Thaai CastingShare price, financial results, shareholding and management
- Market cap
- ₹307 cr
- Stock P/E
- 23.3peers 16.3
- Book value
- ₹44.1
- Price to book
- 2.86
- EV / operating profit
- 12.0
- Market cap to sales
- 2.11
- ROCE · FY26
- 13.1%
- ROE · FY26
- 13.8%
- ROE, 3-year average
- 14.0%
- Operating margin · FY26
- 24.5%peers 12.9%
- Sales growth, 3 years
- +19.1%
- Profit growth, 3 years
- +19.2%
- Debt to equity
- 1.15peers 0.49
- Borrowings
- ₹123 cr
- Interest cover
- 3.0×
- Cash from business / op. profit
- 99%
- Debtor days
- 78
- Pledged
- 0.00%
- Promoter holding
- 60.41%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 1,982
- 52-week high / low
- ₹147 / ₹74
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Thaai Casting share price chart
Close on 6 Nov 2026 · +1.82% on the day · Vol 21,600
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -5.9%
- 3 months
- +6.1%
- 6 months
- +29.8%
- 1 year
- +0.8%
- Since IPO
- +63.7%
- Traded a day, 20 days
- ₹0.26 cr
- Taken for delivery
- 76%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +19% | +19% |
| 3 years, a year | - | - |
| Latest half, H2 FY26 | +21% | +18% |
About Thaai Casting: business, products and customers
Thaai Casting makes aluminium die-cast and machined parts for carmakers and their suppliers near Chennai, and hardens and machines steel gears and shafts for other manufacturers, including wind turbine gearbox makers. Its shares trade on NSE Emerge.
Thaai Casting melts aluminium alloy and presses it into moulds under high pressure to make parts such as engine and transmission mounts, housings and steering parts, then machines them to size. It supplies car and two-wheeler makers and their Tier-1 suppliers, naming Hyundai, Kia, Maruti Suzuki and Tata Motors, from four plants around the SIPCOT estate at Pillaipakkam in Tamil Nadu. A wholly owned subsidiary, Thaai Induction and Nitriding, runs large gas nitriding furnaces that harden steel gears.
The business mixes two models that show up differently in the numbers. In die casting the company buys the aluminium itself, so metal prices sit inside its sales and costs. In gas nitriding, and in the new wind gear machining, the customer sends its own steel part and pays only for the work, so sales per rupee of machinery are lower but the margin on each rupee is higher; the company puts the operating margin on nitriding at above 30%.
Read more about the business
The offer document compared the company with Endurance Technologies and Electrosteel Castings as its listed peers; it also says its premium parts compete with established international makers and its low-cost parts with producers in India and China.
What is new: a gear shaping and heavy machining plant for wind turbine gearbox shafts and planetary carriers, built on European machines under a five-year customer programme, with sampling targeted for September to October 2026. The company also exited the SIMTECH CNC partnership in February 2026, showed at EUROGUSS 2026 in Germany and is working towards AS9100 certification for aerospace and defence.
From the offer document, the 2025-26 annual report, the May 2026 earnings call and the May 2026 press release.
Read the deeper study ↓In its favour
- It brings in more cash than it shows as profit: ₹35.4 cr against ₹13.2 cr in FY26.
- The promoters own a large part of the company: 60.41%.
To watch
- Sampling at the wind gear-shaping plant in September to October 2026 and revenue from the fourth quarter of FY27 (Annual report 2025-26, p.27 and p.30).
- Customer volumes for the export programme that was postponed, still awaited in May 2026 (Earnings call, May 2026, p.17).
- Three more nitriding furnaces, ordered by a customer and waiting on its approval (Earnings call, May 2026, p.8 and p.10).
- AS9100 certification and any aerospace or defence order (Annual report 2025-26, p.27 and p.30).
- Customers take longer to pay than before: 78 days in FY26, against 61 in FY24.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Thaai Casting revenue and profit growth
Half-yearly results · Profit and lossSales have grown steadily. Last year profit grew roughly in step with sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before.
