Nitin Castings Ltd

NITINCAST

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Market Cap

₹ 268 Cr

P/E

23.42

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

STABLE

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Nitin Castings Limited is part of the Kedia Group and specializes in manufacturing and selling Alloy Steel Castings for diverse industrial applications.

The company expanded its production capacity significantly in 2007-08, increasing from 1,200 MT to 3,000 MT by diversifying into Centrifugal Castings.

In 2015, Nitin Castings commenced operations of a new Investment Castings pilot plant, adding 10 MT capacity per month.

The demerger process with Rajshila Construction in 2016 allowed Nitin Castings to streamline operations, focusing solely on its core casting business.

In 2018-19, a new facility in Vapi, Gujarat, was established, enhancing the production of value-added engineering components.

Sector

Castings, Forgings & Fastners

Industry

Castings - Steel / Alloy

Market Cap

268 Cr

Volatility

Low Risk

P/E Ratio

23.4

Industry P/E

47.3

PEG Ratio

0.7

P/B Ratio

3.0

52W High

745.00

52W Low

435.30

Sales CAGR

1.22%

15.98%

18.63%

10Y

8.63%

Profit CAGR

2.31%

33.99%

56.78%

10Y

97.29%

ROE

TTM

12.97%

13.74%

11.84%

10Y

8.03%

ROCE

TTM

16.21%

18.46%

16.02%

10Y

11.10%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
KALYANI	489.00	349 Cr	25.04	5.41	0.00	21.18	27.51	16.85
NITINCAST	521.00	268 Cr	23.42	3.04	0.58	12.97	16.21	7.79
TCL	102.00	236 Cr	19.50	2.83	0.00	11.24	10.59	5.05
PRITIKA	74.80	197 Cr	26.52	3.92	0.00	14.81	9.05	4.10
GALLARD	205.00	195 Cr	32.08	3.57	0.00	0.00	0.00	8.52
SCML	149.00	172 Cr	21.59	2.18	0.00	10.10	11.85	3.49
NATFIT	179.70	163 Cr	18.01	1.93	0.56	10.72	14.27	19.03

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	36	40	34	39	40	38	34	39	36	36
Expenses	32	36	31	34	35	34	31	35	30	34
Operating Profit	3.65	3.69	2.95	5.08	4.59	4.00	2.58	3.41	5.52	2.37
OPM %	10.20	9.20	8.75	12.98	11.51	10.44	7.63	8.84	15.44	6.50
Other Income	1.39	0.83	1.38	-1.63	1.50	1.89	0.72	0.57	2.63	0.39
Interest	0.03	0.03	0.04	0.09	0.10	0.08	0.13	0.12	0.15	0.15
Depreciation	0.40	0.40	0.43	0.47	0.48	0.52	0.55	0.52	0.55	0.58
Profit Before Tax	4.61	4.09	3.86	2.89	5.52	5.29	2.62	3.34	7.44	2.03
Tax %	21.26	22.00	22.28	19.72	28.26	20.60	31.30	26.35	23.39	27.09
Net Profit	3.63	3.19	3.00	2.31	3.96	4.20	1.80	2.45	5.71	1.48
EPS in Rs	7.05	6.20	5.84	4.50	7.70	8.17	3.50	4.77	11.10	2.88

