# Castings - Steel/Alloy — company-by-company sector analysis

> Castings - Steel/Alloy: PTC Industries Ltd owns the largest revenue base AND the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Castings - Steel/Alloy has outperformed NIFTY 500 by 90.1% over 52 weeks and 36.1% over 13 weeks. 4 of 4 covered companies beat NIFTY on Mansfield relative strength, while 1 of 2 beat the sector itself. PTC Industries Ltd leads with revenue of ₹603 crore, based on 2 of 4 comparable companies through Mar 2026.

### Is the Castings - Steel/Alloy sector outperforming NIFTY 500?

Castings - Steel/Alloy has outperformed NIFTY 500 by 90.1% over 52 weeks and 36.1% over 13 weeks. 4 of 4 covered companies beat NIFTY on Mansfield relative strength, while 1 of 2 beat the sector itself.

### Which Castings - Steel/Alloy company is largest by revenue?

PTC Industries Ltd leads with revenue of ₹603 crore, based on 2 of 4 comparable companies through Mar 2026.

### Which Castings - Steel/Alloy company is growing fastest?

PTC Industries Ltd has the fastest current revenue growth at 95.8%, across 2 of 4 comparable companies.

### Which Castings - Steel/Alloy company has the strongest 4-Factor Sector Score?

Investment & Precision Castings Ltd ranks first at 77.6/100 with 73.2% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Castings - Steel/Alloy company has the least gross debt?

Kalyani Cast-Tech Ltd has the lowest comparable gross debt at ₹1 crore. PTC Industries Ltd has the highest at ₹261 crore.

### How much history does this Castings - Steel/Alloy comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Castings - Steel/Alloy has outperformed NIFTY 500 by 90.1% over the last 52 weeks. Over 13 weeks the gap is a lead of 36.1%. 4 of 4 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Investment & Precision Castings Ltd is the strongest against the sector itself at +12.3%.

13-week sector return versus NIFTY 500: 36%
52-week sector return versus NIFTY 500: 90%
Stocks leading NIFTY: 4/4
Stocks leading sector: 1/2

Central tension: The central tension: current leadership is concentrated, so durability matters more than rank.

Companies: 4
Combined market value: ₹28.8K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Investment & Precision Castings Ltd (504786): 78/100 — Favorable setup; evidence 73%
   - Growth & earnings 32.2/35 | Capital efficiency 15.4/25 | Valuation 10.0/20 | Relative strength 20.0/20
   - Exact sum: 32.2 + 15.4 + 10 + 20 = 77.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. PTC Industries Ltd (PTCIL): 66/100 — Favorable setup; evidence 74%
   - Growth & earnings 32.3/35 | Capital efficiency 11.8/25 | Valuation 10.0/20 | Relative strength 12.0/20
   - Exact sum: 32.3 + 11.8 + 10 + 12 = 66.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Kalyani Cast-Tech Ltd (544023): 64/100 — Thin evidence · provisional; evidence 34%
   - Growth & earnings 19.6/35 | Capital efficiency 22.1/25 | Valuation 10.0/20 | Relative strength 12.5/20
   - Exact sum: 19.6 + 22.1 + 10 + 12.5 = 64.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
4. Neetu Yoshi Ltd (544434): 59/100 — Thin evidence · provisional; evidence 34%
   - Growth & earnings 14.4/35 | Capital efficiency 22.4/25 | Valuation 10.0/20 | Relative strength 12.5/20
   - Exact sum: 14.4 + 22.4 + 10 + 12.5 = 59.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: PTC Industries Ltd is the scale leader at ₹603 crore, 219.9% ahead of Investment & Precision Castings Ltd. PTC Industries Ltd's growth is 95.8% from a ₹603 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: PTC Industries Ltd is the scale benchmark; PTC Industries Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: PTC Industries Ltd's growth falls below PTC Industries Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: PTC Industries Ltd · ₹603 crore | 219.9% versus #2 · Investment & Precision Castings Ltd | 7/8 recent comparable periods | 2/4 companies · 44 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. PTC Industries Ltd (PTCIL): ₹603 Cr
2. Investment & Precision Castings Ltd (504786): ₹189 Cr