Thaai Casting half-yearly results
SME companies report every six months · ₹ crore
| H1FY24 | H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|---|
| Sales | 48 | 48 | 53 | 68.75 | 62.25 | 83.33 |
| Expenses | 33 | 33 | 40 | 52.69 | 46.15 | 63.72 |
| Operating profit | 15 | 15 | 14 | 16.06 | 16.09 | 19.61 |
| OPM | 30.0% | 30.0% | 26.0% | 23.4% | 25.9% | 23.5% |
| Interest | 2 | 2 | 3 | 3.38 | 4.39 | 4.51 |
| Depreciation | 2 | 2 | 3 | 4.22 | 4.66 | 5.07 |
| Profit before tax | 11 | 11 | 8 | 8.48 | 7.28 | 10.57 |
| Net profit | 8 | 8 | 6 | 5.68 | 6.18 | 6.69 |
Thaai Casting profit and loss
Full years to March, FY24 to FY26 · ₹ crore, consolidated where reported
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Sales | 71 | 122.20 | 145.57 |
| Expenses | 51 | 92.52 | 109.88 |
| Operating profit | 20 | 29.69 | 35.70 |
| OPM | 28.0% | 24.3% | 24.5% |
| Other income | 0 | 0.89 | 0.78 |
| Interest | 3 | 6.16 | 8.89 |
| Depreciation | 2 | 7.46 | 9.73 |
| Exceptional and other items | -1 | · | · |
| Profit before tax | 14 | 16.96 | 17.85 |
| Tax rate | 21.4% | 34.8% | 26.2% |
| Net profit | 11 | 11.06 | 13.18 |
| EPS ₹ | 4.61 | 4.78 | 5.35 |
| Dividend payout | 0.0% | 0.0% | 0.0% |
The years to FY24 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Thaai Casting profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Operating margin | 28.0% | 24.3% | 24.5% |
| Tax rate | 21.4% | 34.8% | 26.2% |
| ROCE | · | 15.7% | 13.1% |
| ROE | · | 14.2% | 13.8% |
| Dividend payout | 0.0% | 0.0% | 0.0% |
Thaai Casting debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are now larger than its own money. Last year the business brought in more cash than it showed as profit. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Thaai Casting balance sheet
At each 31 March · ₹ crore
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Equity capital | 23 | 23.13 | 24.34 |
| Reserves | 49 | 60.17 | 83.01 |
| Net worth | 72 | 83.30 | 107.35 |
| Borrowings | 46 | 93.45 | 123.01 |
| Other liabilities | 19 | 30.48 | 57.86 |
| Total liabilities | 137 | 207.23 | 288.22 |
| Fixed assets | 61 | 92.58 | 106.05 |
| Capital work in progress | 4 | 11 | 72 |
| Investments | 0 | 0.50 | 0.50 |
| Other assets | 72 | 103.15 | 109.67 |
| Receivables | · | 24.53 | 31.29 |
| Inventory | · | 42.04 | 46.34 |
| Cash | · | 1.21 | 0.16 |
| Trade payables | · | 17.79 | 44.96 |
Thaai Casting cash flow
₹ crore
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Cash from operations | -25 | 1.19 | 35.44 |
| Cash from investing | -68 | -53.60 | -84.08 |
| Cash from financing | 104 | 42.55 | 47.70 |
| Net cash flow | 11 | -9.86 | -0.94 |
| Capital spending | · | 45.28 | 92.29 |
Working capital
Days
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Debtor days | 61 | 73 | 78 |
| Inventory days | 268 | 226 | 202 |
| Days payable | 115 | 96 | 196 |
| Cash conversion cycle | 215 | 204 | 84 |
| Working capital days | 91 | 70 | -9 |
Thaai Casting peers and competitors
Listed SME companies in the same industryBy sales, Thaai Casting is number 13 of the 26 listed SME companies in auto components.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Sellowrap Industries | 85 | 8.4 | 201 | 10.1 | 12.4% | 0.50 |
| New Swan Multitech | 76 | 7.6 | 177 | 10 | 12.0% | 0.42 |
| Pritika Engineering Components | 210 | 28.8 | 162 | 7.3 | 13.3% | 1.85 |
| Sumax Engineering | 192 | 14.8 | 147 | 13 | 12.0% | 0.21 |
| Thaai Casting | 307 | 23.3 | 146 | 13.2 | 24.5% | 1.15 |
| Kheria Autocomp | - | - | 120 | 11 | 19.0% | 0.90 |
| Emmforce Autotech | 375 | 46.9 | 113 | 8 | 20.0% | 0.48 |
| Viaz Tyres | 147 | 27.8 | 108 | 5.3 | 8.8% | 0.35 |
