Welcast Steels Ltd

₹ 1,321 20.00%

21 May 4:01 p.m.

About

Incorporated in 1972, Welcast Steels Ltd manufactures High Chrome Grinding Media balls

Key Points

Business Overview:^[1]
Company is an MSME and majority-owned subsidiary of AIA Engineering Limited which is in the same line of business.

Website BSE

Market Cap ₹ 84.6 Cr.
Current Price ₹ 1,321
High / Low ₹ 1,757 / 1,011
Stock P/E
Book Value ₹ 623
Dividend Yield 0.19 %
ROCE -0.70 %
ROE -0.85 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.

Cons

Company has low interest coverage ratio.
The company has delivered a poor sales growth of -10.8% over past five years.
Company has a low return on equity of 6.40% over last 3 years.
Debtor days have increased from 28.4 to 35.6 days.
Working capital days have increased from 70.7 days to 129 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Capital Goods-Non Electrical Equipment Industry: Abrasives And Grinding Wheels

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Detailed Comparison with:

Quarterly Results

Figures in Rs. Crores

	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	22.81	43.29	9.57	19.68	21.38	19.36	25.91	20.16	25.62	24.39	16.23	23.08	20.81
	22.92	38.76	8.11	20.11	22.77	18.68	25.14	18.77	24.23	25.51	16.41	22.99	20.77
Operating Profit	-0.11	4.53	1.46	-0.43	-1.39	0.68	0.77	1.39	1.39	-1.12	-0.18	0.09	0.04
OPM %	-0.48%	10.46%	15.26%	-2.18%	-6.50%	3.51%	2.97%	6.89%	5.43%	-4.59%	-1.11%	0.39%	0.19%
	0.45	0.18	0.12	0.19	0.27	0.28	2.30	0.44	0.60	0.51	0.29	0.40	0.48
Interest	0.02	0.05	0.08	0.03	1.47	0.00	0.10	0.00	0.00	0.00	0.00	0.01	0.06
Depreciation	0.29	0.27	0.18	0.23	0.22	0.17	0.18	0.19	0.20	0.17	0.19	0.20	0.24
Profit before tax	0.03	4.39	1.32	-0.50	-2.81	0.79	2.79	1.64	1.79	-0.78	-0.08	0.28	0.22
Tax %	-233.33%	8.43%	18.18%	-26.00%	-25.62%	25.32%	25.09%	25.00%	25.70%	-25.64%	-25.00%	60.71%	13.64%
	0.10	4.02	1.08	-0.37	-2.09	0.59	2.09	1.23	1.35	-0.58	-0.06	0.11	0.19
EPS in Rs	1.57	62.99	16.92	-5.80	-32.75	9.24	32.75	19.27	21.15	-9.09	-0.94	1.72	2.98
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Profit & Loss

Figures in Rs. Crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	237.90	203.36	119.62	201.32	233.85	269.62	150.02	97.95	85.97	93.92	91.07	84.51
	231.80	201.64	119.12	198.57	230.75	266.01	149.12	98.00	85.92	89.33	86.57	85.69
Operating Profit	6.10	1.72	0.50	2.75	3.10	3.61	0.90	-0.05	0.05	4.59	4.50	-1.18
OPM %	2.56%	0.85%	0.42%	1.37%	1.33%	1.34%	0.60%	-0.05%	0.06%	4.89%	4.94%	-1.40%
	0.40	0.96	0.43	0.61	0.52	0.50	0.81	0.46	0.72	0.42	3.55	1.69
Interest	0.65	0.62	0.30	0.13	0.46	0.49	0.43	0.38	0.23	1.71	0.30	0.07
Depreciation	1.47	1.77	0.95	0.82	0.90	0.84	1.34	1.43	1.08	0.90	0.75	0.79
Profit before tax	4.38	0.29	-0.32	2.41	2.26	2.78	-0.06	-1.40	-0.54	2.40	7.00	-0.35
Tax %	32.19%	106.90%	-3.12%	26.56%	29.65%	33.81%	366.67%	30.00%	-9.26%	-10.42%	25.14%	-2.86%
	2.98	-0.03	-0.31	1.77	1.59	1.84	-0.26	-1.82	-0.49	2.64	5.25	-0.34
EPS in Rs	46.69	-0.47	-4.86	27.73	24.91	28.83	-4.07	-28.52	-7.68	41.37	82.26	-5.33
Dividend Payout %	10.74%	-426.67%	-41.29%	7.23%	8.05%	8.70%	0.00%	0.00%	0.00%	6.06%	3.05%	0.00%