### Revenue growth — fastest growers
1. PTC Industries Ltd (PTCIL): 96%
2. Investment & Precision Castings Ltd (504786): 14%

### 20-quarter Revenue history
- 504786: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹42 Cr | Mar 2023 ₹44 Cr | Jun 2023 ₹46 Cr | Sep 2023 ₹45 Cr | Dec 2023 ₹40 Cr | Mar 2024 ₹40 Cr | Jun 2024 ₹41 Cr | Sep 2024 ₹42 Cr | Dec 2024 ₹40 Cr | Mar 2025 ₹43 Cr | Jun 2025 ₹45 Cr | Sep 2025 ₹45 Cr | Dec 2025 ₹47 Cr | Mar 2026 ₹51 Cr
- 544023: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹49 Cr | Dec 2023 — | Mar 2024 ₹45 Cr | Jun 2024 — | Sep 2024 ₹70 Cr | Dec 2024 — | Mar 2025 ₹69 Cr | Jun 2025 — | Sep 2025 ₹92 Cr | Dec 2025 — | Mar 2026 ₹58 Cr
- 544434: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹35 Cr | Dec 2024 — | Mar 2025 ₹35 Cr | Jun 2025 — | Sep 2025 ₹44 Cr | Dec 2025 — | Mar 2026 ₹54 Cr
- PTCIL: Jun 2021 ₹45 Cr | Sep 2021 ₹38 Cr | Dec 2021 ₹45 Cr | Mar 2022 ₹51 Cr | Jun 2022 ₹46 Cr | Sep 2022 ₹54 Cr | Dec 2022 ₹57 Cr | Mar 2023 ₹62 Cr | Jun 2023 ₹72 Cr | Sep 2023 ₹58 Cr | Dec 2023 ₹55 Cr | Mar 2024 ₹72 Cr | Jun 2024 ₹47 Cr | Sep 2024 ₹72 Cr | Dec 2024 ₹67 Cr | Mar 2025 ₹122 Cr | Jun 2025 ₹97 Cr | Sep 2025 ₹125 Cr | Dec 2025 ₹156 Cr | Mar 2026 ₹225 Cr

### 20-quarter Revenue growth history
- 504786: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -5.0% | Mar 2024 -11% | Jun 2024 -11% | Sep 2024 -6.6% | Dec 2024 -1.3% | Mar 2025 6.9% | Jun 2025 9.4% | Sep 2025 7.5% | Dec 2025 20% | Mar 2026 20%
- 544023: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 43% | Dec 2024 — | Mar 2025 53% | Jun 2025 — | Sep 2025 31% | Dec 2025 — | Mar 2026 -16%
- 544434: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 26% | Dec 2025 — | Mar 2026 54%
- PTCIL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.2% | Sep 2022 42% | Dec 2022 27% | Mar 2023 22% | Jun 2023 57% | Sep 2023 7.4% | Dec 2023 -3.5% | Mar 2024 16% | Jun 2024 -35% | Sep 2024 24% | Dec 2024 22% | Mar 2025 69% | Jun 2025 106% | Sep 2025 74% | Dec 2025 133% | Mar 2026 84%

## Operating Economics & Margin Trend

What the numbers say: PTC Industries Ltd leads both opm at 32% and margin change at +8 percentage points.

Investor read: PTC Industries Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: PTC Industries Ltd · 32% | 6.7% versus #2 · Neetu Yoshi Ltd | 2/8 recent comparable periods | 4/4 companies · 50 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. PTC Industries Ltd (PTCIL): 32%
2. Neetu Yoshi Ltd (544434): 30%
3. Investment & Precision Castings Ltd (504786): 18%
4. Kalyani Cast-Tech Ltd (544023): 18%

### Margin change — fastest expanders
1. PTC Industries Ltd (PTCIL): +8.0 pp
2. Kalyani Cast-Tech Ltd (544023): +6.0 pp
3. Investment & Precision Castings Ltd (504786): +3.8 pp
4. Neetu Yoshi Ltd (544434): −3.0 pp