| AVATAR Industries | 206 | 551.3 | 103 | 0.4 | -0.2% | 0.00 |
| Happy Steels | 107 | 15.0 | 94.6 | 7.1 | 14.2% | 1.18 |
| LAPL Automotive | 141 | 16.3 | 93.2 | 8.6 | 16.0% | 0.83 |
| Median of the 10 others | 147 | 16.3 | 117 | 8.3 | 12.9% | 0.49 |
Thaai Casting shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company, a little less than in the first filing shown. Big foreign and Indian funds own very little. The number of shareholders is about the same.
Thaai Casting shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Feb 24 | Mar 24 | Sep 24 | Mar 25 | Sep 25 | Mar 26 | |
|---|---|---|---|---|---|---|
| Promoters | 63.58% | 63.58% | 63.58% | 63.58% | 60.41% | 60.41% |
| Foreign investors (FIIs) | 9.57% | 6.56% | 0.10% | 0.09% | 1.26% | 1.26% |
| Indian institutions (DIIs) | 1.48% | 0.08% | 0.05% | 0.00% | 0.02% | 2.25% |
| HNIs (over ₹2 lakh each) | 9.93% | 10.81% | 14.44% | 13.37% | 17.15% | 17.01% |
| Small holders (up to ₹2 lakh) | 11.34% | 14.74% | 17.84% | 15.95% | 14.56% | 13.09% |
| Companies and others | 4.10% | 4.23% | 3.99% | 7.01% | 6.60% | 5.98% |
| Number of shareholders | 1,850 | 1,564 | 2,711 | 2,428 | 2,227 | 1,982 |
The named holders are at 31 March 2026, beside 30 Sept 2025, each under the group the pattern files them in.
Thaai Casting study: the business from its own documents
Read from 13 of the company's own documentsThaai Casting so far
From the company's own record
- 23 Feb 2024Listed on NSE Emerge at ₹77
- 31 March 2026Promoters at 60.41%
- 3 July 2024Highest close since listing, ₹214.98
Thaai Casting key facts from the filings
Each figure with the document it comes from
- FY26 total income
- ₹146.4 cr
- Consolidated, up 18.9% on FY25, with net profit of ₹12.8 cr.Press release, 29 May 2026, p.2
- EBITDA margin
- 24.9%
- Consolidated in FY26, about the same as the 24.8% of FY25.Press release, 29 May 2026, p.2
- Operating cash flow
- ₹35.4 cr
- Cash from operations in FY26, against ₹1.2 cr in FY25.Press release, 29 May 2026, p.2
- Fixed assets
- ₹103.1 cr → ₹178.5 cr
- Including work in progress, up about 73% in FY26 as the new plant and machines came in.Annual report 2025-26, p.26
- Capacity use
- 75% to 80%
- Across casting and machining in FY26.Annual report 2025-26, p.26
Show 5 more facts
- Orders won in H2 FY26
- ₹92.9 cr
- Three domestic orders of ₹76.76 cr, ₹12.43 cr and ₹3.76 cr for automotive and other parts, to be supplied over several years. Reported figures; our arithmetic.Press release, 29 May 2026, p.3
- Gas nitriding
- About ₹10 cr
- Revenue from the three nitriding furnaces in FY26; the work is done on steel parts the customer supplies.Earnings call, May 2026, p.10 and p.12
- Top ten customers
- 31.4%
- Share of revenue in the seven months to October 2023, at the time of the offer; the largest gave 5.9%.Offer document, p.94
- Tamil Nadu
- 84.8%
- Share of revenue billed in Tamil Nadu in the seven months to October 2023.Offer document, p.36
- Debt to equity
- 1.06
- Standalone at March 2026, up from 0.90 a year earlier as borrowing funded the expansion.Annual report 2025-26, p.31
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says it has a long-term order pipeline of ₹700 cr to ₹800 cr over nearly 60 months. It expects wind gear-shaping sampling in September to October 2026 and revenue from that plant from the fourth quarter of FY27, with about ₹40 cr a year expected from the roughly ₹100 cr gear-shaping investment once running. It says aerospace and defence could bring about ₹88 cr of revenue in FY27, subject to customer development, certification and execution, and that a further investment of about ₹100 cr is being evaluated.
