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30th October 2025
BSE Limited
Listing Operations
Phiroze Jeejeebhoy Towers,
Dalai Street,
Mumbai - 400 001
Maharashtra, India
National Stock Exchange of India Limited
Listing Department,
Exchange Plaza,
Bandra Kurla Complex, Bandra (E),
Mumbai - 400 051
Maharashtra, India
BSE Script Code: 532864
NSE Script Code: NELCAST
Dear Sir/Madam,
Sub: Investor Presentation
Pursuant to the Regulation 30 of the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015, we are
enclosing herewith the Investor Presentation. The copy of the disclosure is
available on the website of the Company at http://www.nelcast.com.
We request you to take this information on record.
Thanking you.
For Nelcast Limited
(S.K.SIVAKUMAR)
Company Secretary
Encl.: as above
BSE:532864 | NSE:NELCAST | ISIN: INE189I01024
www.nelcast.com
Investor
Presentation
Q2 & H1 FY26 | October 2025
©2025 – All Rights Reserved | www.nelcast.com
1
Q2 & H1 FY26 Highlights
Key Developments & Outlook
03
Profit & Loss Highlights
04
Story in Charts
05
©2025 – All Rights Reserved | www.nelcast.com
2
Key Developments & Outlook
©2025 – All Rights Reserved | www.nelcast.com
3
PARTICULARS
CURRENT (Q2 & H1 FY26)
OUTLOOK (FY26)
Overall Performance
H1FY26 witnessed a moderate performance due to U.S economy
slowdown impacted by additional tariffs leading to temporary
production pauses by customers. However, domestic demand
remained steady supported by strong tractor and M&HCV sales.
FY26 will largely be a year of consolidation, with demand expected to
strengthen toward the end of the year; driven by new product launches
and a recovery in export markets.
Tractors
The tractor segment’s share of revenue rose from 25% to 27% in H1
FY26, supported by favourable seasonal conditions, GST rate
reductions, and strong rural demand.
In FY26, the tractor industry is expected to remain robust, supported
by strong rural demand, a favourable monsoon, and increased
government spending. Additionally, the rollout of TREM V norms is
anticipated to further stimulate sector growth.
Medium & Heavy
Commercial Vehicles
(M&HCV)
Domestic demand for M&HCVs remained strong, with the segment
contributing a steady 36% to overall revenue in H1FY26.
The commercial vehicle industry is expected to see a gradual recovery
in FY26, supported by improving demand fundamentals.
Exports
In Q2FY26, export performance was impacted by overall slowdown in
U.S. economy due to imposition of tariffs, which affected realizations
and volumes
Export demand is expected to recover toward the end of FY26,
supported by the introduction of newly developed products that are
primarily focused on international markets.
EBITDA/kg
EBITDA per kg recorded a marginal increase, rising from Rs. 11.8 in
H1 FY25 to Rs. 12.5 in H1 FY26.
EBITDA per kg is expected to improve, supported by the introduction
of high-margin products and better capacity utilization.
Story in Charts
©2025 – All Rights Reserved | www.nelcast.com
4
335.0
303.0
637.4
639.0
Q2FY25
Q2FY26
H1FY25
H1FY26
TOTAL REVENUE (INR Cr.)
26.0
21.4
48.4
53.7
Q2FY25
Q2FY26
H1FY25
H1FY26
EBITDA (INR Cr.)
9.8
4.8
17.8
17.3
Q2FY25
Q2FY26
H1FY25
H1FY26
PROFIT AFTER TAX (INR Cr.)
SECTOR-WISE REVENUE (%)
34%
25%
36%
1%2%
1%
H1FY25
36%
27%
31%
2%
2%
1%
H1FY26
11.8
10.3
11.8
12.5
Q2FY25
Q2FY26
H1FY25
H1FY26
EBITDA/KG (INR)
129.3
79.0
227.6
194.4
Q2FY25
Q2FY26
H1FY25
H1FY26
Exports (INR Cr.)
Profit & Loss Highlights
©2025 – All Rights Reserved | www.nelcast.com
5
Consolidated (In INR Cr.)
Q2FY26
Q2FY25
H1FY26
H1FY25
Total Revenue
303.0
335.0
639.0
637.4
EBITDA
21.4
26.0
53.7
48.4
EBITDA Margin %
7.0%
7.8%
8.4%
7.6%
EBITDA / kg
10.3
11.8
12.5
11.8
PAT
4.8
9.8*
17.3
17.8*
PAT Margin %
1.6%
2.9%
2.7%
2.8%
REVENUE
₹639.0 CR
Revenue in H1FY26 remained muted, due to
overall slowdown in our key export markets.