### 20-quarter OPM history
- 504786: Jun 2021 18% | Sep 2021 7.7% | Dec 2021 9.5% | Mar 2022 5.0% | Jun 2022 9.2% | Sep 2022 8.6% | Dec 2022 15% | Mar 2023 17% | Jun 2023 17% | Sep 2023 16% | Dec 2023 14% | Mar 2024 13% | Jun 2024 17% | Sep 2024 13% | Dec 2024 10% | Mar 2025 14% | Jun 2025 14% | Sep 2025 16% | Dec 2025 17% | Mar 2026 18%
- 544023: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 17% | Dec 2023 — | Mar 2024 12% | Jun 2024 — | Sep 2024 16% | Dec 2024 — | Mar 2025 12% | Jun 2025 — | Sep 2025 12% | Dec 2025 — | Mar 2026 18%
- 544434: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 33% | Dec 2024 — | Mar 2025 33% | Jun 2025 — | Sep 2025 32% | Dec 2025 — | Mar 2026 30%
- PTCIL: Jun 2021 30% | Sep 2021 20% | Dec 2021 20% | Mar 2022 23% | Jun 2022 24% | Sep 2022 32% | Dec 2022 21% | Mar 2023 30% | Jun 2023 28% | Sep 2023 27% | Dec 2023 28% | Mar 2024 30% | Jun 2024 21% | Sep 2024 29% | Dec 2024 23% | Mar 2025 24% | Jun 2025 9.0% | Sep 2025 21% | Dec 2025 16% | Mar 2026 32%

### 20-quarter Margin change history
- 504786: Jun 2021 +51.3 pp | Sep 2021 −0.2 pp | Dec 2021 −7.4 pp | Mar 2022 −14.7 pp | Jun 2022 −8.7 pp | Sep 2022 +0.9 pp | Dec 2022 +5.5 pp | Mar 2023 +12.4 pp | Jun 2023 +7.3 pp | Sep 2023 +7.0 pp | Dec 2023 −1.5 pp | Mar 2024 −4.2 pp | Jun 2024 +0.2 pp | Sep 2024 −2.4 pp | Dec 2024 −3.4 pp | Mar 2025 +1.1 pp | Jun 2025 −2.4 pp | Sep 2025 +3.1 pp | Dec 2025 +6.6 pp | Mar 2026 +3.8 pp
- 544023: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 −1.0 pp | Dec 2024 — | Mar 2025 0.0 pp | Jun 2025 — | Sep 2025 −4.0 pp | Dec 2025 — | Mar 2026 +6.0 pp
- 544434: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 −1.0 pp | Dec 2025 — | Mar 2026 −3.0 pp
- PTCIL: Jun 2021 +6.2 pp | Sep 2021 +3.0 pp | Dec 2021 −2.4 pp | Mar 2022 +0.5 pp | Jun 2022 −6.5 pp | Sep 2022 +12.1 pp | Dec 2022 +0.9 pp | Mar 2023 +6.6 pp | Jun 2023 +4.4 pp | Sep 2023 −5.0 pp | Dec 2023 +7.0 pp | Mar 2024 0.0 pp | Jun 2024 −7.0 pp | Sep 2024 +2.0 pp | Dec 2024 −5.0 pp | Mar 2025 −6.0 pp | Jun 2025 −12.0 pp | Sep 2025 −8.0 pp | Dec 2025 −7.0 pp | Mar 2026 +8.0 pp

## Profit Scale & Acceleration

What the numbers say: PTC Industries Ltd leads with ₹101 crore of TTM profit, 755.9% above Investment & Precision Castings Ltd. Investment & Precision Castings Ltd shows 93.7% growth from a ₹12 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: PTC Industries Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: PTC Industries Ltd · ₹101 crore | 755.9% versus #2 · Investment & Precision Castings Ltd | 6/8 recent comparable periods | 2/4 companies · 44 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. PTC Industries Ltd (PTCIL): ₹101 Cr
2. Investment & Precision Castings Ltd (504786): ₹12 Cr

### Profit growth — fastest growers
1. Investment & Precision Castings Ltd (504786): 94%
2. PTC Industries Ltd (PTCIL): 66%

