Thaai Casting Limited (TCL)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Thaai Casting's revenue was ₹83.0 Cr (+20.7% year on year, +59.6% on the previous half-year), and net profit ₹7.0 Cr (+14.3% year on year); the operating margin was 24.1%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹83.0 | +20.7% | +59.6% |
| Operating profit | ₹20.0 | +24.6% | +67.0% |
| Net profit | ₹7.0 | +14.3% | +44.2% |
| EPS (₹) | 2.70 | +9.8% | +29.8% |
| Operating margin | 24.1% | — | — |
TCL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 70.0% of the TCL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 74.63%. That is close to its usual level. Turnover was only ₹10 lakh, so a handful of trades can move this figure. Volume was 0.1 times its average, well below normal.
Delivery in the last 5 sessions: 66.7% · 71.4% · 68.9% · 78.6% · 70.0%
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
Thaai Casting Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The report from Registrar and Share Transfer Agent Purva Sharegistry (India) Pvt. Ltd. confirms that zero share certificates were received or processed for dematerialisation during the period from July 1, 2026 to September 30, 2026. This is a standard quarterly regulatory submission with no impact on business operations or financials.
- Regulation 74(5) compliance certificate submitted for the quarter ended September 30, 2026
- Report confirmed by Registrar and Share Transfer Agent Purva Sharegistry (India) Pvt. Ltd.
- Nil share certificates dematerialised between July 1, 2026 and September 30, 2026
Thaai Casting Limited announced the voting results and scrutinizer's report for its 3rd Annual General Meeting held on September 30, 2026. A total of 1.527 crore votes were polled representing 62.74% of outstanding shares, with 99.99% voting in favor of all proposals. Key ordinary and special resolutions approved include adoption of FY26 financials and re-appointments of Chairman & MD Sriramulu Anandan and other Whole-time Directors. The meeting saw participation from 20 shareholders via video conferencing.
- All 9 resolutions passed with 99.99% approval (1,52,72,200 votes in favour vs 800 against)
- Overall voter turnout was 62.74% across 2,43,41,437 outstanding shares
- Promoter group polled 100% of their 1,47,05,000 shares in favor of all resolutions
- Public institutions polled 1,18,400 votes (9.31% of category), all in favor
- Total registered shareholders on cutoff date September 23, 2026 stood at 1,901
Thaai Casting Limited has issued notice for its 03rd Annual General Meeting scheduled for September 30, 2026, via Video Conferencing. Key ordinary and special businesses include the adoption of FY26 financial statements and the re-appointment of Chairman & MD Sriramulu Anandan for a 3-year term from September 01, 2026, to August 31, 2029, at a proposed salary of Rs 5,00,000 per month. Additionally, re-appointments for Whole-Time Directors Chinraj Venkatesan (Rs 3,00,000/month), Anandan Shevaani (Rs 2,00,000/month), and Sri Ramulu Rajasekar Ramakrishnan (Rs 2,00,000/month) are proposed for shareholder ratification.
- 03rd AGM scheduled for September 30, 2026, at 03:30 PM via VC/OAVM
- Re-appointment of CMD Sriramulu Anandan for 3 years (Sep 1, 2026 to Aug 31, 2029) at Rs 5,00,000 per month
- Whole-time Director Chinraj Venkatesan proposed for 3-year term at Rs 3,00,000 per month
- Whole-time Directors Anandan Shevaani and Sri Ramulu Rajasekar Ramakrishnan proposed at Rs 2,00,000 per month each
- Cost Auditor remuneration ratification of Rs 1,00,000 plus taxes for FY27
Thaai Casting Limited's Board approved the conversion of 15,30,963 Compulsorily Convertible Debentures (CCDs) and 5,00,000 warrants into 20,30,963 equity shares of ₹10 face value at an issue price of ₹101 per share. This expands the company's paid-up share capital from ₹24.34 Cr (2.43 Cr shares) to ₹26.37 Cr (2.64 Cr shares), resulting in an 8.34% equity dilution. The conversion settles the preferential issue instruments originally allotted in September 2025 across 21 promoter and public allottees.
- Approved conversion of 15,30,963 12% CCDs and 5,00,000 warrants into 20,30,963 equity shares of ₹10 each.
