTRIES LIMITED | 35,141 | 279.8 | 23.32 | 205.3 | 6.7 | 7.5 | 29.8 | 28.3 |
| HAPPY FORGINGS LIMITED | 20,465 | 62.5 | 9.62 | 41.4 | 14.2 | 18.5 | — | 33.8 |
| BALU FORGE INDUSTRIES LTD | 6,464 | 21.9 | 4.05 | 19.6 | 16.2 | 18.8 | — | 29.5 |
| STEELCAST LIMITED | 3,313 | 36.5 | 8.39 | — | 22.0 | 28.5 | — | 28.2 |
| Amic Forging Limited | 2,553 | 29.8 | — | — | — | 18.4 | — | — |
| INVESTMENT & PREC CAST L | 1,406 | 119.5 | 13.70 | 46.6 | 11.5 | 13.0 | 12.5 | 18.6 |
| NELCAST LIMITED | 940 | 22.8 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 9 Sept 2026 · Annual Report FY26: Income crosses ₹100 cr, PAT up 52%, debt-free | results | high | — | — |
| 31 Aug 2026 · Neetu Yoshi allots 26.42L warrants at Rs 104 to raise Rs 27.48 Cr | fund raising | high | — | — |
| 31 Aug 2026 · Neetu Yoshi allots 26.42 lakh convertible warrants at Rs 104 each | fund raising | medium | — | — |
| 27 Aug 2026 · Neetu Yoshi allots 26.42 lakh warrants at Rs 104 each | fund raising | high | — | — |
| 8 Aug 2026 · Neetu Yoshi to begin production at new Haridwar plant from Sept 13 | compliance | low | — | — |
| 7 Aug 2026 · Neetu Yoshi to start production at new Haridwar facility on Sep 13 | capex operations | high | — | — |
| 23 Jul 2026 · Neetu Yoshi wins ₹17.12 Cr Indian Railways order | business updates | high | — | — |
| 21 Jul 2026 · Railway order worth about 3 crore for bogie components | business updates | medium | — | — |
| 20 Jul 2026 · Neetu Yoshi bags about Rs 17.12 Cr order from Indian Railways ICF | business updates | medium | — | — |
| 15 Jul 2026 · RTA compliance certificate under Regulation 74(5) for June 2026 quarter | compliance | minimal | — | — |
| 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 |
| 1.57 |
| 8.9 |
| 8.1 |
| 9.4 |
| 16.8 |
| 5.9 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 37.4 | 29.9 | 16 of 22 | 29% |
| P/B | 6.1 | 4.1 | 14 of 20 | 32% |
| ROCE | 21.9 | 13.7 | 3 of 24 | 91% |
| ROE | 18.2 | 11.5 | 3 of 20 | 90% |
| Debt / Equity | 0.0 | 0.1 | 7 of 20 | 68% |
| EBITDA margin | 33.1 | 18.5 | 3 of 20 | 90% |
| Market cap | 838 | 482 | 11 of 24 | 57% |
| 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.
