Steelcast Ltd.

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steelcast.netBSE: 513517NSE: STEELCAS

Market Cap₹ 3,260 Cr.

Current Price

High / Low₹ 364 / 176

Stock P/E35.9

Book Value₹ 41

Price to Book5.78

Dividend Yield0.53 %

ROCE32.4 %

ROE24.1 %

Face Value₹ 1

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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

Company has delivered good profit growth of 48.5% CAGR over last 5 years
Company is almost debt free
Company has a healthy return on capital (ROCE) of 35.2%
Company has a good return on equity (ROE) track record: 3 Years ROE 26.4%
Company has delivered good sales growth of 21.8% CAGR over last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.04x)

CONS

Valuation is stretched - P/E of 35.9 is well above its own 5-year median (17.6)
Stock is trading at 5.8x its book value
Growth is decelerating - 3Y profit CAGR (7.2%) trails the 5Y trend (48.5%)
Expensive relative to growth - PEG of 5.0

* 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	4110.90	30.30	38363.07	0.39	300.99	-1.37	1168.02	13.84	21.16	26.89
2.	PTCIL	22317.95	266.41	33460.30	0.00	29.19	466.19	191.80	97.42	8.43	25.49
3.	STEELCAS	322.15	35.95	3260.16	0.53	23.71	19.28	124.82	16.99	32.41	25.63
4.	ALICON	738.80	33.16	1212.51	0.68	114.46	1128.90	5780.06	1279.12	9.50	9.38
5.	NELCAST	110.10	23.33	957.88	0.64	5.14	-58.92	341.05	2.77	11.46	4.62
6.	SGIL	598.00	199.61	929.47	0.00	-10.11	—	75.15	-22.90	9.07	6.30
7.	SIMPLEXCAS	106.10	35.05	429.20	0.00	0.80	102.97	195.62	-5.47	24.10	18.14

Detailed Comparison with:

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
	119	102	90	98	77	75	100	120	107	107	97	112	125
	87	73	63	70	58	56	73	83	79	76	70	83	96
Operating Profit	32	29	27	29	20	19	27	38	27	30	28	29	29
OPM %	27.03%	28.27%	30.27%	29.29%	25.45%	25.24%	26.89%	31.27%	25.59%	28.34%	28.24%	25.95%	22.86%
	1	1	1	1	1	2	2	2	3	4	4	5	3
Interest	1	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	5	4	4	4	3	3	3	3	3	3	3	3	3
Profit before Tax	28	25	23	25	18	18	26	36	27	31	28	31	32
Tax %	26.53%	25.12%	25.51%	25.49%	26.24%	25.71%	25.60%	25.83%	25.43%	25.01%	26.17%	25.20%	25.37%
Net Profit	20	19	17	19	13	13	19	27	20	23	21	23	24
	10.02	9.19	8.61	9.24	6.39	1.31	1.90	2.64	9.82	2.29	2.03	2.29	2.34

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
	134	231	318	201	158	302	477	410	373	423	441
	109	188	259	163	126	238	362	292	270	309	326
Operating Profit	25	44	59	38	32	64	114	117	103	114	115
OPM %	18.78%	18.83%	18.62%	18.76%	19.97%	21.16%	23.99%	28.65%	27.72%	27.01%	26.16%
	1	2	1	0	2	0	2	3	7	15	16
Interest	10	11	10	5	4	2	4	1	1	0	0
Depreciation	12	15	16	16	14	18	18	18	13	13	13
Profit before Tax	4	19	35	17	16	45	95	101	97	116	122
Tax %	29.45%	-9.88%	28.76%	53.17%	23.16%	25.62%	25.39%	25.69%	25.82%	25.43%	25.42%
Net Profit	3	21	25	8	12	33	71	75	72	87	91
EPS	0.00	0.00	0.00	0.00	5.94	16.44	34.84	37.06	35.67	8.58	—
Dividend Payout %	40.86%	13.10%	16.21%	15.22%	22.73%	19.16%	28.41%	19.43%	20.18%	19.92%	—

COMPOUNDED SALES GROWTH

10 Years:: 12%
5 Years:: 22%
3 Years:: -4%

COMPOUNDED PROFIT GROWTH

10 Years:: 91%
5 Years:: 49%
3 Years:: 7%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: 32%
1 Year:: 50%

RETURN ON EQUITY

10 Years:: 21%
5 Years:: 28%
3 Years:: 26%
Last Year:: 24%

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	10	10	10	10	10	10	10	10	10	10
	64	83	105	108	119	146	205	259	316	385
	104	104	69	49	25	63	24	0	0	0
Trade Payables	14	30	16	10	14	36	44	25	32	25
	18	17	22	20	24	21	22	29	32	40
Total Liabilities	211	244	222	197	192	276	305	324	389	460
	125	123	117	107	98	109	142	138	142	158
Capital Work in Progress	1	2	0	0	1	5	0	0	2	1
	0	0	0	0	0	0	10	21	37	79
	25	40	24	23	26	62	51	32	43	41
	0	0	0	0	0	0	0	93	98	108
Cash & Bank	2	1	6	2	1	2	3	12	6	17
	58	76	74	66	66	98	99	26	62	56
Total Assets	211	244	222	197	192	276	305	324	389	460

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
	20	15	65	44	33	13	131	82	75	86
Cash from Investing	-3	-13	-7	-6	-4	-33	-53	-38	-59	-67
Cash from Financing	-16	-22	2	-25	-14	33	-54	-45	-16	-18
	0	-21	49	4	12	0	0	-0	0	1

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

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	45.00	45.00	45.00	45.00	45.00	45.00	45.00	45.00	45.00
	0.06	0.10	0.16	0.24	0.37	0.19	0.23	0.25	0.29
	0.29	0.00	0.00	0.30	0.86	1.11	2.23	2.53	2.55
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	54.65	54.89	54.83	54.47	53.76	53.70	52.55	52.22	52.16