Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Nse
Thaai Casting Ltd. (TCL)
SME CapAuto stocks · SME cap · NSE
Thaai Casting Ltd. is an Indian engineering solutions partner specializing in High Pressure Die Casting, Induction Hardening, Gas Nitriding, Precision Machining (ferrous/non-ferrous), Gear Shaping, and Heavy Machining. It supplies mission-critical components like engine/transmission parts, EV battery enclosures, and steering assemblies to leading automotive OEMs and Tier-1 suppliers, also serving renewable energy.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result01 Jun, 08:02 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Auto P/E 25.7 (n=127)
Technical timing lens
Trend score and candlestick chart
54NeutralSMA20 +3.3% / mo · MACD − · sector -2.2pp vs Nifty 500 (3M)
Stock trend: 61
Sector RS: 44
Sector 3M: -7.8% vs Nifty 500 -5.6%
Auto FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
TCLD candles · FIT view+24.7%Latest close ₹122.00 on 2026-10-21
Bar
-3.6%
RSI
42
MACD hist
-1.34
52W pos
65%
2026-10-21O ₹126.50H ₹126.50L ₹121.00C ₹122.00Vol 11,200 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
TCLNifty AutoNifty 500
- TCL
- +3.3%
- Nifty 500
- -6.5%
- Nifty Auto
- -7.8%
- Vs Nifty 500
- +9.8 pp
Chart stats
21 Oct 2026- From 52W high
- -17.3%
- 52W range position
- 65%
- ATR (14)
- 6.5%
- Volume vs 20D
- 0.16x
- Avg traded value
- ₹0.8 Cr
- 20D price channel
- ₹120 - ₹144
₹147.5
₹74.1 - ₹147.5
₹8
Latest completed session
20-session average
47.5% 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 is neutral, 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 · OVERVALUED26
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad25
Revenue +72.9% · PAT -12.5% YoY
Technical
Neutral54
Price trend and sector-relative-strength timing.
Valuation
Legacy model-3.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence58
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 31 Mar 2026
Bad · 25/100PAT -13% YoY · Rev +73% YoY · margin expansion · +34% QoQ
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹83 Cr | +72.9% | +33.9% |
| EBITDA | ₹20 Cr | NDF | +25.0% |
| Operating margin | 24.0% | NDF | -200 bps |
| PAT | ₹7 Cr | -12.5% | +16.7% |
| PAT margin | 8.4% | NDF | -125 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 25.90
- P/B
- 3.04
- EV/EBITDA
- 9.83
- Market Cap
- 339.00Cr
Profitability
- ROE
- 13.40%
- ROCE
- 13.80%
- ROA
- 4.48%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 43.40%
- EPS 5Y
- 8.71%
- Revenue 3Y
- 14.00%
- EPS 3Y
- 14.00%
Balance Sheet
- Debt/Equity
- 1.11
- Interest Coverage
- 3.70×
- Altman Z
- 2.62
- Book Value
- 45.70
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- 35.00 Cr
- EPS TTM
- 5.24
Shareholding
- Promoter Hold
- 60.41%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 89%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 83.0+33.9% vs prev
Net Profit
₹ CrLatest: 7.0+16.7% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
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
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 42. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~3.2% over last month) — short-term momentum positive.
- RSI(14) at 42 — sideways, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 17% off 52W high · 65% 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
70
RS percentile
Stage 2 UptrendEstablished S2
1M return
-12.1%
3M return
-5.8%
6M return
+23.3%
1Y return
-5.5%
RS 1D
0
RS 20D
-12
Sector rank
#5
Industry rank
-
Stage evidence
- Price is 11.5% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +4.6%.
50-DMA
price below
200-DMA
price above
S2 entered
17 Jul 2026
S2 age
64 trading sessions
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
258 observations
21 Oct 2026Value 107.11-0.33%
RS vs Nifty 500107
Valuation & peers
U-Score 26 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 26 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation3/30
Growth14/25
Quality2/20
Balance Sheet5/15
Cash Flow1/10
Piotroski
7/9 (+5)
Penalties
-4
Raw sum
26
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
26/100 · legacy band OVERVALUED
Positive drivers
- Piotroski is strong at 7/9.
- Growth contributes 14/25 to the score.
- Balance sheet contributes 5/15 to the score.
Main drags
- Penalty bucket subtracts 4 points.
- Fair-value margin of safety is negative at -3.1%.
- Valuation is weaker at 3/30; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
25.9
PB
3.0
EV/EBITDA
9.8
ROE
13.4%
ROCE
13.8%
FCF Yield
—
Debt/Equity
1.1
MoS
-3.1%
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
26
Previous: 26
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-3.1%
Previous: -4.4%
Score history
12 stored score snapshots. Latest stored move: +1 points.
21 Oct 2026
v4.3-runtime-valuation
25
25
25
25
25
25
25
25
25
25
25
26
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
₹73.4
-66.2% MoS
Growth-justified P/E
22.6
Growth-justified Value
₹118.32
-3.1% MoS
PEG
2.39
Comparable companies
Peers
Business-comparable peers in Auto — 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
AVATAR
SME
AVATAR Industries Limited
Auto Components
match 95
25
612.0
1.1%
-1388%
OVERVALUED
PRITIKA
SME
Pritika Engineering Components Ltd.
Auto
match 93
40
25.5
14.8%
+34%
WATCHLIST
MUNISH
SME
Munish Forge Ltd.
Auto Components
match 93
40
20.6
10.4%
+47%
WATCHLIST
MAXVOLT
SME
Maxvolt Energy Industries Ltd.
Auto Components
match 93
61
14.8
31.8%
+62%
UNDERVALUED
BIKEWO
SME
Bikewo Green Tech Ltd.
