Electrosteel Castings Limited — Investor Meet, 16-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Electrosteel Castings reported FY25 consolidated total income of Rs. 7,443 Cr, EBITDA at Rs. 1,159 Cr (15.6% margin), and PAT of Rs. 710 Cr, aided by an Rs. 81 Cr deferred tax benefit. Q4 volumes were affected by two blast furnace shutdowns; standalone Q4 total income was Rs. 1,601 Cr with a 13.3% EBITDA margin. Capacity expanded to 9 lakh tons, targeting 1 million tons by FY27 with Rs. 500 Cr CAPEX done. DI pipe volumes reached 7.17 lakh tons, with 15% exports.

Management expects strong medium-term demand driven by government projects and exports growth. Pricing is stable with prospects to firm up. Capacity utilization should rise to 85-90%. A seven-and-a-half-month order book supports steady execution. Working capital controls remain tight, with margin guidance at 15-18%. Coal mine claim resolution may bring Rs. 1,200 Cr in FY26, likely fueling growth while keeping net debt around Rs. 1,500-2,000 Cr. The outlook is cautiously optimistic on demand and margins.