Electrosteel Castings Limited (ELECTCAST)
₹76.70 +0.50% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Electrosteel Castings' revenue was ₹1,426 Cr (-8.5% year on year, -4.5% on the previous quarter), and net profit ₹48.4 Cr (-45.7% year on year); the operating margin was 7.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,426 | -8.5% | -4.5% |
| Operating profit | ₹100.0 | -41.2% | +61.3% |
| Net profit | ₹48.4 | -45.7% | +202.3% |
| EPS (₹) | 0.78 | -45.8% | +200.0% |
| Operating margin | 7.0% | — | — |
ELECTCAST delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 33.16% of the ELECTCAST shares traded on NSE were taken to delivery, against the stock's own 20-session average of 47.7%. That is lower than usual for this stock. Volume was 0.4 times its average, well below normal. 5 bulk or block deals were reported in ELECTCAST in the last 60 days: ₹134 Cr bought and ₹207 Cr sold.
Delivery in the last 5 sessions: 49.8% · 37.3% · 43.1% · 52.2% · 33.2%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 28 Sep | Sell | Belgrave Investment Fund | ₹133.74 Cr | ₹71.28 | 18,762,000 | Block |
| 28 Sep | Sell | Belgrave Investment Fund | ₹73.41 Cr | ₹72.33 | 10,148,695 | Bulk |
| 28 Sep | Buy | Mayank Kejriwal | ₹59.40 Cr | ₹71.20 | 8,342,600 | Block |
| 28 Sep | Buy | Asha Kejriwal | ₹39.89 Cr | ₹71.30 | 5,594,400 | Block |
| 28 Sep | Buy | Wilcox Merchants Private Limited | ₹34.45 Cr | ₹71.40 | 4,825,000 | Block |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Electrosteel Castings disclosed insider trading filings showing significant open market share purchases by promoter group entities and individuals on September 28 and 29, 2026. Among the transactions, Mayank Kejriwal purchased 83,97,600 shares for ₹59.98 crore, Wilcox Merchants bought 48,25,000 shares for ₹34.54 crore, and Tulsi Highrise acquired 31,63,250 shares for ₹22.97 crore. In addition, Nityangi Kejriwal Jaiswal and Priya Sakhi Kejriwal Mehta each purchased over 17.2 lakh shares valued at ~₹12.49 crore each. The cumulative buying represents a notable open market infusion exceeding ₹140 crore, raising promoter group holdings against a total market cap of ₹4,643 crore.
- Mayank Kejriwal acquired 83,97,600 equity shares on NSE for ₹59,98,39,821 on Sep 28–29, 2026
- Wilcox Merchants purchased 48,25,000 shares (0.78%) for ₹34,54,02,001, raising stake to 1.30%
- Tulsi Highrise acquired 31,63,250 shares (0.51%) for ₹22,96,68,184, taking total holding to 1.22%
- Nityangi Kejriwal Jaiswal and Priya Sakhi Kejriwal Mehta acquired 17,20,800 shares (₹12.49 cr) and 17,20,000 shares (₹12.49 cr) respectively
Electrosteel Castings Limited has completed the acquisition of a 70% stake in Oman-based Arabian Water Tech LLC, following board approval granted on November 10, 2025. The company remitted OMR 21,000 to acquire 14,000 equity shares (face value OMR 1 each) from Arabian (DIFC) SPC1 Limited and Arabian (DIFC) SPC2 Limited. Consequent to receiving the share certificates, Arabian Water Tech LLC has officially become a subsidiary of Electrosteel Castings. Given the very small outlay, the immediate financial impact on the company's Rs 5,787 crore TTM revenue base is negligible.
- Acquired 14,000 equity shares representing a 70% stake in Arabian Water Tech LLC
- Total consideration paid amounts to OMR 21,000
- Arabian Water Tech LLC has officially become a subsidiary of the company
- Follows initial board approval previously granted on November 10, 2025
Electrosteel Castings Limited has declared the voting results of its 71st Annual General Meeting held on August 31, 2026. All six ordinary resolutions were approved by shareholders with the requisite majority, including the adoption of FY26 standalone and consolidated financial statements. Shareholders approved a final dividend of Re 0.90 (90%) per equity share of face value Re 1 for FY26 with 100% affirmative votes. The re-appointments of Mrs. Priya Manjari Todi and Mrs. Radha Kejriwal Agarwal as directors were also passed with 99.66% votes in favor.
