NSE: STEELCAS · BSE: 513517
STEELCAST LIMITED
Makes steel and alloy castings at its Bhavnagar, Gujarat foundry, with current melting capacity of 29,000 tonnes per year. The company sells castings to mining, railway, auto and general engineering customers in India and abroad, with exports running at about 60% of revenue spread across 16 countries. Mining, which contributed 84% of revenue a decade ago, now accounts for about 27%, as the mix has been broadened into ground engaging tools (GEC), defence, railways and other industrial castings. Q1 FY27 revenue rose 17% year-on-year to ₹124.82 crore, with EBITDA of ₹35.2 crore and PAT of ₹23.7 crore. Order book stood at ₹140 crore, up 20% YoY, with capacity utilisation guided at 63% in FY27 and a target of 90% by FY29. A ₹120 crore greenfield foundry adding 8,500 tonnes is targeted for 31 March FY28 commissioning, funded entirely from internal accruals, with management citing roughly ₹300 crore of peak revenue potential at full ramp. The largest cost lines are other operating expenses at 39.9% of revenue, materials at 20.1% and employees at 12.5%, with depreciation at 3.0%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Castings for mining sector (27%), Ground Engaging Tools (GEC) (1%), Defence castings (1%), Exports (49%), Domestic sales (51%). Cyclical, asset-heavy industrial castings serving diversified engineering end-markets; debt-free, funded by internal accruals
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 302 | 477 | 410 | 376 | 423 |
| EBITDA (ex other income) | 64 | 114 | 117 | 106 | 114 |
| margin % | 21.1 | 23.9 | 28.6 | 28.2 | 27.0 |
| Owners' profit | 33 | 71 | 75 | 72 | 87 |
| EPS, as reported (₹) | 16.44 | 34.84 | 37.06 | 35.67 | 8.58 |
| ROE % · ROCE % | 21.3 · 28.2 | 32.8 · 43.4 | 27.8 · 36.5 | 22.2 · 29.0 | 22.0 · 28.6 |
| Debt / equity (x) | 0.40 | 0.11 | 0.00 | 0.00 | 0.00 |
| Cash from operations | (0) | 108 | 68 | 74 | 86 |
| Capex | (33) | (47) | (18) | (17) | (33) |
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 | 76 | 102 | 121 | 107 | 107 | 97 | 112 | 125 |
| Profit before tax | 18 | 26 | 36 | 27 | 31 | 28 | 31 | 32 |
| Net profit | 13 | 19 | 27 | 20 | 23 | 21 | 23 | 24 |
| EPS (₹) | 6.57 | 9.49 | 13.22 | 9.82 | 2.29 | 2.03 | 2.29 | 2.34 |
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) | 38.8 | 26.7 | 17 of 22 | 24% |
| P/B | 8.9 | 3.6 | 18 of 20 | 11% |
| ROCE | 28.5 | 13.7 | 1 of 24 | 100% |
| ROE | 22.0 | 11.5 | 2 of 20 | 95% |
| Debt / Equity | 0.0 | 0.1 | 2 of 20 | 79% |
| EBITDA margin | 28.2 | 18.5 | 7 of 20 | 68% |
| Revenue growth | 17.0 | 12.2 | 8 of 18 | 59% |
| Profit growth | 19.3 | 19.3 | 9 of 17 | 50% |
| Market cap | 3516 | 425 | 5 of 24 | 83% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Routine compliance filing: Regulation 74(5) certificate for Sep 2026 quarter | compliance | minimal | — | — |
| 8 Oct 2026 · Steelcast gets IRIS rail certification, first in Gujarat steel sector | business updates | high | — | — |
| 26 Sept 2026 · Intimation of Analyst / Institutional Investor meeting under the SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015 | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Steelcast to meet MetLife and Dhamma Capital investors on Sep 30 | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1 until 48 hours after Q2 results declaration | compliance | minimal | — | — |
| 21 Sept 2026 · Steelcast schedules investor and analyst meetings on Sep 28-29, 2026 | board shareholder meetings | low | — | — |
| 21 Sept 2026 · Steelcast Limited to hold analyst and investor meetings on Sept 28-29 | board shareholder meetings | low | — | — |
| 21 Sept 2026 · Steelcast to meet analysts and investors on Sept 28 and 29 | board shareholder meetings | low | — | — |
| 19 Sept 2026 · Steelcast schedules investor meetings on Sept 23-24 | board shareholder meetings | low | — | — |
| 19 Sept 2026 · Steelcast announces schedule of analyst and investor meetings on Sept 23-24 | board shareholder meetings | low | — | — |
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.