AnnouncementSep 2026
Sep 2026 · Announcement Under Regulation 30 Of SEBI LODR - Update 19 Sep - Paid OMR 21,000 for 70% stake in Arabian Water Tech LLC; it became a subsidiary on 19 September 2026.
Source: Bse
Electrosteel Castings Limited (ELECTCAST)
Micro CapIndustrials stocks · Micro cap · NSE
Electrosteel Castings Limited manufactures Ductile Iron (DI) pipes, fittings, and Cast Iron (CI) pipes, primarily serving the water infrastructure sector. The company has an international valves manufacturing wing (T.I.S. Italy) and is diversifying into industrial paints. It operates with integrated manufacturing and a strong distribution network for domestic and overseas markets.
Data qualityFresh enough for analysisQuote updated 21 Oct, 05:57 pm ISTDetails
Quote21 Oct, 05:57 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result16 Aug, 12:31 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
36BearishSMA20 -4.7% / mo · MACD −
Stock trend: 29
Sector RS: 46
Sector 3M: -7.1% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ELECTCASTD candles · FIT view-17.6%Latest close ₹70.69 on 2026-10-21
Bar
-4.6%
RSI
38
MACD hist
-0.28
52W pos
28%
2026-10-21O ₹74.11H ₹74.94L ₹70.11C ₹70.69Vol 21.9L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ELECTCASTNifty India ManufacturingNifty 500
- ELECTCAST
- -3.1%
- Nifty 500
- -6.5%
- Nifty India Manufacturing
- -7.7%
- Vs Nifty 500
- +3.4 pp
Chart stats
21 Oct 2026- From 52W high
- -28.6%
- 52W range position
- 27%
- ATR (14)
- 4.7%
- Volume vs 20D
- 0.49x
- Avg traded value
- ₹34 Cr
- 20D price channel
- ₹70.1 - ₹81
₹99
₹60.2 - ₹99
₹3.3
Latest completed session
20-session average
46.4% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED29
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -8.5% · PAT -46.1% YoY
Technical
Bearish36
Price trend and sector-relative-strength timing.
Valuation
Legacy model-514.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence62
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100Rev -8% YoY · PAT -46% YoY · margin compression
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,426 Cr | -8.5% | -4.5% |
| EBITDA | ₹100 Cr | -41.2% | +61.3% |
| Operating margin | 7.0% | -400 bps | +290 bps |
| PAT | ₹48 Cr | -46.1% | +200.0% |
| PAT margin | 3.4% | -234 bps | +230 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 29.80
- P/B
- 0.80
- EV/EBITDA
- 13.59
- Market Cap
- 4743.00Cr
Profitability
- ROE
- 3.04%
- ROCE
- 5.00%
- ROA
- 1.28%
- Dividend Y
- 1.17%
Growth (CAGR)
- Revenue 5Y
- 11.00%
- EPS 5Y
- -3.00%
- Revenue 3Y
- -7.00%
- EPS 3Y
- -18.00%
Balance Sheet
- Debt/Equity
- 0.26
- Interest Coverage
- 2.14×
- Altman Z
- 2.61
- Book Value
- 95.80
Cash Flow
- FCF Yield
- 21.67%
- FCF Positive Y
- 10/5
- OCF
- 1147.00 Cr
- EPS TTM
- 1.96
Shareholding
- Promoter Hold
- 50.14%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 43%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 5,786-2.2% vs prev
Net Profit
₹ CrLatest: 161-77.3% vs prev
Return on Equity
%Latest: 260+2065.8% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 38.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- Recent golden cross (SMA50 crossed above SMA200).
- SMA20 falling (~5.0% over last month) — short-term momentum negative.
- RSI(14) at 38 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 28% off 52W high · 18% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
46
RS percentile
Stage 1 Base / Transition
1M return
+1.7%
3M return
+1.1%
6M return
-6.5%
1Y return
-18.1%
RS 1D
-3
RS 20D
+17
Sector rank
#2
Industry rank
#24
Stage evidence
- Price is within 3.9% of the 30-week proxy.
- The 30-week proxy changed +1.1% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 80.02-4.36%
RS vs Nifty 50080
Valuation & peers
U-Score 29 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 29 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation3/30
Growth3/25
Quality0/20
Balance Sheet10/15
Cash Flow10/10
Piotroski
5/9 (+3)
Penalties
0
Raw sum
29
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
29/100 · legacy band OVERVALUED
Positive drivers
- FCF yield is supportive at 21.7%.
- Cash flow contributes 10/10 to the score.
- Balance sheet contributes 10/15 to the score.
