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Nitin Castings Ltd (508875)

📊 BSE: 508875 🏢 Castings & Forgings 📢 Latest filing: 28 Aug 2026 📝 Analysis written: 13 Nov 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Nitin Castings' revenue was ₹27.5 Cr (-23.2% year on year, -20.7% on the previous quarter), and net profit ₹2.7 Cr (-53.1% year on year); the operating margin was 6.1%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹27.5	-23.2%	-20.7%
Operating profit	₹1.7	-69.8%	-55.7%
Net profit	₹2.7	-53.1%	+52.9%
EPS (₹)	5.20	-53.2%	+52.9%
Operating margin	6.1%	—	—

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

Nitin Castings releases 43rd Annual Report for FY26; AGM set for Sept 21, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 28 Aug 2026, 02:24 PM

Nitin Castings Limited has published its 43rd Annual Report for FY 2025-26 and scheduled its Annual General Meeting (AGM) for September 21, 2026. For FY26, the company reported profit attributable to equity holders (after exceptional items) of ₹10.63 Cr (₹1,062.93 Lakhs), compared to ₹12.41 Cr in FY25, with diluted EPS at ₹20.67 versus ₹24.14. The debt-to-equity ratio increased to 0.15x from 0.09x due to higher bank borrowings, while return on capital employed (ROCE) stood at 35.24% against 43.39% in the prior year.

43rd AGM scheduled for September 21, 2026, via Video Conferencing.
FY26 PAT (after exceptional items) reported at ₹1,062.93 Lakhs compared to ₹1,241.21 Lakhs in FY25.
Diluted EPS for FY26 stood at ₹20.67 versus ₹24.14 in FY25.
Debt-to-equity ratio rose to 0.15x as of March 31, 2026, from 0.09x in FY25 due to increased bank borrowings.

💡 Track voting outcomes at the upcoming AGM on September 21, 2026, and look for subsequent quarterly performance updates.

Nitin Castings Convenes 43rd AGM on Sept 21, 2026; Appoints Independent Director

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 28 Aug 2026, 02:12 PM

Nitin Castings Limited has issued notice for its 43rd Annual General Meeting (AGM) scheduled for September 21, 2026, via video conference. Key resolutions include the adoption of FY26 financial statements, approval of related party transactions, and the re-appointment of Managing Director Mr. Nitin Kedia (holding 5,51,472 shares with ₹1.20 Cr remuneration). The company also seeks shareholder approval to regularize Mrs. Meghna Vihang Makda as an Independent Director for a 5-year term until July 24, 2031.

43rd AGM scheduled for Monday, September 21, 2026 at 12:00 PM IST via VC/OAVM
Approval sought for appointment of Mrs. Meghna Vihang Makda as Independent Director for a 5-year term until July 24, 2031
Re-appointment of Managing Director Nitin Kedia (holds 5,51,472 equity shares; remuneration of ₹120.00 Lacs)
Ratification of ₹30,000 audit fee for Cost Auditor M/s. NKJ & Associates for FY 2026-27

💡 Track voting outcomes and resolutions passed following the AGM on September 21, 2026.

Nitin Castings Appoints M/s. NKJ & Associates as Cost Auditor for FY 2026-27

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Aug 2026, 04:22 PM

Nitin Castings Ltd has appointed M/s. NKJ & Associates as the Cost Auditor for the financial year 2026-2027. The appointment was approved by the Board of Directors during their meeting on August 14, 2026. The appointed firm brings over 33 years of combined industrial and professional experience to the role. This is a standard regulatory compliance filing for a company with a TTM revenue of ₹147 Cr.

Appointment of M/s. NKJ & Associates as Cost Auditor for the Financial Year 2026-2027.
The lead auditor possesses 20 years of industrial experience (1993-2011) in internal audit and accounts.
The lead auditor has 13 years of experience as a practicing cost accountant (since 2012).
Board approval for the appointment was finalized on August 14, 2026.

💡 This is a routine administrative update. Investors should focus on the company's ability to improve its operating profit margin (9.1% TTM) and address the -41% 12-month price return in upcoming quarterly results.

