Company Overview
Investment & Precision Castings Limited (BSE: 504786, CIN: L27100GJ1975PLC002692) presented its H1 FY 2026–27 investor presentation dated 14th November 2026. The company is a BSE-listed pioneer of investment casting in India since 1975, now operating as a supplier of finished precision components for aerospace, defence, energy, automotive and other sectors.
Financial Performance - H1 FY 2026–27
Revenue from Operations: ₹111.4 crore, representing a 26.3% increase from H1 FY 2025–26 (₹88.2 crore)
EBITDA: ₹24.1 crore, showing a 67.5% increase from H1 FY 2025–26 (₹14.4 crore)
EBITDA Margin: 21.6%, expanding by 5.4 percentage points from 16.2% in H1 FY 2025–26
Profit After Tax: ₹10.8 crore, more than doubling with a 107.2% increase from H1 FY 2025–26 (₹5.2 crore)
Quarterly Performance Breakdown (₹ lakh)
Q2 FY 2026–27 Results:
- Revenue from Operations: ₹58,016
- Other Income: ₹2,104
- Total Income: ₹58,220
- Profit Before Tax & Exceptional Items: ₹8,324
- Tax Expenses: ₹2,523
- Net Profit for the period: ₹5,801
- Earnings Per Share (EPS): ₹5.80
Quarter-over-Quarter Comparison:
- Revenue increased 8.67% from Q1 FY 2026–27 (₹53,372)
- Net Profit increased 16.22% from Q1 FY 2026–27 (₹4,991)
Year-over-Year Comparison (Q2):
- Revenue increased 31.56% from Q2 FY 2025–26 (₹44,090)
- Net Profit increased 91.25% from Q2 FY 2025–26 (₹3,033)
Strategic Developments and Capex
The Board of Directors has approved a capital investment of up to ₹100 crore for development and execution of various projects in the Aerospace, Defence & Energy sectors. This investment aims to strengthen the company's capabilities, expand infrastructure, and capitalize on emerging business opportunities in these strategic sectors.
Current Capex: ₹5.27 crore in H1 FY 2026–27 (compared to ₹23.2 crore in full-year FY 2025–26)
Funding: Through internal accruals and debt (rated CARE BBB; Stable)
Key Investments:
- Lost-foam precision casting (new line in installation and trials)
- CNC and machining capacity expansion
- Value-add capability enhancements in heat treatment, vacuum casting, and inspection
Operational Highlights
End Market Revenue Mix: Aerospace and defence grew to 11% of revenue in H1 FY 2026–27 (from lower share in FY 2025–26)
Quality Certifications: The company holds multiple accreditations including:
- NADCAP Approved for NDT
- EN 9100:2018
- IATF 16949:2016
- ISO 13485:2016
- ISO 9001:2015
- ISO 14001:2015
- ISO 45001:2018
- NABL Accredited Lab
- ZED GOLD - MSME Sustainable (Ministry of MSME's highest zero-defect, zero-effect level)
Process Capabilities: Investment casting, precision machining (50+ CNC up to 5 axes inhouse), super-alloy casting, heat treatment (38 furnaces), hot isostatic pressing, NDT/inspection/metrology, and surface finishing/coating.
Alloy Groups: Carbon & low-alloy steel, stainless & PH steel, nickel super-alloys, cobalt super-alloys, aluminium, and copper.
Financial Position
Gearing Ratio: 0.71x overall gearing in H1 FY 2026–27 (0.68x at 31 March 2026)
Interest Coverage: 5.12x in H1 FY 2026–27 (3.40x in FY 2025–26)
Risk Factors
The presentation identifies key risks including customer and segment concentration (top five customers account for about half of revenue), schedule variability, technology shift in automotive, long qualification cycles, working capital intensity, and input cost/currency fluctuations. These are managed through diversification, prudent working capital management, and pass-through contract terms.
Industry Context
Third-party data referenced shows:
- Global investment castings market: USD 17.4 billion in 2025, projected to reach USD 24.9 billion by 2033 (∼4.5% CAGR)
- Airbus sourced about USD 1.4 billion from India in 2024 (up from USD 0.5 billion in 2019), targeting ∼USD 2 billion annually before 2030
- India's defence production: ₹1,50,590 crore in FY 2024–25 against national target of ₹3 lakh crore by 2029