Castings/Forgings · Founded 1975 · www.ipcl.in · BSE 504786 · NSE INVEST &PREC · ISIN INE155E01016
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Business
Investment & Precision Castings Ltd. (INVPRECQ) is engaged in the manufacturing of high-quality precision metal components using casting processes. Unlike conventional casting, precision casting (often referred to as investment casting or lost-wax casting) produces parts with intricate designs, tight dimensional tolerances, and excellent surface finishes, requiring minimal or no machining. The company's core business model involves designing, developing, and producing these critical components for various industries. It makes money by selling these specialized cast parts to original equipment manufacturers (OEMs) and tier-1 suppliers across different sectors that require high-performance, complex metal components.
Revenue Mix
Without specific financial disclosures, INVPRECQ's key segments are likely defined by the end-user industries it serves and the types of materials or processes employed. Common segments for precision casting companies include:
Automotive: Components for engines, transmissions, braking systems, and structural parts.
Industrial: Parts for general engineering, fluid power, valves, pumps, and heavy machinery.
Aerospace & Defense: Critical components for aircraft engines, airframes, and defense applications (often requiring stringent certifications).
Energy: Parts for power generation (turbines), oil & gas equipment.
Revenue mix by specific industry or metal type (e.g., ferrous, non-ferrous, superalloys) is not publicly available.
Industry
The castings and forgings industry is capital-intensive, cyclical, and largely driven by the health of the manufacturing and industrial sectors. Precision casting, in particular, operates in a specialized niche demanding high technical expertise, strict quality control, and often specific certifications. INVPRECQ is positioned as a specialized player within this niche, catering to customers who require high-performance, complex components that conventional casting or other manufacturing methods cannot easily achieve. Its positioning would be against other domestic and international precision casting manufacturers, often competing on quality, lead times, technological capability, and cost-effectiveness for specific component requirements.
MOAT
INVPRECQ's competitive advantages likely stem from:
Technical Expertise & Specialization: Proficiency in complex geometries, material science, and process control unique to precision casting, which is difficult for new entrants to replicate quickly.
Quality Reputation & Certifications: Long-standing relationships and approvals from demanding customers (e.g., in aerospace or automotive) due to consistent quality and reliability. Achieving and maintaining such certifications is a significant barrier to entry.
Customer Stickiness: Once a complex component is designed and approved for a specific application, customers are often reluctant to switch suppliers due to re-tooling costs, re-qualification processes, and potential supply chain disruptions.
Proprietary Processes/Tooling: Potential intellectual property or specialized tooling developed over years.
Growth Drivers
Key factors that can drive INVPRECQ's growth over the next 3-5 years include:
Growth in End-User Industries: Increased demand from automotive (especially electric vehicles requiring lighter, complex parts), aerospace, defense, industrial machinery, and energy sectors.
Shift to High-Value Manufacturing: As industries adopt more advanced materials and complex designs, the demand for precision-cast components over traditional manufacturing methods may increase.
"Make in India" & Defense Procurement: Government initiatives promoting domestic manufacturing and defense production can boost demand for precision components.
Export Opportunities: Leveraging cost advantages and quality to serve global customers, particularly in regions seeking diversified supply chains.
Technological Advancements: Adoption of automation, simulation software, and advanced materials to improve efficiency, reduce costs, and expand capabilities.
Risks
Cyclicality of End-Markets: Performance is heavily tied to the health of the automotive, industrial, and capital goods sectors, making it vulnerable to economic downturns.
Raw Material Price Volatility: Fluctuations in the prices of specialty alloys and other metals (e.g., nickel, chromium, iron) directly impact production costs and margins.
High Capital Expenditure: Maintaining technological edge requires continuous investment in machinery and R&D, leading to significant capital outlay.
Intense Competition: Competition from both domestic and international players, particularly from low-cost regions, can pressure pricing and market share.
Technological Obsolescence: Rapid advancements in manufacturing technologies (e.g., additive manufacturing) could pose a long-term challenge if not adapted to.
Regulatory & Environmental Compliance: Strict environmental regulations and safety standards for foundries can increase operational costs.
Management & Ownership
INVPRECQ, like many Indian companies, is likely promoter-led. The ownership structure typically involves the founding family or group holding a significant stake, providing stable control and a long-term vision. Management quality would generally be assessed by their ability to navigate cyclical industries, maintain technological leadership, build strong customer relationships, and ensure operational efficiency in a capital-intensive business. Specific details on the current board members, key management personnel, or detailed ownership breakdown are not provided.