Nitin Castings Q1 PAT Drops 53% YoY to ₹2.68 Cr; Revenue Down 23% YoY

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 14 Aug 2026, 04:18 PM

Nitin Castings reported a weak start to FY27, with Q1 revenue falling 23.1% YoY to ₹27.47 Cr compared to ₹35.75 Cr in the year-ago period. Net Profit saw a sharp decline of 53.1% YoY to ₹2.68 Cr, although it showed a sequential recovery of 53.1% from the ₹1.75 Cr reported in Q4 FY26. The bottom line was significantly supported by 'Other Income' of ₹2.60 Cr, which nearly equaled the total Net Profit. The company also appointed M/s. NKJ & Associates as Cost Auditors for FY 2026-27.

Revenue from operations decreased 23.1% YoY to ₹27.47 Cr from ₹35.75 Cr.
Net Profit declined 53.1% YoY to ₹2.68 Cr, down from ₹5.71 Cr in Q1 FY26.
Sequential Net Profit improved by 53.1% compared to ₹1.75 Cr in the preceding quarter (Mar 2026).
Other Income of ₹2.60 Cr contributed significantly to the total income of ₹30.07 Cr.
Earnings Per Share (EPS) for the quarter stood at ₹5.20, down from ₹11.10 YoY.

💡 Investors should monitor the sustainability of the sequential margin improvement and track whether the company can restore its quarterly revenue run-rate to the ₹35-40 Cr level seen in previous quarters.

Nitin Castings Q1 Net Profit at ₹2.68 Cr; Revenue Declines 23% YoY to ₹27.47 Cr

🔴 NEGATIVE ⭐ 6/10

EARNINGS 📅 14 Aug 2026, 04:14 PM

Nitin Castings reported a weak start to FY27 with revenue from operations declining 23.2% YoY to ₹27.47 Cr. Net profit for the quarter ended June 30, 2026, fell 53.1% YoY to ₹2.68 Cr, down from ₹5.71 Cr in the year-ago period. However, on a sequential basis, net profit improved by 53.1% from ₹1.75 Cr in the March 2026 quarter. The board also appointed M/s. NKJ & Associates as Cost Auditors for the 2026-27 financial year.

Revenue from operations decreased 23.2% YoY to ₹27.47 Cr from ₹35.75 Cr.
Net profit stood at ₹2.68 Cr, a 53.1% decline compared to ₹5.71 Cr in June 2025.
Earnings Per Share (EPS) for the quarter was ₹5.20, down from ₹11.10 in the same quarter last year.
Total expenditure reduced to ₹26.65 Cr, primarily driven by a sharp drop in raw material costs to ₹15.92 Cr from ₹26.48 Cr YoY.
Other income contributed ₹2.60 Cr to the total income of ₹30.07 Cr.

💡 Investors should monitor the company's ability to reverse the YoY revenue decline and track capacity utilization at the Silvassa and Vapi plants, which is key to their growth strategy.

Nitin Castings Delisting Fails as Promoters Reject Rs 300 Discovered Price

🟡 NEUTRAL ⭐ 6/10

OTHER 📅 13 Aug 2026, 12:37 PM

Nitin Castings Ltd's voluntary delisting offer has failed after the promoters rejected the discovered price of Rs 300 per share. During the reverse book building process (Aug 5-11, 2026), public shareholders tendered 9,08,978 shares, representing approximately 17.6% of the total equity. The discovered price was higher than the floor price of Rs 273.36, but the acquirers exercised their right to decline the offer. Consequently, the company will remain listed on the BSE, and no new delisting offer can be initiated for at least six months.

Promoters rejected the Discovered Price of Rs 300 per share, which was 9.7% above the floor price.
9,08,978 shares were validly tendered, representing 61.8% of the 14,70,894 shares sought in the offer.
The floor price for the delisting was set at Rs 273.36 per share based on SEBI regulations.
A mandatory 6-month cooling-off period now applies before any new delisting offer can be made.
Lien on the tendered shares (approx 17.6% of total capital) will be released on August 13, 2026.

