Steelcast Ltd(STEELCAS)

NSE: STEELCASBSE: 513517

₹ 324.7-3.65%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 3,286 crWebsite: www.steelcast.netUpdated: 24 Oct 2026

About

Steelcast Ltd is a Bhavnagar, Gujarat-based manufacturer of steel and alloy steel castings, producing over 298 different parts ranging from 5 kg to 2,500 kg for earthmoving, mining, construction, and other industrial end-markets. The company operates a single 29,000 TPA facility and posted FY26 revenue of ₹423.17 Cr. Exports account for the majority of sales, with products supplied to 16 countries across global OEMs.^[1][2][3]

End-industry mix

Earthmoving is the largest end-sector at 43% of FY27 sales, up from near-zero a decade ago; mining is 27% (down from ~84% a decade ago); construction is 15%. The top three sectors together account for ~85% of revenue.^[4]
The remaining ~15% of revenue is spread across nine other end-user sectors, up from five sectors a decade ago.^[4][1]
Ground Engaging Tools (GET) is an emerging sub-segment: ~1% of FY26 sales, targeting 3.5% of FY27 sales and ~6% by FY29.^[4]
Defence is given low priority; revenue share expected to remain 1 - 2% over the next three years.^[4]

Products

The company produces over 298 different steel and alloy steel casting parts ranging from 5 kg to 2,500 kg, using both sand and shell moulding processes - among the select few casting companies with both capabilities.^[1]
Approximately 75% of castings delivered are fully machined, value-added products.^[1]
Customer base grew from ~20 to over 47 and product diversity from 142 to 298 parts per month over the past decade.^[1]

Manufacturing and capacity

Single manufacturing facility in Bhavnagar, Gujarat with installed capacity of 29,000 TPA, comprising three production plants and a dedicated machine shop.^[1]
Captive renewable power plants of 9.5 MW (4.5 MW hybrid and 5 MW solar) cover ~80% of power requirements, saving ~₹14 Cr per year.^[1]
Proximity to Alang - Asia's largest ship recycling yard, 50 km away - provides access to competitively priced scrap steel, a key raw material.^[1]
A greenfield foundry of 8,500 TPA capacity has been approved at a planned investment of ~₹120 Cr over two years, targeting commissioning by 31 March 2028; land of 100,000 sq m has been secured from the Government of Gujarat, 12 km from the existing facility.^[4]
A 2.4 MW hybrid and 1.4 MW solar power plant is targeted for commissioning by 31 December 2026 (delayed from June 2026).^[4]

Key operating numbers

Sales volume was 4,700 tonnes in Q1 FY27 vs 3,618 tonnes in Q1 FY26 (~30% volume growth); FY26 full-year volume was 15,738 tonnes vs 13,903 tonnes in FY25.^[4][3]
Capacity utilisation was 66% in Q1 FY27, up from 48% for FY26 full year and 46% in Q3 FY26.^[4][5]
Order book stood at ₹140 Cr as of the Q1 FY27 earnings call, up from ₹115 Cr at Q3 FY26 and ₹108 Cr at Q2 FY26.^[4][5][6]
Export revenue mix was 62% in Q1 FY27 vs 63% in Q4 FY26 and 54% in FY25.^[4][3][1]
Raw material contracts contain a price variation pass-through clause for Mild Steel, Stainless Steel, and Ferro Alloys; full pass-through effective July 2026.^[1][4]

Customers and distribution

76% of FY25 revenues came from customers of 20 years or more; 90.36% from clients with relationships over 15 years. No single customer exceeded 20.9% of global revenues in FY25.^[1]
Products are supplied domestically across 10 states and internationally to 16 countries as of FY25.^[1]
US and Germany together constitute ~70% of export revenue in FY27; 14 other countries make up the balance 30%. Management aims to reduce this concentration over time.^[4]
US exposure is being managed down from 30% of sales in FY25 to ~25 - 26% in FY27; EU share is targeted to rise from ~15% to ~20% in FY27.^[5]

Expansion and capex

Greenfield 8,500 TPA foundry: ~₹120 Cr investment over two years, targeting commissioning by 31 March 2028; peak revenue potential from the new facility stated at ~₹300 Cr.^[4]
Capacity utilisation on existing 29,000 TPA is guided at 63% for FY27 full year, rising to ~90% by FY29; new greenfield capacity starts contributing from FY29.^[4]
Export presence targeted to expand from 16 to 18+ countries within the next 1 - 2 years.^[4][3]

Recent developments

Board approved the greenfield 8,500 TPA foundry in Q1 FY27, with land already secured from the Government of Gujarat.^[4]
US railroad strategy was abandoned in Q1 FY27; management explicitly pivoted to other markets offering better pricing and demand, reversing prior multi-quarter guidance of railroad reaching 20% of revenue.^[4]
Over 100 new parts developed in the 18 - 24 months prior to Q1 FY27 are entering serial supply; management estimates new parts will contribute ~20% of revenues over the next 2 - 3 years.^[4]
Defence priority was lowered for ~one year as of Q1 FY27; Israel combat vehicle component trials are ongoing with no firm serial orders yet.^[4]
2.4 MW hybrid and 1.4 MW solar power plant commissioning delayed from June 2026 to December 2026.^[4]

Market Cap

₹3,286 Cr

High / Low

₹391 / 172

Stock P/E

39.3

Price / Book

9.0

Book Value

₹39

EPS

₹8.6

No. of Shares

10.12 Cr

ROCE

32.4%

ROE

24.1%

OPM

26.6%

Debt / Equity

0.00

Sales

₹423 Cr

Net Profit

₹87 Cr

Promoter holding

45.0%

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