Electrosteel Castings Ltd Q3 FY25 Results & Concall Highlights: Revenue, Margins & Order Book
Published 4 Aug 2026 | Industrial Products | Market Cap: ₹4.5K Cr
Installed capacity expected to reach 9 lakh tons by March 2025 and 9.5-10 lakh tons by March 2027. - Production projected between 8.5-9 lakh tons in FY26 and around 9.5-10 lakh tons by FY27. - Turnover anticipated to grow from current ~Rs. The company aims to reach installed DI pipe capacity of 9 lakh tons by March 2025, and 9.5-10 lakh tons by March 2027, driving volume growth.
From Electrosteel Castings Ltd's Q3 FY25 earnings-call transcript · updated 23 Aug 2026.
Price
₹73.9
Market Cap
₹4.5K Cr
P/E Ratio
23.4
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Electrosteel Castings Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹1.5K Cr, net profit ₹16 Cr.
Full financials →📊 Revenue & Sales Performance
- →Installed capacity expected to reach 9 lakh tons by March 2025 and 9.5-10 lakh tons by March 2027.
- →Production projected between 8.5-9 lakh tons in FY26 and around 9.5-10 lakh tons by FY27.
- →Turnover anticipated to grow from current ~Rs. 6000 crores to approximately Rs. 9,000-9,500 crores by March 2027 (1.5x increase).
- →EBITDA margins expected to maintain between 16%-18%.
- →Demand outlook robust due to government initiatives (Jal Jeevan Mission, AMRUT 2.0, River Linking) and increasing water infrastructure spends.
- →Supply-demand gap currently favorable; expected to continue, supporting volume growth.
- →Export markets will diversify, with focus on Middle East, Europe, Southeast Asia, and Africa to offset slowdown in the US.
- →Expansion plans include new capacities, especially an Odisha plant targeting 0.5 million tons from FY27-28.
📈 Profitability & Margins
- →The company aims to reach installed DI pipe capacity of 9 lakh tons by March 2025, and 9.5-10 lakh tons by March 2027, driving volume growth.
- →Expected turnover is around Rs. 9,000 crores by March 2027, approximately 1.5x current levels.
- →Management targets EBITDA margins of 16%-18%, maintaining consistent profitability despite raw material price fluctuations.
- →Earnings growth expected with volume expansion and margin maintenance; PAT grew 5.5% YoY in 9M FY25.
- →Long-term projects like River Linking and infrastructure schemes (Jal Jeevan Mission, AMRUT 2.0) provide robust demand visibility over next 5-7 years.
- →Focus on consistent performance, transparent communication aimed at regaining investor confidence.
- →Expansion plans include a new Odisha plant (0.5 million ton capacity) expected around FY27-28, supporting future growth.
🏗️ Capital Expenditure Plans
- →Ongoing Phase-2 brownfield expansion with a planned CAPEX of Rs. 700 crores to increase DI pipe manufacturing capacity to 1 million tons by March 2026.
- →Rs. 480 crores spent till December 2024 on this expansion.
- →Minor delay of 2-3 months due to manpower shortage and equipment supply delays; expected installed capacity of 9 lakh tons by March 2025.
- →Exploring further product line additions towards water infrastructure solutions.
- →Plans for the Odisha plant with an estimated capacity of 4-5 lakh tons, likely starting between FY27-28.
- →Continuous R&D investments focusing on fittings, coatings, and innovative products to improve capacity utilization and customer solutions.
- →The company is focusing on increasing market share in various geographies and expanding its product portfolio for water infrastructure.
💰 Fundraising & Capital Structure
- →There is no explicit mention in the transcript of any current or immediate future fundraising activities through debt or equity.
- →The company has already spent Rs. 480 crores out of a planned Rs. 700 crores CAPEX for Phase-2 brownfield expansion towards 1 million tons capacity.
- →Discussions around funding relate mostly to internal CAPEX for capacity expansion and project investments (e.g., Odisha plant around FY27-28).
- →No direct commentary was provided on raising fresh debt or equity capital during this period.
- →The company’s focus appears on managing existing resources, order execution, and operational expansion rather than raising new funds.
📋 Order Book & Pipeline
- →Current order book stands at around 6 lakh tons of DI pipes, equivalent to approximately 8.5 months of orders.
- →There has been a momentary slowdown in government expenditure, notably affecting the Jal Jeevan Mission, which contributes around 50% of the order book.
- →Post the upcoming budget, the company is optimistic about orders resuming and expects spending to restart from April 2025.
- →New government initiatives like River Linking, state-level irrigation projects, and AMRUT 2.0 are providing good impetus for future orders.
- →The bidding pipeline is strong, with expectations of new orders from April 2025.
- →The company typically maintains an order book covering 8-10 months, currently at the lower end but within the usual trend.
Key Metrics
Frequently Asked Questions
What were Electrosteel Castings Ltd Q3 FY25 results?
Installed capacity expected to reach 9 lakh tons by March 2025 and 9.5-10 lakh tons by March 2027. - Production projected between 8.5-9 lakh tons in FY26 and around 9.5-10 lakh tons by FY27. - Turnover anticipated to grow from current ~Rs. The company aims to reach installed DI pipe capacity of 9 lakh tons by March 2025, and 9.5-10 lakh tons by March 2027, driving volume growth.
What is Electrosteel Castings Ltd share price analysis?
Electrosteel Castings Ltd currently shows a neutral. The stock trades at a P/E of 23.4 with a market cap of ₹4,450 Cr. Investors should review the full earnings analysis for detailed insights.
Is Electrosteel Castings Ltd planning capital expenditure?
Ongoing Phase-2 brownfield expansion with a planned CAPEX of Rs.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.