💡 Monitor the stock's liquidity and price action as the 9.08 lakh tendered shares are released back into the market; the company remains listed with a TTM P/E of 18.8x.

Nitin Castings Delisting Offer Fails as Promoters Reject Rs 300 Discovered Price

🟡 NEUTRAL ⭐ 7/10

REGULATORY 📅 13 Aug 2026, 11:54 AM

Nitin Castings' voluntary delisting attempt has failed after the promoters (Acquirers) rejected the discovered price of Rs 300 per share. During the reverse book building process (Aug 5-11, 2026), 9,08,978 shares were validly tendered, representing approximately 61.8% of the public float. The discovered price of Rs 300 was higher than the floor price of Rs 273.36, but the promoters exercised their right to reject it. Consequently, the company will remain listed on the BSE, and no new delisting offer can be initiated for at least six months.

Delisting offer failed as promoters rejected the Discovered Price of Rs 300 per share
Total of 9,08,978 shares were validly tendered by public shareholders across 181 bids
Bidding range from public shareholders was wide, spanning from Rs 273.36 to Rs 1,299.00
Floor price for the delisting was set at Rs 273.36 per share
Acquirers are now barred from making another delisting offer for a period of 6 months

💡 Investors who tendered shares should note that the lien on their shares will be released by August 13, 2026; watch for price volatility as delisting speculation subsides.

Rs 300 Discovered Price: Nitin Castings Delisting Successful as Promoter Stake Hits 90.73%

🔵 WATCH ⭐ 9/10

M&A 📅 11 Aug 2026, 06:17 PM

Nitin Castings' voluntary delisting process has reached the mandatory 90% threshold required by SEBI, with promoters now holding 90.73% of shares (subject to price acceptance). The Reverse Book Building Process resulted in a discovered price of Rs 300 per share, which is significantly lower than the current market price of Rs 431.5. A total of 7,53,984 shares were successfully bid at or below this price. The final delisting is contingent on the promoters formally accepting this discovered price.

Discovered price of Rs 300.00 per share determined via Reverse Book Building Process
Post-offer promoter shareholding reached 90.73%, crossing the 90% regulatory threshold
Total of 7,53,984 shares successfully bid within the price range of Rs 273.36 to Rs 300.00
Floor price for the delisting offer was set at Rs 273.36 per share
1,54,994 shares were bid above the discovered price and were not included in the successful count

💡 Investors should monitor the post-offer public announcement to confirm if the Acquirers accept the Rs 300 discovered price; if accepted, the stock will proceed toward delisting.

Rs 300 Discovered Price: Nitin Castings Delisting Offer Successful at 90.73% Threshold

🔵 WATCH ⭐ 9/10

M&A 📅 11 Aug 2026, 05:59 PM

Nitin Castings' voluntary delisting offer has successfully met the SEBI-mandated 90% threshold during the Reverse Book Building Process (RBBP). The discovered price is Rs 300.00 per share, which is approximately 30% lower than the current market price of Rs 431.5. If the promoters accept this price, they will acquire 7,53,984 shares, bringing their effective holding to 90.73% of the eligible share capital. The offer is now contingent on the promoters' formal acceptance of the discovered price.

Discovered price of Rs 300.00 per share established via reverse book building, compared to a floor price of Rs 273.36
Post-offer promoter holding reached 90.73% of 'remaining shares', satisfying the minimum 90% requirement for delisting
A total of 7,53,984 equity shares were successfully bid at or below the discovered price of Rs 300.00
1,54,994 shares were bid above the discovered price and will not be accepted at the current price level
The delisting offer size was 14,70,894 equity shares, representing the entire public shareholding

💡 Monitor for the upcoming public announcement regarding whether the promoters accept the Rs 300.00 discovered price or choose to make a counter-offer. Investors should note the significant gap between the discovered price and the current market price.

