Investment & Precision Castings Ltd.

•

ipcl.inBSE: 504786NSE: INVPRECQ

Market Cap₹ 1,326 Cr.

Current Price

High / Low₹ 1,358 / 551

Stock P/E91.0

Book Value₹ 108

Price to Book4.89

Dividend Yield0.08 %

ROCE14.1 %

ROE12.1 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Capital Goods

Buy

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.

Confidence

72%

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PROS

Latest quarter profit grew 128.9% YoY, showing strong momentum
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.97x)
Operating margins have improved to 16.5% from 13.0%
Company generates healthy free cash flow
Company has a consistent dividend-paying track record

CONS

Company has a low return on equity of 9.5% over last 3 years
Valuation is stretched - P/E of 91.0 is well above its own 5-year median (28.9)
Though reporting repeated profits, the company pays out little dividend (8.5%)
Expensive relative to growth - PEG of 3.2

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsAutomobile & AncillariesCastings/Forgings

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	AIAENG	4251.85	31.34	39678.42	0.38	300.99	-1.37	1168.02	13.84	21.16	26.89
2.	PTCIL	23713.70	283.07	35552.88	0.00	29.19	466.19	191.80	97.42	8.43	25.49
3.	STEELCAS	331.45	36.99	3354.27	0.52	23.71	19.28	124.82	16.99	32.41	25.63
4.	INVPRECQ	1326.50	90.99	1326.50	0.08	4.99	129.59	53.37	21.24	14.14	20.71
5.	ALICON	696.10	31.24	1142.43	0.29	11.45	22.89	578.01	38.30	11.84	9.38
6.	NELCAST	114.05	24.16	992.25	0.61	5.14	-58.92	341.05	2.77	11.46	4.62
7.	SGIL	590.00	196.94	917.04	0.00	-10.11	—	75.15	-22.90	9.07	6.30
8.	SIMPLEXCAS	102.50	33.86	414.64	0.00	0.80	102.97	195.62	-5.47	24.10	18.14

Detailed Comparison with:

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
	45	43	40	39	40	41	39	42	44	44	47	51	534
	39	38	35	35	34	36	36	36	38	38	39	42	464
Operating Profit	7	6	5	5	6	5	4	5	6	6	7	9	70
OPM %	15.12%	12.86%	12.47%	11.71%	15.09%	11.64%	9.24%	13.05%	12.56%	14.26%	15.79%	17.12%	13.03%
	1	0	0	0	0	0	0	0	0	0	-0	0	2
Interest	2	2	2	2	2	2	2	2	2	1	1	2	17
Depreciation	2	2	2	2	2	2	2	2	2	2	2	2	24
Profit before Tax	5	3	2	1	3	2	1	3	3	4	4	6	71
Tax %	28.35%	27.30%	38.21%	47.76%	29.81%	25.60%	30.19%	26.17%	27.81%	28.87%	32.45%	31.45%	29.75%
Net Profit	3	3	1	1	2	2	0	2	2	3	3	4	50
	6.52	5.06	2.63	1.40	2.26	1.54	0.37	1.90	2.18	3.03	2.79	3.77	4.99

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
	92	108	119	95	105	132	170	171	165	188	195
	77	87	99	84	92	119	148	145	142	157	165
Operating Profit	15	21	20	11	13	13	22	25	23	31	29
OPM %	16.18%	19.40%	16.86%	12.05%	12.21%	9.91%	12.73%	14.91%	13.71%	16.47%	15.04%
	0	0	1	1	0	1	0	1	1	1	1
Interest	4	4	5	7	6	6	7	7	7	6	6
Depreciation	5	5	6	7	7	7	7	8	8	9	9
Profit before Tax	6	12	10	-1	1	0	8	11	8	17	21
Tax %	32.64%	33.59%	-3.86%	34.84%	25.80%	24.69%	28.30%	32.06%	27.66%	30.42%	30.55%
Net Profit	4	8	10	-1	0	0	6	8	6	12	15
EPS	0.00	0.00	0.00	0.00	0.95	0.36	11.12	15.61	12.13	11.77	—
Dividend Payout %	14.85%	15.66%	10.02%	-7.44%	131.47%	69.95%	8.99%	6.41%	4.12%	8.50%	—

COMPOUNDED SALES GROWTH

10 Years:: 8%
5 Years:: 12%
3 Years:: 3%

COMPOUNDED PROFIT GROWTH

10 Years:: 15%
5 Years:: 90%
3 Years:: 28%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: 7%
5 Years:: 7%
3 Years:: 9%
Last Year:: 12%

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	5	5	5	5	5	5	5	5	5	10
	54	62	70	68	68	68	74	81	86	93
	28	37	53	55	59	56	56	65	58	66
Trade Payables	9	14	18	18	24	28	38	22	27	28
	10	20	17	16	22	26	28	28	18	19
Total Liabilities	106	138	164	162	179	182	201	202	195	217
	51	63	78	81	89	90	89	89	85	101
Capital Work in Progress	1	5	6	3	3	0	0	0	1	1
	0	0	1	1	0	0	0	0	0	0
	17	20	32	32	32	38	48	48	49	52
	0	0	0	0	0	0	0	36	42	39
Cash & Bank	1	1	0	0	1	2	1	3	1	4
	35	49	47	45	53	51	62	25	18	19
Total Assets	106	138	164	162	179	182	201	202	195	217

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
	12	18	13	11	17	14	14	6	19	26
Cash from Investing	-5	-20	-22	-6	-14	-4	-6	-7	-4	-24
Cash from Financing	-5	5	10	-5	-2	-9	-6	2	-16	-0
	0	0	-0	0	1	-0	-1	1	-1	2

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

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	51.97	51.97	51.97	51.97	51.97	51.97	51.97	51.97	51.97
	0.14	0.24	0.24	0.22	0.00	0.00	0.00	0.00	0.00
DIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	0.39	0.39	0.39	0.39	0.00	0.00	0.00	0.00	0.00
	47.50	47.40	47.40	47.42	48.03	48.03	48.03	48.03	48.03

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

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