Steelcast Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Steelcast Ltd filed with BSE on 08 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Steelcast reported FY26 revenue of Rs 423.17 crore, up 13.33% year-on-year, with EBITDA of Rs 129.64 crore and PAT of Rs 86.86 crore. Quarter-on-quarter, Q4FY26 revenue rose 15.43% to Rs 112.43 crore over Q3FY26, with management citing higher manufacturing, fuel and power costs as pressures on margin during the quarter. Management discussed export growth, new part development across mining, earthmoving, construction, locomotives and railroad segments, and plans for a capacity expansion decision by July 2026.
Numbers mentioned
Revenue from operations: ₹ 423.17 crore (FY26)
p. 4
“During FY26, the revenue from operations was at ₹ 423.17 crore, an increase of 13.33% of from ₹ 373.39 crore in FY25.”
Chetan Tamboli, page 4 of the filed PDF · View the filing
EBIDTA: ₹ 129.64 crore (FY26)
p. 4
“EBIDTA during the year was at ₹ 129.64 crore, a growth of 17.30% from ₹ 110.52 crore in FY25.”
Chetan Tamboli, page 4 of the filed PDF · View the filing
EBIDTA margin: 30.64% (FY26)
p. 4
“EBIDTA margin was at 30.64%, an increase of 104 bps from 29.60% in FY25.”
Chetan Tamboli, page 4 of the filed PDF · View the filing
PAT: ₹ 86.86 crore (FY26)
p. 4
“PAT during the year was at ₹ 86.86 crore, a growth of 20.31% from ₹ 72.20 crore in FY25.”
Chetan Tamboli, page 4 of the filed PDF · View the filing
PAT margin: 20.53% (FY26)
p. 4
“PAT margin came at 20.53%, increase of 119 bps from 19.34% in FY25.”
Chetan Tamboli, page 4 of the filed PDF · View the filing
Revenue from operations: ₹ 112.43 crore (Q4FY26)
p. 4
“During Q4FY26, the revenue from operations was at ₹ 112.43 crore, an increase of 15.43% of from ₹ 97.40 crore in Q3FY26.”
Chetan Tamboli, page 4 of the filed PDF · View the filing
EBIDTA: ₹ 34.25 crore (Q4FY26)
p. 4
“EBIDTA during the Q4FY26 was at ₹ 34.25 crore, a growth of 9.74% from ₹ 31.21 crore in Q3FY26.”
Chetan Tamboli, page 4 of the filed PDF · View the filing
PAT: ₹ 23.18 crore (Q4FY26)
p. 4
“PAT during the Q4FY26 was at ₹ 23.18 crore, a growth of 12.58% from ₹ 20.59 crore in Q3FY26.”
Chetan Tamboli, page 4 of the filed PDF · View the filing
Exports as share of revenue: over 60% (FY26)
p. 5
“During the year, exports contributed over 60% of revenues, reaffirming our strong global positioning”
Chetan Tamboli, page 5 of the filed PDF · View the filing
Cash reserves: around ₹114 crores
p. 5
“we continue to maintain strong financial prudence, with a debt-free balance sheet and healthy cash reserves of around ₹114 crores”
Chetan Tamboli, page 5 of the filed PDF · View the filing
Order book: approximately INR 130–135 crores (Q1 FY27)
p. 7
“Generally, in our company, the cycle is typically around 110 to 120 days, and in terms of value, it stands at approximately INR 130–135 crores.”
Chetan Tamboli, page 7 of the filed PDF · View the filing
Capacity utilization: around 63%, 64% (FY26)
p. 7
“Our current year capacity utilization is expected to be around 63%, 64%.”
Chetan Tamboli, page 7 of the filed PDF · View the filing
Ground engaging tools contribution to sales: 1.1% (FY26)
p. 10
“In terms of margins, we work on the margins what you have been seeing? So in FY26, the ground engaging tools contribution in total sales was 1.1% in the next financial year FY27, we plan to go up to 3.8%”
Chetan Tamboli, page 10 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
PAT — more than Rs. 100 Cr. · FY27
stated as an aspiration by Chetan Tamboli
p. 6
“At STEELCAST, the smart goal for our top management team is to make STEELCAST more than Rs. 100 Cr. PAT Company in FY27.”