Nitin Castings Board Meeting on Aug 14, 2026, to Approve Q1 FY27 Results

🟡 NEUTRAL ⭐ 3/10

BOARD_MEETING 📅 10 Aug 2026, 04:36 PM

Nitin Castings has scheduled a board meeting for August 14, 2026, to approve the un-audited standalone financial results for the quarter ended June 30, 2026. The board will also consider the appointment of M/s. NKJ & Associates as Cost Auditor for FY 2026-27. This meeting is critical as the company seeks to stabilize performance following a decline in EPS from 11.11 in June 2025 to 3.4 in March 2026. The trading window for insiders has been closed since July 1, 2026.

Board meeting scheduled for August 14, 2026, to review Q1 FY27 performance.
Appointment of M/s. NKJ & Associates as Cost Auditor for FY 2026-27 under consideration.
Trading window closed from July 01, 2026, until 48 hours after the results declaration.
Company reported TTM revenue of Rs 147 Cr and PAT of Rs 11 Cr as of March 2026.

💡 Investors should monitor the August 14 results to see if the company can improve its operating profit margin, which stood at 9.1% TTM, and reverse the recent 12-month price decline of 26.6%.

Rs 273.36 Delisting Offer: Independent Directors Review Promoter Bid for 28.61% Stake

🔵 WATCH ⭐ 9/10

M&A 📅 01 Aug 2026, 12:39 PM

The Promoter Group of Nitin Castings Ltd has proposed to delist the company by acquiring the remaining 28.61% public stake (14,70,894 shares). The proposed offer price is Rs 273.36 per share, which represents a significant discount of approximately 45% to the current market price of Rs 496.9. The Committee of Independent Directors reviewed the offer on August 1, 2026, and is scheduled to publish its formal recommendations on August 3, 2026. This follows a process that began with an initial announcement in January 2026.

Offer to acquire 14,70,894 equity shares, constituting 28.61% of the total equity capital
Proposed Offer Price set at Rs 273.36 per share, significantly below the current market price of Rs 496.9
Independent Directors' recommendations to be published in newspapers on August 3, 2026
Delisting process follows the Detailed Public Announcement published on July 27, 2026
Acquirers include Nirmal B. Kedia, Nitin S. Kedia, and Citrus Castings Private Limited

💡 Investors should closely monitor the Independent Directors' recommendation on August 3, 2026, and understand that the final exit price will be determined through a reverse book-building process, which may differ from the current offer price.

Rs 273.36 Floor Price: Nitin Castings Announces Voluntary Delisting Bidding Dates

🔵 WATCH ⭐ 9/10

M&A 📅 28 Jul 2026, 10:45 AM

The promoters of Nitin Castings have issued a formal Letter of Offer to voluntarily delist the company from the BSE. The floor price is set at Rs 273.36 per share, which is significantly lower than the current market price of Rs 550.9. The bidding process, conducted via Reverse Book Building, will open on August 5, 2026, and close on August 11, 2026. The success of the delisting depends on the promoters reaching a 90% shareholding threshold at a price they are willing to accept.

Floor price for the delisting offer is set at Rs 273.36 per share
Bidding window is scheduled from August 5, 2026, to August 11, 2026
Promoter group currently holds 71.39% of the total equity shares
Letter of Offer to be dispatched to all public shareholders by July 29, 2026
Reverse Book Building process will determine the final 'Discovered Price'

💡 Investors should monitor the Reverse Book Building process; the significant gap between the floor price and current market price suggests the final exit price may need to be much higher for the offer to succeed.

Nitin Castings Ltd: Promoters propose voluntary delisting at Rs 273.36 floor price

🔵 WATCH ⭐ 9/10

M&A 📅 28 Jul 2026, 08:08 AM

The promoters of Nitin Castings Ltd (holding 71.39%) have formally initiated a voluntary delisting process from the BSE. The floor price has been set at Rs 273.36 per share, which is a significant 50.4% discount to the current market price of Rs 550.9. The final exit price will be determined through a Reverse Book Building process, with the bidding window scheduled for August 05 to August 11, 2026. The offer's success is contingent on the promoters reaching a 90% shareholding threshold.

