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
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.37x)
- Company has been maintaining a healthy dividend payout of 42.4%
- Company generates healthy free cash flow
- Company has a consistent dividend-paying track record
- Company maintains a comfortable, low leverage position
CONS
- A large part of profit comes from other income (122.3% of PBT)
- Recent results are weak - TTM profit is down 90.4% versus prior year
- Company has a low return on capital employed of 11.5%
- Valuation is stretched - P/E of 94.4 is well above its own 5-year median (15.0)
- Working capital days have increased from 95 to 150 days
- Company has delivered a poor profit growth of 0.1% over past five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| JSWSTEEL | 1310.35 | 12.93 | 320440.06 | 0.54 | 4696.00 | 112.58 | 47364.00 | 11.55 | 20.67 | 19.60 |
| TATASTEEL | 188.55 | 21.33 | 235375.56 | 2.12 | 2385.24 | 18.82 | 60794.29 | 15.26 | 12.70 | 15.40 |
| SAIL | 186.25 | 18.01 | 76931.03 | 1.26 | 1644.05 | 120.80 | 26245.67 | 1.25 | 7.08 | 15.92 |
| WELCORP | 2607.95 | 29.79 | 68795.28 | 0.19 | 1047.88 | 200.11 | 4081.12 | 14.91 | 23.94 | 32.17 |
| JSL | 782.80 | 19.87 | 64535.57 | 0.51 | 768.66 | 7.56 | 11278.54 | 10.50 | 19.19 | 12.09 |
| APLAPOLLO | 2167.50 | 48.97 | 60182.46 | 0.39 | 263.11 | 10.94 | 5606.71 | 12.07 | 31.83 | 7.34 |
| SHYAMMETL | 1073.35 | 26.68 | 29960.62 | 0.42 | 350.73 | 20.66 | 5455.09 | 23.45 | 13.88 | 14.03 |
| RATNAMANI | 2862.55 | 46.35 | 20064.19 | 0.35 | 107.03 | -15.82 | 971.63 | -15.63 | 18.01 | 16.69 |
| JINDALSAW | 311.85 | 30.52 | 19943.06 | 0.64 | 90.79 | -78.15 | 4452.31 | 9.00 | 10.38 | 8.79 |
| SARDAEN | 546.75 | 17.05 | 19266.45 | 0.37 | 478.13 | 9.50 | 1608.04 | -1.07 | 17.76 | 41.59 |
| GPIL | 253.20 | 21.14 | 17046.41 | 0.39 | 222.37 | 2.75 | 1750.47 | 32.29 | 20.20 | 19.36 |
| ELECTCAST | 78.23 | 40.07 | 4836.06 | 1.15 | 48.37 | -45.70 | 1425.57 | -8.48 | 4.75 | 7.01 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,495 | 1,870 | 1,797 | 1,776 | 1,832 | 1,692 | 1,659 | 1,563 | 1,402 | 1,192 | 1,242 | 1,197 | 1,091 | |
| 1,345 | 1,558 | 1,402 | 1,493 | 1,498 | 1,443 | 1,395 | 1,388 | 1,240 | 1,110 | 1,208 | 1,171 | 1,107 | |
| Operating Profit | 150 | 313 | 395 | 283 | 334 | 249 | 264 | 175 | 162 | 83 | 34 | 25 | -15 |
| OPM % | 10.00% | 16.72% | 21.97% | 15.94% | 18.25% | 14.73% | 15.89% | 11.19% | 11.58% | 6.93% | 2.72% | 2.12% | -1.41% |
| 35 | 18 | 18 | 35 | 19 | 20 | 16 | 38 | 24 | 91 | 10 | 32 | 28 | |
| Interest | 51 | 55 | 50 | 46 | 37 | 35 | 40 | 31 | 33 | 34 | 33 | 27 | 22 |
| Depreciation | 28 | 29 | 28 | 30 | 30 | 31 | 33 | 33 | 37 | 38 | 38 | 38 | 37 |
| Profit before Tax | 105 | 247 | 335 | 243 | 287 | 204 | 207 | 149 | 117 | 102 | -26 | -8 | 12 |
| Tax % | 22.19% | 25.63% | 24.73% | 9.96% | 26.00% | 25.41% | 24.00% | -27.71% | 26.44% | 25.48% | 23.92% | -39.19% | 51.31% |
| Net Profit | 81 | 184 | 252 | 219 | 212 | 152 | 157 | 191 | 86 | 76 | -20 | -11 | 6 |