### 20-quarter Net profit history
- 504786: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹4 Cr
- 544023: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹6 Cr | Dec 2023 — | Mar 2024 ₹4 Cr | Jun 2024 — | Sep 2024 ₹8 Cr | Dec 2024 — | Mar 2025 ₹6 Cr | Jun 2025 — | Sep 2025 ₹10 Cr | Dec 2025 — | Mar 2026 ₹7 Cr
- 544434: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹8 Cr | Dec 2024 — | Mar 2025 ₹8 Cr | Jun 2025 — | Sep 2025 ₹12 Cr | Dec 2025 — | Mar 2026 ₹13 Cr
- PTCIL: Jun 2021 ₹5 Cr | Sep 2021 ₹2 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹25 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹60 Cr

### 20-quarter Profit growth history
- 504786: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -32% | Mar 2024 -76% | Jun 2024 -31% | Sep 2024 -39% | Dec 2024 -72% | Mar 2025 171% | Jun 2025 -4.0% | Sep 2025 97% | Dec 2025 654% | Mar 2026 98%
- 544023: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 33% | Dec 2024 — | Mar 2025 50% | Jun 2025 — | Sep 2025 25% | Dec 2025 — | Mar 2026 17%
- 544434: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 50% | Dec 2025 — | Mar 2026 63%
- PTCIL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -40% | Sep 2022 300% | Dec 2022 500% | Mar 2023 80% | Jun 2023 267% | Sep 2023 0.0% | Dec 2023 33% | Mar 2024 67% | Jun 2024 -55% | Sep 2024 113% | Dec 2024 75% | Mar 2025 67% | Jun 2025 0.0% | Sep 2025 5.9% | Dec 2025 29% | Mar 2026 140%

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/4 companies · 0 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: PTC Industries Ltd has the clearest covered balance-sheet capacity with ₹48 crore and gross debt of ₹261 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Kalyani Cast-Tech Ltd · ₹1 crore | 75% versus #2 · Neetu Yoshi Ltd | Not enough history | 4/4 companies · 35 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Kalyani Cast-Tech Ltd (544023): ₹1 Cr
2. Neetu Yoshi Ltd (544434): ₹4 Cr
3. Investment & Precision Castings Ltd (504786): ₹72 Cr
4. PTC Industries Ltd (PTCIL): ₹261 Cr

### Net debt — lowest net debt
1. PTC Industries Ltd (PTCIL): ₹48 Cr

### 20-quarter Gross debt history
- 504786: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹65 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹65 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹74 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹64 Cr | Jun 2025 — | Sep 2025 ₹76 Cr | Dec 2025 — | Mar 2026 ₹72 Cr
- 544023: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹3 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹8 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹5 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹1 Cr
- 544434: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹8 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹17 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹14 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹4 Cr
- PTCIL: Jun 2021 ₹166 Cr | Sep 2021 ₹177 Cr | Dec 2021 ₹177 Cr | Mar 2022 ₹196 Cr | Jun 2022 ₹196 Cr | Sep 2022 ₹237 Cr | Dec 2022 ₹237 Cr | Mar 2023 ₹177 Cr | Jun 2023 ₹177 Cr | Sep 2023 ₹184 Cr | Dec 2023 ₹184 Cr | Mar 2024 ₹182 Cr | Jun 2024 ₹182 Cr | Sep 2024 ₹111 Cr | Dec 2024 ₹111 Cr | Mar 2025 ₹61 Cr | Jun 2025 ₹61 Cr | Sep 2025 ₹179 Cr | Dec 2025 ₹179 Cr | Mar 2026 ₹261 Cr

### 20-quarter Net debt history
- PTCIL: Jun 2021 ₹162 Cr | Sep 2021 ₹171 Cr | Dec 2021 ₹171 Cr | Mar 2022 ₹192 Cr | Jun 2022 ₹192 Cr | Sep 2022 ₹232 Cr | Dec 2022 ₹232 Cr | Mar 2023 ₹148 Cr | Jun 2023 ₹147 Cr | Sep 2023 ₹169 Cr | Dec 2023 ₹169 Cr | Mar 2024 ₹-6 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹-619 Cr | Dec 2024 ₹-619 Cr | Mar 2025 ₹-331 Cr | Jun 2025 ₹-343 Cr | Sep 2025 ₹-122 Cr | Dec 2025 ₹-122 Cr | Mar 2026 ₹48 Cr

