ELECTCAST

Electrosteel Castings share price & financials

Price
₹81.34
Market cap
₹4.5k Cr
Sector
Capital Goods
Calls analysed
7
Latest concall · Q1 FY27 · call held 07 Aug 2026

Electrosteel Castings Limited Q1 FY27

Consolidated EBITDA ₹139 cr Consolidated EBITDA Margin 9.5% Consolidated PAT ₹48.4 cr Consolidated Total Income ₹1,465 cr

What went well

  • Consolidated EBITDA margin improved to 9.5% in Q1 FY27 from 6.5% in the previous quarter, driven by cost optimization.
  • Net debt reduced by nearly ₹1,100 crore in the last financial year, with current net debt at ₹876 crore as of June 30, 2026.
  • Acquisition of T.I.S. Service S.p.A. Italy contributed EUR 10 million in revenue in Q1 FY27, showing 18.4% sequential growth and mid-teen EBITDA margins.

What to watch

  • Q1 FY27 consolidated sales volume declined by 27% year-to-year to 1.20 lakh tons due to domestic slowdown and Middle East tensions.
  • DI pipe volume guidance for FY27 revised down to 575,000 tons from an erstwhile 650,000-700,000 tons due to slower initial release of JJM funds.
Read the full call →

What Electrosteel Castings Limited does

Electrosteel Castings manufactures Ductile Iron (DI) pipes and DI fittings used mainly in water supply and sewage infrastructure, sold domestically and exported to over 130 countries. It runs a backward-integrated manufacturing chain that feeds its own pipe-making, including captive coke, sinter, ferro silicon, liquid metal, cement and power units, alongside a CI pipe line. In 2025 it acquired Italy-based T.I.S. Service S.p.A., a designer and manufacturer of valves and equipment for water mains, sewage treatment and hydroelectric applications, and it is now also setting up new industrial paints and valves manufacturing in India.

Segments

  • DI Pipes & Fittings
  • Valves (T.I.S. Italy)
  • Industrial Paints (new)
Installed DI pipe manufacturing capacity
9 lakh tonnes per annum
Export reach
130+ countries
DI Pipe manufacturing plants
Khardah (West Bengal) and Srikalahasthi, Tirupati (Andhra Pradesh)
DI Fittings manufacturing plants
Khardah and Haldia
Backward-integrated captive facilities
Coke, sinter, ferro silicon, liquid metal, cement and power units feeding pipe production
International manufacturing subsidiary
T.I.S. Service S.p.A., Italy (valves and water/hydro equipment, acquired 2025)
Founded 1955Headquarters Rathod Colony, Rajgangpur, Sundergarh, Odisha, India Company website

Guidance record · Q1 FY27

what the last two calls moved 23 tracked 3 delivered 4 missed 16 open
  • FY26 Production Volume delivered, diluted said Q4 FY25 Promised: 8.3-8.5 lakh tons for FY26 Q1 FY27: Final verdict from FY26 stands.
  • EBITDA Margin missed said Q3 FY25 Promised: Maintain EBITDA Margin of 16%-18% Q1 FY27: Promise remains missed. Q1 FY27 consolidated margin was 9.5%, well below the original target range.
  • TIS EBITDA Margin at risk said Q1 FY26 Promised: Improve TIS EBITDA margin to 18%-20% Q1 FY27: Actual Q1 FY27 TIS margin was 13%. While an improvement from Q3 FY26, it is still well below the 18-20% target range and below the FY27 guidance of 14-15%.

All 23 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue down 22.2%, net profit down 93.1% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue1,692 1,659 1,563 1,402 1,192 −30%1,242 −25%1,197 −23%1,091 −22%
EBITDA249 264 175 162 83 −67%34 −87%25 −86%43 −73%
Net profit152 157 191 86 76 −50%-20 −113%-11 −106%6 −93%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −21.0% 1Y

₹60₹70₹80₹90₹100Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 10 Nov 2025Q3 FY26 — 10 Feb 2026Q4 FY26 — 18 May 2026Q1 FY27 — 7 Aug 2026

1Y: ₹98.24 on 10 Sept 2025 → ₹77.62. High ₹100.81 (18 Sept 2025), low ₹61.1 (9 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−0.4%
7 Aug
Q4 FY26
−4.9%
18 May
Q3 FY26
+7.2%
10 Feb
Q2 FY26
−3.2%
10 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue fell 11.1% a year over 3 years, FY23 to FY26. Operating margin narrowed to 6.0%.