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	69	59	74	64	62	97	133	149	151	146
Expenses	56	53	67	58	56	90	124	133	135	131
Operating Profit	12	6.61	6.71	6.36	5.58	6.58	9.63	15	15	16
OPM %	17.68	11.11	9.10	9.92	9.01	6.81	7.22	10.33	10.20	10.59
Other Income	0.72	0.79	1.82	1.16	1.50	2.15	0.80	1.98	3.90	5.81
Interest	0.23	0.71	0.91	1.35	0.96	0.20	0.12	0.20	0.43	0.48
Depreciation	3.78	3.86	4.31	4.50	2.21	2.00	1.80	1.69	2.07	2.14
Profit Before Tax	1.73	0.89	3.32	1.66	3.91	6.52	8.51	15	17	19
Tax %	32.04	5.22	29.51	21.22	16.72	20.90	42.54	21.49	25.97	24.24
Net Profit	1.18	0.84	2.34	1.31	3.26	5.16	4.89	12	12	14
EPS in Rs	1.07	2.39	2.12	2.67	6.50	10.10	9.63	23.59	24.14	22.25
Dividend Payout %	21.83	60.98	10.99	0.00	7.89	4.98	7.89	12.72	12.43	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	1.40	2.57	2.57	2.57	2.57	2.57	2.57	2.57	2.57	2.57
Reserves	41	41	42	43	44	48	53	57	69	80
Borrowings	9.04	9.69	12	9.89	4.72	0.87	3.46	9.86	4.92	7.50
Other Liabilities	10	8.45	14	16	16	16	19	22	33	39
Total Liabilities	61	62	70	71	67	67	78	92	109	129
Fixed Assets	21	18	30	30	26	24	23	22	25	30
CWIP	2.29	7.74	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	2.32	0.17	0.20	0.23	4.85	16	17	25	36	47
Other Assets	36	36	40	41	36	27	37	45	48	52
Total Assets	61	62	70	71	67	67	78	92	109	129

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	1.08	2.73	5.78	9.88	9.69	15	1.06	0.90	17	18
Cash from Investing Activity	-0.57	-3.35	-6.96	-4.24	-5.13	-12	-1.54	-7.51	-13	-19
Cash from Financing Activity	-0.73	0.77	1.75	-3.78	-6.83	-4.80	2.13	5.71	-5.53	0.61
Net Cash Flow	-0.22	0.15	0.57	1.86	-2.28	-1.12	1.65	-0.90	-0.82	-0.19

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	71.39%	71.39%	71.39%	71.39%	71.39%	71.39%	71.39%	71.39%	71.39%	71.39%	71.39%	71.39%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	28.61%	28.61%	28.61%	28.61%	28.61%	28.61%	28.61%	28.61%	28.61%	28.61%	28.61%	28.61%
Total Shareholders	906	997	1,569	1,559	996	1,383	1,393	1,532	1,553	1,567	1,567	1,593

Projection

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Presentations

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Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	36	40	34	39	40	38	34	39	36	36
Expenses	32	36	31	34	35	34	31	35	30	34
Operating Profit	3.65	3.69	2.95	5.08	4.59	4.00	2.58	3.41	5.52	2.37
OPM %	10.20	9.20	8.75	12.98	11.51	10.44	7.63	8.84	15.44	6.50
Other Income	1.39	0.83	1.38	-1.63	1.50	1.89	0.72	0.57	2.63	0.39
Interest	0.03	0.03	0.04	0.09	0.10	0.08	0.13	0.12	0.15	0.15
Depreciation	0.40	0.40	0.43	0.47	0.48	0.52	0.55	0.52	0.55	0.58
Profit Before Tax	4.61	4.09	3.86	2.89	5.52	5.29	2.62	3.34	7.44	2.03
Tax %	21.26	22.00	22.28	19.72	28.26	20.60	31.30	26.35	23.39	27.09
Net Profit	3.63	3.19	3.00	2.31	3.96	4.20	1.80	2.45	5.71	1.48
EPS in Rs	7.05	6.20	5.84	4.50	7.70	8.17	3.50	4.77	11.10	2.88

