Alicon Castalloy Ltd(ALICON)

NSE: ALICONBSE: 531147

₹ 804.45-2.84%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,320 crWebsite: www.alicongroup.co.inUpdated: 24 Oct 2026

About

Alicon Castalloy is an Indian aluminium die-casting manufacturer supplying precision components to automotive OEMs across two-wheelers, passenger vehicles, commercial vehicles and export markets, with a European subsidiary. The company posted full-year FY26 revenue of ₹1,784 crore and crossed ₹500 crore in quarterly sales for the first time in Q1 FY27. It holds a six-year executable order book of ₹8,450 crore as of 30 June 2026, covering ICE, hybrid, EV and emerging non-automotive applications.^[1][2]

Revenue mix by segment

2-wheeler segment contributed ~42% of revenue in FY26, though management is intentionally reducing this share by 1 - 2% to free capacity for higher-value PV and CV products.^[1][2]
Passenger vehicle segment was 41% and commercial vehicle 10% of revenue in Q2 FY26; PV machined tonnage share stands at 65 - 70% and is expected to rise.^[3][2]
Export revenue was ~20% of total in FY26; European subsidiary contributed 12% of total consolidated revenue in Q1 FY27.^[1][2]
North America accounted for ~7 - 8% of revenue in H1 FY26; CV volumes from US-based customers fell ~25 - 26% due to tariff headwinds.^[3]

Products and capabilities

Core product is aluminium die-cast components: cylinder heads, e-Axle housings, motor housings, structural parts and compressor components for ICE, hybrid and EV platforms.^[3][4][2]
Alicon holds 100% share of business for cylinder heads on a leading Japanese OEM's hybrid vehicles in India, with healthy export growth from that customer as well.^[4]
New product categories entered include turbo core compressor components for data-centre HVAC, aluminium cylinder heads for the world's largest tractor OEM, and defence/aerospace parts.^[1][2]
Technology developed in Europe (e-Axle, motor housing, Italian supercar structural parts) is transferred to India for mass production.^[3]

Manufacturing and capacity

Standalone India operations processed 34,000 tons in FY26; consolidated volume was 9,124 tons in Q1 FY27, up 124 tons year-on-year.^[2]
Solar power meets ~50 - 55% of total electricity requirements across Indian and European facilities.^[4][3]

Order book

Executable order book stood at ₹8,450 crore as of 30 June 2026, covering FY26 - FY31; EV is 16%, hybrid 12%, and structural 10% of the book.^[2]
~40% of new order book is export-oriented as of Q1 FY27.^[2]
Non-automotive segment is 2% of the order book (~₹126 crore of ₹8,450 crore) as of Q1 FY27, with wins in data-centre HVAC, defence and tractors.^[2]
Q1 FY27 added more than ₹450 crore of new business pipeline across automotive and non-automotive; new domestic PV and CV OEM relationships added with ₹850 crore visibility over five years.^[2]

Key operating metrics

Consolidated volume growth in Q1 FY27: 9,124 tons, +124 tons YoY; value addition grew ~17.6% YoY in the same quarter.^[2]
CV segment grew ~26% in Q1 FY27, supported by conversion of recently acquired programmes into mass production.^[2]
Daimler CV order (18 parts, 60% through PPAP as of Q4 FY26) is expected to reach peak annual sales of ₹80 - 90 crore by the second half of FY27.^[1]

Customers and distribution

Named customers include JLR (e-Axle), Daimler (CV components), a premium German OEM (e-Axle housing for European facility), and two leading Japanese OEMs (cylinder heads for ICE and hybrid platforms).^[4][1][3]
A European OEM using India as an export hub delivered 53% QoQ and 257% YoY revenue growth for Alicon in Q2 FY26.^[3]
New CV business won from 2 prominent homegrown Indian OEMs in Q3 FY26, with series production scheduled for FY27; potential to expand into their PV portfolios.^[4]

Expansion and capex

New leased facility at Shikrapur: 135,000 sq ft, 5 km from existing plant; possession from 1 September 2026, SOP targeted March 2027. Initial capacity 3,000 tons, scaling to 7,000 tons.^[2]
Total investment in new Shikrapur facility is ₹125 crore phased over 2 - 3 years, with ₹70 crore in FY27; targeted annual revenue of ₹500 crore in 4 - 5 years.^[2]
FY27 full-year capex plan is approximately ₹150 crore, up from ₹135 crore spent in FY26.^[2][1]
An additional new manufacturing plant in a different part of India is being evaluated; details to be shared by Q4 FY27.^[2]

Recent developments

JLR e-Axle supply commenced at 600 sets/week as of Q1 FY27, expected to peak by Q3 CY2026 with further volume increase from January 2027; the programme had faced an 18-month customer-side delay resolved by Q4 FY26.^[2][1]
European subsidiary reported lower sales in Q1 FY27 as certain parts reached end of production cycle; new e-Axle and additional programmes expected to reach SOP in the latter part of FY27.^[2]
India - EU trade agreement signed in January 2026 and India - US trade framework announced in February 2026, expected to lift overhang on export volumes for Indian component suppliers.^[4]
Defence, Aerospace and Railways (DAR) vertical made operational in Q2 FY26 with dedicated technical and programme management teams; first cylinder head order won for a domestic PSU defence application.^[3]

Market Cap

₹1,320 Cr

High / Low

₹1,025 / 581

Stock P/E

36.0

Price / Book

2.1

Book Value

₹385

EPS

₹21.1

No. of Shares

1.63 Cr

ROCE

10.2%

ROE

5.6%

OPM

5.5%

Debt / Equity

0.52

Sales

₹1,776 Cr

Net Profit

₹34 Cr

Promoter holding

53.8%

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