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Investment & Precision Castings Ltd

INVPRECQ

BSE

₹1,435.00-0.34%22 Oct 2026 at 3:21 PM

Reports

Castings Steel and Alloy

Investment & Precision Castings Ltd

INVPRECQ

BSE

₹1,435.00

-0.34%

22 Oct 2026 at 3:21 PM

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Castings Steel and Alloy

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Deep Dive Report: In-depth business analysis.

Investment & Precision Castings Ltd (IPCL) is a company that takes a customer’s design and turns it into a solid metal part - a process called investment casting, which it has been doing since 1975 as the first such foundry in Gujarat. Over five decades, it has grown from a supplier focused almost entirely on car and truck makers into a manufacturer of precision components for jet engines, missile systems, and artificial joints, all while remaining anchored in its original Bhavnagar factory. The recurring approach is to master one difficult casting technology, earn the approvals that turn it into a barrier to entry, and then use that position to move into adjacent industries that demand even tighter tolerances - a pattern that explains how a single-location foundry became a listed company with a 49-year stock-exchange history.

Business segments

Two engines at different stages of maturity - a high-volume commercial casting business that is the company’s backbone, and a specialized division serving aerospace, defence and medical customers that is still building its order book - both running on the same lost-wax technology and sharing a rapid-prototyping capability.

1. Commercial castings: the industrial workhorse that pays the bills

This division mass-produces precision metal parts for carmakers, pump manufacturers and tractor companies using a process that can make a component as light as a paperclip or as heavy as a motorcycle engine, all from a single wax pattern.

Makes parts other methods cannot - the lost-wax process (where a wax model is coated in ceramic, melted out, and replaced with molten metal) produces complex, hollow shapes in a single piece, eliminating welds and joints that would weaken the part.
Deeply embedded with India’s largest automakers - it is a self-certified vendor for Maruti Suzuki and Mahindra & Mahindra, meaning those customers trust its quality checks enough to skip their own incoming inspection, a status that locks in repeat orders.
A one-stop shop from print to plated part - the division does not just pour metal; it runs 45 CNC machines (up to 5-axis) for precision machining, and offers electro-plating, powder coating and anodizing in-house, so a customer can receive a finished component ready for assembly.
Capacity built for volume - Plant 1 can produce 1,800 tonnes of castings a year, serving industries from turbochargers to fire-safety equipment, with a weight range spanning 10 grams to 330 kilograms.

2. Specialized castings: the aerospace, defence and medical bet

This division pours the same precision into nickel-based superalloys and cobalt-chrome that the commercial side pours into steel - but for customers who will not place an order until the factory itself has been approved.

Vacuum casting for metals that cannot touch air - Plant 3 houses a Consarc Vacuum Melting Furnace that melts superalloys in a vacuum chamber, preventing contamination that would ruin a jet-engine turbine blade or a medical implant.
The approvals are the product - the facility is approved by a leading US aerospace company for civil-aviation aluminium castings, holds a type-approval certificate for aerospace work, and is an approved supplier to Hindustan Aeronautics Limited (HAL), each of which took years to secure.
Defence contracts are materializing - in 2025-26 alone, the company won orders to supply precision castings for small-arms components (via a joint venture between Adani Group and Israel Weapon Industries), superalloy turbine parts for Gas Turbine Research Establishment (GTRE DRDO), and aluminium components for thermal weapon sights.
Technology borrowed from the country’s defence labs - it acquired specialized ceramic-core technology from DRDO, which lets it cast hollow cooling passages inside superalloy parts - a capability critical to aero-engine efficiency and one that few Indian foundries possess.
Still a small share of the whole - aerospace and defence revenue crossed 5% of overall sales in FY21, up from just over 3% the year before, reflecting a business that is growing from a low base and carries long development cycles.

Rapid prototyping and bar-stock machining

A shared capability that compresses lead times for every division - and earns its own keep when the casting furnaces are busy.