EBITDA/KG
₹12.5
In H1FY26, EBITDA per Kg witnessed marginal
growth of 5.8% YoY from Rs. 11.8/kg in
H1FY25 to Rs. 12.5/kg.
Note: *Includes exceptional income of Rs. 1.7 Crores in Q2FY25 and Rs. 3.8 Crores in H1FY25 on account of profit on sale of land
PAT
₹17.3 CR
PAT during H1FY26 was Rs. 17.3 Crores
against adjusted PAT of Rs. 14.0 Crores in
H1FY25, growth of 23.2% YoY.
Way Forward
Deliver on our Strategy
07
©2025 – All Rights Reserved | www.nelcast.com
6
Delivering on our Strategy
©2025 – All Rights Reserved | www.nelcast.com
7
Manufacture Value Add
Products
Expand the Export
Business
Improving Capacity Utilization
Levels
Cost
Optimization
• A decade ago, Nelcast shifted
focus from highly competitive low
complexity business to higher
value-add products.
• Upgradation of manual moulding
line process to fully automated
state-of-art High Pressure
Moulding Line.
• Increased product capability by
installing a 2.1 x 1.2 m size line;
becoming one of the very few
casting companies in the world
with such capabilities.
• Continue to deliver quality at
competitive prices compared to
local manufacturers.
• Expand the long-standing
relationships by increasing
business share on existing
products & launching new
products.
• Build new relationships and
expand diversity in our
geography & sector split.
• Developing high value-added
castings of up to 500 kgs for our
key export markets
• Eliminate operational
inefficiencies and bottlenecks
across plants.
• Continuous launch of new
products.
• Better capacity utilization levels
to help Nelcast achieve
economies of scale, reduce the
impact of costs and aid margins.
• Efforts ongoing in energy
conservation & investments in
renewable energy to control
power costs.
• Installed 1 MW inhouse solar
power plant at Pedapariaya Plant
in Andhra Pradesh, which will aid
toward sustainability and cost
effectiveness while reducing
carbon footprint.
Company Overview
Company at a Glance
09
Key Products
10
Manufacturing Process & the Nelcast Advantage
11
Our Well-Equipped Plants
12
Our Journey
13
©2025 – All Rights Reserved | www.nelcast.com
8
Company at a glance
©2025 – All Rights Reserved | www.nelcast.com
9
Nelcast Limited is a leading producer
of Ductile & Grey Iron Castings in
India with an installed capacity of
160,000 Metric Tons/Year.
The Company caters to a marquee
clientele of Original Equipment
Manufacturers (OEMs) and Tier-1
customers in Commercial Vehicle,
Tractor, Off-Highway Equipment,
Railway & Passenger Vehicle
segments.
Besides a strong position in the
domestic market, Nelcast has a
rapidly growing presence spread
across North America, Europe and
Southeast Asia.
Our
Segments
Commercial
Vehicles
Tractors
Off Highway
Equipment
Railways
Passenger
Vehicles
Where do we stand today?
LARGEST
PRODUCER
of Ductile
Iron Castings
TOP 10
PRODUCER
of Grey Iron
Castings
ONLY
CASTING
MANUFACTURER
with a product range
from 0.5-400Kg
STRONG
CUSTOMER BASE
with supplies
to 40+ customers
across segments
STATE OF ART
MANUFACTURING FACILITIES
for High
Pressure Green
Sand Moulding
IATF & ISO
CERTIFIED
for Quality,
Environment,
Health & Safety
Systems
Key Products
©2025 – All Rights Reserved | www.nelcast.com
10
Commercial Vehicles
Tractors
Off Highway Equipment
Railways
Passenger Vehicles
Forward
Differential Carrier
Rear Differential Carrier
Bogie Suspension Bracket
Transmission Housing
Rear Axle Housing
4WD Axle Housing
Trumpet Axle Housing
Monolithic Axle Housing
Forklift Steer Axle
Brake Disc Friction Ring
Metro Rail Baseplates
Differential Carrier
Differential Case
Our Well-Equipped Plants
©2025 – All Rights Reserved | www.nelcast.com
11
INSTALLED CAPACITY
60,000 Metric Tons per Year
MOULDING LINES
▪
Line 1: DISA Flex 70 with Double Squeeze
▪
800 X 700 X 300 + 300 mm (2013)
▪
Line 2: DISA Flex 90 with Double Blow
▪
1230 X 1000 X 450+400 mm (2016)
▪
Line 3: DISA Flex 90 with Double Squeeze
▪
1230 X 1000 X 450+400 mm (2022)
▪
Inductotherm Flexpour Pouring Machine with
synchronized pouring. Equipped with automated Metal
Stream Inoculation
▪
Automatic Core Setting devices
▪
Automatic In-cycle Tool Change System
INSTALLED CAPACITY
40,000 Metric Tons per Year
MOULDING LINES
▪
Line 1: KW DFM with AirPressplus2000
▪
1200 X 900 X 400 + 400 mm (2001)
▪
ABP PressPour System delivers the metal at constant
temperature with induction heating. Equipped with
automated Metal Stream Innoculation System
▪
Automated Core Setting Device
▪
Automatic In-cycle Tool Change System
INSTALLED CAPACITY
60,000 Metric Tons per Year
MOULDING LINES
▪
Line 1: Sinto FCMX with Aeration Squeeze
▪
700 X 600 X 250 + 250 mm (2018)
▪
Line 2: KW MasterECO with TwinPress 4.0
▪
2100 X 1200 X 475 + 425 mm (2020)
▪
Loramendi SLC3-220 Core Cell with robotic core
pickup & painting integrated with Conveyors,
Automated Storage/Retrieval System (ASRS) and
Autonomous Guided Vehicles (AGV) for core handling
▪
Fujiwa-Denki & Inductotherm Flexpour Pouring
machines with synchronized pouring. Equipped with
automated Metal Stream Inoculation System.