## Return On Capital Employed

What the numbers say: Neetu Yoshi Ltd leads ROCE at 31.8%, 2.8 percentage points above Kalyani Cast-Tech Ltd. Investment & Precision Castings Ltd has the strongest latest improvement at +4 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Neetu Yoshi Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Neetu Yoshi Ltd · 31.8% | 9.7% versus #2 · Kalyani Cast-Tech Ltd | Not enough history | 4/4 companies · 16 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Neetu Yoshi Ltd (544434): 32%
2. Kalyani Cast-Tech Ltd (544023): 29%
3. Investment & Precision Castings Ltd (504786): 14%
4. PTC Industries Ltd (PTCIL): 8.4%

### ROCE change — fastest improvers
1. Investment & Precision Castings Ltd (504786): +4.0 pp
2. PTC Industries Ltd (PTCIL): +1.9 pp
3. Kalyani Cast-Tech Ltd (544023): 0.0 pp
4. Neetu Yoshi Ltd (544434): −14.0 pp

### 20-quarter ROCE history
- PTCIL: Jun 2021 — | Sep 2021 11% | Dec 2021 — | Mar 2022 10% | Jun 2022 — | Sep 2022 10% | Dec 2022 — | Mar 2023 10% | Jun 2023 17% | Sep 2023 10% | Dec 2023 15% | Mar 2024 7.6% | Jun 2024 10% | Sep 2024 3.7% | Dec 2024 7.8% | Mar 2025 3.7% | Jun 2025 7.9% | Sep 2025 3.1% | Dec 2025 6.3% | Mar 2026 5.6%

### 20-quarter ROCE change history
- PTCIL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.2 pp | Dec 2022 — | Mar 2023 −0.1 pp | Jun 2023 — | Sep 2023 0.0 pp | Dec 2023 — | Mar 2024 −2.4 pp | Jun 2024 −6.7 pp | Sep 2024 −6.7 pp | Dec 2024 −7.3 pp | Mar 2025 −3.9 pp | Jun 2025 −2.1 pp | Sep 2025 −0.6 pp | Dec 2025 −1.5 pp | Mar 2026 +1.9 pp

## Valuation Against Growth & Quality

What the numbers say: There is not enough comparable evidence to name a reliable guarded peg leader.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/4 companies · 5 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG

### P/E — lowest P/E
1. Neetu Yoshi Ltd (544434): 26.3
2. Kalyani Cast-Tech Ltd (544023): 31.2
3. Investment & Precision Castings Ltd (504786): 80.8
4. PTC Industries Ltd (PTCIL): 262.0

### 20-quarter Guarded PEG history
- PTCIL: Jun 2021 — | Sep 2021 2.9 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 9.4 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 7.8 | Sep 2024 — | Dec 2024 — | Mar 2025 7.2 | Jun 2025 — | Sep 2025 — | Dec 2025 15.4 | Mar 2026 —

### 20-quarter P/E history
- 504786: Jun 2021 257.9 | Sep 2021 26.1 | Dec 2021 21.7 | Mar 2022 37.9 | Jun 2022 33.2 | Sep 2022 — | Dec 2022 — | Mar 2023 79.1 | Jun 2023 38.4 | Sep 2023 28.7 | Dec 2023 29.7 | Mar 2024 27.3 | Jun 2024 36.9 | Sep 2024 72.1 | Dec 2024 81.9 | Mar 2025 72.0 | Jun 2025 92.2 | Sep 2025 71.9 | Dec 2025 66.3 | Mar 2026 49.7
- 544023: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 42.6 | Dec 2024 — | Mar 2025 23.2 | Jun 2025 — | Sep 2025 29.8 | Dec 2025 — | Mar 2026 24.1
- 544434: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 21.3 | Dec 2025 — | Mar 2026 12.1
- PTCIL: Jun 2021 618.1 | Sep 2021 153.9 | Dec 2021 270.1 | Mar 2022 213.9 | Jun 2022 136.1 | Sep 2022 266.5 | Dec 2022 190.3 | Mar 2023 145.3 | Jun 2023 236.1 | Sep 2023 228.2 | Dec 2023 232.4 | Mar 2024 271.4 | Jun 2024 446.6 | Sep 2024 534.5 | Dec 2024 436.8 | Mar 2025 427.4 | Jun 2025 364.8 | Sep 2025 368.0 | Dec 2025 444.4 | Mar 2026 351.3