3D-printed patterns cut sample time - a Voxeljet 3D printer produces PMMA (acrylic) patterns directly from a CAD file, bypassing the need to cut metal tooling for a prototype, so a new design can be cast and tested in days rather than weeks.
CNC machines work for castings or on their own - the same 45-machine bank that finishes cast parts also turns and mills components from solid bar stock, supplying fully machined parts to the automotive, power and medical industries even when no casting is involved.

Group structure and partners

A family-controlled listed company with a dormant subsidiary and a board that mixes promoter leadership with independent oversight.

Promoters held just under 52% of the equity as of March 2025, with Mr. Piyush Tamboli serving as Chairman and Managing Director and the next generation represented by Mr. Jainam Tamboli as Whole-Time Director and CFO.
The company has one subsidiary, I&PCL Vacuum Castings Limited, in which it holds a 99.99% shareholding, which had zero turnover in FY25 and exists as a legal entity with a share capital of INR 25 lakh.
Its early technical know-how came from a series of foreign collaborations - with Arwood Corporation in the US, Zollern in Germany, and Associated Foundries in Japan - stretching from 1977 to 1995, which laid the process foundation the company still builds on.
The nine-member board includes five independent directors, and the company banks with Bank of Baroda in Bhavnagar, reflecting its deep local roots.

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Balance Sheet

Cash Flow

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Quarterly Results

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Balance Sheet

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Mkt Cap

Market Capitalization

₹1,435Cr

Close Price

₹1,435.00

Industry

Castings Steel and Alloy

Price To Earnings

98.42

Price To Sales

7.30

Revenue

₹197Cr

Rev Gr TTM

Revenue Growth TTM

16.89%

PAT Gr TTM

PAT Growth TTM

143.81%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	45	40	40	41	42	40	43	44	45	47	51	53
Growth YoY Revenue Growth YoY%	1.3	-5.0	-10.6	-11.2	-6.6	-1.3	6.9	7.4	7.5	19.6	19.3	21.1
Expenses ExpensesCr	38	35	35	34	36	36	36	38	38	39	42	42
Operating Profit Operating ProfitCr	7	5	5	7	6	4	6	6	7	8	9	11
OPM OPM%	15.6	13.6	13.1	16.7	13.2	10.2	14.2	14.5	16.3	16.8	18.1	20.7
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense Interest ExpenseCr	2	2	2	2	2	2	2	2	1	1	2	2
Depreciation DepreciationCr	2	2	2	2	2	2	2	2	2	2	2	2
PBT PBTCr	3	2	1	3	2	1	3	3	4	4	6	7
Tax TaxCr	1	1	1	1	1	0	1	1	1	1	2	2
PAT PATCr	3	1	1	2	2	0	2	2	3	3	4	5
Growth YoY PAT Growth YoY%	475.0	-32.1	-75.8	-30.7	-39.1	-71.8	171.4	-4.0	96.8	654.0	98.4	129.9
NPM NPM%	5.6	3.3	1.8	5.5	3.7	0.9	4.5	4.9	6.7	5.9	7.4	9.3
EPS EPS₹	2.5	1.3	0.7	2.3	1.5	0.4	1.9	2.2	3.0	2.8	3.8	5.0

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	45	40	40	41	42	40	43	44	45	47	51	53
Growth YoY Revenue Growth YoY%	1.3	-5.0	-10.6	-11.2	-6.6	-1.3	6.9	7.4	7.5	19.6	19.3	21.1
Expenses ExpensesCr	38	35	35	34	36	36	36	38	38	39	42	42
Operating Profit Operating ProfitCr	7	5	5	7	6	4	6	6	7	8	9	11
OPM OPM%	15.6	13.6	13.1	16.7	13.2	10.2	14.2	14.5	16.3	16.8	18.1	20.7
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense Interest ExpenseCr	2	2	2	2	2	2	2	2	1	1	2	2
Depreciation DepreciationCr	2	2	2	2	2	2	2	2	2	2	2	2
PBT PBTCr	3	2	1	3	2	1	3	3	4	4	6	7
Tax TaxCr	1	1	1	1	1	0	1	1	1	1	2	2
PAT PATCr	3	1	1	2	2	0	2	2	3	3	4	5
Growth YoY PAT Growth YoY%	475.0	-32.1	-75.8	-30.7	-39.1	-71.8	171.4	-4.0	96.8	654.0	98.4	129.9
NPM NPM%	5.6	3.3	1.8	5.5	3.7	0.9	4.5	4.9	6.7	5.9	7.4	9.3
EPS EPS₹	2.5	1.3	0.7	2.3	1.5	0.4	1.9	2.2	3.0	2.8	3.8	5.0

