Swastika Castal Ltd is a manufacturer of high-precision aluminum castings that has spent 30 years turning a commodity metal into fully machined, ready-to-use components for the world’s electrical grids, railways, and factories. Founded in 1996 in Vadodara and now run by the founder’s son, the company made a deliberate shift from selling raw castings to selling finished, machined parts - a move that locks customers in tighter and earns better returns. The recurring approach is simple: get approved by a demanding global OEM (original equipment manufacturer) through an 18-to-36-month qualification grind, then become a permanent fixture in that customer’s supply chain for years. # Business segments A single engine - high-precision aluminum castings, machined and delivered ready-to-install - serving six industries across three continents from one integrated plant in Gujarat. ## 1. Precision aluminum castings: the finished part, not the raw metal **The company earns its keep by navigating an 18-to-36-month customer approval gauntlet, after which it becomes the default supplier of machined aluminum components that its customers cannot easily source elsewhere.** - **Three casting processes under one roof** - sand casting handles complex, heavy parts up to 250 kg; gravity die casting (permanent mold) handles medium-weight precision parts up to 80 kg; and centrifugal casting produces high-density engineered components up to 70 kg, so the company can serve a wide range of component geometries without subcontracting. - **Sold as finished components, not rough metal** - the company machines, heat-treats, and tests every part in-house using CNC machines and an on-site quality lab, delivering components that customers can bolt straight into their products. This is the business-model shift that improved margins and made customers stickier. - **The moat is the approval process** - qualifying as a supplier to the likes of ABB, Siemens, or Hitachi takes a year and a half to three years of testing and validation, which means once the company is in, competitors face a steep wall and customers face high switching costs if they leave. Existing customers including Hitachi, ABB, Siemens, GE, and Toshiba are described as “booked for the next at least five years”. - **Power grid is the anchor, exports are the growth lever** - 70% of the portfolio serves power transmission and distribution, with marquee clients such as ABB, Toshiba, Siemens, Hitachi, Hyosung, and GE Power. The revenue mix in FY26 was 59% domestic and 41% export, spanning 9-plus Indian states and 7-plus countries. - **Input costs pass through, volume drives the top line** - the company has a price variation clause with most customers that adjusts for aluminum and fuel costs monthly, so raw-material swings are largely neutralized and revenue growth comes from selling more tonnes, not from price increases. # Group structure and partners **A single-entity, family-run company with no subsidiaries or joint ventures, led by a second-generation managing director who has spent two decades on the factory floor.** - The company is a standalone corporate entity listed on the BSE SME platform under Scrip Code 544452, with no subsidiaries or joint ventures mentioned in any filing. - Managing Director Varun Sharda represents the second generation of the founding family, has 20+ years of experience in the casting industry, and has been a director since 2007. - The board includes Varsha Sharda (Director), Bharat Dhirajlal Mehta and Ashwinbhai Kantilal Shah (Independent Directors), and Gopalkumar Ambalal Gandhi (CFO).