- Conversion price executed at ₹101 per share, representing a total converted value of approximately ₹20.51 Cr.
- Paid-up share capital increased by ₹2.03 Cr to ₹26.37 Cr across 2,63,72,400 equity shares.
- Allotment spans 21 investors across Public, Promoter, and Promoter Group categories.
Thaai Casting Limited's Board of Directors has approved the re-appointment of Chairman and Managing Director Mr. Sriramulu Anandan along with Whole-Time Directors Mr. Chinraj Venkatesan and Mrs. Anandan Shevaani for a 3-year term from September 1, 2026 to August 31, 2029. Additionally, Mr. Sriramulu Rajasekarramakrishnan has been re-appointed as Whole-Time Director for 3 years effective November 15, 2026 to November 14, 2029. All re-appointments are subject to shareholder approval at the upcoming 3rd Annual General Meeting scheduled for September 30, 2026.
- Re-appointment of CMD Sriramulu Anandan for a 3-year term from September 1, 2026 to August 31, 2029
- Re-appointment of Whole-Time Directors Chinraj Venkatesan and Anandan Shevaani for 3 years from September 1, 2026
- Re-appointment of Whole-Time Director Sriramulu Rajasekarramakrishnan for 3 years from November 15, 2026
- 3rd Annual General Meeting to be held on September 30, 2026 at 03:30 PM IST via VC/OAVM
Thaai Casting Limited (TCL) conducted a virtual group meeting on August 14, 2026, with over 15 institutional investors, PMS firms, and HNIs. Participants included Samarsh Capital, Ithought PMS, Trisula Capital, and Juno Asset Management. The company clarified that no unpublished price-sensitive information (UPSI) was shared and no formal presentation was made. This interaction occurs as the company manages a TTM revenue of ₹252 Cr and a significant order book of ₹384 Cr.
- Virtual meeting conducted on August 14, 2026, lasting 50 minutes (02:30 PM to 03:20 PM).
- Participation from 15+ distinct entities including institutional investors like Nine Rivers Capital and various HNIs.
- Company maintains a TTM revenue of ₹252 Cr with an operating profit margin of 23.7%.
- Current order book stands at ₹384 Cr, representing approximately 152% of TTM revenue.
Thaai Casting Limited (TCL) has announced a virtual group meeting with analysts and institutional investors scheduled for August 14, 2026, at 02:30 PM. The company, which operates in the auto ancillary sector with a market cap of Rs 296 Cr, will discuss generally available information. This interaction comes as the company manages a TTM revenue of Rs 252 Cr and an operating margin of 23.7%. No unpublished price-sensitive information is expected to be disclosed during the session.
- Virtual group meeting scheduled for August 14, 2026, at 02:30 PM
- Company currently maintains a TTM revenue of Rs 252 Cr
- Reported order book stands at Rs 384 Cr, representing approximately 1.5x TTM revenue
- Operating profit margin (OPM) remains healthy at 23.7% as per latest TTM data
Thaai Casting Limited (TCL) conducted three virtual investor meetings on July 31, 2026, with participants including the Damani Family Office, TRUST Mutual Fund, and CJ Shah Family Office. The company stated that no unpublished price-sensitive information was shared and no new presentations were made. While the filing is procedural, the interest from institutional and high-net-worth family offices is notable for a micro-cap company with a market capitalization of ‣274 Cr. Investors should note that TCL currently carries an order book of ‣384 Cr, which is approximately 1.5x its TTM revenue.
- Three virtual meetings conducted on July 31, 2026, between 11:00 AM and 4:30 PM IST.
- Participants included institutional entities like TRUST Mutual Fund and prominent family offices.
- Company maintains a ‣384 Cr order book against a TTM revenue of ‣252 Cr.
- Current market capitalization stands at ‣274 Cr with a P/E of 11.7.
Financial Performance
Revenue Growth by Segment
Revenue grew 84.7% YoY from INR 49.02 Cr in FY23 to INR 90.55 Cr in FY24. H1 FY25 revenue reached INR 53 Cr, supported by an order book of INR 384 Cr as of November 2024. The primary segment is Die Casting Products.
Geographic Revenue Split
Manufacturing operations are centralized in Tiruvallur, Tamil Nadu, with a 2,500-tonne capacity manufacturing unit. Specific regional revenue percentages are not disclosed.
