Steelcast Limited (STEELCAS)
₹354.50 +1.45% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Steelcast's revenue was ₹125 Cr (+17.0% year on year, +11.4% on the previous quarter), and net profit ₹23.7 Cr (+19.3% year on year); the operating margin was 25.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹125 | +17.0% | +11.4% |
| Operating profit | ₹32.0 | +17.2% | +10.3% |
| Net profit | ₹23.7 | +19.3% | +3.1% |
| EPS (₹) | 2.34 | +19.1% | +2.2% |
| Operating margin | 25.6% | — | — |
EPS restated for the ₹5 to ₹1 split of Aug 2025: Q1 FY26 ₹9.82 to ₹1.96.
STEELCAS delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 60.54% of the STEELCAS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 51.59%. That is close to its usual level. Volume was 0.3 times its average, well below normal.
Delivery in the last 5 sessions: 59.5% · 62.7% · 51.5% · 51.5% · 60.5%
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
Steelcast Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate, issued by its Registrar and Share Transfer Agent, Bigshare Services Pvt. Ltd., confirms the processing and cancellation of dematerialised share certificates. The document is purely administrative and confirms standard compliance with listing regulations.
- Compliance certificate filed under Regulation 74(5) of SEBI Regulations, 2018
- Covers the quarter ended September 30, 2026
- Issued by Registrar and Share Transfer Agent, Bigshare Services Pvt. Ltd. on October 13, 2026
- Filing submitted to BSE and NSE on October 14, 2026
Steelcast Limited has achieved the International Railway Industry Standard (IRIS) Certification issued via TUV India, valid until 27/02/2029. The company stated it is the first Iron & Steel organization in Gujarat to receive this credential, covering the manufacture of ferrous and non-ferrous casting components for rolling stock. This certification formally enables Steelcast to enter the European railroad industry, aligning with its stated strategy to expand export railroad components beyond domestic mining/construction dependence. Commercial order flow and revenue contributions from this new market will depend on customer audits and product approvals.
- IRIS Certification awarded by TÜV NORD CERT GmbH, valid from 14/04/2026 until 27/02/2029
- Certification scope covers Rolling Stock components (ferrous and non-ferrous casting components)
- Enables market entry into the European Rail-Road Industry
- Noted as the first Iron & Steel organization in the Gujarat region to receive IRIS Certification
Steelcast Limited has announced a series of investor and analyst interactions scheduled for September 28 and 29, 2026. Key management including the CMD, Executive Director & CFO, and Company Secretary will participate in one-on-one virtual meetings with Sundaram Alternates, attend the Bharat Connect Conference hosted by Arihant Capital, and hold an in-person meeting with Bellwether Capital in Bhavnagar. The company confirmed that only publicly available information will be shared and no unpublished price sensitive information (UPSI) will be discussed.
- Meeting with Sundaram Alternates scheduled virtually on Monday, 28 September 2026 at 10.00 AM
- Participation in Bharat Connect Conference: Rising Stars by Arihant Capital on Monday, 28 September 2026 at 12.00 Noon
- In-person meeting with Bellwether Capital scheduled in Bhavnagar on Tuesday, 29 September 2026 at 10.00 AM
- Senior management including CMD Chetan M Tamboli and ED & CFO Subhash R Sharma attending
Steelcast Limited has announced a series of investor and analyst interactions scheduled for September 28 and 29, 2026. Key management including the CMD, Executive Director & CFO, and Company Secretary will participate in one-on-one virtual meetings with Sundaram Alternates, attend the Bharat Connect Conference hosted by Arihant Capital, and hold an in-person meeting with Bellwether Capital in Bhavnagar. The company confirmed that only publicly available information will be shared and no unpublished price sensitive information (UPSI) will be discussed.
- Meeting with Sundaram Alternates scheduled virtually on Monday, 28 September 2026 at 10.00 AM
- Participation in Bharat Connect Conference: Rising Stars by Arihant Capital on Monday, 28 September 2026 at 12.00 Noon
- In-person meeting with Bellwether Capital scheduled in Bhavnagar on Tuesday, 29 September 2026 at 10.00 AM
- Senior management including CMD Chetan M Tamboli and ED & CFO Subhash R Sharma attending
Steelcast Limited has informed the exchanges regarding upcoming physical investor and analyst interactions in Mumbai scheduled for September 23 and 24, 2026. Top leadership, including the CMD, ED & CFO, and Company Secretary, will meet representatives from 11 institutions such as Axis MF, Motilal Oswal MF, White Oak Capital, and Enam AMC. These are planned as one-on-one sessions and one group meeting. The company stated that no unpublished price sensitive information (UPSI) will be discussed.
