This article first appeared on GuruFocus .
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Revenue:INR97.4 crore, a decrease of 3.08% from INR100.5 crore in Q3 FY25.
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EBITDA:INR31.21 crore, an increase of 6.81% from INR29.22 crore in Q3 FY25.
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EBITDA Margin:32.04%, up 297 basis points from 29.07% in Q3 FY25.
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PBT:INR27.89 crore, a growth of 8.01% from INR25.82 crore in Q3 FY25.
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PBT Margin:28.63%, an increase of 294 basis points from 25.69% in Q3 FY25.
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PAT:INR20.59 crore, a growth of 7.17% from INR19.21 crore in Q3 FY25.
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PAT Margin:21.14%, up 202 basis points from 19.11% in Q3 FY25.
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Exports Contribution:63% of revenues.
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Domestic Sales Contribution:37% of revenues.
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Future Growth Expectation:11% growth in FY26 over FY25.
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Power Plant Project Savings:Estimated annual savings of INR3.5 crore to INR4 crore.
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Release Date: January 30, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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EBITDA grew by 6.81% to INR31.21 crore, with a margin increase of 297 basis points to 32.04%.
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PBT increased by 8.01% to INR27.89 crore, with a margin improvement of 294 basis points.
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Steelcast Ltd ( BOM:513517 ) expects to deliver 11% growth in FY26 over FY25, supported by a healthier demand outlook.
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The company enjoys a competitive pricing advantage in the US market, being 5% to 13% more competitive than Chinese offerings.
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Steelcast Ltd ( BOM:513517 ) is actively diversifying its customer base and geographic reach, with plans to expand into 18 countries.
Negative Points
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Revenue from operations saw a moderate degrowth of 3.08% compared to Q3 FY25.
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Capacity utilization for the quarter was low at 46%.
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The company faces near-term geopolitical uncertainties, particularly affecting export markets.
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US tariffs pose a challenge, with additional impacts of 50% on products.
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There is a potential risk of raw material cost increases due to changes in the Alang Ship Breaking Yard operations.
Q & A Highlights
Q: What was the current capacity utilization for this quarter? A: The current capacity utilization for this quarter was 46%. (Chetan Tamboli, Executive Chairman and Managing Director; Subhash Sharma, CFO)
Q: Which new geographies are you targeting to mitigate US tariffs? A: We are focusing on two new countries and expect to expand our export markets from 16 to 18 countries in the next 60 to 90 days. (Chetan Tamboli, Executive Chairman and Managing Director)
Q: What is the update on the Defense and Ground Engaging Tools (GET) segments? A: We are working with an Israeli company for developing parts in the Defense segment and expect to receive serial supplies soon. In the GET segment, we are in touch with existing OEM customers, and the potential is significant. (Chetan Tamboli, Executive Chairman and Managing Director)
Q: How do you expect domestic and export volumes to fare in the coming years? A: We expect the export to domestic ratio to remain around 60% to 40% in the next financial year, with exports contributing significantly to our growth. (Chetan Tamboli, Executive Chairman and Managing Director)
Q: What is the current order book, and how does it impact future growth? A: The current order book is about INR115 crore, executable in Q4 FY26. We expect a 20% growth in capacity utilization next year, driven by new parts development and increased demand. (Chetan Tamboli, Executive Chairman and Managing Director)
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