Auto Components
match 93
28
50.3
8.1%
-28%
OVERVALUED
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 intactReviewed 2026-10-02T07:46:35.495Z
Management commentary snapshot
FY26 Total Income grew 18.89% YoY to ₹146.36 Cr, with EBITDA up 19.29% YoY to ₹36.48 Cr and Net Profit rising 15.32% YoY to ₹12.75 Cr. H2 FY26 also showed strong YoY growth across all key metrics, and operating cash flow surged ~2,887% YoY to ₹35.44 Cr.
The company's FY26 performance demonstrates robust growth in revenue and profitability, supported by strategic capacity expansions and new order acquisitions. The significant increase in operating cash flow indicates improved operational efficiency. Continued focus on advanced manufacturing and global market penetration positions it for sustained growth, aligning with its stated strategy.
Growth engines
Capacity Expansion
Management states aggressive capacity expansion and infrastructure investments, supported by capital infusion towards capacity enhancement, technology upgrades, and automation-driven growth initiatives.
New Order Wins
Company secured multiple orders across automotive and non-automotive segments, providing healthy long-term revenue visibility.
EV Segment Focus
Company's portfolio includes EV battery enclosures and it supplies battery cases for the EV segment to Nissan Motors.
Global Market Penetration
Company is expanding into export markets and collaborating with global Tier-1 suppliers in automotive and renewable energy sectors.
Capacity and execution
Gas Nitriding Furnace
Company commissioned one of India’s largest Gas Nitriding Furnaces (13-ton batch size).
Gear Shaping Machine
Company installed one of India’s largest Gleason Gear Shaping Machines for heavy machining and gear segment.
Land Acquisition
Acquired additional land near current facilities (S27 & S28) spanning 45,000 sq. ft. and purchased 3 acres (1,30,680 sq. ft.) near Plant S58 for future expansion.
Wind Vertical Plant
Company is constructing a state-of-the-art air-conditioned plant dedicated to precision gear shaping for wind gearbox applications.
Tailwinds
Global HPDC Market Growth
Global High-Pressure Die Casting market is projected to reach USD 55.34 billion by 2030, growing at a CAGR of 6.16%.
Indian Die Casting Market Growth
India die casting market is projected to grow to USD 6.13 billion by 2033, registering a CAGR of 5.13%.
Vehicle Lightweighting Trend
Automakers are adopting aluminum to meet emission regulations, reducing vehicle weight and driving growth in aluminum casting.
Supply Chain Diversification
Automotive assemblers in Thailand, Indonesia, and Vietnam are increasingly sourcing aluminum die-cast components from Indian vendors.
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 presentation explicitly provides and highlights YoY growth percentages for H2 FY26 and FY26 financial figures, indicating that this is the intended comparison for assessing performance trends.
Sector KPIs management disclosed
Order Wins
Company states current order book stands at over INR 600 Crore and secured multiple orders across automotive and non-automotive segments providing healthy long-term revenue visibility.
EV Exposure
Company's portfolio includes EV battery enclosures. It supplies BATTERY CASE for the EV segment to Nissan Motors.
Capacity Utilization
Management projects to reach 100% utilization by mid-2025 through advanced Gas Nitriding and Steel Machining capabilities.
New Capacity
Company commissioned one of India’s largest Gas Nitriding Furnaces and installed one of India’s largest Gleason Gear Shaping Machines.
Management forward view
Sustainable Growth Priority
Chairman & MD states, 'our priority remains sustainable growth, operational excellence, and long-term value creation'.
Global Competitiveness
Management aims to strengthen Thaai Casting’s position as a globally competitive engineering solutions partner.
Capability Expansion
Chairman & MD states, 'we are building long-term capabilities that support the future of precision engineering and advanced manufacturing in India'.
Operational Efficiency
Management highlights that net cash flow from operating activities increased significantly, reflecting improved operational scale and execution efficiency.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Growth | Over INR 600 Crore | Sustained growth in order book value and new client additions across segments. |
| Capacity Utilization | Projected to reach 100% utilization by mid-2025 for Gas Nitriding and Steel Machining | Actual utilization rates across all expanded capacities, especially new facilities. |
| Aerospace Certification | Targeting AS9100 certification | Achievement of AS9100 certification and successful entry into the aerospace sector. |
| Export Revenue Contribution | Opportunities for export growth | Explicit disclosure of export revenue share and its growth trajectory. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
58Limited 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 22nd percentile of the scored universe and 9th percentile within Auto. Main check: cash conversion is weak at 43/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
10 docs text-extracted · 5 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
22nd percentile
overall median 67 · Auto: 9th pctile, median 74 · SME: 24th pctile, median 64
Evidence depth
Financial-only
10 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
Needs extra due diligence; demand valuation comfort and recent improvement.
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
78
strong · holding, pledge, alignment
Cash flow
43
weak · profit to cash conversion
Balance sheet
53
watch · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
48
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 60.4%.
- ▸Promoter pledge is zero.
Trust risks
- ▸Promoter holding fell 3.2%.
- ▸Only 0 years of positive FCF.
- ▸Debt/equity is 1.11.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Thaai Casting Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationJun 2026
Jun 2026 · PPT
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
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AnnouncementMar 2026
Mar 2026 · Outcome of Board Meeting 6 March 2026 - Only digital signatures and timestamps; no substantive announcement.
Source: Nse
Concall transcriptNov 2025
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Concall transcriptJun 2025
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Annual reportMar 2025
Mar 2025 · Annual Report 2025
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Investor presentationJan 2025
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Investor presentationNov 2024
Nov 2024 · PPT
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Concall transcriptNov 2024
Nov 2024 · Transcript
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All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.