- Meetings scheduled across 2 days on September 23 and September 24, 2026
- Total of 11 institutional investors/analysts to participate in physical meetings in Mumbai
- 10 one-on-one sessions and 1 group meeting (Alchemy PMS, Habrok Capital) planned
- Senior management including Chairman & MD and ED & CFO attending
Steelcast Limited has notified exchanges of upcoming in-person meetings with institutional investors and analysts scheduled for September 23 and 24, 2026, in Mumbai. Key company leadership, including the Chairman & Managing Director, Executive Director & CFO, and Company Secretary, will attend. The schedule features one-on-one sessions with 10 institutions—including Axis MF, Enam AMC, and Motilal Oswal MF—and one group meeting with Alchemy PMS and Habrok Capital. The company confirmed that discussions will rely strictly on publicly available information with no unpublished price sensitive information (UPSI) disclosed.
- Meetings scheduled across two days on September 23 and September 24, 2026
- Engagements include 10 one-on-one meetings and 1 group meeting
- Prominent participants include Axis MF, Bandhan Mutual Fund, Motilal Oswal MF, and 360 ONE AMC
- Company confirmed zero unpublished price sensitive information (UPSI) will be shared
Steelcast Limited has notified the exchanges of upcoming institutional investor interactions scheduled for mid-September 2026. The company will conduct a one-on-one in-person meeting with Equitree Capital on September 17, 2026, at 11:00 AM. This will be followed by a virtual group meeting with Kotak Securities Ltd on September 18, 2026, at 11:00 AM. Steelcast confirmed that only publicly available information will be referenced, with no unpublished price sensitive information (UPSI) shared.
- One-on-one in-person meeting scheduled with Equitree Capital on September 17, 2026, at 11:00 AM
- Group virtual meeting scheduled with Kotak Securities Ltd on September 18, 2026, at 11:00 AM
- Interaction strictly limited to publicly available documents with no UPSI discussed
Steelcast Limited has notified the exchanges of upcoming investor and analyst interactions scheduled for September 17 and 18, 2026. The company will conduct a physical one-on-one meeting with Equitree Capital on September 17 at 11:00 AM. This will be followed by a virtual group meeting with Kotak Securities Ltd on September 18 at 11:00 AM. Steelcast confirmed that discussions will rely solely on publicly available information without disclosing any unpublished price-sensitive information.
- One-on-one physical meeting scheduled with Equitree Capital on September 17, 2026, at 11:00 AM
- Group virtual meeting scheduled with Kotak Securities Ltd on September 18, 2026, at 11:00 AM
- Discussions strictly limited to publicly available documents with no UPSI to be shared
Steelcast Limited has notified the stock exchanges regarding an upcoming institutional investor interaction scheduled for September 16, 2026, at 4:00 PM IST. The meeting will be a one-on-one virtual session conducted with SBI Mutual Fund. The company confirmed that discussions will rely solely on publicly available information, with no unpublished price-sensitive information being shared. As a standard compliance intimation, the filing has no direct financial or operational impact.
- One-on-one investor interaction scheduled with SBI MF
- Meeting set for Wednesday, September 16, 2026, at 4:00 PM IST
- Mode of interaction will be virtual
- No unpublished price sensitive information (UPSI) will be shared
Steelcast reported a strong Q1 FY27 with revenue growing 17% YoY to Rs 124.82 Cr and PAT increasing 19.26% to Rs 23.71 Cr. The company maintained healthy EBITDA margins at 28.23% despite rising input costs. A major Greenfield expansion of 8,500 tons was approved with a Rs 120 Cr investment (approx. 30% of Net Worth) to be deployed over two years. Management has guided for 25% revenue growth in FY27, supported by a current order book of Rs 140 Cr.
- Q1 FY27 Revenue grew 17% YoY to Rs 124.82 Cr with PAT at Rs 23.71 Cr.
- Approved Rs 120 Cr Greenfield Foundry expansion for 8,500 tons capacity over 2 years.
- Current order book stands at Rs 140 Cr, providing visibility for 3-4 months.
- Commissioning 3.8 MW of renewable energy (2.4 MW hybrid + 1.4 MW solar) by Dec 31, 2026.
- Management guides for 25% revenue growth in FY27 and 20% long-term CAGR.