Chetan Tamboli, page 6 of the filed PDF · View the filing
Sales — double sales versus FY26 · FY29
stated as an aspiration by Chetan Tamboli
p. 6
“We also have an aspiration to double our sales in FY29 compared to FY26 with present capacity.”
Chetan Tamboli, page 6 of the filed PDF · View the filing
Capacity expansion decision — end July 2026
stated firmly by Chetan Tamboli
p. 6
“We were contemplating to decide on increasing capacity by Dec.26. With increase in demand and new parts getting converted to serial supplies, we will decide by end July. 26.”
Chetan Tamboli, page 6 of the filed PDF · View the filing
Growth CAGR — around 20% · next three years, particularly FY27
stated as an aspiration by Chetan Tamboli
p. 6
“we remain confident of sustaining our strong growth momentum, maintaining stable margins and delivering healthy long-term growth, with an estimated CAGR of around 20% over the next three years and particularly for FY27”
Chetan Tamboli, page 6 of the filed PDF · View the filing
EBITDA margin — 25%, 26%
stated as an aspiration by Chetan Tamboli
p. 9
“I feel on a sustainable level basis, sustained EBITDA margins of 25%, 26% is a reasonable thing to expect going forward.”
Chetan Tamboli, page 9 of the filed PDF · View the filing
Defense segment sales — INR15 crores to INR18 crores
stated conditionally by Chetan Tamboli
p. 10
“if everything goes well, we could have sales for this segment in the region of INR15 crores to INR18 crores.”
Chetan Tamboli, page 10 of the filed PDF · View the filing
Sales price adjustment for cost increases — around 4–5% · from July 1
stated firmly by Chetan Tamboli
p. 9
“We have already received partial compensation effective April 1, with the remaining adjustment expected from July 1.”
Chetan Tamboli, page 9 of the filed PDF · View the filing
Revenue breakup disclosure — sector-wise and export breakdown · first quarter of FY27
stated firmly by Chetan Tamboli
p. 12
“Sir, your suggestion well taken, and we will try and implement this from first quarter of FY27.”
Chetan Tamboli, page 12 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said there is practically no requirement for steel castings in data centers.
Answered by Chetan Tamboli
Asked by Harshil Solanki: Whether data center capex in India could drive demand for steel castings.
p. 7
“there is practically no requirement of steel castings in data centers. So there will not be any significant increase in demand because of this data centers.”
Chetan Tamboli, page 7 of the filed PDF · View the filing
Management said current utilization is around 63-64% and strong customer indications mean they don't need to wait for 75% utilization to decide on capex.
Answered by Chetan Tamboli
Asked by Harshil Solanki: Whether capex decision timing implies faster utilization ramp-up in FY27.
p. 7
“Our current year capacity utilization is expected to be around 63%, 64%. And the indications from customers are quite strong. So we don't need to wait until we reach 75% utilization.”
Chetan Tamboli, page 7 of the filed PDF · View the filing
Management said realizations remain steady due to a sales price variation formula that allows cost pass-through.
Answered by Chetan Tamboli
Asked by Meet Mehta: Whether higher utilization could shift the realization mix toward lower value work.
p. 8
“Our realizations are quite steady. In spite of the geopolitical tensions and the near-term uncertainties, our realizations are steady.”
Chetan Tamboli, page 8 of the filed PDF · View the filing
Management said new part development has continued unaffected and has increased in recent weeks.
Answered by Chetan Tamboli
Asked by Mihir Desai: Update on new part development pace amid macro uncertainty.
p. 8
“there has been no impact on the pace of new part development coming to us. In fact, lately, we have seen this significantly increasing in the last 4 to 6 weeks.”
Chetan Tamboli, page 8 of the filed PDF · View the filing
Management reiterated a 20%+ growth target for FY27 and over the three-year period to FY29.