- Final dividend of Re 0.90 (90%) per equity share of face value Re 1 for FY26 approved with 100.00% votes in favor
- Adoption of FY26 Standalone Financial Statements passed with 94.90% votes in favor and 5.10% against
- Adoption of FY26 Consolidated Financial Statements passed with 94.67% votes in favor and 5.33% against
- Re-appointment of Mrs. Priya Manjari Todi and Mrs. Radha Kejriwal Agarwal approved with 99.66% votes in favor
- Ratification of joint Cost Auditors remuneration for FY27 approved with 100.00% votes in favor
Electrosteel Castings Limited conducted its 71st Annual General Meeting on August 31, 2026, via video conferencing. Key ordinary business items transacted included the adoption of standalone and consolidated financial statements for FY26 and the declaration of a final dividend of Re 0.90 (90%) per equity share. The meeting also addressed director re-appointments and ratified the remuneration of joint cost auditors for FY27. Final e-voting results will be submitted within two working days.
- 71st AGM held and concluded on 31 August 2026 between 11:30 AM and 12:24 PM
- Final dividend of Re 0.90 (90%) per equity share transacted for approval for FY26
- Statutory auditor's report containing a Qualified Opinion was read and explained to members
- Voting results to be declared within two working days of the AGM conclusion
Electrosteel Castings Limited has scheduled an interaction with institutional investors and analysts at the 'Ashwamedh - Elara India Dialogue 2026' in Mumbai on September 3, 2026. The interactions will include one-on-one and group meetings between 10:00 AM and 3:00 PM. The company stated that no unpublished price sensitive information (UPSI) will be shared and discussions will be based on the already public Q1 FY27 investor presentation.
- Investor conference scheduled for September 3, 2026, from 10 AM to 3 PM
- Venue is Grand Hyatt, Santacruz, Mumbai under 'Ashwamedh - Elara India Dialogue 2026'
- Meeting format includes both One-on-One and Group meetings
- Discussions will reference the publicly available Q1 FY27 investor presentation
Electrosteel Castings Limited (ELECTCAST) shareholders have approved the re-appointment of Mr. Uddhav Kejriwal and a revision in the tenure of Mrs. Priya Manjari Todi as Whole-time Directors. The voting, conducted via postal ballot and concluded on August 13, 2026, showed overwhelming support for Mr. Kejriwal with 99.92% votes in favor. However, Mrs. Todi's resolution saw notable dissent from public institutions, with 38.01% of institutional votes cast against her tenure revision, though the resolution passed with 93.43% overall support. This ensures leadership continuity as the company pursues its 15% growth target.
- 99.92% of total votes were in favor of re-appointing Mr. Uddhav Kejriwal as Whole-time Director
- 93.43% of total votes supported the revision in tenure for Mrs. Priya Manjari Todi
- 38.01% of Public Institutional votes were cast against Mrs. Todi's tenure revision
- 183,823 shareholders were on record as of the cut-off date, July 10, 2026
- The voting period spanned 30 days, from July 15, 2026, to August 13, 2026
Electrosteel Castings reported a challenging Q1 FY27 with sales volumes dropping 27% YoY to 1.20 lakh tons due to domestic execution delays and Middle East tensions. However, consolidated EBITDA margins improved sequentially to 9.5% from 6.5% in Q4 FY26, driven by cost optimization. The company announced a strategic diversification into industrial paints and protective coatings with a planned Rs 250-300 Cr capex to target Rs 800-1,000 Cr in annual revenue over five years. Management guided for a further margin recovery to 12-13% by the second half of FY27.
- Sales volume for DI and CI pipes fell 27% YoY to 1.20 lakh tons in Q1 FY27.
- Planned capex of Rs 250-300 Cr for entering the industrial paints and protective coatings segment.
