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Nelcast Q2 FY27 results: net profit ₹16.20 crore vs ₹4.76 crore, revenue up 35.9%
Nelcast Limited reported consolidated revenue from operations of ₹405.95 crore in Q2 FY27, up 35.9% from Q2 FY26 and 19.0% from Q1 FY27. Net profit was ₹16.20 crore and basic EPS was ₹1.86, with EBITDA of ₹32.79 crore at an 8.1% margin.
Key points
- Consolidated revenue rose to ₹405.95 crore in Q2 FY27 from ₹298.74 crore in Q2 FY26.
- EBITDA was ₹32.79 crore at an 8.1% margin, against ₹17.09 crore and 5.7% in Q2 FY26.
- Net profit was ₹16.20 crore versus ₹4.76 crore in Q2 FY26 and ₹5.14 crore in Q1 FY27.
- Basic EPS was ₹1.86, compared with ₹0.55 in Q2 FY26 and ₹0.59 in Q1 FY27.
- H1 FY27 revenue was ₹747.00 crore, while profit after tax was ₹21.34 crore.
How did Nelcast perform in Q2 FY27?
Nelcast’s consolidated revenue from operations was ₹405.95 crore in Q2 FY27, up ₹107.21 crore or 35.9% from ₹298.74 crore in Q2 FY26 and ₹64.90 crore or 19.0% from ₹341.05 crore in Q1 FY27. Total income was ₹409.56 crore, against ₹303.01 crore a year earlier and ₹345.39 crore in the previous quarter.
EBITDA was ₹32.79 crore, up ₹15.70 crore or 91.9% from ₹17.09 crore in Q2 FY26 and ₹17.03 crore or 108.1% from ₹15.76 crore in Q1 FY27. The EBITDA margin was 8.1%, up 2.4 percentage points year on year and 3.5 percentage points sequentially.
Profit before tax was ₹21.98 crore, up ₹15.62 crore or 245.6% from ₹6.36 crore a year earlier and ₹15.29 crore or 228.6% from ₹6.69 crore in Q1 FY27. Net profit was ₹16.20 crore, against ₹4.76 crore in Q2 FY26 and ₹5.14 crore in Q1 FY27; basic EPS was ₹1.86, compared with ₹0.55 and ₹0.59.
The board also approved standalone results for the quarter and half-year ended 30 September 2026. On the standalone basis, Q2 FY27 revenue was ₹405.95 crore and profit after tax was ₹16.20 crore, while profit before tax was ₹4.76 crore in Q2 FY26.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 405.95 | 341.05 | 298.74 | +35.9% | +19.0% |
| Other income | 3.61 | 4.34 | 4.27 | −15.5% | −16.8% |
| Total expenses | 387.58 | 338.70 | 296.65 | +30.7% | +14.4% |
| EBITDA | 32.79 | 15.76 | 17.09 | +91.9% | +108.1% |
| EBITDA margin | 8.1% | 4.6% | 5.7% | +2.4 pp | +3.5 pp |
| Profit before tax | 21.98 | 6.69 | 6.36 | +245.6% | +228.6% |
| Tax | 5.78 | 1.55 | 1.60 | +261.2% | +272.9% |
| Net profit | 16.20 | 5.14 | 4.76 | +240.3% | +215.2% |
| EPS (₹) | 1.86 | 0.59 | 0.55 | +238.2% | +215.3% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Nelcast's costs and profit?
Total expenses were ₹387.58 crore in Q2 FY27, up ₹90.93 crore or 30.7% from ₹296.65 crore in Q2 FY26. Cost of materials was ₹177.77 crore, higher by ₹47.40 crore or 36.4%, while other expenses were ₹167.73 crore, higher by ₹43.94 crore or 35.5%. Employee cost increased by ₹1.76 crore or 8.3% to ₹22.89 crore, and depreciation rose by ₹0.40 crore or 6.1% to ₹6.97 crore.
Finance costs fell by ₹0.98 crore or 11.6% to ₹7.45 crore from ₹8.43 crore in Q2 FY26. Other income declined by ₹0.66 crore or 15.5% to ₹3.61 crore from ₹4.27 crore. There was no exceptional item, and tax expense was ₹5.78 crore, higher by ₹4.18 crore or 261.2% from ₹1.60 crore.
