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Electrosteel Castings Research Report - 16th Dec 2015

Metals | Published on Mar 17th 2010


Electrosteel Castings (ECL) is a leading player in ductile iron (DI) pipes and is venturing into steel making through its subsidiary Electrosteel Integrated (EIL), which is setting up a 2.2mn tonne steel plant expected to be commissioned by FY2012E. ECLs backward integration initiatives through allocation of coking coal mines are expected to result in expansion of EBITDA Margin by 1,304bp over FY2009-12E. The company is also awaiting final environmental clearance for its iron ore mine, which will further lower costs, but has not been factored in our estimates. Further, listing of EIL in which ECL holds 40% stake could unlock value for ECL. We Initiate Coverage on the stock, with a Buy recommendation.

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Target Price
Investment Period

Stock Info

MCAP BSE (Rs in Cr)1,001.26
MCAP NSE (Rs in Cr)1,003.04
P/E (x)17.53
EPS (Rs.)1.60
BV (Rs.)56.27
Div Yield (%)1.78
FV (Rs.)1.00
P/BV (x)0.50
EV/Sales (x)1.50
EV/EBITDA (x)11.98

Shareholding Pattern (%)

Public & Others24.0
Grand Total100.0

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