| What management said | When | What happened |
|---|---|---|
| Revenue of ₹170 cr to ₹180 cr in FY26 | June 2025 call | ₹146.4 cr total income |
| About 20% growth in FY26 on FY25's ₹122 cr, after a large programme slipped | November 2025 call | 18.9% growth in total income |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Thaai Casting earns its money casting and machining aluminium parts for carmakers and their suppliers, and earns a richer margin hardening and machining steel parts that customers send in.
Its weak spots are heavy borrowing and new plants still to fill, a business tied to one state and to car demand, and growth that has come in below what management said.
AverageCan it set its own prices?Margins have held steady, but aluminium prices and car-industry buyers limit how much it can charge.
AverageHow strong is it against rivals?Plain die casting is crowded, but its large nitriding furnaces and heavy gear machines are rare in its region.
AverageWho are its customers?Its casting customers are well spread, but almost all of them are in one state, and the new wind and nitriding work depends on a few customers.
WatchDoes it need a lot of money?Yes. It has spent heavily on plant and machines, partly with borrowed money, and the new capacity is not yet earning.
StrongCan it keep finding new work?It wins parts for new vehicle models that run for years and has added wind, nitriding and electric vehicle work alongside.
AverageDo good and bad years swing a lot?Parts are supplied for the life of a vehicle model, which steadies sales, but volumes follow car demand and a delayed programme can hold back a whole year.
Who runs Thaai Casting?
Promoters, directors and officers; tap a name for the background
SASriramulu AnandanPromoter, Chairman and Managing Director · holds 52.14%
Trained in mould making and mould design at the Central Institute of Plastics Engineering and Technology in 1992 and completed a postgraduate programme at Waseda University in 1997; more than 30 years in mould design, automotive parts and high pressure die casting. Founded Thaai Casting in 2011.
Offer document, p.163 and p.174; Annual report 2025-26, p.11 and p.98SAShevaani AnandanPromoter, Whole-Time Director and Chief Financial Officer · holds 0.40%
Holds a Doctor of Pharmacy degree from SRM Institute of Science and Technology; leads corporate strategy and business development. The offer document states that Shevaani Anandan is the daughter of Sriramulu Anandan.
Offer document, p.163, p.164 and p.174; Annual report 2025-26, p.11 and p.98; Earnings call, May 2026, p.2CVChinraj VenkatesanPromoter and Whole-Time Director · holds 5.55%
Holds a diploma in mechanical engineering and has more than 15 years in high pressure die casting; oversees technical and commercial work from design and production to planning and sales, and now machining and gear shaping.
Offer document, p.163 and p.174; Annual report 2025-26, p.12 and p.98SRSriramulu Rajasekar RamakrishnanWhole-Time Director
A graduate of the University of York with an MSc in International Business and Strategic Management; oversees process improvement, quality systems and capacity expansion. The offer document states that Sriramulu Rajasekar Ramakrishnan is the son of a brother of Sriramulu Anandan.