Against Q1 FY27, total expenses were higher by ₹48.88 crore or 14.4%, led by a ₹23.72 crore or 15.4% increase in cost of materials and a ₹27.94 crore or 20.0% increase in other expenses. Employee cost fell by ₹0.96 crore or 4.0%, finance costs rose by ₹0.88 crore or 13.4%, other income fell by ₹0.73 crore or 16.8%, and tax expense rose by ₹4.23 crore or 272.9%.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 177.77 | 130.37 | +47.40 | +36.4% |
| Employee cost | 22.89 | 21.13 | +1.76 | +8.3% |
| Finance costs | 7.45 | 8.43 | −0.98 | −11.6% |
| Depreciation | 6.97 | 6.57 | +0.40 | +6.1% |
| Other expenses | 167.73 | 123.79 | +43.94 | +35.5% |
| Total expenses | 387.58 | 296.65 | +90.93 | +30.7% |
| Other income | 3.61 | 4.27 | −0.66 | −15.5% |
| Tax | 5.78 | 1.60 | +4.18 | +261.2% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue was ₹747.00 crore, up ₹116.40 crore or 18.5% from ₹630.60 crore in H1 FY26. Total income was ₹754.95 crore, up ₹115.95 crore or 18.1% from ₹639.00 crore.
Profit before tax was ₹28.67 crore in H1 FY27, up ₹5.71 crore or 24.9% from ₹22.96 crore in H1 FY26. Profit after tax was ₹21.34 crore, up ₹4.08 crore or 23.6% from ₹17.26 crore, while basic EPS increased by ₹0.47 or 23.7% to ₹2.45 from ₹1.98.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 747 | 630.60 | +18.5% |
| Profit before tax | 28.67 | 22.96 | +24.9% |
| Net profit | 21.34 | 17.26 | +23.6% |
| EPS (₹) | 2.45 | 1.98 | +23.7% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, consolidated total assets were ₹1189.48 crore, against ₹1198.70 crore on 31 March 2026. Total equity was ₹614.43 crore, up from ₹599.35 crore, while borrowings were ₹235.49 crore compared with ₹257.19 crore. Cash and cash equivalents were ₹72.25 crore, lower than ₹84.77 crore.
Inventories declined to ₹184.43 crore from ₹190.90 crore, trade receivables fell to ₹346.22 crore from ₹356.13 crore, and trade payables were ₹258.92 crore compared with ₹266.09 crore. In H1 FY27, operating cash flow was ₹38.66 crore, compared with ₹20.71 crore in H1 FY26.
Investing cash flow was negative ₹9.38 crore in H1 FY27 against negative ₹6.18 crore a year earlier, while financing cash flow was negative ₹27.16 crore against negative ₹41.47 crore. Capital expenditure was ₹11.75 crore, compared with ₹8.80 crore in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 1,189 | 1,199 |
| Total equity | 614.43 | 599.35 |
| Borrowings | 235.49 | 257.19 |
| Cash and equivalents | 72.25 | 84.77 |
| Inventories | 184.43 | 190.90 |
| Trade receivables | 346.22 | 356.13 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 38.66 | 20.71 |
| Cash from investing | −9.38 | −6.18 |
| Cash from financing | −27.16 | −41.47 |
| Capital expenditure | 11.75 | 8.80 |
Source: Company's results filing (XBRL).
How has Nelcast done over the last 8 quarters?
Revenue rose year on year in each of the last four quarters, according to the supplied trend data. Over the eight-quarter series, revenue was highest at ₹405.95 crore in Q2 FY27 and lowest at ₹291.41 crore in Q3 FY25, with a decline to ₹298.74 crore in Q2 FY26 before the recovery.
Profit after tax was highest at ₹16.20 crore in Q2 FY27 and lowest at ₹4.76 crore in Q2 FY26. The EBITDA margin reached 10.1% in Q3 FY26, fell to 4.6% in Q1 FY27, and recovered to 8.1% in Q2 FY27, while revenue increased from ₹341.05 crore in Q1 FY27 to ₹405.95 crore.
What else did the company announce?
The board approved Nelcast’s unaudited standalone and consolidated results for the quarter and half-year ended 30 September 2026, along with the limited audit review report. The board meeting began at 2.05 p.m. and concluded at 4.30 p.m. on 2 November 2026.
Nelcast also filed that it had installed an additional furnace at its Ponneri plant. The company is awaiting enhancement of sanctioned power supply; after commissioning, installed capacity is expected to increase from 40,000 tonnes per annum to 60,000 tonnes per annum, with enhanced production capacity available from January 2027. The project is funded through the company’s regular capital expenditure programme.