Profitability Margins
Operating margins have fluctuated between 13% and 28% over the past three fiscals. Standalone Net Profit for FY25 was INR 11.73 Cr compared to INR 10.66 Cr in FY24, representing a 10% increase.
EBITDA Margin
EBITDA margin was 26% in H1 FY25. Sustenance of margins at 20-22% is a key monitorable for credit rating stability. A decline below 13% is considered a downward rating factor.
Capital Expenditure
In FY24, the company invested INR 66.70 Cr in Property, Plant & Equipment. Debt-funded capital expenditure is planned for fiscal 2025 to support capacity and new specialized processes.
Credit Rating & Borrowing
CRISIL assigned a 'CRISIL BBB-/Positive' rating. Interest coverage ratio was 6.94 times in FY24 and is expected to remain above 5 times over the medium term.
Operational Drivers
Raw Materials
Aluminum ingots represent the primary raw material, accounting for 44-50% of total operating income.
Key Suppliers
Not disclosed in available documents, though the company maintains long-standing relationships with its supplier base.
Capacity Expansion
Current installed capacity is 2,500 tonnes of high-pressure die casting. Planned expansion includes focusing on specialized processes like gas nitriding and planetary gear machines to enhance margins.
Raw Material Costs
Raw material costs comprise 44-50% of operating income. Margins are highly susceptible to volatility in aluminum ingot prices, which have caused historical margin fluctuations between 13% and 28%.
Manufacturing Efficiency
Bank limit utilization was high at 85-87% on average through October 2024, indicating high operational activity and working capital needs.
Strategic Growth
Expected Growth Rate
25%
Growth Strategy
Growth will be driven by an INR 384 Cr order book, addition of new customers, and a strategic shift toward specialized high-margin products like gas nitriding and planetary gear machines. The company aims to restrict aggressive growth in standard casting to focus on these critical, higher-value components.
Products & Services
High-pressure die casting products, precision machining of ferrous and non-ferrous materials, induction heating, and quenching services.
Brand Portfolio
Thaai Casting Limited (TCL).
New Products/Services
Gas nitriding and planetary gear machines are expected to contribute to higher margins starting from FY26.
Market Expansion
The company is expanding its client base beyond existing OEMs like Hyundai and Tata to include new customers in the power and textile sectors.
Strategic Alliances
Consolidated entities include Thaai Induction and Nitriding Pvt Ltd and Simtech CNC, which provide significant business and operating linkages.
External Factors
Industry Trends
The industry is shifting toward specialized machining and induction processes. TCL is positioning itself by focusing on critical components rather than aggressive volume-based casting.
Competitive Landscape
Operates in the competitive automotive ancillary and die-casting market, competing with other high-pressure die-casting specialists.
Competitive Moat
Moat is built on the promoters' 30+ years of experience and certifications from major OEMs like Hyundai and Mahindra, which act as high entry barriers for new competitors.
Macro Economic Sensitivity
Highly sensitive to GDP growth and automotive industry cycles. Business risk is linked to the performance of the economy.
Consumer Behavior
Shift toward Electric Vehicles (EVs) is a key trend affecting long-term demand for traditional engine-related castings.
Regulatory & Governance
Industry Regulations
Operations are subject to automotive pollution norms and evolving government policies regarding electric vehicles and manufacturing standards.
Taxation Policy Impact
Current tax expense for FY25 was INR 2.86 Cr on a pre-tax profit of INR 15.27 Cr, representing an effective tax rate of approximately 18.7%.
Risk Analysis
Key Uncertainties
Volatility in aluminum prices (44-50% of income) and the inherent cyclicality of the automotive sector are the primary business risks.
Geographic Concentration Risk
100% of manufacturing capacity is located in Tiruvallur, Tamil Nadu, creating regional concentration risk.
Third Party Dependencies
High dependency on major OEMs (Hyundai, Tata, Mahindra) for order flow and revenue stability.
Technology Obsolescence Risk
Risk of obsolescence if the company fails to adapt its casting and machining processes to the specific requirements of the EV market.
Credit & Counterparty Risk
Trade receivables increased by INR 8.02 Cr in FY25, reflecting the growth in scale but also increasing credit exposure to customers.
