Kalyani Cast-Tech Ltd (544023)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Kalyani Cast-Tech's revenue was ₹58.0 Cr (-15.9% year on year, -37.0% on the previous half-year), and net profit ₹7.0 Cr (+16.7% year on year); the operating margin was 17.2%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹58.0 | -15.9% | -37.0% |
| Operating profit | ₹10.0 | +25.0% | -16.7% |
| Net profit | ₹7.0 | +16.7% | -30.0% |
| EPS (₹) | 10.43 | +22.1% | -21.9% |
| Operating margin | 17.2% | — | — |
📢 Recent Corporate Announcements
Kalyani Cast-Tech has approved the allotment of 323,123 convertible equity warrants on a preferential basis at an issue price of ₹582 per warrant, aggregating to ₹18.81 crore. The company has collected 25% upfront subscription money amounting to ₹4.70 crore, with the remaining 75% payable within 18 months upon conversion. The preferential allotment is predominantly to the promoter group, which accounts for 320,623 of the 323,123 warrants issued. The total fundraise represents approximately 2.3% of the company's current market capitalisation of ₹818 crore.
- Allotment of 323,123 convertible warrants at ₹582 per warrant, raising ₹18,80,57,586 in total
- Received 25% upfront subscription money totaling ₹4,70,14,397
- Each warrant convertible into 1 equity share of face value ₹10 within an 18-month tenure
- Issued to 7 allottees, with 320,623 warrants allocated to promoter group members and 2,500 to non-promoter
Kalyani Cast-Tech has submitted its 14th Annual Report for FY2025-26 and scheduled its Annual General Meeting for September 30, 2026. In FY26, the company posted revenue from operations of ₹149.99 crore (up from ₹139.22 crore in FY25) and PAT of ₹17.05 crore (up ~20% YoY). The report highlighted operational milestones, including the commencement of manufacturing at its 144-acre campus in Shivlakha (Kutch, Gujarat) and the successful run of its first container trial train on August 20, 2026 to the Gati Shakti Multi-Modal Cargo Terminal. The AGM will also consider the re-appointment of Whole Time Director Jayashree Kumar for a 5-year term from April 2027.
- FY26 revenue from operations reached ₹149.99 crore versus ₹139.22 crore in FY25
- Profit After Tax increased by approximately 20% YoY to ₹17.05 crore with EPS of ₹23.75
- Commenced container manufacturing operations at the 144-acre Shivlakha facility in Kutch, Gujarat
- Completed first container trial train on August 20, 2026 to the Gati Shakti Multi-Modal Cargo Terminal operated by subsidiary KMT Engineering
- 14th AGM scheduled for September 30, 2026 through Video Conferencing
Kalyani Cast-Tech announced the outcome of its Board meeting held on August 31, 2026. The company has scheduled its 14th Annual General Meeting (AGM) for September 30, 2026, with the cut-off record date set for September 23, 2026. The Board approved the re-appointment of Mrs. Jayashree Kumar as Whole Time Director for a 5-year term starting April 5, 2027, subject to shareholder approval. Additionally, statutory appointments including the Cost Auditor and Internal Auditor for FY 2026-27 were finalized.
- 14th AGM scheduled for September 30, 2026 via Video Conferencing
- Record/cut-off date fixed as September 23, 2026; Book closure from September 24 to September 30, 2026
- Re-appointment of Mrs. Jayashree Kumar as Whole Time Director for a 5-year term w.e.f. April 05, 2027
- Appointed M/s Raj Kaushik & Associates as Cost Auditor and M/s R. Mahajan & Associates as Internal Auditor for FY 2026-27
Kalyani Cast-Tech announced that its first container trial train successfully arrived at the Gati Shakti Terminal in Kachchh, Gujarat on August 20, 2026. The terminal was commissioned by subsidiary KMT Engineering Pvt. Ltd., and the containers were manufactured at the company's Rewari facility. This operational milestone establishes the company's integrated capabilities spanning indigenous container manufacturing and rail logistics.
- First container trial train successfully reached Gati Shakti Terminal on August 20, 2026
- Terminal located in Kachchh, Gujarat, commissioned by subsidiary KMT Engineering Pvt. Ltd.
- Containers were indigenously manufactured at the company's Rewari (Haryana) plant
- Demonstrates integrated operational capability across container manufacturing and rail freight
Kalyani Cast-Tech has received registration from the Industries Commissionerate, Government of Gujarat, to develop a Private Freight Terminal in Bhachau, Kachchh. The project entails a total investment of ₹110 crore, with an eligible project cost of ₹80 crore under the Gujarat Integrated Logistics and Logistics Park Policy 2021. The development spans 233,304 sq. meters and qualifies for state financial assistance/subsidies. The ₹110 crore capex is sizeable, representing ~38% of TTM revenue (₹289 crore) and ~136% of net worth (₹81 crore).