Outlook
INVPRECQ operates in a specialized and critical segment of the manufacturing industry. The outlook is balanced, influenced by both significant opportunities and inherent challenges.
The company stands to benefit from the general growth in industrial and manufacturing output, the increasing demand for high-performance components across sectors like automotive, aerospace, and defense, and potential opportunities arising from 'Make in India' initiatives. Its specialization in precision castings provides a defensive moat against broader industrial commoditization, predicated on strong customer relationships and technical expertise.
However, the cyclical nature of its end-markets, volatility in raw material costs, the need for continuous capital investment to stay competitive, and intense competition present ongoing risks. Successful navigation will depend on its ability to diversify customer bases, manage input costs effectively, innovate its processes, and maintain its reputation for quality and precision.
| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 40 | 41 | 42 | 40 | 43 | 44 | 45 | 47 | 51 | 53 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 40 | 41 | 42 | 40 | 43 | 44 | 45 | 48 | 51 | 54 |
| Total Expenditure | 35 | 34 | 36 | 36 | 36 | 38 | 38 | 39 | 42 | 42 |
| Operating Profit | 5 | 7 | 6 | 4 | 6 | 7 | 8 | 8 | 9 | 11 |
| Interest | 2 | 2 | 2 | 2 | 2 | 2 | 1 | 1 | 2 | 2 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 | 0 | 0 |
| Profit Before Tax | 1 | 3 | 2 | 1 | 3 | 3 | 4 | 4 | 6 | 7 |
| Provision for Tax | 1 | 1 | 1 | 0 | 1 | 1 | 1 | 1 | 2 | 2 |
| Profit After Tax | 1 | 2 | 2 | 0 | 2 | 2 | 3 | 3 | 4 | 5 |
| Adjustments | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 1 | 2 | 2 | 0 | 2 | 2 | 3 | 3 | 4 | 5 |
| Adjusted Earnings Per Share | 0.7 | 2.3 | 1.5 | 0.4 | 1.9 | 2.2 | 3 | 2.8 | 3.8 | 5 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 85 | 92 | 108 | 119 | 95 | 105 | 132 | 170 | 171 | 165 | 188 | 196 |
| Other Income | 0 | 0 | 0 | 1 | 1 | 0 | 1 | 0 | 1 | 1 | 1 | 0 |
| Total Income | 85 | 92 | 108 | 120 | 96 | 105 | 133 | 171 | 172 | 166 | 190 | 198 |
| Total Expenditure | 72 | 77 | 87 | 99 | 84 | 92 | 119 | 148 | 145 | 142 | 157 | 161 |
| Operating Profit | 13 | 15 | 21 | 21 | 12 | 13 | 14 | 22 | 27 | 23 | 32 | 36 |
| Interest | 4 | 4 | 4 | 5 | 7 | 6 | 6 | 7 | 7 | 7 | 6 | 6 |
| Depreciation | 5 | 5 | 5 | 6 | 7 | 7 | 7 | 7 | 8 | 8 | 9 | 8 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 | -1 |
| Profit Before Tax | 4 | 6 | 12 | 10 | -1 | 1 | 0 | 8 | 11 | 8 | 17 | 21 |
| Provision for Tax | 2 | 2 | 4 | -0 | -0 | 0 | 0 | 2 | 4 | 2 | 5 | 6 |
| Profit After Tax | 3 | 4 | 8 | 10 | -1 | 0 | 0 | 6 | 8 | 6 | 12 | 15 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 3 | 4 | 8 | 10 | -1 | 0 | 0 | 6 | 8 | 6 | 12 | 15 |
| Adjusted Earnings Per Share | 2.8 | 4.2 | 7.9 | 9.9 | -0.7 | 0.4 | 0.2 | 5.6 | 7.8 | 6.1 | 11.8 | 14.6 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 14% | 3% | 12% | 8% |