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	85	92	108	119	95	105	132	170	171	165	188	197
Growth Revenue Growth%	10.9	8.4	16.9	10.3	-19.8	10.0	26.1	28.8	0.5	-3.4	14.2	16.9
Expenses ExpensesCr	72	77	87	99	84	92	119	149	146	143	158	161
Operating Profit Operating ProfitCr	13	15	21	20	11	13	13	21	25	22	31	36
OPM OPM%	15.3	16.1	19.3	16.8	12.0	12.1	9.8	12.6	14.8	13.6	16.4	18.1
Other Income Other IncomeCr	0	0	0	1	1	0	1	0	1	1	1	1
Interest Expense Interest ExpenseCr	4	4	4	5	6	6	6	7	7	7	6	6
Depreciation DepreciationCr	5	5	5	6	7	7	7	7	8	8	9	9
PBT PBTCr	4	6	12	10	-1	1	0	8	11	8	17	21
Tax TaxCr	2	2	4	0	0	0	0	2	4	2	5	6
PAT PATCr	3	4	8	10	-1	0	0	6	8	6	12	15
Growth PAT Growth%	32.0	47.6	90.3	25.1	-107.3	157.6	-58.8	3,136.3	40.2	-22.3	94.2	143.8
NPM NPM%	3.3	4.5	7.4	8.4	-0.8	0.4	0.1	3.3	4.6	3.7	6.2	7.4
EPS EPS₹	2.8	4.2	-0.8	9.9	-0.7	0.4	0.2	5.6	7.8	6.0	11.8	14.6

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	85	92	108	119	95	105	132	170	171	165	188	197
Growth Revenue Growth%	10.9	8.4	16.9	10.3	-19.8	10.0	26.1	28.8	0.5	-3.4	14.2	16.9
Expenses ExpensesCr	72	77	87	99	84	92	119	149	146	143	158	161
Operating Profit Operating ProfitCr	13	15	21	20	11	13	13	21	25	22	31	36
OPM OPM%	15.3	16.1	19.3	16.8	12.0	12.1	9.8	12.6	14.8	13.6	16.4	18.1
Other Income Other IncomeCr	0	0	0	1	1	0	1	0	1	1	1	1
Interest Expense Interest ExpenseCr	4	4	4	5	6	6	6	7	7	7	6	6
Depreciation DepreciationCr	5	5	5	6	7	7	7	7	8	8	9	9
PBT PBTCr	4	6	12	10	-1	1	0	8	11	8	17	21
Tax TaxCr	2	2	4	0	0	0	0	2	4	2	5	6
PAT PATCr	3	4	8	10	-1	0	0	6	8	6	12	15
Growth PAT Growth%	32.0	47.6	90.3	25.1	-107.3	157.6	-58.8	3,136.3	40.2	-22.3	94.2	143.8
NPM NPM%	3.3	4.5	7.4	8.4	-0.8	0.4	0.1	3.3	4.6	3.7	6.2	7.4
EPS EPS₹	2.8	4.2	-0.8	9.9	-0.7	0.4	0.2	5.6	7.8	6.0	11.8	14.6

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	5	5	5	5	5	5	5	5	5	5	10
Reserves ReservesCr	46	54	62	70	68	68	68	73	81	86	93
Current Liabilities Current LiabilitiesCr	40	37	47	68	69	75	81	100	97	90	87
Non Current Liabilities Non Current LiabilitiesCr	10	10	17	21	20	31	28	22	19	14	27
Total Liabilities Total LiabilitiesCr	100	106	130	164	162	178	182	201	202	195	217
Current Assets Current AssetsCr	47	49	56	70	64	76	81	100	101	100	104
Non Current Assets Non Current AssetsCr	53	58	74	93	97	102	101	101	100	95	112
Total Assets Total AssetsCr	100	106	130	164	162	178	182	201	202	195	217