Offer document, p.163 and p.164; Annual report 2025-26, p.11NMNarenkumar MandepudiIndependent Director
An engineer from REC Allahabad with a postgraduate diploma from SP Jain Institute of Management and Research; 16 years as a national head of sales and marketing in the glass industry at the time of the offer.
Offer document, p.163; Annual report 2025-26, p.12AKAchaya KumarasamyIndependent Director
Holds a postgraduate diploma in supply chain management from IIM Calcutta and more than 10 years in operations in the automotive and glass industries.
Offer document, p.163; Annual report 2025-26, p.12Thaai Casting latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹83.3 cr (+21%), net profit ₹6.7 cr (+18%) on H2 FY25.
- Shareholding, 31 March 2026: promoters unchanged at 60.41%.
Thaai Casting announcements
84 on record, latest first; each opens the filing on the exchange
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 30, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 30, 2026PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
- Shareholders meetingNotice of 03rd Annual General Meeting to be held on September 30, 2026PDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
- Outcome of Board MeetingHeld on September 01, 2026PDF ↗
- Outcome of Board MeetingHeld on August 31, 2026PDF ↗
- Analysts/Institutional Investor Meet/Con. Call UpdatesOutcome of Investor MeetPDF ↗
- Analysts/Institutional Investor Meet/Con. Call UpdatesSchedule of meetPDF ↗
- Analysts/Institutional Investor Meet/Con. Call UpdatesUpdates of Investor MeetPDF ↗
Thaai Casting annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Thaai Casting share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Thaai Casting's data · 10
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- !The two halves of FY24 as reported add up to sales of ₹96.00 cr, the full year to ₹71.00 cr; one of the filings may have been restated.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,43,41,437 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY24 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Thaai Casting
What does Thaai Casting do?
Thaai Casting makes aluminium die-cast and machined parts for carmakers and their suppliers near Chennai, and hardens and machines steel gears and shafts for other manufacturers, including wind turbine gearbox makers. Its shares trade on NSE Emerge.
What is the share price of Thaai Casting?
₹126 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Thaai Casting?
₹307 cr at the close on 6 Nov 2026, on 2,43,41,437 shares.
What is the P/E of Thaai Casting?
23.3 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Thaai Casting's revenue and profit?
Revenue ₹146 cr and profit after tax ₹13 cr in FY26.
Who are the promoters of Thaai Casting?
Sriramulu Anandan, Shevaani Anandan, Chinraj Venkatesan; promoters held 60.41% at 31 March 2026.
What was the IPO price of Thaai Casting?
₹77 a share; it listed on 23 Feb 2024.
What is Thaai Casting's website?
www.thaaicasting.com
More SME companies like Thaai Casting
Other listed SME companies in auto components, the closest in size first, each read from its own documents.
- Goldstar PowerGOLDSTAR · NSE Emerge · Auto Components · listed 2017Market cap ₹306 cr
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- CLN EnergyCLN · BSE SME · Auto ComponentsMarket cap ₹413 cr
- Maxvolt Energy IndustriesMAXVOLT · NSE Emerge · Auto Components · listed 2025Market cap ₹445 cr
- AVATAR IndustriesAVATAR · NSE Emerge · Auto Components · listed 2017Market cap ₹201 cr
- Pritika Engineering ComponentsPRITIKA · NSE Emerge · Auto Components · listed 2022Market cap ₹189 cr
Every listed SME company in Auto Components → · SME companies listed in 2024 →
Built from 3 earnings call transcripts, 3 investor presentations, 2 annual reports, 2 credit rating notes, 1 offer document, 1 result filing, 1 press release, 84 exchange announcements, 6 shareholding patterns and 3 years of reported results. Every figure carries its source; where the documents are silent, the page says so.