▪
Automated Core Setting Device
▪
Automatic In-cycle Tool Change System
Gudur
Ponneri
Pedapariya
Our Journey
©2025 – All Rights Reserved | www.nelcast.com
12
Start of Production
at the Gudur (AP)
Plant
Nelcast Private Limited
was established by P.
Radhakrishna Reddy with
a modest capacity of 1000
Metric tons/year
Entry into
Tractor segment
Commencement of
exports to the US
Commissioning of
first High Pressure
Automatic Moulding
Line at Ponneri
Plant
Commencement of
exports to Europe
Successful IPO and
listing on BSE & NSE
Awarded the
ISO 14001 (Environment) &
ISO 18001 Accreditation
Entry into Off-Highway
Equipment segment
Commencement of
exports to Thailand
Awarded ISO 50001
Certification for Energy
Management System
Start of Production at the
Pedapariya (AP) plant with
fourth High Pressure
Moulding Line
Modernisation of
Unit-1 in Gudur with
sixth High Pressure
Moulding Line
1980-85
1990-95
2000-05
2005-10
2010-15
2015-20
2020-Present
Crossed the Rs.400
Crores mark in exports
in FY24
For the first time in history
of Nelcast, developed
single casting product of
~500 kg
Why Nelcast?
Diversified customer base with strong relationships
15
Strategic Location
16
Strong Business Foundation
17
Strong Export Growth Potential
18
Large Market Opportunity
19
Led by an Experienced Board
20
Focused on a Sustainable Future
21
©2025 – All Rights Reserved | www.nelcast.com
13
Our Strengths
©2025 – All Rights Reserved | www.nelcast.com
14
1
6
5
4
2
3
Diversified Customer
base with strong
relationships
Strategic
Location
Strategic Business
Foundation
Led by an
Experienced Board
Large Market
Opportunity
Strong Export
Growth Potential
Diversified Customer Base with Strong Relationships
©2025 – All Rights Reserved | www.nelcast.com
15
▪Customers in Commercial Vehicle,
Tractor, Off-Highway Equipment,
Railways and Passenger Vehicles
▪Has a distinguished customer base of
more than 40 customers that includes
OEMs and Tier 1 companies
▪Serves as a strategic supplier and
partner of first choice to TAFE, Tata
Motors, DANA, Ashok Leyland,
Automotive Axles Limited, Meritor and
American Axles & Manufacturing,
among others
▪A one-stop shop for its customers for
Grey Iron, Ductile Iron and
Austempered Ductile Iron ranging from
0.5 Kg to 500 Kg
▪Awards received over the past few
years serve as a validation of our
efforts as we focus on delivering value
to our customers
1
Awards
Top OEM Customers
Top Tier-1 Customers
TATA MOTORS
Award for Cost
Competitiveness
2023
IIF – CHENNAI
Best Exporter of the
Year
AUTOMOTIVE AXLES
Excellence in New Facility
Creation in Castings
2023
2023
AUTOMOTIVE AXLES
Platinum Award for Best
Quality
2021
AUTOMOTIVE AXLES
Excellence in New
Product Development
TATA MOTORS
Extraordinary Support
2022
2022
Strategic Location
©2025 – All Rights Reserved | www.nelcast.com
16
▪Plants are in close proximity (37-140
KM) to Chennai, a major manufacturing
hub for automotive companies forms
both a key customer base for Nelcast
and a reliable source of steel scrap, a
crucial raw material
▪All 3 plants are within 15-110KM of
India’s largest source of Silica Sand
near Gudur
▪Chennai’s International airport with
direct flights to Europe, Middle-East &
Southeast/East Asia makes it
convenient for customers to visit and
see the world class facilities firsthand
▪Close proximity to Krishnapatnam &
Chennai seaports gives easy access to
Nelcast to reach its customers around
the world
2
PLANT I
Gudur
137 Kms*
PLANT III
Pedapariya
120 Kms*
PLANT II
Ponneri
37 Kms*
HEAD OFFICE
Chennai
*Distance from Chennai
Strong Business Foundation
©2025 – All Rights Reserved | www.nelcast.com
17
▪Received an investment grade rating for short
term (A1) and long term (A) fund from ICRA on
the back of adequate liquidity, strong relationship
with major OEMs and a diversified clientele
▪Installed Capacity has been created for 160,000
Metric Tons per Year. Can be further enhanced
by 50,000 MT within the existing plants with
minimal investment
48.0
65.0
61.4
104.8
84.9
78.2
67.8
FY20
FY21
FY22
FY23
FY24
FY25
H1FY26
Cash & Cash equivalents (in Rs. Cr.)