| Operating Profit CAGR | 39% | 13% | 20% | 9% |
| PAT CAGR | 100% | 26% | 0% | 15% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 185% | 71% | 56% | 33% |
| ROE Average | 12% | 9% | 7% | 7% |
| ROCE Average | 14% | 12% | 10% | 10% |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 51 | 59 | 67 | 75 | 73 | 73 | 73 | 78 | 86 | 91 | 103 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 6 | 6 | 12 | 17 | 16 | 26 | 24 | 17 | 12 | 6 | 17 |
| Other Non-Current Liabilities | 4 | 4 | 5 | 4 | 4 | 4 | 4 | 5 | 7 | 7 | 10 |
| Total Current Liabilities | 40 | 37 | 54 | 68 | 69 | 75 | 81 | 100 | 97 | 90 | 87 |
| Total Liabilities | 100 | 106 | 138 | 164 | 162 | 178 | 182 | 201 | 202 | 195 | 217 |
| Fixed Assets | 44 | 51 | 63 | 78 | 81 | 89 | 90 | 89 | 89 | 85 | 101 |
| Other Non-Current Assets | 10 | 6 | 11 | 15 | 16 | 13 | 11 | 12 | 11 | 10 | 12 |
| Total Current Assets | 47 | 49 | 64 | 70 | 64 | 76 | 81 | 100 | 101 | 100 | 104 |
| Total Assets | 100 | 106 | 138 | 164 | 162 | 178 | 182 | 201 | 202 | 195 | 217 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 1 | 1 | 1 | 1 | 0 | 0 | 1 | 1 | 1 | 1 | 0 |
| Cash Flow from Operating Activities | 9 | 10 | 15 | 12 | 10 | 16 | 13 | 12 | 6 | 19 | 26 |
| Cash Flow from Investing Activities | -6 | -5 | -20 | -22 | -6 | -13 | -4 | -6 | -7 | -4 | -24 |
| Cash Flow from Financing Activities | -3 | -5 | 5 | 10 | -5 | -2 | -9 | -6 | 2 | -16 | -0 |
| Net Cash Inflow / Outflow | -1 | 0 | 0 | -0 | 0 | 1 | -0 | -1 | 1 | -1 | 2 |
| Closing Cash & Cash Equivalent | 0 | 1 | 1 | 0 | 0 | 1 | 1 | 1 | 1 | 0 | 2 |
| # | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 2.83 | 4.17 | 7.94 | 9.93 | -0.72 | 0.42 | 0.17 | 5.56 | 7.79 | 6.06 | 11.76 |
| CEPS(Rs) | 7.49 | 9.16 | 13.08 | 16.1 | 5.87 | 7.01 | 7.53 | 12.95 | 15.61 | 14.19 | 20.28 |
| DPS(Rs) | 0.35 | 0.63 | 1.25 | 1 | 0.05 | 0.63 | 0.13 | 0.5 | 0.5 | 0.25 | 1 |
| Book NAV/Share(Rs) | 50.95 | 59.38 | 66.58 | 74.98 | 72.99 | 73.33 | 72.93 | 78.39 | 85.66 | 91.27 | 102.61 |
| Core EBITDA Margin(%) | 13.64 | 16.18 | 19.39 | 16.86 | 12.05 | 12.2 | 9.91 | 12.73 | 14.9 | 13.7 | 16.46 |
| EBIT Margin(%) | 8.92 | 11 | 15.02 | 12.42 | 5.72 | 6.23 | 5.06 | 8.66 | 10.98 | 9.22 | 12.32 |
| Pre Tax Margin(%) | 4.64 | 6.75 | 11.13 | 8.05 | -1.14 | 0.56 | 0.17 | 4.56 | 6.71 | 5.07 | 8.97 |
| PAT Margin (%) | 2.96 | 4.53 | 7.38 | 8.37 | -0.76 | 0.4 | 0.13 | 3.27 | 4.56 | 3.67 | 6.24 |
| Cash Profit Margin (%) | 7.85 | 9.95 | 12.16 | 13.57 | 6.17 | 6.69 | 5.71 | 7.61 | 9.13 | 8.59 | 10.76 |
| ROA(%) | 2.93 | 4.04 | 6.51 | 6.59 | -0.45 | 0.25 | 0.1 | 2.9 | 3.87 | 3.06 | 5.72 |
| ROE(%) | 5.68 | 7.56 | 12.6 | 14.03 | -0.98 | 0.57 | 0.23 | 7.34 | 9.5 | 6.85 | 12.13 |
| ROCE(%) | 10.5 | 11.69 | 16.4 | 12.34 | 4.13 | 4.81 | 4.82 | 10.5 | 12.38 | 9.65 | 14.14 |
| Receivable days | 72.7 | 75.25 | 68.14 | 65.86 | 73.06 | 79.88 | 78.21 | 68.82 | 76.95 | 86.24 | 78.34 |
| Inventory Days | 57.85 | 66.71 | 63.66 | 80.67 | 122.35 | 111.83 | 97.96 | 93.07 | 102.9 | 107.02 | 97.25 |
