Electrosteel Castings (500128) Q4 24/25 earnings summary

Executive summary

• FY25 consolidated total income was ₹744,307.82 lakh and profit was ₹70,971.28 lakh; two blast-furnace shutdowns and softer H2 demand weighed on output.

• DI pipe capacity reached 9 lakh tons; expansion toward 10 lakh tons, a ~7.3-month order book and water-infrastructure demand support the growth outlook.

• Auditors issued a qualified opinion over unresolved coal-block and ESL-related matters with financial effects that remain unascertainable.

Financial highlights

• Q4 FY25 consolidated total income was ₹1,739 crore, EBITDA ₹198 crore and PAT ₹168 crore; FY25 total income was ₹7,443 crore, EBITDA ₹1,159 crore and PAT ₹710 crore.

• FY25 consolidated revenue from operations was ₹731,996.71 lakh versus ₹747,801.13 lakh in FY24; total income was ₹744,307.82 lakh versus ₹758,025.22 lakh.

• Standalone FY25 total income was ₹6,840 crore, EBITDA ₹1,116 crore and PAT ₹712 crore; revenue from operations was ₹674,588.28 lakh versus ₹693,801.41 lakh in FY24.

• FY25 consolidated net cash from operating activities was ₹48,044.60 lakh versus ₹80,290.28 lakh in FY24.

Outlook and guidance

• DI sales volume guidance is 8.3–8.5 lakh tons in FY26 and above 9 lakh tons in the subsequent year; capacity target is 10 lakh tons by FY26-end.

• Management targets medium- to long-term EBITDA margins of 15%–18%, toward the upper end after FY27–FY28.

• Capacity utilization was ~60% in Q4; management expects sequential 10%–15% ramp-ups in Q1–Q3 and industry utilization of 85%–90% over 2–3 years.

• Order book visibility stood at ~7.3 months.

• Ken-Betwa DI pipe demand is expected from H2 FY26; DI is estimated at 15%–20% of the project's demand mix.