Steelcast Limited has concluded its 55th Annual General Meeting (AGM) held on July 29, 2026, with shareholders approving all seven proposed resolutions. Key approvals include the adoption of FY26 financial statements and the confirmation of three interim dividends alongside a final dividend for the year. The re-appointment of Mr. Chetan M Tamboli as Managing Director was passed as a special resolution with 97.34% support. Voting was conducted via remote e-voting and ballots, with a cut-off date of July 22, 2026.
- Final dividend for the financial year ended March 31, 2026, approved with 100% of votes in favor (51,479,981 votes).
- Re-appointment of Mr. Chetan M Tamboli as Managing Director approved with 97.34% majority (50,111,761 votes in favor).
- Shareholders holding shares as of the cut-off date July 22, 2026, were eligible to participate in the voting.
- Special resolution for the revision of the expiry date for Mr. Hemant D Dholakia's term passed with 99.95% favor.
- A total of 48 members participated in the voting for the primary ordinary resolutions.
Steelcast Limited has released the audio recording of its Q1FY27 earnings conference call held on July 30, 2026. This is a routine regulatory filing under SEBI LODR regulations. The recording provides management's perspective on the company's performance, including its 29,000 TPA installed capacity and its 20% CAGR growth target. Investors can access the recording via the provided link to evaluate the company's progress in diversifying into North American railroad markets.
- Earnings conference call for Q1FY27 was conducted on July 30, 2026
- Company maintains an installed capacity of 29,000 TPA
- Management targets a 20% CAGR over the next three years through geographic diversification
- Capacity utilization for FY26 was previously guided at 53%, revised from 59%
- Approximately 75% of castings are shipped as fully machined to increase value-add
Steelcast Limited has fixed August 7, 2026, as the record date for its first interim dividend for the financial year 2026-27. This follows a board meeting held on July 29, 2026. The company continues to demonstrate a strong financial position with zero debt and a high ROCE of 32.0%. While the specific dividend amount per share was not disclosed in this filing, the announcement confirms the timeline for shareholder payouts.
- Record date for the first interim dividend is fixed for August 7, 2026
- Board meeting approving the record date was held on July 29, 2026
- Company maintains a debt-free balance sheet with Rs 0 Cr debt
- Current installed capacity stands at 29,000 TPA with a 32.0% ROCE
Steelcast Limited concluded its 55th Annual General Meeting on July 29, 2026, where shareholders approved a final dividend of 54% for FY 2025-26. The company also noted a first interim dividend of 45% for the current financial year 2026-27. Key management decisions included the re-appointment of Mr. Chetan M Tamboli as Managing Director. Operationally, the company maintains an installed capacity of 29,000 TPA, though FY26 utilization is expected at a lower 53% due to tender delays.
- Approved a final dividend of 54% for the financial year ended March 31, 2026
- Noted a first interim dividend of 45% for the financial year 2026-27
- Re-appointed Mr. Chetan M Tamboli as Managing Director via special resolution
- Maintained installed capacity of 29,000 TPA with a revised FY26 utilization target of 53%
- Meeting quorum was met with 32 members and 20 proxy holders present
Steelcast reported a robust Q1FY27 with revenue growing 17% YoY to ₹124.8 Cr and PAT increasing 19.3% to ₹23.7 Cr. The company maintained strong profitability with an EBITDA margin of 28.2% (including other income). A significant ₹120 Cr greenfield expansion for 8,500 TPA capacity has been approved, representing approximately 30% of the company's current net worth. Management has guided for >20% growth in FY27, supported by a shift toward exports which now contribute 62% of total revenue.
- Q1FY27 Revenue from operations increased 17% YoY to ₹124.8 Cr.
- Export revenue share surged to 62% in Q1FY27 compared to 54% in Q1FY26.
- Board approved a ₹120 Cr investment for a new 8,500 TPA Greenfield Foundry over two years.
- Sales volumes grew to 4,036 tonnes in Q1FY27 from 3,618 tonnes in the previous year's quarter.
- New 2.4 MW hybrid power plant commissioning by Dec 2026 is expected to save ₹3.6 Cr annually.
Financial Performance
Revenue Growth by Segment
Overall revenue from operations declined 8.21% from INR 409.81 Cr in FY24 to INR 376.17 Cr in FY25 due to cyclical shifts. However, Q2FY26 showed a strong recovery with revenue of INR 106.7 Cr, representing a 42% YoY growth from INR 75.4 Cr in Q2FY25. The mining and earth-moving segment remains the primary driver, historically contributing ~77% of revenue.
Geographic Revenue Split
The company serves both domestic and export markets. Export sales witnessed a decline in FY24 and Q1FY25 due to moderated global demand, though specific regional percentages for the current period are not disclosed. The company is actively expanding into North American railroad markets.