| Payable days | 534.06 | 488.66 | 556.48 | 3030.91 | 716.49 | 552.41 | 258.06 | 260.07 | 229.24 | 193.19 | 198.36 |
| PER(x) | 24.42 | 27.09 | 25.67 | 14.63 | 0 | 215.77 | 922.98 | 26.2 | 35.04 | 57.9 | 42.76 |
| Price/Book(x) | 1.36 | 1.9 | 3.06 | 1.94 | 0.99 | 1.23 | 2.17 | 1.86 | 3.19 | 3.84 | 4.9 |
| Dividend Yield(%) | 0.51 | 0.55 | 0.61 | 0.69 | 0.07 | 0.69 | 0.08 | 0.34 | 0.18 | 0.07 | 0.2 |
| EV/Net Sales(x) | 1.18 | 1.55 | 2.26 | 1.7 | 1.37 | 1.48 | 1.67 | 1.23 | 2.02 | 2.51 | 3.02 |
| EV/Core EBITDA(x) | 7.59 | 9.44 | 11.41 | 9.68 | 10.85 | 11.83 | 15.75 | 9.45 | 12.96 | 17.71 | 17.64 |
| Net Sales Growth(%) | 10.73 | 8.37 | 16.88 | 10.33 | -19.8 | 9.96 | 26.14 | 28.84 | 0.5 | -3.44 | 14.16 |
| EBIT Growth(%) | 16.73 | 18.92 | 59.59 | -8.77 | -63.06 | 19.78 | 2.35 | 120.6 | 27.42 | -18.86 | 52.47 |
| PAT Growth(%) | 32.03 | 47.56 | 90.25 | 25.12 | -107.29 | 157.6 | -58.82 | 3136.28 | 40.2 | -22.25 | 94.17 |
| EPS Growth(%) | 32.03 | 47.56 | 90.25 | 25.12 | -107.29 | 157.6 | -58.82 | 3136.28 | 40.2 | -22.25 | 94.17 |
| Debt/Equity(x) | 0.63 | 0.52 | 0.6 | 0.76 | 0.8 | 0.91 | 0.88 | 0.83 | 0.87 | 0.71 | 0.68 |
| Current Ratio(x) | 1.18 | 1.33 | 1.17 | 1.04 | 0.93 | 1.02 | 1 | 1 | 1.05 | 1.12 | 1.2 |
| Quick Ratio(x) | 0.76 | 0.86 | 0.8 | 0.57 | 0.47 | 0.59 | 0.53 | 0.52 | 0.55 | 0.57 | 0.6 |
| Interest Cover(x) | 2.08 | 2.59 | 3.86 | 2.84 | 0.83 | 1.1 | 1.04 | 2.11 | 2.57 | 2.22 | 3.68 |
| Total Debt/Mcap(x) | 0.46 | 0.27 | 0.2 | 0.39 | 0.81 | 0.74 | 0.41 | 0.45 | 0.27 | 0.18 | 0.14 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 51.97 | 51.97 | 51.97 | 51.97 | 51.97 | 51.97 | 51.97 | 51.97 | 51.97 | 51.97 |
| FII | 0.14 | 0.24 | 0.24 | 0.22 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.39 | 0.39 | 0.39 | 0.39 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 47.5 | 47.4 | 47.4 | 47.42 | 48.03 | 48.03 | 48.03 | 48.03 | 48.03 | 48.03 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.26 | 0.26 | 0.26 | 0.26 | 0.26 | 0.52 | 0.52 | 0.52 | 0.52 | 0.52 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 1 | 1 | 1 | 1 | 1 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +14% | +3% | +12% | +8% |
| Operating Profit CAGR | +39% | +13% | +20% | +9% |
| PAT CAGR | +100% | +26% | — | +15% |
| Share Price CAGR | +185% | +71% | +56% | +33% |
| ROE Average | +12% | +9% | +7% | +7% |
| ROCE Average | +14% | +12% | +10% | +10% |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 51.97 | 51.97 | 51.97 | 51.97 | 51.97 | 51.97 | 51.97 | 51.97 | 51.97 | 51.97 |
| FII | 0.14 | 0.24 | 0.24 | 0.22 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.39 | 0.39 | 0.39 | 0.39 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 47.5 | 47.4 | 47.4 | 47.42 | 48.03 | 48.03 | 48.03 | 48.03 | 48.03 | 48.03 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.26 | 0.26 | 0.26 | 0.26 | 0.26 | 0.52 | 0.52 | 0.52 | 0.52 | 0.52 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 1 | 1 | 1 | 1 | 1 |
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