Larsen & Toubro Ltd.
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Industrials · Engineering & Construction
₹3,647.00 last close on 23 Oct 2026 +0.24%
Research updated
PTC Industries Ltd.
NSE: PTCILIndustrialsMetal Fabrication
- Last close
- ₹23,455.00
- Day change
- −₹1,290.00 (−5.21%)vs
- Market cap
- ₹40,410 crIndian rupees
- Research updated
- 1 report
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About PTC Industries
PTC Industries Ltd. is a prominent player within the manufacturing sector, specializing in the production of high-precision metal components. Known for its advanced casting and manufacturing capabilities, PTC Industries caters to various critical industries, including aerospace, defense, power generation, and oil & gas. The company's focus lies in delivering complex metal products using state-of-the-art technologies and processes like investment casting and rapid prototyping. This emphasis on precision and quality positions it as a valuable supplier in sectors where component reliability and performance are paramount. Headquartered in India, PTC Industries has expanded its reach beyond domestic borders, serving a global client base with innovative engineering solutions. Its role in the financial market is underscored by its contributions to key infrastructure and technology developments, representing a segment of the market that blends traditional manufacturing with high-tech applications.
- Sector
- Industrials
- Industry
- Metal Fabrication
- Listing
- NSE: PTCIL
- Employees
- 575
- Headquarters
- Lucknow, India
- ISIN
- INE596F01018
- Website
- ptcil.com
Public research · Report of
Business model & financial foundation
PTC Industries (NSE: PTCIL), Aerospace and defence precision castings and advanced materials: revenue of ₹602.8 crore in FY26 (+95.7% on FY25), an EBITDA margin of 21.9%, net profit of ₹101.6 crore and net debt of ₹124.7 crore.
- Revenue, FY26 (₹ crore)
- 602.8
- consolidated
- Revenue growth, FY26
- +95.7%
- on FY25
- EBITDA margin, FY26
- 21.9%
- EBITDA (revenue less cost stack, excl. other income) / revenue
- Net profit, FY26 (₹ crore)
- 101.6
- to owners
- Return on equity, FY26
- 7.0%
- on average equity
- Net debt, FY26 (₹ crore)
- 124.7
- Borrowings less cash, bank balances and current investments
- Market capitalisation (₹ crore)
- 33,733
- at the close of 13 Oct 2026
Company profile
PTC supplies high-integrity castings and precision components to aerospace, defence and industrial customers. Aerolloy is building integrated titanium and superalloy melting, casting and forging capability in Lucknow, while Trac adds UK aerospace machining. Qualification cycles and utilisation of the new facilities, rather than installed capacity alone, determine commercial returns.
| Item | Value |
|---|---|
| Legal name | PTC Industries Limited |
| Exchange and ticker | NSE: PTCIL; BSE: 539006 |
| ISIN | INE596F01018 |
| Sector | Industrials |
| Industry | Aerospace and defence precision castings and advanced materials |
| Headquarters | Lucknow, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S. N. Dhawan & Co LLP (since 2023) |
| Market capitalisation | ₹33,733 crore (13 Oct 2026) |
| Shares outstanding | 1.50 crore shares (FY26) |
| Price | ₹25,715 (close, 13 Oct 2026) |
| 52-week range | ₹14,499 - ₹25,875 (to 13 Oct 2026) |
| Website | https://www.ptcil.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Aerolloy Technologies Limited | 100% | Titanium and superalloy castings and primary metals |
| Trac Holdings Limited | 100% | UK holding company |
| Broomco (4266) Limited | 100% | UK intermediate holding company |
| Trac Group Limited | 100% | UK intermediate holding company |
| Trac Precision Solutions Limited | 100% | UK aerospace precision machining |
20% associate stake in Advanced Materials (Defence) Testing Foundation; no operating joint ventures disclosed.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 59.72% | 59.72% | 59.72% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.04% | |
| Foreign institutions | 3.86% | 3.95% | 3.95% | |
| Domestic institutions | 8.44% | 9.21% | 9.35% | |
| of which mutual funds | 6.18% | 6.76% | 6.90% | |
| Retail | 9.08% | 8.87% | 9.29% | |
| Other | 18.90% | 18.25% | 17.70% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
PTC Industries makes high-integrity metal components for aerospace, defence, industrial gas turbine and energy customers. Under Ind AS 108 it reports one segment: metal components for critical and super-critical applications. In practice, there are three entities. The Lucknow parent makes castings. Aerolloy Technologies (ATL) is building titanium and superalloy melting, casting and forging capability. Trac Precision Solutions does aerospace machining in the UK. FY26 consolidated revenue from operations was 602.78 cr. Total income was 643.29 cr, of which 40.51 cr was other income. FY26 total income was 190.4 cr at ATL and 247.0 cr at Trac. In Q1 FY27 it was 74.27 cr at ATL and 71.4 cr at Trac. Exports were about 82% of FY26 revenue. The key constraint is customer qualification of new melt routes, not the equipment PTC has installed.