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	5	5	5	5	5	5	5	5	5	5	10
Reserves ReservesCr	46	54	62	70	68	68	68	73	81	86	93
Current Liabilities Current LiabilitiesCr	40	37	47	68	69	75	81	100	97	90	87
Non Current Liabilities Non Current LiabilitiesCr	10	10	17	21	20	31	28	22	19	14	27
Total Liabilities Total LiabilitiesCr	100	106	130	164	162	178	182	201	202	195	217
Current Assets Current AssetsCr	47	49	56	70	64	76	81	100	101	100	104
Non Current Assets Non Current AssetsCr	53	58	74	93	97	102	101	101	100	95	112
Total Assets Total AssetsCr	100	106	130	164	162	178	182	201	202	195	217

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	9	10	15	12	10	16	13	12	6	19	26
Investing Cash Flow Investing Cash FlowCr	-6	-5	-20	-22	-6	-13	-4	-6	-7	-4	-24
Financing Cash Flow Financing Cash FlowCr	-3	-5	5	10	-5	-2	-9	-6	2	-16	0
Net Cash Flow Net Cash FlowCr	-1	0	0	0	0	1	0	-1	1	-1	2
Free Cash Flow Free Cash FlowCr	3	5	-5	-11	4	3	8	5	-2	15	2
CFO To PAT CFO To PAT%	326.6	237.7	191.8	120.6	-1,440.5	3,889.5	7,495.7	211.7	74.6	313.5	219.2
CFO To EBITDA CFO To EBITDA%	71.1	66.9	73.3	60.1	91.3	128.2	99.1	54.8	23.0	84.4	83.5

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	9	10	15	12	10	16	13	12	6	19	26
Investing Cash Flow Investing Cash FlowCr	-6	-5	-20	-22	-6	-13	-4	-6	-7	-4	-24
Financing Cash Flow Financing Cash FlowCr	-3	-5	5	10	-5	-2	-9	-6	2	-16	0
Net Cash Flow Net Cash FlowCr	-1	0	0	0	0	1	0	-1	1	-1	2
Free Cash Flow Free Cash FlowCr	3	5	-5	-11	4	3	8	5	-2	15	2
CFO To PAT CFO To PAT%	326.6	237.7	191.8	120.6	-1,440.5	3,889.5	7,495.7	211.7	74.6	313.5	219.2
CFO To EBITDA CFO To EBITDA%	71.1	66.9	73.3	60.1	91.3	128.2	99.1	54.8	23.0	84.4	83.5