Year endingFY23FY24FY25FY26
Revenue₹7.2k Cr₹6.9k Cr₹6.7k Cr₹5.0k Cr
Operating profit₹753 Cr₹1.1k Cr₹1.0k Cr₹304 Cr
Operating margin10.5%16.4%15.2%6.0%
Interest₹280 Cr₹202 Cr₹142 Cr₹127 Cr
Depreciation₹118 Cr₹114 Cr₹127 Cr₹149 Cr
Net profit₹328 Cr₹736 Cr₹712 Cr₹131 Cr
Net margin4.6%10.6%10.6%2.6%
Cash from operations₹398 Cr₹678 Cr₹428 Cr₹1.1k Cr
Free cash flow₹220 Cr₹445 Cr₹160 Cr₹957 Cr
ROCE11.0%17.0%14.0%5.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹59 Cr₹59 Cr₹59 Cr₹62 Cr₹62 Cr₹62 Cr
Reserves₹3.6k Cr₹3.9k Cr₹4.2k Cr₹4.9k Cr₹5.8k Cr₹5.6k Cr
Borrowings₹1.9k Cr₹2.7k Cr₹2.5k Cr₹2.0k Cr₹2.2k Cr₹1.2k Cr
Other liabilities₹1.2k Cr₹1.5k Cr₹1.4k Cr₹1.6k Cr₹1.8k Cr₹1.7k Cr
Total liabilities₹6.7k Cr₹8.2k Cr₹8.1k Cr₹8.6k Cr₹9.9k Cr₹8.6k Cr
Fixed assets₹2.6k Cr₹2.7k Cr₹2.6k Cr₹2.8k Cr₹3.2k Cr₹3.0k Cr
Capital work in progress₹1.3k Cr₹1.2k Cr₹1.3k Cr₹1.2k Cr₹1.2k Cr₹1.2k Cr
Investments₹266 Cr₹520 Cr₹225 Cr₹268 Cr₹210 Cr₹802 Cr
Other assets₹2.6k Cr₹3.8k Cr₹3.9k Cr₹4.3k Cr₹5.3k Cr₹3.7k Cr
Total assets₹6.7k Cr₹8.2k Cr₹8.1k Cr₹8.6k Cr₹9.9k Cr₹8.6k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs trimmed −7.47 pp while promoters added +3.92 pp. The shareholder count shrank 1% to 1,79,894.

Promoters
50.1%
FIIs
12.8%
DIIs
0.4%
Government
0.2%
Public
36.5%

Since Jun 2025

  • FIIs −7.47 pp
  • Promoters +3.92 pp
  • Public +3.39 pp

How it drifted, 12 quarters

Over this window promoters went from 44.1% to 50.1% — +6.1 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 44.1%, FIIs 15.3%, DIIs 0.9%, Government 0.2%, Public 39.5%.Dec '23: Promoters 44.1%, FIIs 18.2%, DIIs 0.4%, Government 0.2%, Public 37.1%.Mar '24: Promoters 46.2%, FIIs 19.7%, DIIs 0.4%, Government 0.2%, Public 33.5%.Jun '24: Promoters 46.2%, FIIs 21.2%, DIIs 0.4%, Government 0.2%, Public 31.9%.Sep '24: Promoters 46.2%, FIIs 19.7%, DIIs 2.0%, Government 0.2%, Public 31.8%.Dec '24: Promoters 46.2%, FIIs 19.9%, DIIs 0.6%, Government 0.2%, Public 33.0%.Mar '25: Promoters 46.2%, FIIs 20.1%, DIIs 0.6%, Government 0.2%, Public 32.9%.Jun '25: Promoters 46.2%, FIIs 20.3%, DIIs 0.2%, Government 0.2%, Public 33.1%.Sep '25: Promoters 46.2%, FIIs 19.3%, DIIs 0.3%, Government 0.2%, Public 34.1%.Dec '25: Promoters 46.2%, FIIs 19.4%, DIIs 0.2%, Government 0.2%, Public 33.9%.Mar '26: Promoters 50.1%, FIIs 15.7%, DIIs 0.2%, Government 0.2%, Public 33.7%.Jun '26: Promoters 50.1%, FIIs 12.8%, DIIs 0.4%, Government 0.2%, Public 36.5%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Electrosteel Castings Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
G. K. & Sons Private Ltd 8.19%unchanged
Electrocast Sales India Limited 6.65%unchanged
Murari Investment & Trading Company Ltd. 6.38%unchanged
Asha Kejriwal/Mayank Kejriwal-Trustee Of Sreeji Family Benefit Trust 5.67%unchanged
Belgrave Investment Fund FPI fund5.54%−0.29 pp
G.K.Investments Ltd. 4.82%unchanged
Uttam Commercial Company Ltd. 4.18%unchanged
Electrosteel Thermal Coal Limited 3.41%unchanged
Sree Khemisati Constructions Pvt. Ltd 2.34%unchanged
Resonance Opportunities Fund FPI fund2.01%unchanged
Mangalam Equity Management Pvt. Ltd. 1.64%unchanged
Mayank Kejriwal 1.63%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Electrosteel Castings Limited

Guides on how to read this kind of business and the numbers that matter.