## Enterprise Value & Book Value

What the numbers say: Neetu Yoshi Ltd leads both ev/ebitda at 8.6× and p/bv at 4.77×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Neetu Yoshi Ltd · 8.6× | 50% versus #2 · Kalyani Cast-Tech Ltd | 0/1 recent comparable periods | 4/4 companies · 46 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Neetu Yoshi Ltd (544434): 8.6
2. Kalyani Cast-Tech Ltd (544023): 17.2
3. Investment & Precision Castings Ltd (504786): 20.0
4. PTC Industries Ltd (PTCIL): 181.3

### P/BV — lowest P/BV
1. Neetu Yoshi Ltd (544434): 4.8
2. Kalyani Cast-Tech Ltd (544023): 6.5
3. Investment & Precision Castings Ltd (504786): 9.5
4. PTC Industries Ltd (PTCIL): 17.6

### 20-quarter EV/EBITDA history
- 504786: Jun 2021 12.6 | Sep 2021 10.4 | Dec 2021 9.2 | Mar 2022 11.2 | Jun 2022 13.1 | Sep 2022 18.5 | Dec 2022 15.6 | Mar 2023 12.8 | Jun 2023 12.6 | Sep 2023 11.7 | Dec 2023 13.0 | Mar 2024 11.9 | Jun 2024 13.3 | Sep 2024 22.3 | Dec 2024 22.8 | Mar 2025 18.6 | Jun 2025 27.2 | Sep 2025 21.5 | Dec 2025 22.7 | Mar 2026 20.0
- 544023: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 28.8 | Dec 2024 — | Mar 2025 15.8 | Jun 2025 — | Sep 2025 20.5 | Dec 2025 — | Mar 2026 17.2
- 544434: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 18.5 | Dec 2025 — | Mar 2026 8.6
- PTCIL: Jun 2021 77.3 | Sep 2021 33.4 | Dec 2021 57.8 | Mar 2022 49.8 | Jun 2022 43.3 | Sep 2022 72.7 | Dec 2022 65.7 | Mar 2023 54.6 | Jun 2023 96.0 | Sep 2023 105.8 | Dec 2023 109.5 | Mar 2024 137.0 | Jun 2024 230.3 | Sep 2024 266.1 | Dec 2024 224.1 | Mar 2025 229.8 | Jun 2025 206.9 | Sep 2025 195.7 | Dec 2025 233.3 | Mar 2026 181.3

### 20-quarter P/BV history
- 504786: Jun 2021 1.4 | Sep 2021 2.2 | Dec 2021 1.8 | Mar 2022 2.0 | Jun 2022 1.6 | Sep 2022 2.0 | Dec 2022 1.8 | Mar 2023 2.0 | Jun 2023 2.9 | Sep 2023 3.1 | Dec 2023 3.8 | Mar 2024 3.3 | Jun 2024 3.7 | Sep 2024 5.7 | Dec 2024 5.3 | Mar 2025 3.9 | Jun 2025 6.5 | Sep 2025 4.7 | Dec 2025 5.2 | Mar 2026 5.3
- 544023: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 8.1 | Dec 2024 — | Mar 2025 4.7 | Jun 2025 — | Sep 2025 6.5 | Dec 2025 — | Mar 2026 5.1
- 544434: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 2.3
- PTCIL: Jun 2021 6.8 | Sep 2021 9.0 | Dec 2021 16.1 | Mar 2022 14.2 | Jun 2022 11.3 | Sep 2022 16.5 | Dec 2022 17.7 | Mar 2023 17.4 | Jun 2023 34.1 | Sep 2023 25.6 | Dec 2023 22.0 | Mar 2024 27.1 | Jun 2024 59.4 | Sep 2024 30.5 | Dec 2024 15.1 | Mar 2025 16.6 | Jun 2025 33.7 | Sep 2025 16.5 | Dec 2025 19.7 | Mar 2026 16.5

