SCL export revenue rose 41% in FY26, outpacing domestic sales

Swastika Castal Limited increased export revenue 41% to Rs 14.5 crore in FY26, while domestic revenue rose about 5% to Rs 20.9 crore. The result raised exports to 41% of revenue from 34% in FY25, although domestic sales remained the larger market.

How much did SCL export revenue grow in FY26?

SCL reported 41% growth in export revenue in FY26, taking overseas sales to Rs 14.5 crore from Rs 10.2 crore in FY25. That was an increase of Rs 4.3 crore, compared with a Rs 1.0 crore increase in domestic revenue to Rs 20.9 crore from Rs 19.9 crore. The presentation describes domestic growth as about 5%.

SCL presents the market revenue figures as derived and rounded amounts, while separately identifying FY26 export growth as 41%. On those reported figures, exports supplied Rs 4.3 crore of the Rs 5.3 crore increase across the two markets. The disclosure is a geographic revenue split and does not provide market-level profit, margins, backlog or sales by customer.

How did SCL revenue mix change between FY25 and FY26?

SCL's export share rose by 7 percentage points to 41% of revenue in FY26, while the domestic share declined by 7 percentage points to 59%. The FY25 split was 34% exports and 66% domestic sales. The mix moved because export revenue increased faster than domestic revenue, not because domestic revenue contracted.

Domestic revenue still exceeded export revenue by Rs 6.4 crore in FY26, based on Rs 20.9 crore of domestic sales and Rs 14.5 crore of exports. That gap had been Rs 9.7 crore in FY25, when the equivalent revenue figures were Rs 19.9 crore and Rs 10.2 crore. Exports therefore moved closer to the domestic base over one year, but did not become SCL's largest market.

The presentation says SCL exports to Europe, the USA and Mexico. It does not disclose FY26 revenue by country, currency, product type or individual overseas customer. It also does not identify whether the Rs 4.3 crore export increase reflected volume, pricing, new programmes or a change in product mix.

What supports SCL's export revenue opportunity?

SCL says it operates in global supply chains and added two European Tier-1 customers, Trench and KUVAG, in FY26. A Tier-1 supplier sells directly into an original equipment manufacturer, or OEM, supply chain. SCL states that its exports serve Europe, the USA and Mexico, while its customer list includes Trench, Siemens, Hitachi, GE Power India Limited and other industrial businesses.

SCL describes its model as build-to-print: the OEM owns the design and type test, while SCL owns a qualified and repeatable manufacturing process. This arrangement links production to an approved process rather than product design ownership. The presentation identifies electrical equipment and power transmission, railways and diesel engines, automotive, oil and gas, and industrial machinery as its served sectors.

The presentation also links export potential to global high-voltage equipment capacity additions and says casting capacity is shrinking in the US, Europe and Japan because of energy and labour costs. These are industry conditions cited by SCL, rather than SCL orders or a revenue forecast. SCL does not disclose a FY27 or FY28 export-revenue target, a committed export volume, or the contribution expected from either new Tier-1 customer.

When could SCL's newer export customers add volume?

SCL says serial supply typically begins 12 to 36 months after the first supplier audit, meaning a customer addition does not necessarily produce immediate production revenue. The approval stages include supplier assessment, design-for-manufacture and tooling, first-article checks, OEM validation, pilot lots and serial release. Each step precedes a volume ramp.

SCL says Trench and KUVAG, which were added in FY26, are at the start of their ramp and that volumes follow serial release rather than the approval date. It also says replacing a casting source on a type-tested design can require re-validation. The same qualification process requires continuing annual audits, quality measurement and delivery scorecards after a supplier starts production.

For Trench, SCL expects ramp-up from FY28, with volumes following serial release. The presentation notes that GE Vernova announced an agreement to acquire Trench in October 2026, with closing expected in late 2027 subject to regulatory approvals. SCL identifies Trench as an existing customer, but neither the transaction nor the expected FY28 ramp is presented as a quantified purchase commitment.

Why does SCL's domestic business remain relevant?

SCL's domestic business accounted for 59% of FY26 revenue and increased by about 5% to Rs 20.9 crore, despite trailing the 41% export growth rate. The domestic market was Rs 6.4 crore larger than exports in FY26. This means the export mix shift occurred alongside, rather than instead of, growth in the domestic base.

The presentation places domestic demand in the context of India's National Electricity Plan for transmission, which outlines Rs 9.15 lakh crore of planned investment through 2032. The plan targets substation capacity of 2,342 gigavolt-amperes, or GVA, by 2032, compared with 1,251 GVA previously. These figures describe the transmission market context and are not SCL's own order book or revenue guidance.

SCL also notes that the required annual substation-capacity addition for 2024 to 2032 is 136 GVA, compared with 73 GVA achieved annually in 2017 to 2022. That comparison indicates the scale of the planned build-out cited in the presentation. However, SCL's disclosed domestic outcome for FY26 remains revenue growth of about 5%, and the source provides no domestic sales target for the following year.

Conclusion

SCL's FY26 data show that exports drove most of the reported market-revenue increase. Export revenue rose Rs 4.3 crore to Rs 14.5 crore and lifted its share of revenue to 41%, while domestic sales rose Rs 1.0 crore to Rs 20.9 crore and remained the company's larger market.

The next disclosed milestone is the 12-to-36-month qualification process for customers added in FY26, particularly the expected Trench ramp-up from FY28 after serial release. The presentation does not quantify the resulting volumes, so the relevant next development is whether new approvals translate into serial supply while SCL maintains its stated quality and delivery requirements.