PTCIL
Large CapPTC Industries Limited
Consumer
PTC Industries Limited is an advanced manufacturing company specializing in high-integrity, technologically complex materials and components for aerospace, defense, and industrial sectors. It focuses on integrated ecosystems across advanced materials, melting, precision casting, and complex machining, serving global OEMs.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 100/100Rev +84% YoY · PAT +140% YoY · margin expansion · +44% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹225 Cr | +84.4% | +44.2% |
| EBITDA | ₹73 Cr | +151.7% | +192.0% |
| Operating margin | 32.0% | +800 bps | +1600 bps |
| PAT | ₹60 Cr | +140.0% | +233.3% |
| PAT margin | 26.7% | +618 bps | +1513 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
PTCIL reports strong Q3FY26 and 9MFY26 consolidated performance with Total Income up 114.6% YoY and 94.8% YoY respectively, driven by strategic wins and capability validation. EBITDA grew 36.0% YoY in Q3 and 27.7% YoY in 9M, while PAT increased 28.9% YoY in Q3 and 14.3% YoY in 9M.
The company is successfully transitioning from capability creation to validation, securing significant global aerospace and defense orders. Strong financial growth and strategic partnerships reinforce its position in high-value, mission-critical materials, suggesting continued momentum and scalability of its integrated SMTC ecosystem.
Global Orbital Launch Supply Chain Entry
Secured development & supply order for Blue Origin’s BE-4 engine Superalloy castings, entering orbital propulsion systems.
Long-Term Aerospace Agreements
Signed long-term supply agreement with Honeywell Aerospace for precision Titanium and Superalloy investment castings.
Strategic Materials for Space
Received order from ISRO–VSSC for 40 tonnes of Grade-1 Titanium Sponge to Ti-6AI-4V Alloy Ingots using Double VAR.
Integrated Manufacturing Ecosystem
Building India’s most advanced integrated Titanium & Superalloy manufacturing ecosystem at the UP Defence Corridor.
Large-format VIM furnace
Newly commissioned large-format VIM furnace at Aerolloy enables large Superalloy heats for advanced propulsion systems.
Plasma Arc Melting (PAM) Furnace
Completed installation of PAM furnace at Lucknow SMTC, enhancing operational flexibility and Titanium melting backbone.
TRAC Manufacturing Upgrade
Installed first Makino BX3 Deep-Hole Drill; two more Makino BX3 machines arriving in May to enhance precision and capacity.
Mehsana Plant Expansion
Added 50,000+ sq ft of new shop floor area at Mehsana plant, incorporating robotics and automated fettling systems.
India–European Union Free Trade Agreement
Expected to open high-value opportunities across advanced manufacturing, technology, and engineering, strengthening India-EU partnerships.
PLI Scheme 1.2 for Strategic Materials
Signed MoUs with Ministry of Steel under PLI Scheme 1.2 for Titanium & Super Alloys, supporting self-reliance and reducing import dependence.
Market Demand Shift
Management notes market demand shifting toward high-integrity, traceable, mission-critical materials, where PTC is uniquely placed.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The company's business involves long-term projects and lumpy orders in advanced manufacturing for aerospace and defense. Year-over-year comparison provides a more stable and relevant view of growth and performance trends, mitigating short-term quarterly fluctuations.
Total Income (Q3FY26)
₹165.4 Cr, up 114.6% YoY
Total Income (9MFY26)
₹406.0 Cr, up 94.8% YoY
EBITDA (Q3FY26)
₹34.6 Cr, up 36.0% YoY; Margin 20.9%
EBITDA (9MFY26)
₹87.9 Cr, up 27.7% YoY; Margin 21.6%
Transition to Validation
Q3 and 9MFY26 are important milestones as we transition from capability creation to capability validation, with investments translating into global programs.
Validation of Capabilities
Strategic wins like Blue Origin, Honeywell, and ISRO orders validate engineering depth, quality systems, and ability to meet global qualification thresholds.
Multi-Year Revenue Visibility
Milestones strengthen multi-year revenue visibility, elevate positioning in global aerospace/space supply chains, and reinforce SMTC ecosystem scalability.
Technology-Led Growth
Uniquely placed to capture disproportionate value and deliver sustained, technology-led growth as market demand shifts to high-integrity materials.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Blue Origin BE-4 Engine Order Progress | Development & supply order for BE-4 engine Superalloy castings. | Monitor progress on development and supply, and any further orders or expansion of scope. |
| Honeywell Aerospace LTA Execution | Long-term supply agreement for precision Titanium and Superalloy investment castings. | Track revenue contribution from Honeywell programs and utilization of dedicated production capacity. |
| TRAC Manufacturing Upgrade Impact | Installation of Makino BX3 Deep-Hole Drills to enhance precision and capacity. | Assess throughput improvements, precision gains, and ability to meet growing customer demand at TRAC. |
| Mehsana Plant Ramp-up | Addition of 50,000+ sq ft and incorporation of robotics at Mehsana plant. | Monitor ramp-up of new capacity, efficiency gains from automation, and contribution to global precision component demand. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
45NeutralSMA20 -3.4% / mo · near 52W high
Technical chart
PTCILweekly · 3Y+60.5%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 61.
- SMA20 falling (~3.5% over last month) — short-term momentum negative.
- RSI(14) at 61 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 6% off 52W high · 39% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Growth contributes 15/25 to the score.
- Balance sheet contributes 9/15 to the score.
- Cash flow contributes 2/10 to the score.
Main drags
- Fair-value margin of safety is negative at -252.6%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 61st percentile of the scored universe and 60th percentile within Consumer. Main check: cash conversion is weak at 40/100.
Healthy Trust Lite: Promoter holding is 59.7%. Key concern: Operating cash flow is negative at ₹-69 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Consumer: 60th pctile, median 67 · Large: 35th pctile, median 74
62 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 59.7%.
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸3/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Operating cash flow is negative at ₹-69 Cr.
- ▸ROE is low at 7%.
- ▸OPM spread across recent quarters is 23%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 270.00
- P/B
- 18.18
- EV/EBITDA
- 163.56
- Market Cap
- 27380.00Cr
Profitability
- ROE
- 7.02%
- ROCE
- 8.43%
- ROA
- 6.44%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 30.00%
- EPS 5Y
- 101.00%
- Revenue 3Y
- 40.00%
- EPS 3Y
- 58.00%
Balance Sheet
- Debt/Equity
- 0.17
- Interest Coverage
- 14.67×
- Altman Z
- 8.32
- Book Value
- 1005.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 3/5
- OCF
- -69.00 Cr
- EPS TTM
- 67.74
Shareholding
- Promoter Hold
- 59.72%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 76%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.