Main drags
- Fair-value margin of safety is negative at -514.5%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 3/30; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
29.8
PB
0.8
EV/EBITDA
13.6
ROE
3.0%
ROCE
5.0%
FCF Yield
21.7%
Debt/Equity
0.3
MoS
-514.5%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
29
Previous: 29
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-514.5%
Previous: -548.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
29
29
29
29
29
29
29
29
29
29
29
29
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹65
-8.8% MoS
Growth-justified P/E
5.9
Growth-justified Value
₹11.51
-514.5% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
FOSECOIND
Small
Foseco India Limited
Industrial Products
match 55
35
45.6
12.6%
-23%
WATCHLIST
LUMINO
Micro
Lumino Industries Limited
Industrial Products
match 55
67
17.8
24.6%
+61%
UNDERVALUED
HTEL
Micro
Hy-Tech Engineers Limited
Industrial Products
match 52
46
29.7
20.2%
-98%
FAIR VALUE
MONOLITH
SME
Monolithisch India Ltd.
Industrial Products
match 50
52
95.0
27.8%
-142%
FAIR VALUE
AEROFLEX
Small
Aeroflex Industries Limited
Industrial Products
match 50
44
107.0
14.1%
-151%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-02T20:24:08.302Z
Management commentary snapshot
Q4 FY26 sales volume of DI/CI pipes and fittings declined 21% YoY; full-year volume down 25%. Consolidated Q4 revenue was INR 1,530 cr with 6.5% EBITDA margin, PAT INR 15.9 cr. Full-year EBITDA margin was 9.4%, PAT INR 161.5 cr. Standalone Q4 reported a PAT loss of INR 10.7 cr. Dividend reduced to 90%.
Domestic DI pipe demand was significantly impacted by delays in Jal Jeevan Mission (JJM) fund disbursements, leading to substantial volume and margin pressure. Exports provided a partial offset. While management is optimistic about JJM 2.0 and diversification into valves and paints, near-term challenges from project execution timelines and geopolitical stresses persist, affecting profitability.
Current business mix
Revenue by Geography
Latest issuer-disclosed distribution across 2 reported categories.
Exports23.0%
Domestic77.0%
Growth engines
Jal Jeevan Mission 2.0
Approval of JJM 2.0 extends budget outlay to INR 8.69 lakh crores up to December 2028, with Central Government contribution enhanced to INR 3.59 lakh crores.
Valves Business (T.I.S. Italy & India)
Acquisition of T.I.S. Italy (manufacturing wing) performed well, with a vision to double revenue in the next four years. Development work for Valvecastings in India has started.
Diversification into Industrial Paints
Company is getting into industrial paint segment with a five-year roadmap to achieve a business revenue topline of around INR 600 crores.
Urban Infrastructure & River Linking
Continued investments in urban infrastructure, sewage networks, irrigation, and the river linking project will create substantial medium to long-term demand.
Capacity and execution
Valvecastings Plant in India
We have already started the development work for Valvecastings in India and look forward to production soon.
Industrial Paint Plant
We are also setting up a Paint plant. Some money will be invested there. Initial outlay of INR 200-250 crores is expected to be spent over 1.5 to 2 years.
Tailwinds
Government Focus on Water Infrastructure
JJM 2.0 reaffirms the Government's continued focus on providing safe drinking water connectivity and strengthening water transmission/distribution.
Integrated Operations & Distribution
Our integrated manufacturing operations and strong distribution network continue to provide us with strategic advantages in serving both domestic and overseas markets.
Improved Industry Visibility
Overall industry visibility has improved meaningfully compared to earlier quarters, with demand momentum expected to strengthen gradually.
Headwinds
Domestic Market Slowdown
The domestic Ductile Iron Pipe industry operated in a relatively subdued environment due to slower execution of water infrastructure projects and delayed fund disbursement under JJM 1.0.
Geopolitical Impact on Exports
There will be an impact on sales to the Middle East starting from March '26 onwards due to the US-Iran conflict. Middle East contributed approximately 50% of our exports.
Rising Input Costs
Cost front is impacted by increased freight, coking coal from overseas, and energy costs in India (up almost 70%-80%). Diesel and petrol prices are also rising.
Supply Chain Disruptions
Movement of ships are getting delayed, disturbing the whole cycle of movement and having an adverse impact on cost and supply chain continuity.
Risk radar
JJM Execution & Fund Disbursement
The main cause for the sudden drop in demand was the complete blocking off of central funds over the last 1.5 years due to issues around JJM implementation.
Geopolitical Conflicts & Energy Disruption
Escalation of the Iran conflict could impact demand, supply chain, and input costs, with a higher impact expected on cost and supply chain.
