Captain Technocast is a Rajkot-based manufacturer that turns molten metal into complex, high-precision components using the lost-wax casting process - essentially sculpting parts from steel and super alloys for industries where a flawed part is not an option, from jet engines to dairy valves. Incorporated in 2010 and listed on the BSE SME Platform, the company grew out of Gujarat’s Shapar-Veraval engineering cluster and has since expanded by moving from making individual valve castings for others to assembling entire valves under its own roof, and by stitching together a network of subsidiaries in adjacent casting and engineering services. The recurring approach is deliberately self-contained: all manufacturing know-how is in-house and domestic, no outside technology is licensed, and formal R&D spending is zero - the company competes on process mastery, not invention. # Business segments A single precision-casting engine, now extending forward into assembled valves and sideways through subsidiaries that broaden its manufacturing footprint - one core process, multiple end-markets. ## 1. Investment castings: the core process that feeds everything else **The company makes near-net-shape metal parts by pouring molten steel and alloys into ceramic moulds built around wax patterns - a batch process that trades speed for the ability to produce intricate shapes that machining cannot easily replicate.** - **One process, many metals** - the foundry pours carbon steel, alloy steel, stainless steel, super alloys and non-ferrous materials, which lets it serve customers with wildly different needs - corrosion-resistant pump parts, heat-resistant aerospace brackets, high-strength automotive linkages - from the same basic production line. - **Two plants, one cluster** - all manufacturing happens at two facilities in Shapar-Veraval, Rajkot, with a combined area of roughly 1,90,000 square feet and an annual capacity of 2,400 tonnes, giving the company deep local access to Gujarat’s casting supply chain and skilled labour pool. - **In-house quality control is the selling point** - the lab houses German-made Bruker spectrometers for chemical analysis, 3D height gauges, borescope cameras and radiation meters, so every heat of metal is verified before it ships; the plant holds ISO 9001, PED, IBR and NORSOK certifications that open doors in regulated industries. - **Exports provide a third of the business** - the company sells to more than eight countries across North America, Europe and Asia Pacific, with foreign exchange earnings of about Rs. 33 crore in FY25, which diversifies its customer base beyond domestic industrial cycles. - **Steel dependence is the structural vulnerability** - all raw materials are sourced domestically, and the company identifies steel scarcity and price volatility as direct threats; because the process is batch-based rather than continuous, production cycles are longer and startup costs are high, making cost discipline essential. ## 2. Industrial valves: forward integration into finished products **Having historically supplied cast valve bodies and internals to third-party assemblers, the company now produces fully assembled ball and butterfly valves in-house - capturing the margin that used to go to someone else.** - **From component to complete product** - the shift, executed through subsidiary X2 Valves (70% owned), means the company now manages precision casting, machining, assembly and testing under its own control, so quality and delivery timing are no longer dependent on an outside assembler. - **Built on the existing foundry** - the valve business is not a standalone factory; it draws on the same investment-casting infrastructure plus an in-house machine shop, so the forward integration adds revenue without duplicating the entire manufacturing base. # Group structure and partners **Captain Technocast sits at the centre of a web of “Captain”-branded companies sharing promoters and directors, using subsidiaries and associates to reach into adjacent casting processes and engineering services.** - **The parent and its direct holdings** - the listed entity (BSE: 540652) directly owns majority stakes in X2 Valves (valves), Vartis Engineering (casting job work, acquired March 2025 with a 51.25% stake) and a smaller position in Captain Polyplast (irrigation and PVC pipes, via warrants), though the board approved taking members' approval for the sale of Vartis Engineering in May 2026. - **Associates extend the casting footprint** - Captain Metcast (50% stake as of March 2021) manufactures investment castings and aluminium pressure die castings, having started commercial production in October 2021, while Captain Castech (70% stake as of FY23) was incorporated for ferrous and non-ferrous casting but had yet to generate turnover. - **A shared promoter group** - the “Captain” constellation includes Captain Pipes and Captain Polyplast, all linked through common directors and the promoter families of Ramesh and Gopal Khichadia; related-party transactions for raw materials and sales flow with Captain Metcast Pvt Ltd, and loans flow to Captain Castech Ltd and Captain Metcast Pvt Ltd, making the group an interconnected industrial network rather than a standalone company. - **Lean governance with no dilution levers** - the board has six directors including two independents, the 510 shareholders all hold stock in dematerialised form, and the company has never issued employee stock options, GDRs or convertible instruments, keeping the capital structure simple.