Compounded Sales Growth
10 Years:	-8%
5 Years:	-11%
3 Years:	-1%
TTM:	-7%

Compounded Profit Growth
10 Years:	%
5 Years:	4%
3 Years:	9%
TTM:	-107%

Stock Price CAGR
10 Years:	8%
5 Years:	27%
3 Years:	41%
1 Year:	-18%

Return on Equity
10 Years:	3%
5 Years:	3%
3 Years:	6%
Last Year:	-1%

Balance Sheet

Figures in Rs. Crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	0.64	0.64	0.64	0.64	0.64	0.64	0.64	0.64	0.64	0.64	0.64	0.64
Reserves	30.41	30.11	29.56	31.25	32.65	34.38	33.78	32.12	31.88	34.67	39.67	39.09
	3.25	9.05	0.00	0.00	5.00	1.20	4.00	3.47	2.84	0.00	0.00	0.00
	17.32	9.69	6.98	15.77	16.92	18.82	11.96	5.28	7.54	10.89	9.51	7.95
Total Liabilities	51.62	49.49	37.18	47.66	55.21	55.04	50.38	41.51	42.90	46.20	49.82	47.68
	6.17	5.24	4.51	4.59	4.29	6.66	7.90	6.54	7.34	4.59	4.18	3.88
CWIP	0.00	0.00	0.00	0.16	1.61	0.06	0.00	0.00	0.00	0.09	0.00	0.00
Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	17.05	18.65	16.81
	45.45	44.25	32.67	42.91	49.31	48.32	42.48	34.97	35.56	24.47	26.99	26.99
Total Assets	51.62	49.49	37.18	47.66	55.21	55.04	50.38	41.51	42.90	46.20	49.82	47.68

Cash Flows

Figures in Rs. Crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-0.70	-4.79	10.08	0.59	-2.30	5.65	-0.20	2.20	2.78	17.25	3.91	-3.74
	-0.47	-1.03	-0.13	-1.04	-2.05	-1.19	-1.86	0.29	-1.31	-14.65	-1.11	2.83
	0.96	5.69	-9.49	-0.03	4.41	-4.31	2.26	-0.81	-0.81	-4.47	-0.26	-0.21
Net Cash Flow	-0.21	-0.12	0.47	-0.48	0.07	0.15	0.20	1.68	0.67	-1.86	2.54	-1.13

Ratios

Figures in Rs. Crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	5.25	14.25	18.86	12.33	20.48	17.04	22.80	52.13	46.66	20.87	28.70	35.63
Inventory Days	40.70	55.01	62.32	48.35	48.24	44.95	83.04	63.63	106.78	85.34	83.16	73.10
Days Payable	32.35	17.26	16.97	34.54	30.85	22.08	25.19	12.98	33.98	46.70	51.41	35.92
Cash Conversion Cycle	13.60	52.00	64.21	26.14	37.86	39.91	80.65	102.78	119.46	59.51	60.44	72.81
Working Capital Days	32.08	51.01	57.94	38.29	40.64	31.12	58.15	76.73	94.89	38.40	44.57	129.05
ROCE %	14.83%	1.94%	-0.09%	8.18%	7.75%	8.70%	-0.13%	-2.73%	-0.87%	12.14%	17.32%	-0.70%

Shareholding Pattern

Numbers in percentages

	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	74.85%	74.85%	74.85%	74.85%	74.85%	74.85%	74.85%	74.85%	74.85%	74.85%	74.85%	74.85%
	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
	25.14%	25.13%	25.14%	25.14%	25.14%	25.15%	25.14%	25.14%	25.14%	25.14%	25.14%	25.14%
No. of Shareholders	1,791	1,828	1,736	1,716	1,731	1,726	1,709	1,717	1,791	2,078	2,016	1,983

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	74.85%	74.85%	74.85%	74.85%	74.85%	74.85%	74.85%	74.85%	74.85%
	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
	0.00%	1.99%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	25.14%	23.15%	25.14%	25.14%	25.14%	25.14%	25.14%	25.14%	25.14%
No. of Shareholders	2,340	2,065	2,018	1,943	1,870	1,804	1,716	1,717	1,983

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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