Profitability Margins
Operating margins remained stable at 29.38% in FY25 compared to 29.25% in FY24. PAT margin for FY24 was 18.30%. In Q2FY26, the PBT margin reached 29.0%, up from 23.7% in Q2FY25, driven by higher volumes and process efficiencies.
EBITDA Margin
EBITDA margin improved to 32.0% in Q2FY26, a 408 bps increase from 28.0% in Q2FY25. Absolute EBITDA for Q2FY26 was INR 34.2 Cr, up 62% YoY from INR 21.1 Cr.
Capital Expenditure
The company invested in process improvement, debottlenecking, and renewable energy (RE) power projects in FY24. Cash flow from investing activities was INR 57.6 Cr in FY25 and INR 32.8 Cr in H1FY26, primarily directed toward enhancing production capabilities.
Credit Rating & Borrowing
CARE Ratings reaffirmed 'CARE A-; Stable / CARE A2+' in August 2025. The company maintains a strong solvency position with total debt to gross cash accruals (TDGCA) of 0.42x in FY23 and low working capital utilization (~9% as of June 2025).
Operational Drivers
Raw Materials
Steel scrap and alloys (implied by steel price trends), which are the primary inputs for steel and alloy-steel castings.
Import Sources
Not specifically disclosed, though the company operates out of Bhavnagar, Gujarat, and sources materials for its 29,000 TPA capacity.
Capacity Expansion
Current installed capacity is 29,000 TPA. Capacity utilization for FY26 is expected to be 53%, revised downward from an earlier guidance of 59% due to tender delays.
Raw Material Costs
Materials consumed accounted for 17.7% of revenue in Q2FY26, down from 24.2% in Q2FY25. Margins benefited from a decreasing trend in steel prices during FY24.
Manufacturing Efficiency
75% of castings are shipped as fully machined, increasing value-add and margins. The company uses No-Bake and Shell Moulding techniques for manufacturing excellence.
Strategic Growth
Expected Growth Rate
20%
Growth Strategy
The company targets a 20% CAGR over the next three years through diversification into new geographies and sectors like North American railroads. It is shifting focus away from the bureaucratic defense sector to faster-moving global markets and increasing the share of high-margin fully machined castings.
Products & Services
Steel and alloy-steel castings ranging from 5 Kgs to 2,500 Kgs, used in earth-moving equipment, mining, construction, railways, steel, cement, and locomotives.
Brand Portfolio
Steelcast Limited.
New Products/Services
Development of new parts for the North American railroad OEM and expansion into 4-5 new industrial segments.
Market Expansion
Active exploration of new geographies and customer segments, particularly in the export market for railroad components.
Market Share & Ranking
Described as a 'frontrunner' in the steel and alloy-steel castings industry in India.
Strategic Alliances
Long-term supply agreement with a North American railroad OEM.
External Factors
Industry Trends
The industry is moving toward 'ready-to-use' fully machined castings. Steelcast is positioned well with 75% of its output already meeting this standard.
Competitive Landscape
Operates in a competitive and cyclical industry with players in the castings and forgings segment.
Competitive Moat
65 years of manufacturing experience, specialized No-Bake and Shell Moulding processes, and long-term associations with major global OEMs provide a sustainable competitive advantage.
Macro Economic Sensitivity
Highly sensitive to infrastructure spending and global mining cycles. A slowdown in these sectors directly impacts the demand for heavy castings.
Consumer Behavior
Shift in OEM preference toward suppliers who can provide end-to-end machined components rather than raw castings.
Geopolitical Risks
Trade barriers or global economic slowdowns affecting export demand, as seen in the subdued performance of FY24.
Regulatory & Governance
Industry Regulations
Subject to industrial manufacturing standards and pollution control norms typical for steel foundries.
Environmental Compliance
The company has invested in renewable energy projects to align with sustainability goals and reduce power costs.
Taxation Policy Impact
Direct taxes paid in FY25 amounted to INR 24.3 Cr.
Risk Analysis
Key Uncertainties
Cyclicality of end-user industries (mining/construction) and volatility in raw material prices could impact margins by 3-5% if not managed.
Geographic Concentration Risk
Significant exposure to the Indian market and a growing but concentrated export focus on North America.
Third Party Dependencies
High dependency on a few key customers in the mining and earth-moving sectors.
Technology Obsolescence Risk
Technological threats are monitored; the company uses advanced No-Bake and Shell Moulding to stay competitive.
Credit & Counterparty Risk
Receivables stood at 3.11 months in FY25, up from 2.73 months in FY24, indicating a slight elongation in the credit cycle.
