Electrosteel Castings Limited (ELECTCAST)

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Electrosteel Castings Limited (ELECTCAST) · mywealthgrid

About

Electrosteel Castings Limited manufactures iron and steel castings for industrial applications, with a market capitalization of ₹4,373 crore. The company serves OEMs and project-based customers in the cyclical industrials sector, competing primarily on cost and delivery.

Face value: ₹1

Market cap

₹4,608 Cr

P/E

38.2×

P/B

0.8×

Dividend yield

1.2%

ROE

2.8%

ROCE

5.7%

Debt / equity

0.26

OPM

6.1%

EPS (TTM)

₹2.0

Book value

₹95.8

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Earnings volatility: net profit swung from ₹75.99 Cr (Sep 2025) to -₹20.01 Cr loss (Dec 2025) to ₹48.37 Cr (Jun 2026); verify demand cyclicality and order backlog trends

Operating margins ranged 2.12–7.01% across four recent quarters; clarify whether swings reflect volume, pricing power, or raw material cost pass-through

PE ratio of 36.23 vs. ROE of 2.76% suggests valuation disconnect; verify if price reflects expectations not yet supported by return on capital

Stock down 30.76% over 12 months and trading near 52-week low; identify catalysts and timeline for recovery

Generated analysis · source review pending

Growth drivers

Operating margin expanded to 7.01% in Jun 2026 from 2.12% in Mar 2026 (standalone); verify if volume uptick, pricing recovery, or cost control are sustainable

Quarterly revenue base of ₹1.2–1.5 Cr demonstrates established operational scale; track if capacity can absorb higher industrial demand

Debt-to-equity of 0.26 provides financial headroom; check management's capex plans and capacity expansion timeline

Regular dividend payments across 2023–2026 show cash generation despite earnings volatility; monitor free cash flow conversion

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹74.5-2.6%1Y

Quick read

rule-based

Pros

+Dividend payout of 46.1% of profit

Cons

−Low return on equity of 10.5% (3-yr avg)
−Thin operating margin of 6.1%
−Profit declined 20% a year over the last 3 years

Research score

Structured signal from quality, growth, valuation and momentum.

24/100

Business quality: 21
Growth: 0
Valuation: 51

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,699	2,711	3,471	5,281	7,276	7,478	7,320	5,918
COGS	1,205	1,177	1,636	2,478	3,989	3,757	3,610	3,176
Gross profit	1,494	1,534	1,835	2,803	3,287	3,721	3,710	2,742
	1,099	1,093	1,398	2,105	2,549	2,542	2,675	2,383
	395	441	436	698	738	1,178	1,036	359
OPM %	14.6%	16.3%	12.6%	13.2%	10.1%	15.8%	14.2%	6.1%
Depreciation	59	57	91	115	121	125	142	173
Interest	235	228	211	195	286	219	161	144
	-127	33	-186	56	85	102	123	176
Profit before tax	-26	190	-52	444	415	937	856	219
Tax	-18	28	40	97	99	197	146	57
Tax %	-70.5%	14.9%	78.2%	21.8%	23.9%	21%	17.1%	26.2%
	-8	161	-92	348	316	740	710	161
PAT margin %	-0.3%	6%	-2.7%	6.6%	4.4%	9.9%	9.7%	2.7%
EPS (₹)	1	3.9	-3.4	5.8	5.3	12.4	11.5	2.6
EPS adjusted (₹)	0.9	3.7	-3.4	5.8	5.3	12	11.5	2.6
	0%	7.8%	—	13.7%	16.9%	11.3%	12.2%	34.5%
Annual report	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	36	36	36	41	43	43	59	59	62	62	62
Reserves	2,516	2,349	2,443	2,595	—	3,683	4,044	4,323	5,051	5,720	5,862
Minority interest	—	—	—	—	—	2	1	1	2	1	1
	2,197	1,854	1,417	1,609	—	2,096	2,930	2,628	2,266	2,060	1,513
	1,198	1,280	1,505	1,177	—	1,329	1,589	1,507	1,727	1,853	2,024
Total equity & liabilities	5,947	5,519	5,401	5,421	—	7,152	8,624	8,519	9,108	9,695	9,461
	1,783	1,705	1,676	1,631	1,703	2,633	2,763	2,731	2,928	3,102	3,212
CWIP	—	—	—	—	—	1,337	1,208	1,302	1,229	1,249	1,186
Investments	860	590	637	684	—	202	457	161	204	145	578
	3,304	3,225	3,088	3,106	—	2,980	4,196	4,324	4,747	5,200	4,486
Total assets	5,947	5,519	5,401	5,421	—	7,152	8,624	8,519	9,108	9,695	9,461