| 1.37 | 3.09 | 4.24 | 3.57 | 3.43 | 2.46 | 2.54 | 3.09 | 1.39 | 1.23 | -0.32 | -0.17 | 0.10 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,794 | 2,021 | 2,391 | 2,480 | 3,076 | 5,015 | 6,916 | 6,938 | 6,746 | 5,033 | 4,722 | |
| 1,517 | 1,797 | 2,044 | 2,126 | 2,693 | 4,386 | 6,220 | 5,812 | 5,740 | 4,759 | 4,596 | |
| Operating Profit | 276 | 224 | 347 | 354 | 383 | 629 | 696 | 1,126 | 1,006 | 273 | 126 |
| OPM % | 15.40% | 11.09% | 14.51% | 14.29% | 12.44% | 12.54% | 10.06% | 16.24% | 14.91% | 5.43% | 2.68% |
| 97 | 81 | -726 | 17 | 69 | 87 | 123 | 119 | 110 | 188 | 161 | |
| Interest | 201 | 202 | 225 | 195 | 202 | 185 | 272 | 202 | 142 | 127 | 116 |
| Depreciation | 64 | 59 | 55 | 53 | 79 | 113 | 114 | 114 | 127 | 149 | 149 |
| Profit before Tax | 108 | 44 | -659 | 124 | 172 | 419 | 433 | 930 | 847 | 185 | 80 |
| Tax % | 28.77% | -7.80% | 3.56% | 20.19% | 23.70% | 22.22% | 22.65% | 20.83% | 15.90% | 29.00% | 36.10% |
| Net Profit | 77 | 47 | -636 | 99 | 131 | 326 | 335 | 736 | 712 | 131 | 51 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 2.55 | 5.48 | 5.63 | 11.91 | 11.52 | 2.12 | — |
| Dividend Payout % | 23.09% | 22.79% | 0.00% | 13.17% | 8.27% | 14.61% | 15.99% | 11.76% | 12.15% | 42.36% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 10%
- 5 Years:
- 10%
- 3 Years:
- -10%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 9%
- 5 Years:
- 0%
- 3 Years:
- -27%
STOCK PRICE CAGR
- 10 Years:
- 14%
- 5 Years:
- 15%
- 3 Years:
- 5%
- 1 Year:
- -19%
RETURN ON EQUITY
- 10 Years:
- 4%
- 5 Years:
- 10%
- 3 Years:
- 11%
- Last Year:
- 2%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| 2,829 | 2,856 | 2,339 | 2,505 | 3,577 | 3,928 | 4,186 | 4,930 | 5,575 | 5,622 | |
| 2,118 | 1,735 | 1,760 | 1,574 | 1,900 | 2,758 | 2,455 | 2,167 | 2,175 | 1,624 | |
| Trade Payables | 205 | 279 | 276 | 332 | 401 | 562 | 512 | 491 | 465 | 425 |
| 587 | 694 | 557 | 530 | 814 | 899 | 880 | 938 | 883 | 901 | |
| Total Liabilities | 5,775 | 5,600 | 4,973 | 4,985 | 6,735 | 8,205 | 8,092 | 8,588 | 9,160 | 8,634 |
| 1,640 | 1,603 | 1,579 | 1,633 | 2,557 | 2,688 | 2,645 | 2,819 | 2,947 | 2,969 | |
| Capital Work in Progress | 1,210 | 1,202 | 1,237 | 1,165 | 1,328 | 1,208 | 1,302 | 1,228 | 1,249 | 1,185 |
| 1,147 | 1,147 | 542 | 540 | 266 | 520 | 225 | 268 | 251 | 802 | |
| 439 | 408 | 563 | 614 | 965 | 1,841 | 1,694 | 1,738 | 1,884 | 1,601 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,562 | 1,712 | 1,223 | |
| Cash & Bank | 333 | 203 | 132 | 63 | 451 | 457 | 382 | 343 | 148 | 207 |
| 1,007 | 1,037 | 922 | 970 | 1,168 | 1,491 | 1,844 | 629 | 970 | 646 | |
| Total Assets | 5,775 | 5,600 | 4,973 | 4,985 | 6,735 | 8,205 | 8,092 | 8,588 | 9,160 | 8,634 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 473 | 435 | -29 | 243 | 512 | -217 | 513 | 678 | 428 | 1,056 | |
| Cash from Investing | 77 | -59 | 37 | -16 | 159 | -306 | 207 | -9 | -128 | -171 |
| Cash from Financing | -343 | -561 | -5 | -256 | -537 | 631 | -556 | -648 | -412 | -827 |
| 179 | -195 | -12 | -34 | 94 | -1 | 48 | 21 | -112 | 59 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| 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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