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	69	113	204	145	72	90	158	146	273	351	503	1,435
Price To Earnings Price To Earnings	25.1	27.1	25.7	14.6		216.8	932.2	26.2	35.0	57.9	42.8	98.4
Price To Sales Price To Sales	0.8	1.2	1.9	1.2	0.8	0.9	1.2	0.9	1.6	2.1	2.7	7.3
Price To Book Price To Book	1.4	1.9	3.1	1.9	1.0	1.2	2.2	1.9	3.2	3.8	4.9	14.0
EV To EBITDA EV To EBITDA	7.5	9.4	11.6	9.9	11.1	12.3	17.0	9.7	13.6	18.4	18.5	43.6
Profitability Ratios Profitability Ratios
GPM GPM%	31.3	31.2	33.4	29.8	27.4	25.0	20.9	23.3	25.5	25.4	28.1	28.1
OPM OPM%	15.3	16.1	19.3	16.8	12.0	12.1	9.8	12.6	14.8	13.6	16.4	18.1
NPM NPM%	3.3	4.5	7.4	8.4	-0.8	0.4	0.1	3.3	4.6	3.7	6.2	7.4
ROCE ROCE%	10.6	11.6	15.5	11.5	4.2	4.6	4.8	10.2	11.6	9.7	13.3	13.3
ROE ROE%	5.5	7.0	11.9	13.2	-1.0	0.6	0.2	7.1	9.1	6.6	11.5	11.5
ROA ROA%	2.8	3.9	6.1	6.1	-0.5	0.2	0.1	2.8	3.9	3.1	5.4	5.4
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	69	113	204	145	72	90	158	146	273	351	503	1,435
Price To Earnings Price To Earnings	25.1	27.1	25.7	14.6		216.8	932.2	26.2	35.0	57.9	42.8	98.4
Price To Sales Price To Sales	0.8	1.2	1.9	1.2	0.8	0.9	1.2	0.9	1.6	2.1	2.7	7.3
Price To Book Price To Book	1.4	1.9	3.1	1.9	1.0	1.2	2.2	1.9	3.2	3.8	4.9	14.0
EV To EBITDA EV To EBITDA	7.5	9.4	11.6	9.9	11.1	12.3	17.0	9.7	13.6	18.4	18.5	43.6
Profitability Ratios Profitability Ratios
GPM GPM%	31.3	31.2	33.4	29.8	27.4	25.0	20.9	23.3	25.5	25.4	28.1	28.1
OPM OPM%	15.3	16.1	19.3	16.8	12.0	12.1	9.8	12.6	14.8	13.6	16.4	18.1
NPM NPM%	3.3	4.5	7.4	8.4	-0.8	0.4	0.1	3.3	4.6	3.7	6.2	7.4
ROCE ROCE%	10.6	11.6	15.5	11.5	4.2	4.6	4.8	10.2	11.6	9.7	13.3	13.3
ROE ROE%	5.5	7.0	11.9	13.2	-1.0	0.6	0.2	7.1	9.1	6.6	11.5	11.5
ROA ROA%	2.8	3.9	6.1	6.1	-0.5	0.2	0.1	2.8	3.9	3.1	5.4	5.4
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	PTCIL	PPEL	INVPRECQ	NEETUYOSHI	KALYANI	SIMPLEXCAS	NATFIT
Market CapitalizationMkt CapCr	39,214	1,723	1,435	882	781	496	304
Close PriceClose₹	24,745.00	864.00	1,435.00	227.30	1,088.30	121.10	335.00
IndustryIndustry	Castings Steel and Alloy	Castings Steel and Alloy	Castings Steel and Alloy	Castings Steel and Alloy	Castings Steel and Alloy	Castings Steel and Alloy	Castings Steel and Alloy
Price To EarningsPE	295.36		98.42	32.66	45.75	35.51	29.18
Price To SalesPS	56.23	5.86	7.30	8.97	5.22	2.27	3.11
RevenueRevenueCr	697	294	197	98	150	219	98
Revenue Growth TTMRev Gr TTM%	94.6%		16.9%	39.3%	7.5%	15.3%	17.2%
PAT Growth TTMPAT Gr TTM%	104.9%		143.8%	52.1%	19.9%	27.1%	-45.1%

	PTCIL	PPEL	INVPRECQ	NEETUYOSHI	KALYANI	SIMPLEXCAS	NATFIT
Market CapitalizationMkt CapCr	39,214	1,723	1,435	882	781	496	304
Close PriceClose₹	24,745.00	864.00	1,435.00	227.30	1,088.30	121.10	335.00
IndustryIndustry	Castings Steel and Alloy	Castings Steel and Alloy	Castings Steel and Alloy	Castings Steel and Alloy	Castings Steel and Alloy	Castings Steel and Alloy	Castings Steel and Alloy
Price To EarningsPE	295.36		98.42	32.66	45.75	35.51	29.18
Price To SalesPS	56.23	5.86	7.30	8.97	5.22	2.27	3.11
RevenueRevenueCr	697	294	197	98	150	219	98
Revenue Growth TTMRev Gr TTM%	94.6%		16.9%	39.3%	7.5%	15.3%	17.2%
PAT Growth TTMPAT Gr TTM%	104.9%		143.8%	52.1%	19.9%	27.1%	-45.1%

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26