STEELCAS

Steelcast share price & financials

Price
₹293.4
Market cap
₹3.4k Cr
Sector
Capital Goods
Calls analysed
6
Latest concall · Q1 FY27 · call held 06 Aug 2026

Steelcast Q1 FY27

Revenue from Operations ₹124.82 cr +17%EBITDA ₹35.24 cr +17%EBITDA Margin 28.23% PAT ₹23.71 cr +19%

What went well

  • Strong financial performance in Q1 FY27 with double-digit growth in revenue, EBITDA, and PAT.
  • Strategic investment in a new Greenfield Foundry to expand capacity and meet growing demand.
  • Significant strengthening of renewable energy footprint with two projects under implementation, expected to be commissioned by December 2026.

What to watch

  • Energy costs remained elevated due to global geopolitical developments and sustained pressure on fuel prices.
  • Shifted focus away from the US railroad sector for the time being due to better opportunities elsewhere.
Read the full call →

What Steelcast does

Steelcast manufactures structural steel and alloy-steel castings using sand and shell molding processes, supplying finished and machined components to OEMs in earthmoving, mining, locomotives, rail-road, construction, cement and defence equipment. It runs four production plants, including a dedicated machine shop, at a single manufacturing site in Bhavnagar, Gujarat, producing castings ranging from 5 kg to 2,500 kg. The company sells to a mix of domestic and export OEM customers, including Fortune 500 names, with a presence spanning around 16 countries, and meets a large share of its power needs from captive renewable generation.

Installed manufacturing capacity
29,000 TPA
Production plants
4 plants (incl. 1 dedicated machine shop) in Bhavnagar, Gujarat
Product range
298+ distinct cast parts, 5 kg–2,500 kg
Industry sectors served
9 sectors (earthmoving, mining, locomotives, rail-road, construction, cement, steel, GETs, defence)
Export country presence
16 countries (targeting 18+ over next 1-2 years)
Total workforce (direct + indirect)
1,602 employees
Founded 1960Headquarters Bhavnagar, Gujarat, IndiaEmployees 1,049 (2025-03-31) Company website

Guidance record · Q1 FY27

what the last two calls moved 18 tracked 2 delivered 2 missed 14 open
  • Capacity Expansion Decision delivered said Q4 FY26 Promised: we will decide by end July. 26 Q1 FY27: Decision made on schedule. The Board approved a ₹120 crore investment for a new Greenfield Foundry before the end of July 2026.
  • FY26 Capacity Utilization missed said Q4 FY25 Promised: 59% (revised down from 62% during the call) Q1 FY27: FY26 target, no new updates as the period is over.
  • Sustainable EBITDA Margin revised up said Q4 FY25 Promised: 25-26% over a longer period of time Q1 FY27: Guidance for FY27 revised up to 28.5-29%, a significant increase from the 25-26% reiterated in Q4 FY26.

All 18 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 16.8%, net profit up 20.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue75 102 120 107 107 +43%97 −5%112 −7%125 +17%
EBITDA19 28 38 27 30 +58%28 +0%29 −24%32 +19%
Net profit13 19 27 20 23 +77%21 +11%23 −15%24 +20%
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 +50.8% 1Y

₹200₹250₹300₹350Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 31 Oct 2025Q3 FY26 — 30 Jan 2026Q4 FY26 — 1 Jun 2026Q1 FY27 — 6 Aug 2026

1Y: ₹215.62 on 10 Sept 2025 → ₹325.25. High ₹358.7 (20 Aug 2026), low ₹182.36 (21 Jan 2026).

How the price took the results

close before → close after

Q1 FY27
+0.2%
6 Aug
Q4 FY26
−4.9%
1 Jun
Q3 FY26
−2.7%
30 Jan
Q2 FY26
−2.1%
31 Oct

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 3.9% a year over 3 years, FY23 to FY26. Operating margin widened to 27.0%.

Year endingFY23FY24FY25FY26
Revenue₹477 Cr₹409 Cr₹374 Cr₹423 Cr
Operating profit₹114 Cr₹117 Cr₹105 Cr₹114 Cr
Operating margin23.9%28.6%28.1%27.0%
Interest₹3 Cr₹0 Cr₹0 Cr₹0 Cr
Depreciation₹18 Cr₹17 Cr₹12 Cr₹12 Cr
Net profit₹71 Cr₹75 Cr₹72 Cr₹87 Cr
Net margin14.9%18.3%19.3%20.6%
Cash from operations₹107 Cr₹82 Cr₹75 Cr₹86 Cr
Free cash flow₹63 Cr₹68 Cr₹57 Cr₹55 Cr
ROCE42.0%40.0%33.0%32.0%
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₹10 Cr₹10 Cr₹10 Cr₹10 Cr₹10 Cr₹10 Cr
Reserves₹119 Cr₹146 Cr₹205 Cr₹260 Cr₹350 Cr₹385 Cr
Borrowings₹23 Cr₹63 Cr₹24 Cr₹0 Cr₹0 Cr₹0 Cr
Other liabilities₹40 Cr₹57 Cr₹66 Cr₹54 Cr₹51 Cr₹65 Cr
Total liabilities₹192 Cr₹276 Cr₹305 Cr₹324 Cr₹411 Cr₹460 Cr
Fixed assets₹98 Cr₹109 Cr₹142 Cr₹138 Cr₹151 Cr₹158 Cr
Capital work in progress₹1 Cr₹5 Cr₹0 Cr₹0 Cr₹6 Cr₹1 Cr
Investments₹0 Cr₹0 Cr₹10 Cr₹21 Cr₹38 Cr₹79 Cr
Other assets₹93 Cr₹162 Cr₹153 Cr₹164 Cr₹216 Cr₹222 Cr
Total assets₹192 Cr₹276 Cr₹305 Cr₹324 Cr₹411 Cr₹460 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.

What the price assumes

Growth trap

To justify its price of ₹325, this stock must grow earnings at 26% every year for 7 years. Our analysis caps realistic growth at ~3%. At that growth it is worth ₹95 — downside of 71%.

Growth the price implies
26.3% a year
for 7 years, fading to 4%
It has actually compounded at
2.7% a year
net profit, FY23–FY26 · EPS 2.8%
The gap
0.2 pp
-71% downside if it only repeats history
Price today ₹325.25 Value at the reference growth ₹94.98

Change the assumptions yourself →

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse Steelcast

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