NSE: NELCAST · BSE: 532864 · ISIN INE189I01024
Nelcast Limited stock analysis
Nelcast Limited ranks #4043 in the TickerSutra evidence-ranked universe with a score of 36/100 and 95% data confidence. The latest captured fundamentals show ROCE of 11.4%, quarterly sales growth of 2.8% and quarterly profit growth of -58.9%.Avoid / exit review
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- Strong CFO/EBITDA of 0.83×
- Institutional ownership is rising
- No promoter shares are reported as pledged
Risks and constraints
- No calculated threshold risk in the current snapshot.
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹927cr | ₹59cr | ₹14cr | 6.0% |
| 2023 | ₹1,264cr | ₹80cr | ₹30cr | 6.0% |
| 2024 | ₹1,267cr | ₹92cr | ₹54cr | 7.0% |
| 2025 | ₹1,252cr | ₹89cr | ₹37cr | 7.0% |
| 2026 | ₹1,328cr | ₹111cr | ₹48cr | 8.0% |
| TTM | ₹1,338cr | ₹98cr | ₹41cr | 7.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
MANAGEMENT COMMENTARY
Signals from filed documents
Export momentum remained encouraging across segments, supported by steady demand from key international markets such as Africa, the Middle East and Latin America, increasing global acceptance of India-manufactured vehicles and favourable currency dynamics. Commercial Vehicle exports grew 17.4%, while overall export performance strengthened during the year. Government initiatives supporting infrastructure development,
EBITDA increased by 17.8% to ₹124.5 crore, with EBITDA margins improving to 9.3% from 8.3% in the previous year. EBITDA per kilogram improved to ₹13.6 compared to ₹12.6 in the previous year, reflecting the benefits of a better product mix, improved operating leverage, and sustained cost optimisation initiatives. Profit after Tax increased by 29.9% to ₹48.4 crore, while PAT margin improved to 3.6%.
We will continue to pursue opportunities to enhance our sustainability performance while maintaining a disciplined approach to capital allocation. We also remained focused on strengthening our balance sheet through prudent financial management and disciplined debt reduction. As of March 31, 2026, our debt-to-equity ratio improved to 0.4x from 0.5x in the previous year.
Several of these products have been successfully completed customer validation and will go into production in the months to come. These products represent a move towards higher-value, more technically complex products, supporting margin expansion while strengthening our market position. Operational excellence remains central to our strategy.
The Export turnover for the year 2025-26 is ₹ 384.91 Crores and contributes about 29% of the total turnover.. Strong product mix: Nelcast has a very differentiated product portfolio as it transitioned from manufacturing basic products to specializing in medium to high complexity products that will allow Nelcast to generate high margins. This helps the Company to compete against the local and Chinese suppliers, that m
Medium and Heavy Commercial Vehicle demand remained resilient, which is expected to support continued demand for castings and auto components. Export momentum remained encouraging across segments, supported by steady demand from key international markets such as Africa, the Middle East and Latin America, increasing global acceptance of India-manufactured vehicles and favourable currency dynamics. Commercial Vehicle e
At the same time, the industry continues to navigate challenges arising from regulatory changes, evolving emission and safety norms, commodity price volatility and cost pressures. Measures such as mandatory air-conditioned cabins and other regulatory requirements may increase vehicle costs, though these are expected to support long-term modernization of the sector. Overall, the outlook for the Commercial Vehicle indu
The company is in the process of expanding its policies to cover all principles directly. Has the policy been approved by the Board? Web Link of the Policies, if available https://nelcast.com/investors/policies 02.
The Company manages its capital to ensure that it will be able to continue as going concern while maximising the return to stakeholders through the optimisation of the debt and equity balance. The Company determines the amount of capital required on the basis of annual operating plan coupled with long term, strategic investment and expansion plans. The funding requirements are met through equity, internal accruals an
Hence, the Company is not undertaking any commodity hedging activities. The Company has not raised any funds through preferential allotment or qualified institutional placement as specified under Regulation 32 (7A) of the Listing Regulations. Certificate from Practicing Company Secretary The Company has received a certificate from the Practicing Company Secretary that none of the directors of the Company have been de
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
DIRECTOR & BUSINESS NETWORK
Loading corporate intelligence
Loading universe coverage and exchange-backed evidence…