- Targeting Rs 800-1,000 Cr annual revenue from the new paints business within 5 years.
- Consolidated EBITDA margin improved to 9.5% in Q1 FY27 from 6.5% in the preceding quarter.
- T.I.S. Italy subsidiary reported EUR 10 million in revenue, a sequential growth of 18.4%.
Electrosteel Castings Limited has announced the resignation of Mr. Manoj Kumar Thakur, President – Growth, Business Control and Coal, effective from the closing hours of August 12, 2026. Mr. Thakur ceases to be a Senior Management Personnel (SMP) citing personal reasons, confirming no other material reasons exist. The company reported TTM revenue of ₹5,787 crore and currently holds a market capitalization of ₹4,407 crore.
- Mr. Manoj Kumar Thakur resigned as President – Growth, Business Control and Coal.
- Cessation as Senior Management Personnel is effective from closing hours of August 12, 2026.
- The resignation is due to personal reasons with confirmation of no other material factors.
Mr. Manoj Kumar Thakur has resigned from his position as President – Growth, Business Control and Coal at Electrosteel Castings, effective August 12, 2026. The resignation is cited for personal reasons, with no other material reasons disclosed. This departure occurs as the company manages a significant margin compression, with TTM operating profit margins at 6.1% compared to 15.8% in FY24. As a member of the Senior Management Personnel, his role was central to the company's stated 15% growth strategy.
- Resignation of Mr. Manoj Kumar Thakur effective from the closing hours of August 12, 2026.
- The executive held the critical portfolio of President – Growth, Business Control and Coal.
- Company TTM revenue stands at Rs 5,919 Cr with a market capitalization of Rs 4,520 Cr.
- Operating profit margins have declined from 15.75% in FY24 to 6.07% in FY26.
- The company is currently targeting a 15% growth rate and a rebound in international markets.
Electrosteel Castings has disclosed the audio recording link for its Q1 FY27 earnings conference call held on August 7, 2026. This routine filing follows a period of significant margin compression, with the company's Operating Profit Margin (OPM) dropping to 6.1% in FY26 from 14.2% in FY25. Investors should focus on management's commentary regarding the 15% growth target and the integration of the T.I.S valve business, which previously contributed Rs 55 Cr in its first two months. The company's TTM revenue stands at Rs 5,919 Cr with a market capitalization of Rs 4,423 Cr.
- Conference call held on August 7, 2026, at 4:00 PM IST to discuss Q1 FY27 results
- TTM Revenue of Rs 5,919 Cr reflects a decline from FY25 levels of Rs 7,321 Cr
- Operating Profit Margin (OPM) compressed to 6.1% in FY26 compared to 14.2% in FY25
- T.I.S valve business integration contributed Rs 55 Cr in revenue during its initial two months
- Promoter holding remains stable at 50.14% as of March 2026
Electrosteel Castings has appointed Mr. Rajesh Daga, a company veteran since 1989, as Chief Financial Officer effective August 11, 2026, following the resignation of Mr. Ashutosh Agarwal. The board also approved a strategic expansion into manufacturing high-spec rubber components for Indian Railways, including parts for Vande Bharat and LHB coaches. This diversification utilizes the upcoming 12 TPD Rubber Gasket Plant in Andhra Pradesh. Financially, the company is pursuing a Rs 46.80 crore incentive claim against the West Bengal government and managing ongoing litigation related to ESL Steel Limited.
- Appointment of Mr. Rajesh Daga as CFO effective August 11, 2026, succeeding Mr. Ashutosh Agarwal.
- Board approval for manufacturing rubber products for Indian Railways, including Vande Bharat metal-bonded components.
- Continuation of the 12 TPD (Tonnes Per Day) Rubber Gasket Plant project at Punganur, Andhra Pradesh.
- Outstanding incentive claim of Rs 46.80 crore (Rs 4680.58 lakhs) currently under litigation with the West Bengal government.
- Supreme Court judgment on January 6, 2026, confirmed the company is not a guarantor for ESL Steel's financial facilities.
