Electrosteel Castings Ltd(ELECTCAST)

NSE: ELECTCASTBSE: 500128

₹ 66.62-4.46%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 4,118 crWebsite: www.electrosteelcastings.comUpdated: 24 Oct 2026

About

Electrosteel Castings Ltd manufactures Ductile Iron (DI) pipes, DI fittings, Cast Iron pipes, ferro alloys, pig iron and metallurgical coke, with pipes and fittings contributing 75.75% of turnover in FY26. Through its July 2025 acquisition of T.I.S. Service S.p.A. (Italy), it also manufactures and sells industrial valves from facilities in Italy and Turkey.^[1][2][3]

Business segments

Pipes and fittings (DI pipes, DI fittings, CI pipes) contributed 75.75% of turnover in FY26, serving water transmission, distribution, desalination, storm-water drainage and sewage treatment applications.^[1]
Intermediary products - metallurgical coke, pig iron, ferro alloys and sponge iron - provide supplementary revenue and partially offset pipe volume shortfalls during demand troughs.^[4]
Valves (via TIS Services S.p.A., Italy) delivered EUR 10 million revenue in Q1 FY27, with EBITDA margin at ~13%; FY27 full-year revenue is targeted at EUR 42 - 45 million.^[5]

Products and certifications

Product range covers DI Pipes, DI Fittings, Cast Iron Pipes, Ferro Alloys (Prime Silicon Manganese, Ferro Silicon), Pig Iron and Metallurgical Coke.^[1]
Products hold certifications from BSI (UK), DVGW (Germany), UL and FM (USA & Canada), BV (Italy), CSTB (France), SASO (Saudi Arabia) and other bodies; company holds ISO 9001, 45001, 14001, 50001 and SA 8000.^[1]
Seal coat for internal lining of DI Pipes and Fittings has received approval from the UK Drinking Water Inspectorate (DWI); Restrained Jointing system expanded to DN1200.^[1]

Operations and capacity

Two domestic manufacturing units: Unit 1 at Khardah, Kolkata (West Bengal) and Unit 2 at Srikalahasthi Works, Rachagunneri, Tirupati District (Andhra Pradesh); 6 national plant locations and 2 international plant locations in total.^[1]
CI Pipe Plant has installed capacity of 90,000 TPA and produced 42,795 MT in FY26. DI Pipe Plant produced 5,36,336 MT in FY26, down from 7,32,004 MT in FY25.^[1]
Blast Furnace produced 6,40,678 MT of liquid metal in FY26 vs 7,52,500 MT in FY25. Installed DI pipe capacity is 850,000 TPA; expansion to 950,000 TPA is on hold pending utilisation recovery.^[1][3]
Captive coke production: Haldia plant produced 1,57,235 MT and Srikalahasthi plant produced 1,91,820 MT of metallurgical coke in FY26. Coking coal is imported mainly from Australia.^[1]
TIS Services S.p.A. has two manufacturing facilities - in Turkey and Italy - with step-down subsidiaries in Croatia, Poland, Italy and Turkey; acquired in July 2025.^[1]

Key operating numbers

DI pipe, fittings and CI pipe sales volume: 1.20 lakh tons in Q1 FY27 (−27% YoY); 5.84 lakh tons for full-year FY26 (−25% YoY).^[5][6]
DI pipe net realisation: ~₹55,000/ton in Q1 FY27.^[5]
Consolidated EBITDA margin: 9.5% in Q1 FY27 (+302 bps QoQ from 6.5% in Q4 FY26); full-year FY26 consolidated EBITDA margin was 9.4% (−622 bps YoY).^[5][6]
Order book: ~3 lakh tons with ~5 months' cover as of Q1 FY27.^[5]
Export volume: ~21,000 tons in Q1 FY27; export volumes grew 7% in full-year FY26 but were impacted by Middle East tensions in Q1 FY27.^[5][6]
Pig iron external sales: ~45,000 tons in Q1 FY27.^[5]

Customers and distribution

Products sold in over 130 countries across 5 continents; exports contribute 22% of total turnover in FY26. Company operates across 28 states nationally with 12 national offices and 29 international offices.^[1]
Dominant end-use is government-funded water infrastructure - primarily Jal Jeevan Mission (JJM) - as well as irrigation and AMRUT schemes. Domestic market share in DI pipes is 18 - 25% as of Q3 FY26.^[4]
Singapore subsidiary Singardo generates 40 - 45% of its revenue from products beyond DI pipes, selling to water and gas companies in the region.^[3]
Over 60% of essential raw materials (iron ore, pellets, limestone, manganese ore) are sourced directly from government-regulated mines.^[1]

Expansion and capex

Industrial paints and protective coatings: initial phase ~₹100 Cr brownfield expansion (17,000 KL) in West Bengal; total capex ₹250 - 300 Cr in phases; commercial production to start post Q1 FY28; revenue target ₹800 - 1,000 Cr in 5 years.^[5]
India valve manufacturing facility (brownfield, West Bengal): expected to commence operations by end of FY27; part of ~₹200 Cr combined investment in West Bengal over ~1 year.^[5]
Railway rubber components: Board approval taken in Q1 FY27; registration with Indian Railways expected within 4 - 6 months; to leverage existing Andhra Pradesh gasket plant.^[5]
DI pipe capacity expansion from 850,000 TPA to 950,000 TPA remains on hold pending inventory clean-up and utilisation recovery; if triggered, would cost ~₹60 Cr and take ~1 year.^[3]

Recent developments

JJM central funds sanctioned to states accelerated sharply to ₹10,344 Cr in FY27 year-to-date (as of Q1 FY27 call) vs only ₹1,562 Cr released in all of FY26; FY27 Union Budget allocated ₹67,670 Cr to JJM.^[5]
Cabinet approved JJM 2.0 with enhanced total outlay of ₹8.69 lakh crore through December 2028 and central assistance raised to ₹3.59 lakh crore from ₹2.08 lakh crore.^[6]
Consolidated net debt reduced by ~₹1,100 Cr in FY26; stood at ₹876 Cr (gross debt ₹1,658 Cr) as of June 2026. Term debt at ₹340 Cr, expected to fall to ~₹230 Cr through scheduled FY27 repayments.^[5]
Promoter stake increased to 50.14% in Q4 FY26 from 46.22% in Q3 FY26.^[5]
TIS Services S.p.A. (Italy) acquired July 2025; CY25 revenue EUR 41 million, up 15% YoY; TIS FY27 revenue targeted at EUR 42 - 45 million.^[6][5]

Market Cap

₹4,118 Cr

High / Low

₹97 / 60

Stock P/E

34.2

Price / Book

0.7

Book Value

₹96

EPS

₹2.6

No. of Shares

61.82 Cr

ROCE

4.9%

ROE

2.8%

OPM

6.5%

Debt / Equity

0.26

Sales

₹5,918 Cr

Net Profit

₹161 Cr

Promoter holding

54.5%

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