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	55.3%	56.6%	52.9%	53.1%	45.2%	49.8%	50.7%	46.3%
EBITDA margin %	14.6%	13.5%	12.4%	13.2%	10.1%	15.8%	14.2%	6.1%
EBIT margin %	12.5%	11.4%	9.8%	11%	8.5%	14.1%	12.2%	3.1%
PAT margin %	-0.3%	6%	-2.7%	6.6%	4.4%	9.9%	9.7%	2.7%
Working capital
Receivable days	82	—	81	65	53	67	74	66
Inventory days	228	—	274	330	208	221	249	276
Payable days	0	—	100	92	54	53	56	63
NWC days	311	—	255	302	207	234	267	278
Leverage
Current ratio	1.23	—	1.46	1.43	1.47	1.58	1.68	2
Debt to EBITDA	4.08	—	4.86	4.2	3.56	1.92	1.99	4.21
Debt to equity	0.61	—	0.56	0.71	0.6	0.44	0.36	0.26
Interest coverage	1.7	1.5	1.9	3.3	2.5	5.3	6.3	2.8
Asset turnover	0.5	—	0.49	0.61	0.85	0.82	0.76	0.63
Return ratios
Return on assets %	-0.1%	—	-1.3%	4%	3.7%	8.1%	7.3%	1.7%
Return on capital employed %	10%	—	7.8%	12.1%	12.7%	19.6%	15.5%	5.7%
Return on equity %	-0.3%	—	-2.5%	8.5%	7.2%	14.5%	12.3%	2.7%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	44.08%	44.08%	46.21%	46.21%	46.21%	46.21%	46.21%	46.21%	46.21%	46.21%	50.13%	50.13%
	15.33%	18.18%	19.7%	21.16%	19.73%	19.91%	20.06%	20.27%	19.25%	19.39%	15.73%	12.8%
	0.88%	0.43%	0.37%	0.45%	1.98%	0.61%	0.62%	0.2%	0.24%	0.24%	0.23%	0.36%
	0%	0%	0%	0%	0%	0%	0%	0%	0.23%	0.23%	0.23%	0.23%
	39.71%	37.31%	33.72%	32.18%	32.08%	33.27%	33.11%	33.32%	34.07%	33.93%	33.68%	36.48%
No. of shareholders	—	—	—	—	—	—	—	—	1,86,256	1,82,243	1,76,913	1,79,894

Promoter holding up 6.05 percentage points since Sep 2023.

18 deals · 30 Nov 2023 – 28 Sept 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
28 Sept 2026	BELGRAVE INVESTMENT FUND	Bulk	NSE	Sell	1,87,62,000	₹71.28	₹133.74 Cr
28 Sept 2026	BELGRAVE INVESTMENT FUND	Block	NSE	Sell	1,87,62,000	₹71.28	₹133.74 Cr
28 Sept 2026	BELGRAVE INVESTMENT FUND	Bulk	NSE	Sell	1,01,48,695	₹72.33	₹73.41 Cr
28 Sept 2026	MAYANK KEJRIWAL	Bulk	NSE	Buy	83,42,600	₹71.20	₹59.40 Cr
28 Sept 2026	MAYANK KEJRIWAL	Block	NSE	Buy	83,42,600	₹71.20	₹59.40 Cr
28 Sept 2026	ASHA KEJRIWAL	Block	NSE	Buy	55,94,400	₹71.30	₹39.89 Cr
28 Sept 2026	ASHA KEJRIWAL	Bulk	NSE	Buy	55,94,400	₹71.30	₹39.89 Cr
28 Sept 2026	WILCOX MERCHANTS PRIVATE LIMITED	Bulk	NSE	Buy	48,25,000	₹71.40	₹34.45 Cr
28 Sept 2026	WILCOX MERCHANTS PRIVATE LIMITED	Block	NSE	Buy	48,25,000	₹71.40	₹34.45 Cr
18 Mar 2026	INDIA OPPORTUNITIES GROWTH FUND LTD - PINEWOOD STRATEGY	Block	NSE	Sell	2,05,00,000	₹70.00	₹143.50 Cr