3
Strong Export Growth Potential
©2025 – All Rights Reserved | www.nelcast.com
18
▪India is being viewed as a key cog in the global automotive supply chain and sourcing machined castings from India is now becoming an attractive
option for global customers.
▪Nelcast is among only a few companies in the industry capable of meeting the requirements of top global OEMs & Tier 1s.
▪Currently, Nelcast exports machined castings to reputable corporates in North America, Europe and Southeast Asia.
▪In H1FY26, exports were impacted by slowdown in the U.S. economy, due to imposition of additional tariffs leading to temporary production pauses by
customers. Anticipate export volumes to recover by end of FY26
58.4
90.0 112.4 126.3
221.5
329.4
445.3 445.2
194.4
FY18
FY19
FY20
FY21
FY22
FY23
FY24
FY25 H1FY26
Revenue from Exports (in Rs. Cr.)
4
Large Market Opportunity
©2025 – All Rights Reserved | www.nelcast.com
19
5
Indian Tractor Industry
In FY25, the Tractor & Mechanisation Association (TMA) reported a rebound in the
Indian tractor industry, with domestic sales reaching 939,713 units, marking an 8%
increase from the 867,237 units sold in FY24. As per TMA, industry is projected to
surpass 1 million sales by 2026, driven by strong rabi and kharif crop seasons,
favorable terms of trade, and increased government spending.
Tractor Industry sales grew by 8% YoY in FY25;
According to Crisil Ratings, domestic tractor sales are projected to
reach an all-time high of ~975,000 units in 2025-26
Indian M&HCV Industry
In FY25, M&HCV exports increased by 28% YoY to 23,251 units. However,
after stagnation in FY25, the Indian CV industry is set for a modest recovery,
with ICRA forecasting 3-5% growth in FY26. Additionally, the average fleet
age of 10 years is expected to drive replacement demand, supporting
industry expansion.
By 2030, the medium and heavy commercial vehicle market in
India is projected to reach the 500,000 unit mark
Source: Tractors and Mechanization Association
Source: SIAM, CMIE
705
899
842
945
867
939
1000
FY20
FY21
FY22
FY23
FY24
FY25
FY26E
Sale units (in Thousands)
2.2
1.6
2.4
3.6
3.7
3.7
FY20
FY21
FY22
FY23
FY24
FY25
Sale units (in Thousands)
Source: SIAM, Yes Securities Research Report
Led by an Experienced Board
©2025 – All Rights Reserved | www.nelcast.com
20
D. Sesha Reddy
Director
▪Chairman of Dodla
Diary and Nelcast
▪Possesses wide
industrial
entrepreneural
experience
▪Has been on the
Board of Nelcast
since its inception
▪MBA from Kellogg
School of
Management
▪MS in Engineering
Management
▪Industrial experience
at M/s. Federal-Mogul
Corp., USA, M/s.
