Electrosteel Castings Ltd.
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ABOUT
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Promoters have been increasing their shareholding - up 3.9pp over 2 years
- Company has consistently been profitable over the last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.51x)
- Company has been maintaining a healthy dividend payout of 34.5%
- Company generates healthy free cash flow
- Company has a consistent dividend-paying track record
CONS
- A large part of profit comes from other income (112.9% of PBT)
- Recent results are weak - TTM profit is down 76.5% versus prior year
- Company has a low return on capital employed of 11.4%
- Working capital days have increased from 94 to 145 days
- Valuation is stretched - P/E of 39.8 is well above its own 5-year median (14.9)
- Operating margins have contracted to 5.5% from 11.3%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| JSWSTEEL | 1267.50 | 12.51 | 309961.29 | 0.56 | 4696.00 | 112.58 | 47364.00 | 11.55 | 20.67 | 19.60 |
| TATASTEEL | 182.85 | 20.69 | 228259.99 | 2.19 | 2385.24 | 18.82 | 60794.29 | 15.26 | 12.70 | 15.40 |
| SAIL | 179.00 | 17.31 | 73936.40 | 1.31 | 1644.05 | 120.80 | 26245.67 | 1.25 | 7.08 | 15.92 |
| WELCORP | 2676.25 | 30.57 | 70596.97 | 0.19 | 1047.88 | 200.11 | 4081.12 | 14.91 | 23.94 | 32.17 |
| JSL | 755.20 | 19.16 | 62260.17 | 0.53 | 768.66 | 7.56 | 11278.54 | 10.50 | 19.19 | 12.09 |
| APLAPOLLO | 2153.00 | 48.64 | 59779.85 | 0.39 | 263.11 | 10.94 | 5606.71 | 12.07 | 31.83 | 7.34 |
| SHYAMMETL | 1074.35 | 26.70 | 29988.53 | 0.42 | 350.73 | 20.66 | 5455.09 | 23.45 | 13.88 | 14.03 |
| JINDALSAW | 311.85 | 30.52 | 19943.06 | 0.64 | 90.79 | -78.15 | 4452.31 | 9.00 | 10.38 | 8.79 |
| RATNAMANI | 2808.15 | 45.47 | 19682.88 | 0.36 | 107.03 | -15.82 | 971.63 | -15.63 | 18.01 | 16.69 |
| SARDAEN | 524.75 | 16.37 | 18491.21 | 0.38 | 478.13 | 9.50 | 1608.04 | -1.07 | 17.76 | 41.59 |
| GPIL | 244.50 | 20.41 | 16460.69 | 0.41 | 222.37 | 2.75 | 1750.47 | 32.29 | 20.20 | 19.36 |
| ELECTCAST | 77.68 | 39.78 | 4802.06 | 1.16 | 48.37 | -45.70 | 1425.57 | -8.48 | 4.75 | 7.01 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,685 | 1,919 | 1,869 | 2,004 | 2,012 | 1,828 | 1,780 | 1,701 | 1,558 | 1,396 | 1,472 | 1,493 | 1,426 | |
| 1,525 | 1,619 | 1,463 | 1,693 | 1,658 | 1,560 | 1,525 | 1,541 | 1,387 | 1,303 | 1,438 | 1,431 | 1,396 | |
| Operating Profit | 160 | 300 | 406 | 311 | 354 | 268 | 255 | 160 | 170 | 93 | 34 | 62 | 29 |
| OPM % | 9.52% | 15.65% | 21.74% | 15.53% | 17.57% | 14.65% | 14.33% | 9.38% | 10.93% | 6.65% | 2.32% | 4.14% | 2.06% |
| 27 | 18 | 23 | 34 | 24 | 21 | 39 | 39 | 28 | 95 | 16 | 37 | 39 | |
| Interest | 57 | 57 | 53 | 52 | 41 | 40 | 45 | 35 | 36 | 38 | 37 | 32 | 27 |
| Depreciation | 30 | 30 | 30 | 34 | 32 | 36 | 37 | 37 | 41 | 43 | 45 | 44 | 43 |
| Profit before Tax | 100 | 231 | 346 | 260 | 305 | 212 | 213 | 126 | 121 | 107 | -32 | 23 | 69 |
| Tax % | 25.21% | 24.33% | 23.97% | 12.57% | 25.78% | 26.95% | 24.71% | -33.20% | 26.51% | 26.71% | 31.24% | 29.44% | 29.55% |
| Net Profit | 0 | 0 | 0 | 0 | 226 | 155 | 160 | 168 | 89 | 78 | -22 | 16 | 48 |
| 1.26 | 2.94 | 4.42 | 3.71 | 3.65 | 2.51 | 2.59 | 2.72 | 1.44 | 1.27 | -0.35 | 0.26 | 0.78 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,079 | 2,263 | 2,699 | 2,711 | 3,474 | 5,281 | 7,276 | 7,478 | 7,320 | 5,918 | 5,786 | |
| 1,797 | 2,012 | 2,305 | 2,345 | 3,044 | 4,590 | 6,564 | 6,313 | 6,300 | 5,592 | 5,568 | |
| Operating Profit | 283 | 251 | 395 | 366 | 430 | 691 | 711 | 1,165 | 1,020 | 326 | 218 |
| OPM % | 13.59% | 11.11% | 14.62% | 13.50% | 12.37% | 13.08% | 9.78% | 15.58% | 13.93% | 5.52% | 3.77% |
| 106 | 86 | -127 | 33 | -185 | 63 | 111 | 116 | 139 | 209 | 187 | |
| Interest | 210 | 210 | 235 | 228 | 211 | 195 | 286 | 219 | 161 | 144 | 135 |
