Precision Camshafts Ltd(PRECAM)

NSE: PRECAMBSE: 539636

₹ 93.85+2.51%refreshed 26 Oct, 03:52 pm ISTMarket cap: ₹ 891 crWebsite: www.pclindia.inUpdated: 27 Oct 2026

About

Precision Camshafts Ltd (PCL) is an Indian manufacturer of camshafts - cast and machined - supplying passenger vehicle and commercial vehicle OEMs in India and internationally. Standalone revenue was INR173 crores in Q1 FY27, with consolidated revenue of INR200.8 crores that quarter. The group operates subsidiaries in the Netherlands (EMOSS, e-mobility) and India (MEMCO, precision engineering), alongside the core camshaft business.^[1][2]

Business segments

Standalone camshaft business (India): contributed INR173 crores of total income in Q1 FY27, up 6.6% QoQ, with EBITDA margin of 13% and PAT margin of 9%.^[1]
EMOSS (Netherlands, e-mobility): revenue fell to INR13.8 crores in Q1 FY27 from INR29 crores in Q4 FY26, reporting negative EBITDA of approximately -INR4.57 crores amid a European electric commercial vehicle market slowdown.^[1]
MEMCO (India, precision engineering): recorded INR14.1 crores revenue in Q1 FY27, serving industrial customers including Bosch, Delphi, and Endress+Hauser.^[1]
Consolidated revenue was INR200.8 crores in Q1 FY27, down 2.4% QoQ, with consolidated EBITDA margin of ~10% and PAT margin of ~4.2%, weighed down by EMOSS losses.^[1]

Products

Core product is camshafts in two forms: cast camshafts (lower value-add) and machined/assembled camshafts (higher value-add). All new OEM program wins are for machined/assembled camshafts.^[3]
PCL developed an electric heavy commercial vehicle (e-HCV) platform, delivered the first unit to a customer in Q4 FY26; customer evaluation and field trials are ongoing as of Q1 FY27.^[1][3]

Volumes and product mix

Machined camshaft volumes rose to ~1.55 Mn units in Q1 FY27 from ~1.00 Mn units in Q4 FY26; machined camshafts reached ~70% of total volume mix in Q1 FY27.^[1]
Camshaft casting volumes were ~1.21 Mn units in Q1 FY27.^[1]
Total camshaft volumes were 2.21 Mn units in Q4 FY26, with machined camshafts at 30% of mix; the mix has since shifted sharply to ~70% machined by Q1 FY27.^[3][1]

Operations and capacity

Foundry utilisation was ~80% and machine shop utilisation was ~90% in Q4 FY26.^[3]
New Solapur facility: civil construction and utilities complete as of Q4 FY26; machines expected from mid-CY2026 for the first two projects, targeting production start in Q1 FY27.^[3]
Solapur plant designed for 10 machining lines at full build-out, with capacity for ~200,000 machined camshafts per month.^[3]
Total solar power capacity is 29 MW after the second phase (14 MW) was commissioned in December 2025, generating expected annual savings of ~INR24 crores.^[3][4]

Customers and distribution

Key Indian OEM customers include Maruti Suzuki, Mahindra, Tata Motors, and Hyundai; new programs with Mahindra, Tata Motors, and Maruti Suzuki moved into commercial production in Q1 FY27.^[1]
Export mix was ~40 - 50% in Q4 FY26 and ~50% in Q3 FY26.^[3][4]
International customers include Renault-Nissan and UzAuto, from whom new program awards were received contributing to the cumulative lifetime order book.^[4][5]
MEMCO serves Bosch, Delphi, and Endress+Hauser as marquee customers in Q1 FY27.^[1]

Order book

Cumulative lifetime order book from new programs (Maruti, Hyundai, Mahindra, Tata Motors, Renault-Nissan, UzAuto) stands at ~INR1,500 crores as of Q1 FY27, over and above existing running business, extending visibility to 2032.^[1][3]
e-HCV platform has an MOU with one customer for annualised revenue of INR60 - 70 crores; commercial deployment planned from April 2028, pending FY27 certification.^[3]
Planned new programs include ~12.4 lakh units/year for a Maruti 3-cylinder engine starting 2027, ~2.8 lakh units/year for Hyundai's Pune plant starting 2026, and ~6 lakh machined camshafts/year for Mahindra peaking in FY27 - 28.^[4]

Expansion and capex

PCL is investing ~INR120 crores for new project execution including the new Solapur manufacturing facility; incremental capex of over INR100 crores planned over the next 3 years for foundry, machine shop, and automation.^[5][3]
Debottlenecking capex on existing lines is expected to add 10 - 20% incremental capacity across coming quarters.^[3]
MEMCO has a revenue target of INR100 crores within the next 2 years (by FY28), with management pursuing new customer relationships.^[4]

Recent developments

EMOSS (Netherlands): revenue fell sharply to INR13.8 crores in Q1 FY27 from INR29 crores in Q4 FY26; management is evaluating EMOSS's future including the possibility of winding it up, depending on customer traction and cash requirements.^[1]
MFT GmbH (Germany, step-down subsidiary): entered insolvency proceedings in Q2 FY26; PCL booked an exceptional impairment charge of INR48.8 crores in FY26, and MFT is no longer consolidated.^[3][5]
Management confirmed active pursuit of acquisition opportunities in India in adjacent capabilities including defence and aerospace, to expand beyond camshafts.^[1][3]
Tata Ace LCV diesel-to-electric conversion business was nearly stopped as of Q3 FY26 due to regulatory changes, re-registration complications, and razor-thin margins.^[4]

Market Cap

₹891 Cr

High / Low

₹199 / 89

Stock P/E

21.4

Price / Book

1.0

Book Value

₹88

EPS

₹5.4

No. of Shares

9.5 Cr

ROCE

8.4%

ROE

6.3%

OPM

9.1%

Debt / Equity

0.05

Sales

₹773 Cr

Net Profit

₹51 Cr

Promoter holding

65.4%

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