| Peer | Why the dossier compares them |
|---|---|
| Azad Engineering (AZAD) | Closest precision aerospace and turbine components supplier |
| Mishra Dhatu Nigam (MIDHANI) | Titanium and superalloy materials supplier |
| Data Patterns (DATAPATTNS) | Defence electronics; growth and qualification comparator, not direct product peer |
| Paras Defence (PARAS) | Defence supply-chain specialist |
| Hindustan Aeronautics (HAL) | |
| Bharat Electronics (BEL) | Defence procurement-cycle comparator |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 176.4 | 215.0 | 256.9 | 308.1 | 602.8 |
| Cost of revenue (vendor classification) * | 101.9 | 114.8 | 133.1 | 147.1 | 273.9 |
| Other operating costs (vendor classification) * | 12.9 | 17.6 | 18.7 | 26.1 | 36.9 |
| EBITDA (vendor classification) * | 46.0 | 66.0 | 81.9 | 107.8 | 172.6 |
| EBIT * | 30.7 | 47.8 | 67.6 | 85.0 | 133.4 |
| Finance costs | 13.7 | 14.1 | 15.2 | 8.90 | 8.64 |
| Profit before tax | 17.0 | 33.7 | 54.1 | 78.3 | 126.9 |
| Total tax expense | 4.21 | 7.84 | 11.9 | 17.3 | 25.4 |
| Profit for the year | 12.8 | 25.8 | 42.2 | 61.0 | 101.6 |
| Diluted EPS (₹) | 3.94 | 19.54 | 30.35 | 41.33 | 67.74 |
| Other income | 13.4 | 34.2 | 40.5 | ||
| Materials consumed + purchases + FG/WIP inventory change | 61.8 | 53.4 | 106.0 | ||
| Employee benefits expense | 31.6 | 56.6 | 150.8 | ||
| Other expenses | 90.9 | 122.8 | 214.3 | ||
| EBITDA (revenue less cost stack, excl. other income) | 72.6 | 75.3 | 131.8 | ||
| Depreciation and amortisation | 16.6 | 21.3 | 36.7 | ||
| Exceptional items (carriesSign; charge negative) | 0.00 | -0.94 | 0.00 | ||
| Profit attributable to owners | 42.2 | 61.0 | 101.6 | ||
| Non-controlling interests | 0.00 | 0.00 | 0.00 | ||
| Share of associate/JV profit | 0.00 | 0.00 | 0.00 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 168.5 | 306.7 | 645.6 | 1,387 | 1,507 |
| Borrowings (current + non-current) | 196.2 | 176.7 | 181.9 | 60.8 | 261.3 |
| Cash equivalents + other bank balances + current investments | 1.35 | 6.89 | 157.9 | 381.9 | 136.7 |
| Trade receivables | 61.5 | 65.7 | 110.9 | 143.8 | 273.9 |
| Inventories | 64.8 | 77.7 | 74.5 | 208.2 | 299.0 |
| Trade payables (MSME + other creditors) | 18.7 | 21.0 | 15.4 | 48.7 | 65.5 |
| Net property, plant and equipment * | 20.8 | 22.5 | 24.0 | 33.7 | 47.4 |
| Capital work in progress * | 30.9 | 120.7 | 219.4 | 297.0 | 402.6 |
| Total assets * | 426.0 | 552.9 | 895.7 | 1,584 | 1,956 |
| Borrowings less cash, bank balances and current investments | 24.0 | -321.1 | 124.7 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 22.5 | 32.6 | -96.3 | 13.6 | -68.7 |
| Free cash flow (vendor definition) * | -3.34 | -49.4 | -212.8 | -176.4 | -386.0 |
| Purchase of PPE and intangibles (cash outflow) | -28.2 | -95.7 | -116.5 | -190.0 | -317.3 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 1.31 | 1.32 | 1.37 | 1.48 | 1.50 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 72.4 | 66.9 | 121.9 | 97.1 | 124.6 | 155.5 | 225.5 | 191.8 |
| Cost of revenue (vendor classification) * | 19.6 | 14.1 | 107.6 | 12.2 | 16.1 | 34.7 | 43.0 | 27.7 |