What did Nelcast's management say?
Management said strong commercial-vehicle demand, healthy exports and a progressive contribution from new products would support growth in H2 FY27. It expects tractor demand to moderate, while commercial-vehicle growth is expected to more than offset the weaker tractor demand. Export volumes are expected to remain strong, and new export products should contribute modestly in Q3 and more in Q4.
Management said new products would contribute progressively, with a larger impact in Q4. It is developing 500 kg front and rear axles for high-HP tractors and electrical power steering components, targeting U.S. tractor and construction-equipment markets, and expects the machining programme for an awarded customer to begin by early next year.
Management identified raw-material and freight volatility, recovery lags and initial new-product costs as variables affecting profitability. It said the new-product ramp-up could drive Pedapariya plant utilisation beyond 40%, while FY26 exports had been affected by a slowdown in the U.S. economy amid geopolitical headwinds.
How did Nelcast shares react?
Nelcast’s shares moved up 0.2% after five minutes and 0.4% after 15 minutes following the after-market filing. The reaction-day close was 13.8% above the pre-results close of ₹143.60, and by the next day’s close the stock was up 13.2% from that pre-results close.
On the reaction day, the median move for the other Castings & Forgings stocks was 0.0%, leaving Nelcast 13.8 percentage points ahead of the industry median. By the next day’s close, the industry median was up 1.2%, while Nelcast’s cumulative gain from the pre-results close was 13.2%, a difference of 12.0 percentage points. No five-day reaction was available.
Earlier results-day moves were mixed: Nelcast fell 13.6% on 27 July 2026 and 2.9% on 18 May 2026, while it rose 9.6% on 9 February 2026 and 19.2% on 14 May 2025. Other reactions included declines of 6.9% on 30 October 2025 and 3.7% on 7 November 2024, and a gain of 5.4% on 31 July 2025.
| After the filing | Stock | Castings & Forgings median |
|---|---|---|
| 5 minutes | +0.2% | |
| 15 minutes | +0.4% | |
| 30 minutes | −0.0% | |
| Reaction day | +13.8% | +0.0% |
| Next day | +13.2% | +1.2% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 27 July 2026 | −13.6% |
| 18 May 2026 | −2.9% |
| 9 February 2026 | +9.6% |
| 30 October 2025 | −6.9% |
| 31 July 2025 | +5.4% |
| 14 May 2025 | +19.2% |
| 30 January 2025 | −4.4% |
| 7 November 2024 | −3.7% |
Source: MarketPing price-reaction measurement.
How did other Castings & Forgings companies do?
Five other Castings & Forgings companies had filed for the quarter as of 4 November 2026. Their median revenue growth was 6.2%, and three of the five reported higher profit.
Nelcast’s 35.9% revenue growth was higher than the growth recorded by four peers and lower than the growth recorded by one peer.
| Nelcast revenue growth (YoY) | +35.9% |
|---|---|
| Median of 5 other Castings & Forgings companies | +6.2% |
| Companies with slower revenue growth than Nelcast | 4 of 5 |
| Companies with faster revenue growth than Nelcast | 1 of 5 |
| Companies whose net profit rose | 3 of 5 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Nelcast's revenue in Q2 FY27?
Revenue from operations was ₹405.95 crore, up 35.9% from ₹298.74 crore in Q2 FY26 (consolidated).
Did Nelcast make a profit in Q2 FY27?
Yes. Net profit was ₹16.20 crore, against a net profit of ₹4.76 crore in Q2 FY26.
What was Nelcast's EPS in Q2 FY27?
Basic earnings per share were ₹1.86, against ₹0.55 in Q2 FY26.
How did Nelcast shares react to the Q2 FY27 results?
On the reaction day the stock moved +13.8% from the previous close; the median Castings & Forgings stock moved +0.0%.
When did Nelcast announce its Q2 FY27 results?
On 2 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Board Meeting Intimation For To Consider And Approve The Unaudited Standalone And Consolidated Financial Results Of The Company For The Quarter And Half Year Ended 30Th September 2026 (BSE, 15 October 2026) · PDF
- Unaudited Standalone And Consolidated Financial Results For The Quarter And Half-Year Ended 30Th September 2026 (BSE, 2 November 2026) · PDF
- Board Meeting Outcome for Unaudited Standalone And Consolidated Financial Results For The Quarter And Half-Year Ended 30Th September 2026 (BSE, 2 November 2026) · PDF
- The investor presentation (2 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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