Manufactures iron castings supplied to the automotive, tractor, commercial vehicle and railway industries. The BRSR filing describes it as an iron castings maker for autos, tractors and railways, with FY26 turnover of Rs 1,328.4 crore and exports of 29 percent shipped to 13 countries. The bulk of revenue is driven by tractor and commercial vehicle demand, which the company flagged as healthy in its Q1 FY27 commentary, while new product lines were slated to start production in Q2 FY27 with a full ramp-up expected in H2 FY27. Cost structure in FY26 was dominated by materials at 43.4 percent of revenue, followed by other operating expenses at 41.2 percent, with employee costs at 6.8 percent and depreciation at 2.0 percent. Profitability compressed sharply in Q1 FY27, with EBITDA margin falling to 5.8 percent from 9.6 percent a year earlier, which management attributed to elevated raw material costs linked to geopolitical issues and labour constraints. The subsidiary NC Energy has not yet started operations, so consolidated results match the standalone numbers. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Iron castings for autos, tractors, commercial vehicles and railways. Cyclical, asset-heavy iron castings manufacturer tied to tractor, commercial vehicle and auto demand cycles.
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 927 | 1,264 | 1,267 | 1,252 | 1,328 |
| EBITDA (ex other income) | 58 | 79 | 110 | 92 | 110 |
| margin % | 6.3 | 6.3 | 8.7 | 7.4 | 8.3 |
| Owners' profit | 0 | 0 | 0 | 37 | 0 |
| EPS, as reported (₹) | 1.64 | 3.42 | 6.25 | 4.29 | 5.57 |
| ROE % · ROCE % | 3.2 · 7.2 | 6.3 · 11.6 | 10.4 · 15.0 | 6.7 · 12.6 | 8.1 · 14.2 |
| Debt / equity (x) | 0.63 | 0.64 | 0.63 | 0.53 | 0.43 |
| Cash from operations | (13) | 80 | 19 | 105 | 92 |
| Capex | (40) | (20) | (64) | (39) | (16) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 330 | 291 | 330 | 332 | 299 | 330 | 368 | 341 |
| Profit before tax | 13 | 8 | 18 | 17 | 6 | 21 | 21 | 7 |
| Net profit | 10 | 6 | 14 | 13 | 5 | 16 | 15 | 5 |
| EPS (₹) | 1.13 | 0.69 | 1.56 | 1.44 | 0.55 | 1.83 | 1.76 | 0.59 |
| 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 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 4 Aug 2026 · Nelcast to attend EMKAY Confluence 2026 investor meet on 12 August | board shareholder meetings | low | — | — |
| 30 Jul 2026 · Nelcast posts transcript of analyst/investor call held on 28 July 2026 | investor communications | medium | — | — |
| 28 Jul 2026 · Nelcast 44th AGM: All 6 resolutions passed with over 99.99 percent majority | board shareholder meetings | medium | — | — |
| 28 Jul 2026 · Nelcast Q1 FY27 results published in newspapers | compliance | minimal | — | — |
| 28 Jul 2026 · Audio recording of Q1 FY27 analyst call posted on website | investor communications | low | — | — |
| 27 Jul 2026 · Nelcast 44th AGM outcome: dividend, director re-appointments approved | board shareholder meetings | low | — | — |
| 27 Jul 2026 · Nelcast Q1FY27 results: Revenue up 2.8% YoY, margins under pressure | investor communications | medium | — | — |
| 27 Jul 2026 · Nelcast Q1 FY27: Revenue Up 2.8%, PAT Falls 58.9% on Cost Pressures | results | high | — | — |
| 27 Jul 2026 · Nelcast reconstitutes board committees | management changes | medium | — | — |
| 27 Jul 2026 · Nelcast Q1 FY27 Results: PAT Down About 59 Percent YoY | results | high | — | — |
| 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 |
| 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 | 1.57 | 8.9 | 8.1 | 9.4 | 16.8 | 5.9 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 22.8 | 29.9 | 8 of 22 | 67% |
| P/B | 1.6 | 4.1 | 2 of 20 | 95% |
| ROCE | 9.4 | 13.7 | 17 of 24 | 30% |
| ROE | 8.1 | 11.5 | 15 of 20 | 26% |
| Debt / Equity | 0.4 | 0.1 | 15 of 20 | 26% |
| EBITDA margin | 5.9 | 18.5 | 20 of 20 | 0% |
| Revenue growth | 2.8 | 12.2 | 13 of 18 | 29% |
| Profit growth | (58.9) | 19.3 | 17 of 17 | 0% |
| Market cap | 940 | 482 | 8 of 24 | 70% |
| 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 |
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