NSE: PTCIL · BSE: 539006
PTC INDUSTRIES LIMITED
Manufactures precision castings, forgings and advanced metal components serving aerospace, defence and strategic sectors. The company has shifted from build-to-print component supply into higher-value design-led and systems work, evidenced by a recent string of domestic defence orders: two major artillery gun components for Gun Factory Kanpur, a unit of Advanced Weapons and Equipment India Limited, on a 9-month execution timeline; a titanium cradle for the 105mm Indian Light Weight Tank from DRDO's ARDE on a 2.5-year timeline, which is its first design-led order; and a strategic missile sub-system for BrahMos Aerospace on a 2-year timeline. It also supplies components for the M777 howitzer programme for BAE Systems. Through wholly owned subsidiary Aerolloy Technologies, it is establishing India's first integrated titanium and superalloy materials ecosystem at the Lucknow Strategic Materials Technology Complex. Materials account for 56.8% of FY26 revenue, while capex stood at 52.6% of revenue, indicating heavy ongoing investment in capacity. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Precision castings and forgings, Defence components and sub-systems, Aerospace components, Advanced materials. Capital-intensive castings and advanced materials business moving up the value chain into design-led defence systems
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 179 | 219 | 257 | 308 | 603 |
| EBITDA (ex other income) | 41 | 59 | 73 | 74 | 132 |
| margin % | 22.7 | 26.7 | 28.3 | 24.1 | 21.9 |
| Owners' profit | 13 | 26 | 42 | 61 | 0 |
| EPS, as reported (₹) | 24.45 | 19.60 | 30.83 | 41.37 | 67.76 |
| ROE % · ROCE % | 7.8 · 11.4 | 8.4 · 11.5 | 6.5 · 9.2 | 4.4 · 6.0 | 6.7 · 8.0 |
| Debt / equity (x) | 1.16 | 0.58 | 0.28 | 0.04 | 0.17 |
| Cash from operations | 25 | 47 | (96) | 14 | (69) |
| Capex | (28) | (96) | (117) | (190) | (317) |
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 | 72 | 67 | 122 | 97 | 125 | 156 | 225 | 192 |
| Profit before tax | 22 | 19 | 31 | 9 | 23 | 23 | 72 | 37 |
| Net profit | 17 | 14 | 25 | 5 | 18 | 18 | 60 | 29 |
| EPS (₹) | 11.85 | 9.51 | 16.40 | 3.44 | 12.10 | 12.25 | 39.96 | 19.47 |
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) | 285.9 | 26.7 | 22 of 22 | 0% |
| P/B | 23.8 | 3.6 | 20 of 20 | 0% |
| ROCE | 7.5 | 13.7 | 20 of 24 | 17% |
| ROE | 6.7 | 11.5 | 16 of 20 | 21% |
| Debt / Equity | 0.2 | 0.1 | 12 of 20 | 42% |
| EBITDA margin | 28.3 | 18.5 | 6 of 20 | 74% |
| Revenue growth | 97.4 | 12.2 | 1 of 18 | 100% |
| Profit growth | 466.2 | 19.3 | 1 of 17 | 100% |
| Market cap | 35906 | 425 | 1 of 24 | 100% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 21 Oct 2026 · Routine submission of dematerialisation certificate under SEBI Reg 74(5) | compliance | minimal | — | — |
| 14 Oct 2026 · PTC's Aerolloy unit wins Safran order for LEAP engine titanium cast parts | business updates | high | — | — |
| 14 Oct 2026 · PTC Industries subsidiary Aerolloy wins Safran LEAP engine Titanium casting order | business updates | high | — | — |
| 14 Oct 2026 · PTC Industries to meet Goldman Sachs analyst on Oct 21 | board shareholder meetings | low | — | — |
| 13 Oct 2026 · PTC Industries raises Rs 1,800 crore via QIP, oversubscribed 5x | compliance | low | — | — |
| 10 Oct 2026 · Corrigendum to QIP Outcome - PTC Industries | fund raising | high | — | — |
| 9 Oct 2026 · PTC Industries allots 8.54 lakh shares via QIP at Rs 21,060 each | fund raising | high | — | — |
| 9 Oct 2026 · PTC Industries raises funds via QIP at 4.92% discount to floor price | fund raising | high | — | — |
| 6 Oct 2026 · QIP opens, floor price set at Rs 22,150 per share | fund raising | high | — | — |
| 6 Oct 2026 · PTC Industries files Q1 FY27 results for proposed QIP | fund raising | 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.