Demand Volatility & Overcapacity
The industry is running at 50% capacity, and realization for pipes is lower due to overcapacity in the system and lesser demand.
Drought Conditions & Government Spending Reallocation
Severe drought conditions could lead to reallocation of government spending away from existing infrastructure programs towards emergency relief, causing temporary delays.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The management explicitly states year-on-year declines for sales volumes and attributes the subdued environment to factors impacting the full fiscal year, making YoY comparison more relevant for assessing performance trends.
Sector KPIs management disclosed
Sales Volume (DI Pipe, Fittings, CI Pipe)
Q4 FY26 stood to 1.48 lakh tons, down by 21% year-on-year basis. In 2025-26 full year, the sales volume was 5.84 lakh tons, 25% decline from the previous year.
Export Pipe Volume Growth
Export pipe volume grew by 7% in FY2025-26, partially offsetting the weakness in domestic market.
Consolidated EBITDA Margin
EBITDA including other income for the 4th Quarter FY26 stood to INR 99.3 crores with EBITDA margin of 6.5%. For the full year, EBITDA stood to INR 573.6 crores with EBITDA margin of 9.4%.
Standalone Gross Debt
Gross debt as on 31st March 2026 stood to INR 1,202 crores, which decreased by INR 598 crores from the previous year.
Management forward view
Demand Restoration Timeline
We are hopeful and expect some demand to restore by early 2nd Quarter of this financial year, with steady increment over 3 to 6 months.
FY27 Dispatch & EBITDA Margin Target
We are expecting a dispatch of around 7.4 lakh tons of pipes this financial year, with approximately 13%-14% consolidated EBITDA margin achievable.
T.I.S. Italy Growth & Margins
T.I.S. Italy's revenue is projected to double in the next four years (20% growth rate). For FY27, it should hit a 14%-15% growth rate, reaching around INR 450 crores with 14%-15% margins.
Paint Business Outlook
The industrial paint segment has a five-year roadmap to achieve INR 600 crores in revenue, with a positive impact on the bottom-line expected from FY2028-2029.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| JJM 2.0 Fund Disbursement & Project Execution | Cabinet approved, MOUs signed with states, INR 1,500 cr disbursed last year. Inquiries from customers have started coming in. | Steady increment of demand from Q2 FY27 onwards, new tenders being opened and allocated to EPC contractors. |
| Export Contribution to Revenue | 23% of Q4 FY26 revenue. | Decline to 17%-18% due to the impact of the Middle East crisis and expected pickup in the Indian market. |
| Consolidated EBITDA Margin | Q4 FY26: 6.5%; FY26: 9.4%. | Stabilization at 14%-16% (management's long-term expectation) as demand picks up and cost pass-through occurs with a lag. |
| T.I.S. Italy Revenue Growth | Calendar Year 25 revenue grew by 15% to EUR 41 million. | Achieving 14%-15% growth in FY27 (to ~INR 450 cr) and progress towards doubling revenue in four years. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
62Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 35th percentile of the scored universe and 32nd percentile within Industrials. Main check: results consistency is weak at 15/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
73 docs text-extracted · 35 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
35th percentile
overall median 67 · Industrials: 32nd pctile, median 68 · Micro: 19th pctile, median 73
Evidence depth
Financial-only
73 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
82
strong · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
30
weak · capital discipline
Results
15
weak · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 3.9%.
- ▸FCF yield is 19.9%.
- ▸10 years of positive FCF.
Trust risks
- ▸4 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE is low at 5%.
- ▸ROE is low at 3%.
- ▸ROCE trend is -6.3%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Electrosteel Castings Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 23 Sep - Electrosteel Castings schedules virtual investor meeting on 29 September 2026, using Q1 FY27 presentation.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 27 Aug - Pursuant to Regulation 30 of SEBI (LODR) Reg, 2015, Intimation w.r.t. Investors Meeting to be held on 03 September 2026.
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Change in Management 12 Aug - Manoj Kumar Thakur, President-Growth, Business Control and Coal, resigned effective 12 August 2026.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Resignation of Chief Financial Officer (CFO) 11 Jun - Ashutosh Agarwal resigns as Whole-Time Director and CFO; cessation effective 10 August 2026.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Resignation of Director 11 Jun - Ashutosh Agarwal resigns as Whole-Time Director and CFO, effective 10 August 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 15 Jul - Newspaper Publication - Notice of Postal Ballot
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Aug - Newspaper Publication of Financial Result for the quarter ended 30 June, 2026
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
Investor presentationMay 2026
May 2026 · PPT
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.