Abha Power and Steel Ltd(ABHAPOWER)

NSE: ABHAPOWER

₹ 22+3.53%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 41 crUpdated: 24 Oct 2026

About

Abha Power and Steel Ltd is a foundry making steel and SG iron castings. It lists on NSE Emerge. Most of its products go to the Indian railway sector. It reported revenue of Rs 62.22 Cr for FY26 and had installed capacity of 14,400 MT per annum as of FY26.^[1][2][3]

Products

Railway sleeper inserts made up about 40-60% of turnover, per the Q4 FY26 call. Insert prices fell about 20%, which management said caused 60-70% of the revenue fall in H2FY26.^[2]
Two railway coach components moved into commercial production under long-term OEM standing orders. They made up less than 5% of revenue in FY26, and management targets more than 10-12% of revenue in FY27.^[2]
The company holds RDSO A-class certification and is registered for 4-5 parts. It has filed applications for more parts (Q2 FY26 call).^[4]
As of June 2026, RDSO approval for one key product line was expected within weeks, with 8-9 products in the pipeline.^[2]

Operations and capacity

Installed capacity was 14,400 MT per annum in FY26.^[2]
In H1FY26 the SG Iron unit ran at 80-85% utilisation and the steel plant at 20-30%.^[4]
Overall capacity utilisation was 30-40% in H1FY26. Management said the main constraint was moulding capacity, which lagged behind melting capacity.^[5]
The company runs a 3 MW captive solar plant. In FY26 it supplied about 40% of the company's electricity, and power cost was 6-8% of revenue in H2FY26.^[4][2]

Order book and pricing

The order book stood at about Rs 19 Crores as of 11 Oct 2026. It was about ₹21.6 Cr as of June 2026 and ₹20-25 Cr in Q3FY26.^[3][2][5]
As of the Q4 FY26 call, 20-30% of orders carried price variation clauses, and the company targets at least 50%. Legacy contracts had fixed prices.^[2]

Customers

About 70-80% of revenue comes from the railway ecosystem. Around 30% comes directly from Indian Railways, and the rest through OEMs that supply the railways (Q4 FY26 call).^[2]
The top five customers accounted for about 60% of revenue in H1FY26.^[5]
Exports were minimal as of the Q3 FY26 call. The company was in talks with large OEMs and planned to take part in overseas trade fairs.^[5]

Expansion and capex

Under the IPO mandate, FY26 capex was about ₹18.5-19 Cr, plus less than ₹5 Cr from internal funds. The money went to upgrading the plant, including an electric arc furnace (EAF), and not to a new plant.^[4]
The EAF and a 6MT heat treatment furnace are already running. The automated moulding line and a 20MT heat treatment furnace are targeted for full commissioning by August 31, 2026.^[2]
After the upgrade, moulding capacity rises from 1,000 kg/hour to 35,000 kg/hour. Management targets utilisation of 80% or above.^[2]
A further 2.5 MW solar facility has been signed and was expected to start in H1FY27. Solar would then cover 60-70% of the company's electricity use.^[2]

Recent developments

On 11 Oct 2026 the company won a domestic order worth Rs. 1.27 Crores from a Railway OEM, for delivery by 31 October 2026.^[3]
The company entered the defence sector with an order from a defence PSU for four prototype casting parts. These were in production as of the Q4 FY26 call, to be followed by 4-6 months of field trials.^[2]

Market Cap

₹41 Cr

High / Low

₹41 / 22

Stock P/E

21.2

Price / Book

1.0

Book Value

₹29

EPS

₹1.3

No. of Shares

1.86 Cr

ROCE

7.0%

ROE

4.7%

OPM

8.0%

Debt / Equity

0.37

Sales

₹62 Cr

Net Profit

₹2 Cr

Promoter holding

72.5%

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