### **Overview** Electrosteel Castings Limited (ECL) is a pioneering and market-leading manufacturer of **Ductile Iron (DI) Pipes and Fittings** in India and South Asia, and ranks among the **top global producers** in the segment. Established in 1955 and headquartered in Kolkata, West Bengal, ECL has built a formidable reputation over nearly seven decades as a trusted provider of integrated water infrastructure solutions. The company operates with a **singular business focus**—pipes and fittings for water infrastructure—supported by a fully **integrated and technologically advanced manufacturing model** across five facilities in India. It exports to **over 130 countries** worldwide, serving high-demand markets in Western Europe, the UK, the USA, the Middle East, Africa, and Asia. Its growth is closely aligned with India’s **Viksit Bharat national development vision**, particularly through flagship programs like **Jal Jeevan Mission, AMRUT 2.0, and River Linking**. --- ### **Key Highlights (as of Nov 2025)** #### **1. Market Position & Capacity** - **Production Capacity**: 900,000 TPA for DI pipes, with ongoing **brownfield expansion** to reach **1 million TPA by FY26**, driven by a Rs. 700 crore capital expenditure plan. - **Installed Plants**: Five integrated manufacturing units located in: - **Khardah, Bansberia, Haldia (West Bengal)** - **Elavur (Tamil Nadu)** - **Srikalahasthi (Andhra Pradesh)** - **Global Footprint**: 900,000 TPA capacity from four Indian plants and logistical support via **seven domestic workshops/stockyards** and **10 overseas subsidiaries**. #### **2. Product Portfolio & Innovation** - **Core Products**: - Ductile Iron (DI) Pipes & Fittings - Flange Pipes, Restrained Joint Pipes (Electrolock technology), Cast Iron Pipes - **Ancillary Products** (produced mainly for captive use): Sponge Iron, Metallurgical Coke, Sinter, Cement, Ferro Silicon, Pig Iron, and power (42.75 MW). - **Key Differentiators**: - **Electrolock**—a proprietary restrained joint system that eliminates need for concrete thrust blocks, improving installation speed and safety. - **Widest range of linings and coatings** globally, customized for soil, water quality, and pressure conditions. - **Patented FR Series**: Converts pressure dispersion in water pipelines into usable electricity—opening a **new revenue stream** and positioning ECL as a clean-tech innovator. #### **3. Strategic Acquisitions & Global Expansion** - **Acquisition of T.I.S. Service S.p.A. (Italy)**: Effective August 2025, ECL acquired 100% of this leading manufacturer of **valves and water control systems** used in water supply, sewage, and hydroelectric projects. This enables ECL to offer **end-to-end water infrastructure solutions** (pipes, fittings, valves). - T.I.S. reported €35.71 million revenue in FY23-24 and holds a strong presence in Europe. - FR product line from T.I.S. is now integrated into ECL’s portfolio. - **Acquisition of Singardo International Pte Limited (Singapore)**: Completed October 2024. - Now a 100% owned subsidiary, Singardo strengthens ECL’s **Southeast Asian presence**, particularly in Vietnam, Thailand, and ASEAN markets. - **Subsidiaries Network**: - Electrosteel USA, LLC (includes WaterFab LLC) - Electrosteel Europe S.A. (Poland, Croatia, Turkey) - Electrosteel Castings (UK) Ltd - Electrosteel Gulf FZE (UAE), Electrosteel Bahrain Trading WLL (Saudi Arabia/Bahrain) - Electrosteel Algeria SPA - Electrosteel Brasil Ltd. - Consolidated operations include entities in Spain, UAE, USA, UK, Algeria, Poland, Turkey, and Croatia (as of July 2025). #### **4. Business & Financial Performance** - **FY25 Production**: ~735,000 MT of DI pipes produced. - **Order Book**: Covers ~7.5 months of production (as of May 2025), reflecting strong demand visibility. - **Exports**: Account for **~14–18% of turnover**, primarily to Europe, USA, Middle East, and Africa. Export margins are **₹3,000–4,000/ton higher** than domestic sales. - **H1 FY25 Performance**: Despite a planned shutdown in Srikalahasthi, reported **6.5% YoY income growth** and **31.8% EBITDA growth** with margin expansion of 329 bps—underscoring pricing power and cost efficiency. - **Consolidated Structure**: Financial results include ECL and its wholly owned subsidiaries globally, effective from Oct 2024 and July 2025. #### **5. Market Demand & Growth Drivers** - **Domestic Demand Pull**: - Government initiatives: Jal Jeevan Mission (target of 19 crore rural tap connections), AMRUT 2.0, Smart Cities, River Interlinking. - 5 crore rural households still to be connected—massive pending opportunity. - **Global Demand**: - Growing water infrastructure spending in Europe, Middle East, Africa, and South America. - Urbanization and aging pipeline replacement driving demand in the US and EU. - **Industrial Demand**: DI pipes are preferred for **chemically treated industrial wastewater recycling** and high-pressure industrial systems. #### **6. Competitive Landscape & Challenges** - **Competition**: Domestic market is intensifying due to new entrants and capacity expansions by peers. PVC and alternate materials pose substitution threat. - **Advantages**: - **Strong brand recall** and **international certifications** (BSI, DVGW, UL, FM, SASO, etc.). - **R&D focus** and superior product quality. - **Integrated manufacturing** ensuring cost control and supply chain resilience. - Leadership in custom coatings, joint technology, and one-stop solutions. - **Pricing Pressure**: Rising competition and tightened supply-demand dynamics are increasing pressure on margins. - **Regional Variance**: - **UAE**: Low project activity led to reduced subsidiary turnover. - **Bahrain/Saudi**: Improved business performance and favorable outlook for FY25–26. #### **7. Strategic Initiatives & Industry 4.0** - **Digital Transformation**: - IIoT-based plant monitoring connecting IT and OT systems. - In-house AI deployment for workplace safety and predictive maintenance. - **Dark and Deep Web Monitoring** to mitigate cybersecurity risks. - **Smart Factory Roadmap**: Full Industry 4.0 integration targeted in coming years. - **Sustainability & ESG**: - Waste heat recovery for power generation. - Municipal sewage water treatment in Tirupati. - Water recycling and raw material conservation initiatives. #### **8. Leadership & Governance** - **Mr. Sunil Katial**: Whole-time Director and CEO since 2020. Over 45 years of experience in steel and power sectors; previously led large-scale industrial projects in India and abroad. - **Mr. Madhav Kejriwal**: Key architect of the Srikalahasthi Pipes merger. Oversees global sales, operations, and business development. - **Mrs. Nityangi Kejriwal Jaiswal**: Whole-time Director. Led digital transformation and operational improvements, **doubling profitability** in Fittings & Special Products division. #### **9. Raw Materials & Supply Chain** - Imports iron ore and coking coal primarily from **Australia**. - Fully **backward-integrated** in processing: owns sinter plants, coke oven batteries, and captive power. - For every ton of liquid metal, requires 1.6–1.7 tonnes of iron ore and 1 tonne coking coal. - Holds **48.98% stake in North Dhadhu Mining Company Private Limited**, supporting long-term raw material security.