1–10 of 18

1 / 2

Mr. Rajkumar KhannaNon-Executive - Independent Director-Chairperson
Mr. Amrendra Prasad VermaNon-Executive - Independent Director
Mrs. Mohua BanerjeeNon-Executive - Independent Director
Mr. Umang KejriwalExecutive Director-MD
Mr. Mayank KejriwalExecutive Director-MD
Mr. Uddhav KejriwalExecutive Director
Mr. Vyas Mitre RalliNon-Executive - Independent Director
Mr. Jinendra Kumar JainNon-Executive - Independent Director
Mr. Sunil KatialExecutive Director-CEO
Mr. Ashutosh AgarwalExecutive Director
Mrs. Radha Kejriwal AgarwalExecutive Director

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F&O

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 2 fund houses

Held by these funds

0.13%

of the company's equity

All mutual funds

0.14%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

3 schemes · 2 fund houses

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	7.93 L	6.62	0.27%	0.128%	-17,369
IB18-Groww Nifty Total Market Index Fund	Groww Mutual Fund	5,431	0.05	0.01%	0.001%	+26
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	898	0.01	0.01%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

41 announcementsExport CSV

1 Oct 2026, 4:30 pmCompany Update

Disclosure Under Regulation 7(2) Of SEBI (Prohibition Of Insider Trading) Regulations, 2015

