Nelcast Ltd(NELCAST)

NSE: NELCASTBSE: 532864

₹ 121+1.42%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 1,053 crNext results: 2 Nov 2026Website: www.nelcast.comUpdated: 27 Oct 2026

About

Nelcast Ltd is an Indian maker of iron castings for commercial vehicle, tractor and industrial OEMs. It has an installed capacity of 160,000 metric tonnes per annum across its Ponneri, Gudur and Pedapariya plants. Revenue was Rs 1328.4 Cr in FY26. Exports, mainly to the United States, made up about 36% of turnover in FY25.^[1][2][3]

End-industry mix

M&HCV made up 41.9% of revenue in FY26, up from 36.8% in FY25.^[1]
Tractors made up 27.1% of revenue in Q1 FY27, up from 23.5% in Q1 FY26. For the full year they were 24.2% in FY26 vs 22.6% in FY25.^[4]
In H1 FY26, M&HCV made up 36% of revenue and tractors 27%. The tractor share was 25% in H1 FY25.^[5]

Operations and capacity

Installed capacity was 160,000 MTPA across the Ponneri, Gudur and Pedapariya plants as of FY25.^[2]
Production was 83,637 MT in FY25, down from 85,366 MT the year before. The company had 1303 employees.^[2]
Utilisation at the Pedapariya plant, Andhra Pradesh, is targeted to go beyond 40% as new products enter production from Q2 FY27.^[4]
An extra 50,000 MT of capacity can be added within the existing plants with minimal investment if demand warrants.^[4]
A 1 MW in-house solar power plant has been installed at the Pedapariya plant.^[5]
About 65% of power needs were met from renewable sources as of Q1 FY27, at 15 - 20% lower cost than grid power.^[4]

Key operating numbers

EBITDA per kg was ₹9.5/kg in Q1 FY27, down from ₹14.7/kg in Q1 FY26, due to higher raw material costs and labour shortages.^[4]
EBITDA per kg was ₹13.6/kg in FY26, up from ₹12.6/kg in FY25.^[1]

Products and capabilities

For the first time, the company developed a single casting of about 500 kg, for high-HP tractor front and rear axles in export markets.^[4]
It is developing electrical power steering components for US tractor and construction equipment markets.^[4]
Several new products enter production from Q2 FY27, with meaningful volume contribution targeted by H2 FY27.^[4]

Exports and customers

Export turnover was ₹445.22 Cr in FY25, about 36% of turnover and flat year on year.^[2]
Export revenue was ₹384.9 Cr in FY26 and ₹113.3 Cr in Q1 FY27, when it rose 8.2% from the previous quarter.^[4]
Export revenue fell from ₹129.3 Cr in Q2 FY25 to ₹79.0 Cr in Q2 FY26 after US customers paused production when tariffs were imposed. It recovered quarter by quarter in Q3 and Q4 FY26.^[5]
The Q4 FY26 export recovery was partly due to US pre-buying ahead of emission-related changes. Early traction was also noted in the EU.^[1]

Expansion and capex

On 05 Oct 2026, the company disclosed a plan to invest about ₹75 Cr in a Machining Division at Gudur, Andhra Pradesh, to add value-added machining. It will be funded from internal accruals and borrowings.^[6]

Risks noted by the company

The FY25 annual report names market volatility affecting utilisation, commodity input costs passed on with a lag, and currency and interest rate risk.^[2]
The FY25 annual report notes that TREM V emission norms from April 2026 may raise tractor costs and affect demand.^[2]

Market Cap

₹1,053 Cr

High / Low

₹173 / 86

Stock P/E

25.3

Price / Book

1.7

Book Value

₹69

EPS

₹5.6

No. of Shares

8.7 Cr

ROCE

11.4%

ROE

8.4%

OPM

7.3%

Debt / Equity

0.43

Sales

₹1,328 Cr

Net Profit

₹48 Cr

Promoter holding

74.9%

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