NSE: NELCAST · BSE: 532864
NELCAST LIMITED
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.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
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 | 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 |
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. % |
|---|---|---|---|---|---|---|---|---|
| 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 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 27.9 | 26.7 | 14 of 22 | 38% |
| P/B | 1.9 | 3.6 | 3 of 20 | 90% |
| 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 | 1148 | 425 | 8 of 24 | 70% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 17 Oct 2026 · Nelcast Q2FY27 earnings call scheduled for November 3, 2026 | board shareholder meetings | low | — | — |
| 15 Oct 2026 · Nelcast board meeting on Nov 2 to consider Q2 and H1 FY26-27 results | results | low | — | — |
| 9 Oct 2026 · RTA compliance certificate under SEBI Reg 74(5) for Q2 FY26 | compliance | minimal | — | — |
| 5 Oct 2026 · Nelcast board approves Rs 75 crore Machining Division in Gudur | capex operations | high | — | — |
| 23 Sept 2026 · Nelcast schedules virtual investor meeting with Arihant Capital on Sep 29 | investor communications | low | — | — |
| 21 Sept 2026 · Trading Window Closed Ahead of Q2 FY26 Results at Nelcast | compliance | minimal | — | — |
| 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 | — | — |
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.