| Other operating costs (vendor classification) * | 23.7 | 26.7 | -69.6 | 42.2 | 47.1 | 57.4 | 67.6 | 69.2 |
| EBITDA (vendor classification) * | 29.7 | 25.5 | 39.0 | 19.4 | 33.9 | 34.6 | 84.4 | 54.2 |
| EBIT * | 25.5 | 19.6 | 30.4 | 10.7 | 24.8 | 25.2 | 74.8 | 40.4 |
| Finance costs | 3.42 | 0.97 | 1.32 | 1.67 | 1.86 | 2.71 | 2.40 | 3.62 |
| Profit before tax | 22.0 | 18.6 | 31.3 | 9.05 | 23.0 | 22.5 | 72.4 | 36.8 |
| Total tax expense | 4.73 | 4.39 | 6.68 | 3.90 | 4.83 | 4.16 | 12.5 | 7.55 |
| Profit for the period | 17.3 | 14.2 | 24.6 | 5.16 | 18.1 | 18.4 | 59.9 | 29.2 |
| Diluted EPS (₹) | 11.83 | 9.50 | 16.38 | 3.44 | 12.09 | 12.24 | 39.94 | 19.46 |
| Other income | 8.42 | 10.2 | 11.9 | 10.6 | 8.20 | 9.90 | 11.8 | 5.31 |
| Materials consumed + purchases + inventory change | 19.6 | 14.1 | 13.9 | 12.2 | 16.1 | 34.7 | 43.0 | n.r. |
| Employee benefits expense | 7.78 | 10.9 | 30.0 | 33.9 | 35.7 | 38.7 | 42.4 | n.r. |
| Other expenses | 23.7 | 26.7 | 49.3 | 42.2 | 47.1 | 57.4 | 67.6 | n.r. |
| Operating EBITDA excluding other income | 21.2 | 15.3 | 28.7 | 8.79 | 25.7 | 24.7 | 72.6 | 48.9 |
| Depreciation | 4.21 | 5.40 | 7.55 | 8.63 | 9.10 | 9.38 | 9.58 | 13.8 |
| Exceptional items | 0.00 | -0.44 | -0.50 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of associate or JV profit | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to owners | 17.3 | 14.2 | 24.6 | 5.16 | 18.1 | 18.4 | 59.9 | 29.2 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 11.8% | 21.9% | 19.5% | 19.9% | 95.7% |
| EBITDA margin | 28.3% | 24.4% | 21.9% | ||
| Net margin | 16.4% | 19.8% | 16.8% | ||
| Return on equity | 8.9% | 6.0% | 7.0% | ||
| Return on capital employed | 8.8% | 11.3% | 10.3% | 7.5% | 8.3% |
| Return on assets | 5.8% | 4.9% | 5.7% | ||
| Net debt (₹ crore) | 24.0 | -321.1 | 124.7 | ||
| Net debt / EBITDA | 0.33x | -4.27x | 0.95x | ||
| Interest cover | 2.24x | 3.39x | 4.43x | 9.55x | 15.4x |
| Asset turnover | 0.43x | 0.44x | 0.35x | 0.25x | 0.34x |
| Receivable days | 127 | 112 | 158 | 170 | 166 |
| Inventory days (on revenue) | 134 | 132 | 106 | 247 | 181 |
| Payable days (on revenue) | 39 | 36 | 22 | 58 | 40 |
| Cash conversion | -2.28x | 0.22x | -0.68x | ||
| Capex intensity | 16.0% | 44.5% | 45.4% | 61.7% | 52.6% |
| Free cash flow (₹ crore) | -5.74 | -63.1 | -212.8 | -176.4 | -386.0 |
| EPS, diluted (₹) | 3.94 | 19.54 | 30.35 | 41.33 | 67.74 |
| Book value per share (₹) | 129.1 | 232.9 | 471.4 | 940.0 | 1,006 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue less cost stack, excl. other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Borrowings less cash, bank balances and current investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (revenue less cost stack, excl. other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 13 Oct 2026); market data at the close of 13 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on PTC Industries includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on PTC Industries
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 13 Oct 2026; page updated 25 Oct 2026.
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