Nelcast USA Inc. and
M/s. Deere &
Company
P. Deepak
Managing Director
▪MS in Network
Information Systems,
BE degree with
Honours in Computer
Engineering
▪Managed various
projects globally,
ultimately specializing
in Change
Management &
Governance at
Deutsche Bank
P. Divya
Director
▪Bachelors degree in
Science and a
Chartered Accountant
▪About 35 years of
experience in the areas
of Banking, Finance
and Management
▪Worked in Punjab
National Bank for about
30 years at various
capacities and retired
as Chief General
Manager
A. Balasubramanian
Director
▪Post Graduate in M.A
(Psychology) and
LL.M (IPR & Cyber
Laws). Certified by
Indian Institute of
Arbitration &
Mediators, Cochin
▪About 29 years of
experience in the field
of law, practicing in
High Courts
representing
Corporate/MNC’s/Gen
eral public
Maheswari Mohan
Director
6
▪Graduate from Madras
University
▪Served as the
Managing Director &
Group Executive of
SBI, and MD of
Clearing Corporation of
India Limited and its
wholly owned
subsidiary Clearcorp
Dealing Systems India
Limited
R. Sridharan
Director
▪MBA from Kellogg and a
Master's in Engineering
Management from
McCormick,
Northwestern University,
▪Over 35 years in diverse
roles including MD of
Timken India, joint MD at
Cummins India, and
CEO/MD of Ashok
Leyland and Royal
Enfield, where he
propelled the brand to
success.
Vinod K Dasari
Chairman
Protecting the
Environment
Giving back to
the Community
▪Renewable energy:
About 60% of the power requirement
is met through renewable sources
▪Plantation of trees
▪Core sand reclamation
▪Building with bricks made out of
waste black sand
▪Blood donation camps
▪Providing medical support
to hospitals
▪Supporting schools
▪Clinic & health camps
Focussed on a Sustainable Future
©2025 – All Rights Reserved | www.nelcast.com
21
Annual Financials
Profit & Loss Highlights
24
Balance Sheet Highlights
25
©2025 – All Rights Reserved | www.nelcast.com
22
Profit & Loss Highlights
©2025 – All Rights Reserved | www.nelcast.com
23
Consolidated (in INR Cr.)
FY21
FY22
FY23
FY24
FY25
H1FY26
Revenue from Operations
615.0
927.3
1,264.0
1,266.9
1,251.7
630.6
Total Income
619.9
936.7
1,280.1
1,281.2
1,268.8
639.0
Total Expenses
607.6
917.7
1,184.6
1,174.7
1,163.2
585.3
EBITDA
51.3
67.5
95.5
106.5
105.6
53.7
D&A
21.7
22.6
24.0
24.1
24.8
13.0
EBIT
29.5
44.9
71.5
82.4
80.8
40.7
Finance cost
17.2
25.8
31.2
31.6
35.3
17.8
PBT (after exceptional items)
12.3
19.1
40.3
68.6
49.3
23.0
Total Tax Expense
3.3
4.8
10.6
14.2
12.0
5.7
PAT
9.0
14.2
29.7
54.4
37.3
17.3
Balance Sheet Highlights
©2025 – All Rights Reserved | www.nelcast.com
24
Consolidated (in INR Cr.)
Mar’21
Mar’22
Mar’23
Mar’24
Mar’25
Sep’25
Total non-current assets
474.3
484.0
488.1
524.6
539.8
535.9
Inventories
118.4
158.7
158.2
189.7
180.2
174.5
Trade receivables
164.2
240.4
255.9
300.9
339.9
351.0
Cash & cash equivalents
65.0
61.4
104.8
84.9
78.2
67.8
Total current assets
365.5
479.1
540.4
607.0
624.6
619.8
Total assets
839.7
963.0
1,028.5
1,131.6
1,164.4
1,155.6
Equity
432.8
444.4
471.1
521.9
555.6
568.4
Long-term Borrowings
107.5
137.4
100.7
98.0
68.6
51.6
Total non-current liabilities
144.5
178.4
144.7
144.0
117.2
101.4
Short-term Borrowings
107.2
142.1
203.0
231.0
225.8
240.0
Trade Payables
128.0
180.6
182.7
217.1
248.4
216.9
Total current liabilities
262.4
340.3
412.6
465.8
491.5
485.8
Total equity and liabilities
839.7
963.0
1,028.5
1,131.6
1,164.4
1,155.6
Thank You
©2025 – All Rights Reserved | www.nelcast.com
25
For further details please contact:
S.K. Sivakumar
Nelcast Limited
: +91 44 2498 4111
: nelcast@nelcast.com
Abhishek Bhatt / Vikash Verma / Shrishti Tandon
Ernst & Young LLP
: +91-8080796083
: abhishek.bhatt3@in.ey.com
: vikash.verma1@in.ey.com
: Shrishti.Tandon@in.ey.com
Corporate Office
159, TTK Road, Alwarpet, Chennai - 600 018
www.nelcast.com