Answered by Chetan Tamboli
Asked by Mihir Desai: Guidance on FY27 growth.
p. 8
“our smart goal is that we want to grow 20% plus in FY27. And keeping in mind that even for the 3-year period till FY29, we will have year-on-year cumulative growth of 20% plus.”
Chetan Tamboli, page 8 of the filed PDF · View the filing
Management said such quarterly comparisons are aberrations and recommended looking at annual numbers instead.
Answered by Chetan Tamboli
Asked by Manjunath K: Reason for Q4FY26 PAT and revenue being lower than Q4FY25.
p. 10
“But these are aberrations. this happens. So I would always see an annual numbers.”
Chetan Tamboli, page 10 of the filed PDF · View the filing
Management clarified 25-26% is the sustainable long-term margin expectation even though the company may occasionally reach closer to 30%.
Answered by Chetan Tamboli
Asked by Sahil Goyal: Reason for guiding EBITDA margin down from current 28-30% levels.
p. 11
“While we may achieve levels closer to 30% at times, I would advise investors to consider 25–26% as the more realistic and sustainable EBITDA margin.”
Chetan Tamboli, page 11 of the filed PDF · View the filing
Management clarified the 20% figure referred to volume growth, and the PAT target was simply to exceed Rs 100 crore, without a fixed higher number.
Answered by Chetan Tamboli
Asked by Saket Saurabh: Whether PAT growth could exceed 20% given current run-rate already near Rs 87 crore.
p. 11
“See, this 20% was I said about volume growth. The second thing, what we said volume growth in FY27. The second thing I said was more than INR100 crores PAT.”
Chetan Tamboli, page 11 of the filed PDF · View the filing
Management clarified the aspiration is to double volumes within present capacity, implying revenue of about Rs 860 crore in FY29.
Answered by Chetan Tamboli
Asked by Saket Saurabh: Whether a Rs 1,000 crore revenue aspiration by FY30 is a fair assessment.
p. 11
“another aspiration what we have is within the present capacities, we want to double the volumes theoretically, the number should be INR860 crores in FY29.”
Chetan Tamboli, page 11 of the filed PDF · View the filing
Management said nothing is currently planned but decisions will be made in shareholders' broader interest.
Answered by Chetan Tamboli
Asked by Manjunath K: Whether the company has any plans for a bonus issue.
p. 12
“as of now, there is nothing in the horizon, I should tell you, frankly. But we will try and make sure that whatever we do is in the larger interest of all our 16,000 shareholders.”
Chetan Tamboli, page 12 of the filed PDF · View the filing
Risks flagged
Higher manufacturing expenses due to maintenance activities, machinery repairs and export-related provisions
p. 5
“Manufacturing expenses increased due to higher maintenance activities, machinery repairs, and provisions related to export-related obligations.”
Chetan Tamboli, page 5 of the filed PDF · View the filing
Rising power and energy costs due to higher fuel prices and production activity
p. 5
“higher fuel prices, coupled with increased production activity, led to a rise in power and energy costs.”
Chetan Tamboli, page 5 of the filed PDF · View the filing
Order delays due to Iran-U.S. war
p. 7
“because of the Iran-U.S. war orders are getting delayed, but we expect in the next 1 or 2 quarters will happen.”
Chetan Tamboli, page 7 of the filed PDF · View the filing
Raw material cost increases of about 10% due to geopolitical situation
p. 9
“Raw material costs have gone up by approximately 10% across the board, and the impact on sales prices is expected to be around 4–5%.”
Chetan Tamboli, page 9 of the filed PDF · View the filing
Unresolved challenges in railroad segment component development
p. 9
“We did face some challenges in the railroad developments we have been working on, and we have not yet been able to fully resolve them.”
Chetan Tamboli, page 9 of the filed PDF · View the filing
Key business risks from cyclicality, forex, raw material and energy volatility, and geopolitical disruptions
p. 6
“we actively manage key risks arising from the cyclicality of end-user industries, foreign exchange fluctuations, volatility in raw material and energy costs, as well as geopolitical and supply chain disruptions.”
Chetan Tamboli, page 6 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.