Electrosteel Castings (500128) Q3 24/25 earnings summary

Executive summary

• Q3FY25 consolidated total income fell 4% YoY to ₹1,815.87 crore, with lower volumes following the south-west unit MBF shutdown; EBITDA was ₹294 crore and PAT ₹160.17 crore.

• 9MFY25 total income rose 2.9% to ₹5,701 crore, EBITDA increased 2.7% to ₹961 crore and PAT rose 5.5% to ₹541.41 crore.

• Capacity expansion, a strong order book and water-infrastructure programs support the growth outlook.

Financial highlights

• Q3FY25 consolidated EBITDA fell 31.5% YoY to ₹294 crore; EBITDA margin was 16.2%, down 649 bps.

• Q3FY25 consolidated PAT was ₹160.17 crore versus ₹263.43 crore a year earlier; PAT margin was 8.8% versus 13.9%.

• 9MFY25 revenue from operations rose to ₹5,616.37 crore from ₹5,473.76 crore; PAT increased to ₹541.41 crore from ₹513.01 crore.

• Standalone Q3FY25 income was ₹1,672 crore, EBITDA ₹280 crore and PAT ₹157 crore; 9M income was ₹5,236 crore, EBITDA ₹903 crore and PAT ₹521 crore.

Outlook and guidance

• FY26 sales-volume target is 8.5–9 lakh tons, with expected EBITDA margins of 16%–18%.

• Capacity expansion targets 10 lakh TPA in FY26; ₹480 crore of the ₹700 crore capex plan had been spent through Q3FY25.

• Management expects water-infrastructure demand to recover from April; order-book visibility was approximately eight months.