Electrosteel Castings (ECL) has appointed Mr. Rajesh Daga as CFO effective August 11, 2026, following the resignation of Mr. Ashutosh Agarwal. The company is strategically diversifying its product portfolio by entering the Indian Railways supply chain, targeting components for Vande Bharat and LHB coaches using its 12 TPD rubber gasket plant. Financially, the company is navigating a Rs 46.80 Cr incentive dispute with the West Bengal government and ongoing legal complexities regarding ESL Steel assets. While the Supreme Court confirmed ECL is not a guarantor for ESL, potential claims against third-party security providers remain a point of monitoring.
- Appointment of Rajesh Daga as CFO effective August 11, 2026, bringing over 30 years of internal experience.
- Expansion into manufacturing rubber products for Indian Railways, including Vande Bharat metal-bonded components and LHB coach pads.
- Rs 46.80 Cr in Industrial Promotion Assistance incentives remains outstanding and is currently under litigation with the West Bengal government.
- Supreme Court judgment on January 6, 2026, ruled that the company is not a guarantor for ESL Steel's financial facilities.
- Integration of the 12 TPD Rubber Gasket Plant at Punganur, AP, to support the new Railway product line.
Electrosteel Castings is diversifying beyond its core Ductile Iron (DI) pipe business into high-margin valves and industrial paints to mitigate cyclicality in government water projects. The company plans to invest ₹250-300 Cr in a new paint facility aiming for ₹800-1,000 Cr revenue in 5 years. Following the €11.5 million acquisition of T.I.S. Services, it targets another ₹800 Cr from valves within 4 years at 16% EBITDA margins. While Q1FY27 volumes of 1.20 Lakh MT show a year-on-year decline, the company expects a recovery in H2FY27 as Jal Jeevan Mission (JJM) funding resumes.
- Targeting ₹800-1,000 Cr revenue from the Industrial Paints segment over the next 5 years.
- Planned capex of ₹250-300 Cr for the new Industrial Paints business, representing ~7% of market cap.
- Acquired T.I.S. Services (Italy) for ~€11.5 million, targeting ₹800 Cr valve revenue in 4 years.
- Promoter stake increased by 3.92% to 50.14% as of Q4FY26, signaling management confidence.
- Net debt reduced by ₹1,109 Cr during FY26, resulting in a low Net Debt/Equity ratio of 0.11x.
Electrosteel Castings reported a consolidated PAT of ₹48 Cr for Q1 FY27, marking a 202.5% recovery from the weak Q4 FY26, though it remains 45.7% lower than the previous year's Q1. Total income declined 7.6% YoY to ₹1,465 Cr, primarily due to subdued demand from lower government spending on water infrastructure. Standalone sales volumes for DI pipes and fittings fell to 1.20 lakh tons from 1.48 lakh tons in the preceding quarter. However, consolidated EBITDA margins showed resilience, improving to 9.5% from 6.5% in Q4 FY26.
- Consolidated PAT recovered 202.5% QoQ to ₹48 Cr, despite a 45.7% YoY decline.
- Consolidated EBITDA margin improved by 302 bps QoQ to 9.5%, though down from 12.5% YoY.
- Standalone sales volume of DI pipes and fittings stood at 1.20 Lakh tons for the quarter.
- Government enhanced Jal Jeevan Mission 2.0 budget outlay to ₹8.69 Lakh crores through December 2028.
- Q1 FY27 consolidated revenue of ₹1,465 Cr represents approximately 24.7% of TTM revenue.
Electrosteel Castings (ECL) has approved a strategic expansion into manufacturing rubber products for Indian Railways, including components for Vande Bharat and LHB coaches, at its 12 TPD Punganur plant. The company also announced a key leadership transition, with veteran Rajesh Daga taking over as CFO effective August 11, 2026, following the resignation of Ashutosh Agarwal. Financially, the company is contesting the retrospective revocation of Rs 46.80 crore in state incentives by the West Bengal government. While the Supreme Court recently ruled that ECL is not a guarantor for ESL Steel, legal disputes regarding land and coal block claims remain ongoing.