## Market action

Investment & Precision Castings Ltd has the strongest one-year price move in Castings - Steel/Alloy at +81.1%. It also leads on Mansfield relative strength against NIFTY at +77.3%. 4 of 4 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Investment & Precision Castings Ltd (504786): 81%
2. PTC Industries Ltd (PTCIL): 22%

### Strongest relative strength versus NIFTY 500
1. Investment & Precision Castings Ltd (504786): 77%
2. Neetu Yoshi Ltd (544434): 48%
3. Kalyani Cast-Tech Ltd (544023): 32%
4. PTC Industries Ltd (PTCIL): 6.5%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- Thin comparisons: Revenue, Net profit, Capital expenditure, Valuation have fewer than three usable current readings.

## Every company
- PTC Industries Ltd (PTCIL) — market value ₹26.6K Cr; latest fundamentals Mar 2026
- Investment & Precision Castings Ltd (504786) — market value ₹980 Cr; latest fundamentals Mar 2026
- Neetu Yoshi Ltd (544434) — market value ₹657 Cr; latest fundamentals Mar 2026
- Kalyani Cast-Tech Ltd (544023) — market value ₹532 Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 1. Unverified: 3. Withheld: 0. Graded companies: 4.

Every company's second-feed figures reconcile against the primary source on overlapping reported periods, so nothing here is unverified or withheld.

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Castings - Steel/Alloy index?

The Nifty Castings - Steel/Alloy index tracks India's listed Castings - Steel/Alloy companies as a single basket. This page follows the same 4 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Castings - Steel/Alloy sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best Castings - Steel/Alloy stocks in India?

Ranked by this page's four-factor score, Investment & Precision Castings Ltd places first among 4 listed Castings - Steel/Alloy companies, followed by PTC Industries Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Castings - Steel/Alloy stocks are listed in India?

This comparison covers 4 listed Castings - Steel/Alloy companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Mar 2026.

### Which Castings - Steel/Alloy company is the biggest?

PTC Industries Ltd is the largest, with trailing-twelve-month revenue of ₹603 crore, ahead of Investment & Precision Castings Ltd at ₹189 crore. That covers 2 of 4 companies with comparable reporting through Mar 2026.

### Which Castings - Steel/Alloy company is growing fastest?

PTC Industries Ltd has the fastest revenue growth at 95.8% year on year, across 2 of 4 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Castings - Steel/Alloy company has the best profit margins?

PTC Industries Ltd has the highest operating margin at 32%, from 4 of 4 comparable companies. PTC Industries Ltd shows the biggest recent improvement, at +8 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Castings - Steel/Alloy company makes the most profit?

PTC Industries Ltd earns the most, at ₹101 crore of trailing-twelve-month net profit, from 2 of 4 comparable companies. Investment & Precision Castings Ltd has the fastest profit growth at 93.7%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Castings - Steel/Alloy company earns the highest return on capital?

Neetu Yoshi Ltd leads on return on capital employed at 31.8%, across 4 of 4 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Castings - Steel/Alloy company has the strongest balance sheet?

Kalyani Cast-Tech Ltd carries the lowest comparable gross debt at ₹1 crore, from 4 of 4 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the Castings - Steel/Alloy sector beating the market?

Castings - Steel/Alloy has outperformed NIFTY 500 by 90.1% over the last 52 weeks and 36.1% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 4 of 4 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Castings - Steel/Alloy stock has the strongest price momentum?

Investment & Precision Castings Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Castings - Steel/Alloy company scores highest for research priority?

Investment & Precision Castings Ltd scores 77.6 out of 100 with 73.2% evidence confidence, from 32.2 points on growth and earnings, 15.4 on capital efficiency, 10 on valuation and 20 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Castings - Steel/Alloy companies does this comparison cover, and over what period?

It compares 4 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Castings - Steel/Alloy sector?

The 4 Castings - Steel/Alloy companies on this page carry ₹28,754 crore of combined market value. PTC Industries Ltd is the largest at ₹26,585 crore, about 92% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### How is the Castings - Steel/Alloy sector performing?

4 of the 4 covered Castings - Steel/Alloy companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 90.1% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/castings-steel-alloy