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	69	59	74	64	62	97	133	149	151	146
Expenses	56	53	67	58	56	90	124	133	135	131
Operating Profit	12	6.61	6.71	6.36	5.58	6.58	9.63	15	15	16
OPM %	17.68	11.11	9.10	9.92	9.01	6.81	7.22	10.33	10.20	10.59
Other Income	0.72	0.79	1.82	1.16	1.50	2.15	0.80	1.98	3.90	5.81
Interest	0.23	0.71	0.91	1.35	0.96	0.20	0.12	0.20	0.43	0.48
Depreciation	3.78	3.86	4.31	4.50	2.21	2.00	1.80	1.69	2.07	2.14
Profit Before Tax	1.73	0.89	3.32	1.66	3.91	6.52	8.51	15	17	19
Tax %	32.04	5.22	29.51	21.22	16.72	20.90	42.54	21.49	25.97	24.24
Net Profit	1.18	0.84	2.34	1.31	3.26	5.16	4.89	12	12	14
EPS in Rs	1.07	2.39	2.12	2.67	6.50	10.10	9.63	23.59	24.14	22.25
Dividend Payout %	21.83	60.98	10.99	0.00	7.89	4.98	7.89	12.72	12.43	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	1.40	2.57	2.57	2.57	2.57	2.57	2.57	2.57	2.57	2.57
Reserves	41	41	42	43	44	48	53	57	69	80
Borrowings	9.04	9.69	12	9.89	4.72	0.87	3.46	9.86	4.92	7.50
Other Liabilities	10	8.45	14	16	16	16	19	22	33	39
Total Liabilities	61	62	70	71	67	67	78	92	109	129
Fixed Assets	21	18	30	30	26	24	23	22	25	30
CWIP	2.29	7.74	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	2.32	0.17	0.20	0.23	4.85	16	17	25	36	47
Other Assets	36	36	40	41	36	27	37	45	48	52
Total Assets	61	62	70	71	67	67	78	92	109	129

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	1.08	2.73	5.78	9.88	9.69	15	1.06	0.90	17	18
Cash from Investing Activity	-0.57	-3.35	-6.96	-4.24	-5.13	-12	-1.54	-7.51	-13	-19
Cash from Financing Activity	-0.73	0.77	1.75	-3.78	-6.83	-4.80	2.13	5.71	-5.53	0.61
Net Cash Flow	-0.22	0.15	0.57	1.86	-2.28	-1.12	1.65	-0.90	-0.82	-0.19

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
KALYANI	489.00	349 Cr	25.04	5.41	0.00	21.18	27.51	16.85
NITINCAST	521.00	268 Cr	23.42	3.04	0.58	12.97	16.21	7.79
TCL	102.00	236 Cr	19.50	2.83	0.00	11.24	10.59	5.05
PRITIKA	74.80	197 Cr	26.52	3.92	0.00	14.81	9.05	4.10
GALLARD	205.00	195 Cr	32.08	3.57	0.00	0.00	0.00	8.52
SCML	149.00	172 Cr	21.59	2.18	0.00	10.10	11.85	3.49
NATFIT	179.70	163 Cr	18.01	1.93	0.56	10.72	14.27	19.03

Overview

Detailed Summary

Nitin Castings Limited is part of the Kedia Group and specializes in manufacturing and selling Alloy Steel Castings for diverse industrial applications.

The company expanded its production capacity significantly in 2007-08, increasing from 1,200 MT to 3,000 MT by diversifying into Centrifugal Castings.

In 2015, Nitin Castings commenced operations of a new Investment Castings pilot plant, adding 10 MT capacity per month.

The demerger process with Rajshila Construction in 2016 allowed Nitin Castings to streamline operations, focusing solely on its core casting business.

In 2018-19, a new facility in Vapi, Gujarat, was established, enhancing the production of value-added engineering components.

Sector

Castings, Forgings & Fastners

Industry

Castings - Steel / Alloy

Market Cap

268 Cr

Volatility

Low Risk

P/E Ratio

23.4

Industry P/E

47.3

PEG Ratio

0.7

P/B Ratio

3.0

52W High

745.00

52W Low

435.30

Sales CAGR

1.22%

15.98%

18.63%

10Y

8.63%

Profit CAGR

2.31%

33.99%

56.78%

10Y

97.29%

ROE

TTM

12.97%

13.74%

11.84%

10Y

8.03%

ROCE

TTM

16.21%

18.46%

16.02%

10Y

11.10%