Thaai Casting Ltd(TCL)

NSE: TCL

₹ 123+1.36%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 299 crUpdated: 24 Oct 2026

About

Thaai Casting Ltd is a contract manufacturer. It makes high-pressure die castings (HPDC) and provides gas nitriding services for automotive and non-automotive customers, and it is adding a heavy machining and gear shaping line for wind gearboxes. Reported revenue for FY26 was 145.57 and consolidated Total Income for FY26 was ₹146.36 crore. The order book stood at about ₹800 crore in FY26.^[1][2]

Business lines

Gas nitriding brought in about ₹10 crore of revenue in FY26 from 3 furnaces, at an operating margin of 30%+.^[1]
A new heavy machining and gear shaping line for wind gearboxes is expected to start adding revenue in FY27.^[1]

Manufacturing capacity

HPDC installed capacity was 3,600 MT in FY26.^[1]
Capacity utilisation was 75 - 80% in FY26.^[1]
The current gross block can support peak revenue of ₹13 - 15 crore/month (FY26).^[1]
The wind line uses European-made WFL Millturn, Starrag-Dorries VTL and Gleason gear shaping machines. In FY26 the plant was about 90% ready and the machines were being installed.^[1]

Order book

The order book stood at about ₹800 crore in FY26, excluding gas nitriding.^[1]
In FY26 the company won domestic orders of about ₹126.53 crore to be delivered over 60 months. It also won further orders of ₹76.6 crore, ₹3.76 crore and ₹12.43 crore during the year.^[1]
The company won a 5-year project to make shafts and planetary carriers for windmill gearboxes.^[1]

Customers and export markets

The company exhibited at EUROGUSS 2026 in Germany to build export ties with global Tier-1 suppliers in automotive and renewable energy.^[1]
Approval has started for an automotive export project for Brazil. Volumes and schedule depend on the customer committing after trial samples.^[1]

Expansion and capex

Three more gas nitriding furnaces, ordered by the customer, await site approval and are expected within 3-4 months of the Q4 FY26 call.^[1]
The company bought land at S27 & S28 (45,000 sq. ft.) and 3 acres near Plant S58 for future gas nitriding, steel machining and wind capacity.^[1]
Fixed assets including capital work in progress rose about 73% YoY, to ₹178.53 crore in FY26 from ₹103 crore in FY25.^[1]
The company is seeking AS9100D certification to enter the aerospace and defence sectors.^[1]

Recent developments

FY26: The company sold its Simtech CNC subsidiary, which supplied parts in-house, at Simtech management's request because of conflict-of-interest concerns. Simtech contributed about ₹13-14 crore to FY26 consolidated revenue.^[1]

Market Cap

₹299 Cr

High / Low

₹147 / 74

Stock P/E

22.8

Price / Book

2.9

Book Value

₹46

EPS

₹5.4

No. of Shares

2.43 Cr

ROCE

13.0%

ROE

13.4%

OPM

18.3%

Debt / Equity

1.11

Sales

₹146 Cr

Net Profit

₹13 Cr

Promoter holding

57.3%

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