- Approved manufacture of rubber products for Vande Bharat and LHB coaches at the 12 TPD Punganur plant
- Appointment of Rajesh Daga as CFO, who has been with the company since 1989
- Outstanding incentive claim of Rs 46.80 crore currently under litigation in the Calcutta High Court
- Supreme Court judgment on January 6, 2026, confirmed the company is not a guarantor for ESL Steel debt
- Auditors issued a qualified conclusion regarding unresolved claims from a cancelled coal block
Financial Performance
Revenue Growth by Segment
The company reported standalone revenue of INR 3,077 Cr in H1 FY26, representing a 20.8% contraction compared to INR 3,885 Cr in H1 FY25. This decline was primarily driven by lower sales volumes in the core Ductile Iron (DI) pipe and fitting segments. For the full fiscal year 2025, total revenue was estimated at approximately INR 7,700 Cr, supported by a strong order book execution in the final quarter.
Geographic Revenue Split
Domestic operations contribute approximately 85% of total revenue, heavily reliant on Indian government infrastructure projects. Exports account for the remaining 15% of revenue, with a presence in Europe (France, UK, Italy), the USA, and the Middle East (UAE, Qatar). The Italian acquisition recently added INR 55 Cr in revenue over a two-month period.
Profitability Margins
Gross margins remained resilient at 50.2% in H1 FY26 compared to 49.8% in H1 FY25, as the decline in finished product prices was offset by a corresponding reduction in raw material costs. However, Net Profit Margin significantly decreased from 9.8% in H1 FY25 to 5.4% in H1 FY26 due to lower absorption of fixed costs on reduced volumes.
EBITDA Margin
Standalone EBITDA margin compressed to 12.6% in H1 FY26 from 17.2% in H1 FY25, a decrease of 460 basis points. This was caused by a marginal increase in raw material costs during specific periods and a decline in overall sales volume, which reduced operational leverage.
Capital Expenditure
The company is executing phased capacity expansion and debottlenecking activities to maintain its leadership in the DI pipe industry. Future capex is planned to be funded primarily through internal cash generation, maintaining a conservative capital structure. Historical long-term debt has been aggressively reduced from INR 1,031 Cr in FY22 to INR 340 Cr by H1 FY26.
Credit Rating & Borrowing
The company maintains a 'Stable' outlook from CRISIL, supported by a robust financial risk profile. Interest coverage ratio improved from 6.15 times in FY24 to 7.10 times in FY25, an improvement of 15% due to the reduction in total interest costs from scheduled debt repayments.
Operational Drivers
Raw Materials
Key raw materials include Iron Ore and Coking Coal, which are the primary inputs for manufacturing DI and CI pipes. These materials represent the largest portion of the manufacturing cost base, making the company sensitive to global commodity price cycles.
Import Sources
Raw materials are sourced through a mix of domestic procurement and imports. The company utilizes bulk procurement strategies and benefits from manufacturing facilities located in close proximity to raw material sources in Eastern India to minimize logistics costs.
Key Suppliers
Not specifically named in the documents, but procurement is managed through back-to-back orders and order-backed inventory to mitigate price fluctuation risks.
Capacity Expansion
The company is currently expanding capacities to support volumetric growth. It aims to achieve a consolidated EBITDA per tonne of approximately INR 15,000 through newer capacities and enhanced operational efficiencies from integrated facilities.
Raw Material Costs
Raw material costs as a percentage of revenue saw a marginal increase in FY25, contributing to a 10% reduction in operating profit margins. The company employs a strategy of maintaining order-backed inventory to hedge against the inherent volatility of iron ore and coal prices.
Manufacturing Efficiency
Efficiency is driven by five decades of promoter experience and a fully integrated manufacturing process from raw material processing to finished DI pipe production. This integration allows for flexibility between captive consumption and outside sales to maximize realizations.
Logistics & Distribution
The company utilizes its own railway sidings to manage distribution. Proximity to raw material sources and major ports for the 15% export business helps in controlling freight costs as a percentage of total revenue.