- Total proposed project cost of ₹110 crore (₹11,000 lakh) across 233,304 sq. meters of land
- Eligible project cost for state financial assistance/subsidy is ₹80 crore (₹8,000 lakh)
- Approved on 14 August 2026 under the Gujarat Integrated Logistics and Logistics Park Policy 2021
- Includes ₹30 crore building cost, ₹20 crore plant & machinery, and ₹20 crore infra spend
Kalyani Cast-Tech has submitted a clarification regarding the shareholding pattern in its EGM Notice dated July 4, 2026, pursuant to an observation raised by BSE on August 14, 2026. Following the preferential issue, the total share capital will expand by 3,23,123 shares from 71,80,500 shares to 75,03,623 shares. Promoter and promoter group holding will increase from 59.47% (42,70,750 shares) to 61.19% (45,91,373 shares), while public shareholding will adjust to 38.81% (29,12,250 shares). The company noted that the preferential issue was approved by shareholders at the EGM held on July 28, 2026.
- Total equity base expands from 71,80,500 shares to 75,03,623 shares post-preferential issue.
- Promoter shareholding increases from 42,70,750 shares (59.47%) to 45,91,373 shares (61.19%).
- Public shareholding adjusts from 29,09,750 shares (40.53%) to 29,12,250 shares (38.81%).
- Preferential issue resolution was approved by members at the EGM on July 28, 2026.
Kalyani Cast-Tech's subsidiary, KMT Engineering Private Limited, has received Western Railway approval to commission a Gati Shakti Multi-Modal Cargo Terminal (GCT) at Shivlakha Station, Gujarat. The terminal features a track capacity of CC+8 and has been assigned the Alpha code KEGS. This commissioning is an operational milestone aimed at strengthening the company's logistics vertical and reducing overall logistics costs. While the financial contribution is not yet quantified, it aligns with the company's FY26 revenue target of ‑180-200 Cr.
- Commissioning approval received from Western Railway via notification dated August 06, 2026.
- Terminal track capacity is rated at CC+8 for cargo handling.
- Initial commissioning is granted for a temporary period of 6 months on a non-interlocked basis.
- The terminal is located at Shivlakha (KEGS) Station within the Ahmedabad Division of Gujarat.
Kalyani Cast-Tech Ltd has formally submitted the voting results and the Scrutinizer's Report for its Extraordinary General Meeting (EGM) held on July 28, 2026. The meeting was conducted based on a notice issued on July 04, 2026, to transact business as specified therein. The filing confirms that the voting process, including remote e-voting and voting during the EGM, has been completed in compliance with SEBI regulations. This is a procedural filing and does not detail the specific resolutions passed within the provided text.
- Extraordinary General Meeting (EGM) successfully held on July 28, 2026.
- Voting results submitted in accordance with Regulation 44 of SEBI (LODR) Regulations, 2015.
- Scrutinizer's Report issued by M/s. Ankur Singh & Associates on July 28, 2026.
- The meeting followed a prior notice issued to shareholders on July 04, 2026.
Kalyani Cast-Tech Ltd has issued a corrigendum to its July 4, 2026, EGM notice following a clarification request from BSE on July 10, 2026. The update specifically identifies six individuals from the Promoter and Promoter Group who intend to subscribe to the proposed Convertible Equity Warrants. The Extraordinary General Meeting (EGM) remains scheduled for July 28, 2026, to seek shareholder approval for this preferential issue. This filing is a regulatory requirement to ensure transparency regarding the identity of the proposed allottees.
- EGM scheduled for July 28, 2026, at 12:00 P.M. via Video Conferencing
- Corrigendum issued on July 15, 2026, in response to a BSE query dated July 10, 2026
- 6 specific individuals from the Promoter/Promoter Group identified as proposed allottees for warrants
- Original EGM notice was dispatched on July 04, 2026
- Clarification pertains to Item No. 1 regarding the Preferential Issue of Convertible Equity Warrants
Financial Performance
Revenue Growth by Segment
The company operates in a single segment (Manufacturing of castings and cargo containers). Total revenue for H1 FY26 reached INR 94.24 Cr, representing a 33.48% growth compared to INR 70.60 Cr in H1 FY25. This growth is driven by increased demand for specialized containers and infrastructure-related castings.
Geographic Revenue Split
The company serves reputed institutional clients across India and select global markets. While specific regional percentages are not disclosed, the focus remains on domestic infrastructure projects and international demand for high-quality castings.
Profitability Margins
Net Profit Margin remained stable at 10% for FY25. For H1 FY26, the company reported a PAT of INR 9.5 Cr on revenue of INR 94.24 Cr, resulting in a PAT margin of approximately 10.08%. Management targets a sustainable PAT margin range of 10% to 12% depending on order mix.
EBITDA Margin
EBITDA increased by 16% YoY in H1 FY26. Core profitability is supported by operational efficiency and a shift toward specialized, higher-margin container products, though steel price fluctuations necessitate competitive pricing adjustments.
Capital Expenditure
The company is currently investing in a new facility under construction to add capacity for container manufacturing and a new steel foundry for wagon components (bogies, couplers, wheel sets). Total IPO funds of INR 30.10 Cr were fully utilized by March 2025, with INR 23.75 Cr allocated to working capital to support expansion.