Floor price set at Rs 273.36 per share for the voluntary delisting offer
Bidding period for public shareholders opens on August 05 and closes on August 11, 2026
Promoters currently hold 71.39% of the equity, requiring an additional 18.61% for a successful delisting (90% threshold)
The floor price is approximately 50% lower than the current market price of Rs 550.9
Acquirers include Mr. Nirmal B. Kedia, Mr. Nitin S. Kedia, and Citrus Castings Private Limited

💡 Shareholders should monitor the 'Discovered Price' during the bidding window (Aug 05-11). If the discovered price is significantly higher than the floor price, the promoters may choose to accept it, offer a counter-price, or reject it, causing the delisting to fail.

71.39% Promoter-Held Nitin Castings Forms IDC for Voluntary Delisting Offer

🔵 WATCH ⭐ 9/10

M&A 📅 27 Jul 2026, 06:00 PM

Nitin Castings has formally constituted a Committee of Independent Directors (IDC) to evaluate a voluntary delisting proposal from BSE, following a Detailed Public Announcement on July 27, 2026. The IDC, consisting of three members, is required to provide reasoned recommendations on the offer at least two working days before the bidding period begins. With promoters currently holding 71.39% of the company, the delisting success depends on reaching the 90% shareholding threshold through a reverse book-building process. This move follows a period where the stock has seen a 17.3% decline over the last 12 months.

Detailed Public Announcement (DPA) published on July 27, 2026, initiating the formal delisting process.
Committee of Independent Directors (IDC) formed with 3 members to provide recommendations to shareholders.
New Independent Director Meghna Makda was appointed on July 25, 2026, specifically to serve on the IDC.
Promoter holding stands at 71.39%, requiring an additional 18.61% stake to reach the 90% delisting threshold.
IDC recommendations and voting patterns must be published at least 2 working days before bidding starts.

💡 Investors should monitor the upcoming publication of the IDC's reasoned recommendations and the announcement of the floor price and bidding timelines.

Nitin Castings Promoters Issue Detailed Public Announcement for Voluntary Delisting

🔵 WATCH ⭐ 9/10

M&A 📅 27 Jul 2026, 03:25 PM

Promoters of Nitin Castings, including Nirmal B. Kedia and Nitin S. Kedia, have issued a Detailed Public Announcement (DPA) to voluntarily delist the company from the BSE. This follows the initial announcement made on January 30, 2026, and the receipt of in-principle approval from BSE on July 23, 2026. The promoters currently hold 71.39% of the company, and the delisting process will require them to reach a 90% shareholding threshold through a reverse book-building process. The company has a market capitalization of Rs 283 Cr and TTM revenue of Rs 147 Cr.

Initial Public Announcement (IPA) for delisting was first issued on January 30, 2026
BSE granted in-principle approval for the delisting proposal on July 23, 2026
Promoters currently hold 71.39% of the equity, requiring the acquisition of shares from the 28.61% public float
The Detailed Public Announcement (DPA) was published in national newspapers on July 27, 2026
The offer involves equity shares with a face value of Rs 5 each

💡 Public shareholders should monitor the upcoming reverse book-building dates and the floor price to decide on participating in the exit offer.

View All 508875 Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

The company operates in a single segment: Alloy Steel Castings. Total revenue reached INR 150.57 Cr in FY25, representing a 1.1% growth compared to INR 148.92 Cr in FY24. This follows a significant growth trajectory from INR 97 Cr in FY22, a 55.2% increase over two years.

Geographic Revenue Split

Domestic sales account for approximately 90% of revenue, while international exports contribute the remaining 10% (INR 15 Cr in FY25).

Profitability Margins

Net Profit After Tax (PAT) margin stood at 8.24% in FY25 (INR 12.41 Cr) compared to 8.14% in FY24 (INR 12.13 Cr). Operating margins have historically fluctuated between 7.5% and 10.9% due to raw material price volatility.

EBITDA Margin

Operating margin was reported at approximately 9.38% for the first nine months of FY24. Core profitability is supported by a high Return on Capital Employed (ROCE) of 43.39% in FY25, though this decreased from 46.81% in FY24.