Strategic Growth
Expected Growth Rate
15%
Growth Strategy
Growth will be driven by a 'strong rebound' anticipated in calendar year 2026. Strategies include the integration of the newly acquired T.I.S valve business into the global product portfolio, expanding the product range beyond pipes to include high-margin valves for hydroelectricity and water projects.
Products & Services
Ductile Iron (DI) Pipes, DI Fittings, Cast Iron (CI) Pipes, and industrial valves used in water supply, sanitation, irrigation, and hydroelectric projects.
Brand Portfolio
Electrosteel Castings, T.I.S (Valves)
New Products/Services
Integration of industrial valves into the Indian and overseas markets following the European acquisition. Valves are expected to provide a 'very good push' to the business, particularly in hydroelectric projects in regions like the Brahmaputra.
Market Expansion
Targeting a rebound in the Middle East and European markets. The company is leveraging its UAE subsidiary (Electrosteel Castings Gulf FZE) and European arms to capture international project demand as domestic cycles fluctuate.
Market Share & Ranking
The company holds a leadership position in the Indian DI pipe industry, characterized by high entry barriers due to the capital-intensive nature of integrated pipe manufacturing.
Strategic Alliances
The company operates 10 subsidiaries and 1 Joint Venture. Notable entities include Electrosteel Europe SA (France) and the recently acquired T.I.S valve business in Italy.
External Factors
Industry Trends
The DI pipe industry is currently in a transitional phase with temporary volume pressure, but the long-term outlook is growing due to global shifts toward improved water infrastructure and sanitation. The company is positioning itself by diversifying into the valve segment to capture broader utility capex.
Competitive Landscape
Faces intense competition from local players in the domestic market and global manufacturers in the export segment. Market share is maintained through routine capacity expansion and superior operating efficiency.
Competitive Moat
The moat is built on 'Integrated Operations' (captive power, railway sidings) and a 50-year track record. This cost leadership and established brand presence in government tenders make it difficult for new entrants to compete on price or reliability.
Macro Economic Sensitivity
Highly sensitive to government capex cycles; 80% of industry demand is derived from water supply, irrigation, and housing segments. Economic slowdowns typically lead to deferred government spending on these infrastructure projects.
Consumer Behavior
Shift toward higher quality, durable piping solutions (DI over CI) in municipal water projects is a primary driver for the company's core product demand.
Geopolitical Risks
Exposure to trade barriers in export markets and economic slowdowns in the Middle East (UAE/Qatar) which have recently shown signs of project delays and lower turnover.
Regulatory & Governance
Industry Regulations
Operations are subject to stringent manufacturing standards for DI pipes used in public utility projects. Compliance with the Companies Act 2013 and SEBI Listing Obligations is mandated for its corporate governance framework.
Environmental Compliance
The company maintains ESG-related policies including a Risk Management Manual that covers environmental risks, though specific INR compliance costs are not disclosed.
Taxation Policy Impact
The company recently benefited from the resolution of an 'Entry Tax' matter, which allowed for the reversal of a previous liability, boosting 'Other Income' in H1 FY26.
Legal Contingencies
The company successfully resolved a significant Entry Tax matter in H1 FY26. Other risks include potential litigation related to industrial relations and global trade regulations in its 10+ international subsidiary locations.
Risk Analysis
Key Uncertainties
The primary uncertainty is the timing of the 'strong rebound' in demand. A delay beyond CY 2026 could lead to sustained lower capacity utilization and margin pressure. Volatility in global coking coal prices remains a 10-15% risk to operating margins.
Geographic Concentration Risk
85% of revenue is concentrated in India, specifically tied to government-funded infrastructure. This creates a high dependency on Indian fiscal policy and state-level budgetary allocations.
Third Party Dependencies
High dependency on large EPC (Engineering, Procurement, and Construction) players who win government tenders and then source pipes from the company.
Technology Obsolescence Risk
Low risk in the core pipe business, but the company is digitally transforming through a Risk Management Manual and updated internal control systems to protect stakeholder interests.
Credit & Counterparty Risk
Exposure to governmental organizations and large EPC players. While credit risk is generally low with government entities, payment delays during economic slowdowns can impact the working capital cycle, which recently rose to 187 days.
