BSE: 544452
Swastika Castal Limited
Manufactures aluminium castings at its Vadodara, Gujarat facility, supplying components used in electrical equipment, power infrastructure and related industrial applications. FY26 total income was ₹36.19 crores, up 19.5% year-on-year, with growth described as volume-driven rather than price-driven. The customer base is concentrated among global electrical OEMs such as Hitachi, ABB, Siemens, GE and Toshiba, with whom management cites order visibility extending to 5+ years; export clients added in FY26 include QAG (Australia) and Trench (Europe), and the revenue mix is 59% domestic and 41% export. An order book of ₹20+ crores was disclosed, and the company is operating at roughly 57% capacity utilisation. Expansion capex was fully commissioned in March 2026, with further capacity additions planned by end of FY27; the company has also begun participating in defence and government tenders via the GeM portal and is targeting railways. The largest input cost is raw materials at 52.5% of revenue, followed by other operating expenses at 30.7% and employee cost at 5.5%; FY26 EBITDA was ₹6.22 crores. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Aluminium castings for electrical and power equipment OEMs, Export sales of castings (41%), Domestic sales of castings (59%). Small-cap, BSE SME-listed industrial casting supplier with asset expansion underway and heavy export exposure.
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY26 |
|---|---|
| Revenue | 35 |
| EBITDA (ex other income) | 5 |
| margin % | 15.2 |
| Owners' profit | 3 |
| EPS, as reported (₹) | 4.02 |
| ROE % · ROCE % | 12.7 · 18.9 |
| Debt / equity (x) | 0.40 |
| Cash from operations | (8) |
| Capex | (5) |
Exhibit 2: Quarterly performance, last 2 quarters
| ₹ crore | Q2 FY26 | Q4 FY26 |
|---|---|---|
| Revenue | 17 | 19 |
| Profit before tax | 2 | 3 |
| Net profit | 1 | 2 |
| EPS (₹) | 1.62 | 2.40 |
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 | 35,981 | 286.5 | 23.87 | 210.2 | 6.7 | 7.5 | 29.8 | 28.3 |
| AIA ENGINEERING LIMITED | 33,724 | 26.6 | 4.20 | 19.4 | 15.8 | 19.3 | 8.9 | 35.8 |
| HAPPY FORGINGS LIMITED | 17,054 | 52.0 | 8.01 | 34.6 | 14.2 | 18.5 | — | 33.8 |
| BALU FORGE INDUSTRIES LTD | 5,353 | 18.1 | 3.36 | 16.2 | 16.2 | 18.8 | — | 29.5 |
| STEELCAST LIMITED | 3,547 | 39.1 | 8.98 | — | 22.0 | 28.5 | — | 28.2 |
| Amic Forging Limited | 2,278 | 26.6 | — | — | — | 18.4 | — | — |
| INVESTMENT & PREC CAST L | 1,320 | 112.2 | 12.86 | 43.9 | 11.5 | 13.0 | 12.5 | 18.6 |
| NELCAST LIMITED | 1,092 | 26.5 | 1.82 | 10.2 | 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) | 24.3 | 26.1 | 10 of 22 | 57% |
| P/B | 3.1 | 3.5 | 9 of 20 | 58% |
| ROCE | 15.7 | 13.7 | 10 of 24 | 61% |
| ROE | 12.7 | 11.5 | 9 of 20 | 58% |
| Debt / Equity | 0.4 | 0.1 | 14 of 20 | 32% |
| EBITDA margin | 19.1 | 18.5 | 9 of 20 | 58% |
| Market cap | 80 | 409 | 20 of 24 | 17% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · IPO proceeds fully utilised without any deviation | compliance | minimal | — | — |
| 14 Oct 2026 · Compliance Certificate under SEBI Reg 74(5) submitted to BSE | compliance | minimal | — | — |
| 26 Sept 2026 · Trading Window Closes Ahead of H1 FY27 Results | compliance | minimal | — | — |
| 19 Sept 2026 · 30th AGM voting results - all 4 resolutions passed unanimously | board shareholder meetings | medium | — | — |
| 18 Sept 2026 · Revised proceedings of 30th AGM; registered office shift from WB to Gujarat proposed | board shareholder meetings | low | — | — |
| 18 Sept 2026 · 30th AGM held; resolution to shift registered office to Gujarat | board shareholder meetings | medium | — | — |
| 8 Sept 2026 · Swastika Castal holds virtual investor meet on 8 Sep 2026 | investor communications | low | — | — |
| 3 Sept 2026 · Virtual analyst and institutional investor meeting scheduled for 8 September 2026 | investor communications | low | — | — |
| 25 Aug 2026 · Cut-off date fixed for e-voting at AGM on 12 Sept 2026 | corporate actions | low | — | — |
| 25 Aug 2026 · Notice of 30th AGM on 18 Sep 2026, includes registered office shift to Gujarat | 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.