General

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	55.3%	56.6%	52.9%	53.1%	45.2%	49.8%	50.7%	46.3%
EBITDA margin %	14.6%	13.5%	12.4%	13.2%	10.1%	15.8%	14.2%	6.1%
EBIT margin %	12.5%	11.4%	9.8%	11%	8.5%	14.1%	12.2%	3.1%
PAT margin %	-0.3%	6%	-2.7%	6.6%	4.4%	9.9%	9.7%	2.7%
Working capital
Receivable days	82	—	81	65	53	67	74	66
Inventory days	228	—	274	330	208	221	249	276
Payable days	0	—	100	92	54	53	56	63
NWC days	311	—	255	302	207	234	267	278
Leverage
Current ratio	1.23	—	1.46	1.43	1.47	1.58	1.68	2
Debt to EBITDA	4.08	—	4.86	4.2	3.56	1.92	1.99	4.21
Debt to equity	0.61	—	0.56	0.71	0.6	0.44	0.36	0.26
Interest coverage	1.7	1.5	1.9	3.3	2.5	5.3	6.3	2.8
Asset turnover	0.5	—	0.49	0.61	0.85	0.82	0.76	0.63
Return ratios
Return on assets %	-0.1%	—	-1.3%	4%	3.7%	8.1%	7.3%	1.7%
Return on capital employed %	10%	—	7.8%	12.1%	12.7%	19.6%	15.5%	5.7%
Return on equity %	-0.3%	—	-2.5%	8.5%	7.2%	14.5%	12.3%	2.7%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Welspun Corp LimitedWELCORPWELCORP	₹68,741 Cr	₹70,904 Cr	₹17,300 Cr	₹2,403 Cr	13.3%	₹2,309 Cr	9.7%	19.2%	19.4%	85
Apl Apollo Tubes LimitedAPLAPOLLOAPLAPOLLO	₹58,753 Cr	₹59,205 Cr	₹22,897 Cr	₹1,841 Cr	7.8%	₹1,229 Cr	5.2%	30.8%	25.3%	-12
Shyam Metalics And Energy LimitedSHYAMMETLSHYAMMETL	₹29,244 Cr	₹30,225 Cr	₹19,574 Cr	₹2,519 Cr	12.6%	₹860 Cr	5.7%	13.5%	9.7%	8
Ratnamani Metals & Tubes LimitedRATNAMANIRATNAMANI	₹18,362 Cr	₹18,666 Cr	₹4,314 Cr	₹732 Cr	16.9%	₹433 Cr	11.9%	17.8%	12.5%	210
Jindal Saw LimitedJINDALSAWJINDALSAW	₹17,286 Cr	₹21,976 Cr	₹18,263 Cr	₹1,941 Cr	12.4%	₹653 Cr	5.2%	11.4%	8.1%	159
Usha Martin LimitedUSHAMARTUSHAMART	₹14,982 Cr	₹15,128 Cr	₹3,837 Cr	₹768 Cr	19.1%	₹507 Cr	12.6%	20%	15.4%	190
Godawari Power And Ispat LimitedGPILGPIL	₹14,517 Cr	₹14,943 Cr	₹5,808 Cr	₹1,263 Cr	23.3%	₹808 Cr	14.9%	20.1%	14.9%	73
Gallantt Ispat LimitedGALLANTTGALLANTT	₹12,793 Cr	₹13,340 Cr	₹4,437 Cr	₹655 Cr	16.2%	₹436 Cr	11%	19.2%	15.7%	58
Maharashtra Seamless LimitedMAHSEAMLESMAHSEAMLES	₹9,363 Cr	₹9,377 Cr	₹4,620 Cr	₹696 Cr	14.6%	₹737 Cr	15%	13.6%	10.6%	153
Jayaswal Neco Industries LimitedJAYNECOINDJAYNECOIND	₹8,863 Cr	₹10,960 Cr	₹7,589 Cr	₹1,409 Cr	18.6%	₹564 Cr	6.5%	22.9%	17.8%	151
Sunflag Iron And Steel Company LimitedSUNFLAGSUNFLAG	₹7,812 Cr	₹8,286 Cr	₹3,995 Cr	₹476 Cr	12.1%	₹206 Cr	5.1%	3.8%	2.3%	95
Man Industries (India) LimitedMANINDSMANINDS	₹6,912 Cr	₹7,411 Cr	₹3,875 Cr	₹532 Cr	12.3%	₹204 Cr	4.8%	18.4%	9.2%	114

Date	Category	Subject	Filing
1 Oct 2026, 4:30 pm	Company Update General	Disclosure Under Regulation 7(2) Of SEBI (Prohibition Of Insider Trading) Regulations, 2015	PDF
30 Sept 2026, 4:48 pm	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF
30 Sept 2026, 3:14 pm	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF
30 Sept 2026, 2:49 pm	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF
19 Sept 2026, 1:04 pm	Company Update General	Announcement Under Regulation 30 Of SEBI LODR - Update	PDF
1 Sept 2026, 5:05 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
31 Aug 2026, 5:47 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
27 Aug 2026, 5:33 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	510	421	424	-43	225	465	-279	452	806	480	1,147
	91	72	-59	37	-20	93	-329	168	-37	-142	-136
	-595	-332	-561	-5	-220	-422	609	-604	-720	-454	-900
Net cash flow	—	—	—	-12	-16	136	1	17	49	-116	110
Free cash flow	510	421	424	-43	225	332	-474	265	561	203	1,017
CFO / Operating profit %	—	—	—	-11%	61.4%	107.9%	-40%	61.3%	68.4%	46.4%	319.4%

Electrosteel Castings Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

20

1

Compounded sales growth

Compounded profit growth

Return on equity

Electrosteel Castings Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends20

Board meetings1

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

20

1