| Depreciation | 67 | 62 | 59 | 57 | 90 | 115 | 121 | 125 | 142 | 173 | 175 |
| Profit before Tax | 111 | 65 | -26 | 114 | -56 | 444 | 415 | 937 | 856 | 219 | 166 |
| Tax % | 30.33% | -1.68% | 70.47% | 24.63% | -71.78% | 21.77% | 23.87% | 21.03% | 17.10% | 26.22% | 27.39% |
| Net Profit | 78 | 66 | -8 | 86 | -96 | 348 | 316 | 740 | 710 | 161 | 121 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | -1.78 | 5.84 | 5.31 | 11.97 | 11.48 | 2.61 | — |
| Dividend Payout % | 12.39% | 8.63% | 0.00% | 8.06% | -11.87% | 13.70% | 16.95% | 11.70% | 12.20% | 34.46% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 10%
- 5 Years:
- 11%
- 3 Years:
- -7%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- -20%
STOCK PRICE CAGR
- 10 Years:
- 13%
- 5 Years:
- 14%
- 3 Years:
- 7%
- 1 Year:
- -21%
RETURN ON EQUITY
- 10 Years:
- 5%
- 5 Years:
- 10%
- 3 Years:
- 10%
- Last Year:
- 3%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 36 | 36 | 41 | 43 | 43 | 59 | 59 | 62 | 62 | 62 |
| Minority Interest | 0 | 0 | 1 | 1 | 2 | 1 | 1 | 2 | 1 | 1 |
| 2,349 | 2,443 | 2,595 | 2,837 | 3,667 | 4,044 | 4,298 | 5,051 | 5,720 | 5,862 | |
| 2,257 | 1,869 | 1,903 | 1,772 | 2,149 | 2,979 | 2,650 | 2,446 | 2,450 | 1,933 | |
| Trade Payables | 275 | 338 | 309 | 386 | 449 | 628 | 587 | 545 | 557 | 552 |
| 602 | 714 | 573 | 554 | 843 | 912 | 922 | 1,003 | 906 | 1,051 | |
| Total Liabilities | 5,519 | 5,401 | 5,421 | 5,593 | 7,152 | 8,624 | 8,519 | 9,108 | 9,695 | 9,461 |
| 1,707 | 1,678 | 1,633 | 1,703 | 2,633 | 2,763 | 2,731 | 2,928 | 3,102 | 3,212 | |
| Capital Work in Progress | 1,210 | 1,202 | 1,237 | 1,166 | 1,337 | 1,208 | 1,302 | 1,229 | 1,249 | 1,186 |
| 590 | 637 | 684 | 747 | 202 | 457 | 161 | 204 | 145 | 578 | |
| 630 | 610 | 754 | 897 | 1,229 | 2,245 | 2,269 | 2,273 | 2,464 | 2,398 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,365 | 1,483 | 1,071 | |
| Cash & Bank | 357 | 229 | 150 | 100 | 510 | 519 | 412 | 400 | 206 | 333 |
| 1,027 | 1,046 | 963 | 981 | 1,241 | 1,432 | 1,643 | 708 | 1,047 | 685 | |
| Total Assets | 5,519 | 5,401 | 5,421 | 5,593 | 7,152 | 8,624 | 8,519 | 9,108 | 9,695 | 9,461 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 450 | 462 | -29 | 233 | 490 | -163 | 580 | 803 | 480 | 1,147 | |
| Cash from Investing | 72 | -69 | 33 | -20 | 112 | -329 | 168 | -37 | -142 | -136 |
| Cash from Financing | -332 | -574 | -5 | -220 | -419 | 609 | -604 | -718 | -454 | -900 |
| 162 | -193 | -18 | -16 | 136 | 1 | 17 | 49 | -116 | 110 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-01 - Electrosteel Castings Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 31, 2026. Further, the company has informed the Exchange regarding voting results.
2026-08-31 - Electrosteel Castings Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 31, 2026
2026-08-27 - Electrosteel Castings Limited has informed the Exchange about Schedule of meet
2026-08-14 - Electrosteel Castings Limited has informed the Exchange regarding Proceedings of undefined held on August 13, 2026. Further, the company has submitted the Exchange a copy of Srutinizers report along with voting results.
2026-08-12 - Electrosteel Castings Limited has informed the Exchange about Transcript
2026-08-12 - Electrosteel Castings Limited has informed the Exchange about Resignation of Director/KMP/SMP
2026-08-12 - Electrosteel Castings Limited has informed the Exchange regarding Resignation of Mr Manoj Kumar Thakur as President Growth, Business Control and Coal of the company w.e.f. August 12, 2026.
2026-08-08 - Electrosteel Castings Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-07 - Electrosteel Castings Limited has informed the Exchange about Link of Recording
News
Recent coverage and analyst commentary for ELECTCAST
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Electrosteel Castings Ltd.
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