Capital Expenditure

The company maintains a total manufacturing capacity of 2,400 MTA. While specific INR figures for future capex are not disclosed, growth is expected to be driven by capacity ramp-up and accruals exceeding INR 12-18 Cr annually.

Credit Rating & Borrowing

CRISIL upgraded the company's rating to 'CRISIL BBB/Stable/CRISIL A3+' in May 2024 and reaffirmed it in August 2025. The company maintains a conservative capital structure with a debt-to-equity ratio of 0.09x and an interest coverage ratio of 44.72x in FY25.

⚙️ Operational Drivers

Raw Materials

Key raw materials include stainless-steel scrap, mild steel scrap, nickel, and ferroalloys. These materials are critical for manufacturing heat, wear, and corrosion-resistant ferrous and alloy metals.

Import Sources

Not specifically disclosed, though the company operates manufacturing units in Silvassa and Vapi, sourcing materials for its 2,400 MTA capacity.

Capacity Expansion

Current installed capacity is 2,400 MTA. Future growth is predicated on the ramp-up of this existing capacity to meet demand from the construction and mining equipment industries.

Raw Material Costs

Raw material costs are a significant portion of the cost structure; operating margins are highly susceptible to price volatility in nickel and scrap, with a time lag in passing these costs to customers.

Manufacturing Efficiency

The company employs Centrifugal, Sand Casting, Shell Molding, and Investment Casting methods. Efficiency is reflected in a strong interest coverage ratio of 44.72x.

Logistics & Distribution

Distribution costs are influenced by fuel price fluctuations which impact transportation expenses for delivering heavy alloy castings.

📈 Strategic Growth

Expected Growth Rate

7.2%

Growth Strategy

Growth will be achieved by leveraging the 7.2% CAGR of the global alloy steel market, expanding capacity utilization at the Silvassa and Vapi plants, and capitalizing on government infrastructure projects which drive demand for construction and mining equipment.

Products & Services

Alloy steel castings including valves, casings, sleeves, rings, rollers, and chain links used in cement, petrochemicals, and steel industries.

Brand Portfolio

Nitin Castings Limited.

New Products/Services

The company focuses on custom-order products specific to size, shape, and grade requirements of industrial clients; specific new product launch percentages are not disclosed.

Market Expansion

Targeting increased penetration in the international market, which currently contributes 10% of revenue, and expanding domestic reach in the automotive and manufacturing sectors.

Market Share & Ranking

The industry is highly fragmented with many unorganized players; specific market share percentage is not disclosed.

🌍 External Factors

Industry Trends

The global alloy steel market is growing at 7.2% CAGR (2025-2030), driven by demand for high-strength, corrosion-resistant materials in the automotive and manufacturing sectors.

Competitive Landscape

Highly fragmented industry with intense competition from regional unorganized players and cyclical demand from large steel players.

Competitive Moat

The company's moat is built on 50+ years of promoter experience and technical expertise in specialized casting methods (Centrifugal, Investment Casting), which are difficult for unorganized players to replicate.

Macro Economic Sensitivity

Highly sensitive to infrastructure spending and GDP growth, as these drive demand for the Construction & Mining Equipment Industry.

Consumer Behavior

Industrial shift toward advanced manufacturing techniques is increasing the demand for high-performance alloy steels.

Geopolitical Risks

Global economic reforms and trade policies affect the 10% export business, particularly in the alloy steel market valued at USD 88.45 billion.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with Ministry of Corporate Affairs (MCA) norms and environment protection standards for manufacturing plants in Silvassa and Vapi.

Environmental Compliance

The company follows environment-friendly norms with necessary clearances for casting manufacturing; specific ESG costs are not disclosed.

Taxation Policy Impact

The company follows Indian Accounting Standards (Ind-AS). Specific effective tax rate % is not disclosed.

Legal Contingencies

The company notes that litigation is a factor that could affect operations, but no specific pending case values in INR are disclosed.

⚠️ Risk Analysis

Key Uncertainties

Raw material price volatility and cyclicality of the steel industry are primary risks. A decline in operating margins below 7-8% would trigger a credit rating review.