Credit Rating & Borrowing
The company maintains a very low debt profile with a Debt-Equity ratio of 0.08 as of March 2025, down from 0.16 in 2024. It has a sanctioned working capital limit of INR 17.45 Cr from HDFC Bank, with an outstanding balance of INR 5.27 Cr (30.2% utilization) secured by plant, machinery, and personal guarantees.
Operational Drivers
Raw Materials
Steel (coils, slabs, and sheets) and stainless steel are the primary raw materials, accounting for the majority of the manufacturing cost for cargo containers and castings.
Import Sources
Not specifically disclosed, but procurement is aligned with domestic steel availability to support 'Make in India' initiatives.
Key Suppliers
Not specifically named in the documents, though the company sources industrial-grade steel for its Rewari factory operations.
Capacity Expansion
Current expansion includes a new facility for specialized containers and a first-of-its-kind integrated steel foundry for wagon components like bogies and couplers to reduce logistics costs through vertical integration.
Raw Material Costs
Raw material costs are sensitive to global steel rates; a decrease in steel prices in H1 FY26 led to lower container pricing to remain competitive. The company manages this through dynamic pricing and inventory turnover, which improved from 6 to 10 in FY25.
Manufacturing Efficiency
The company focuses on 'proof of concept' facilities where multiple manufacturing activities (foundry and assembly) are co-located to minimize internal logistics and maximize throughput.
Logistics & Distribution
The company's business model is centered on reducing national logistics costs through the design of dwarf containers and double-stack train solutions.
Strategic Growth
Expected Growth Rate
33%
Growth Strategy
Growth will be achieved through a top-line target of INR 180-200 Cr for FY26. Key strategies include expanding into the wagon component market (bogies, couplers), increasing capacity for specialized containers (dwarf, stainless steel), and adding new institutional clients like Amba Coach Builders and Western Carriers.
Products & Services
High-quality industrial castings, specialized cargo containers (dwarf containers, containers for steel coils/slabs), and railway wagon components (bogies, couplers, wheel sets).
Brand Portfolio
Kalyani Cast Tech.
New Products/Services
New initiatives include design and manufacturing of containers for steel products (coils/slabs) and the use of stainless steel in dwarf containers to enhance durability and specialized application.
Market Expansion
Expansion is focused on the Indian logistics sector and government entities like the Ministry of Earth Sciences, leveraging the 'Atmanirbhar Bharat' initiative.
Market Share & Ranking
Not specifically ranked by percentage, but the company is a recognized leader in specialized container design, winning the CNBC SME award for industrial excellence in 2025.
Strategic Alliances
The company maintains long-standing relationships with reputed institutional clients and government entities, though specific JV partner names were not disclosed.
External Factors
Industry Trends
The industry is shifting toward privatization and efficiency. The company is positioning itself to benefit from the reduction of national logistics costs through innovative container designs and integrated manufacturing facilities.
Competitive Landscape
Faces competition from both government and private players in the manufacturing and logistics sectors; maintains edge through 'private sector efficiency' and innovation.
Competitive Moat
The moat is built on specialized technical expertise in railway logistics (Managing Director's 17-year Indian Railways background) and the ability to design niche products like dwarf containers which are difficult for standard manufacturers to replicate.
Macro Economic Sensitivity
Highly sensitive to infrastructure spending and GDP growth, as these drive the demand for logistics and manufacturing castings.
Consumer Behavior
Shift toward specialized cargo transport (steel coils, slabs) is driving demand for customized container solutions over generic ones.
Geopolitical Risks
Geopolitical factors are noted as risks that can influence market conditions and business performance, particularly affecting international trade of castings.
Regulatory & Governance
Industry Regulations
Operations are subject to manufacturing standards, pollution norms, and government procurement policies which can impact project timelines and order flows.
Environmental Compliance
The company emphasizes a commitment to sustainability and environmentally responsible practices, though specific ESG cost figures are not disclosed.
Taxation Policy Impact
The company complies with standard corporate tax rates; no undisputed statutory dues (GST, Income Tax, etc.) were outstanding for more than six months as of March 31, 2025.
Legal Contingencies
The company has disclosed the impact of pending litigations in Note 33.01 (iii) of its financial statements. No material foreseeable losses on long-term contracts were reported.
Risk Analysis
Key Uncertainties
Fluctuations in steel prices and potential delays in government infrastructure spending represent the primary business risks, with a potential impact on the 10-12% margin target.
Geographic Concentration Risk
Operations are concentrated in Northern India (Delhi/Haryana), though the client base is national.
Third Party Dependencies
Dependency on institutional and government clients for large-scale orders; however, the addition of new private clients like Western Carriers helps diversify this risk.
Technology Obsolescence Risk
The company mitigates technology risk through continuous innovation in container design and adopting advanced manufacturing technologies in its new foundry.
Credit & Counterparty Risk
Debtor turnover ratio decreased from 11 to 7 in FY25, suggesting a slight slowdown in collections that requires monitoring to maintain the current high liquidity (Current Ratio 6.50).
