Order Book
₹7,600 Cr
N/A
Executable order book over 6 years (FY27-FY32), excluding FY26 revenue.
ALICONCASTALLOY
Other
2026-04-??
Alicon Castalloy Limited — Q4 FY26
Alicon delivered a record quarterly revenue of ₹495 crore (+16% YoY), driven by strong domestic demand across PV, CV, and two-wheeler segments.
✓ Verified against BSE filing
2-Min Summary
Alicon delivered a record quarterly revenue of ₹495 crore (+16% YoY), driven by strong domestic demand across PV, CV, and two-wheeler segments. However, EBITDA fell 3% YoY to ₹46 crore, with margins contracting ~180bps to 9.3% due to elevated aluminium prices, one-time costs (~₹15 crore), and adverse mix shift. PAT declined 11% YoY to ₹8 crore. Management guided for 8-10% revenue growth in FY27 (ex-aluminium pass-through) and expects EBITDA margin improvement of ~150bps to 12.5-13%, aided by operating leverage and cost initiatives. Capex of ₹130-150 crore is planned, including a new plant. The executable order book stands at ₹7,600 crore over 6 years. Key risks include sustained aluminium price volatility, labour cost inflation (35% hike at Bawal plant), and delayed ramp-up of global programs like JLR.
Key Numbers
Two-Wheeler Segment Share
42%
+?pp YoY
Two-wheeler contribution increased meaningfully YoY, driven by Royal Enfield and Hero.
New Orders Added in FY26
14 parts
N/A
New parts from 7 customers, including Lamborghini/Audi, with peak annual sales potential of ₹140 Cr.
Capacity Utilization
78%
N/A
Utilization remains moderate; new capex needed to absorb order book.
Management Guidance
FY27 Revenue Growth of 8-10%
Management expects 8-10% revenue growth in FY27, excluding the impact of aluminium price pass-through.
revenueEBITDA Margin Improvement of ~150bps
EBITDA margin expected to improve by ~1.5% to 12.5-13% in FY27, driven by operating leverage and cost initiatives.
marginsCapex of ₹130-150 Cr in FY27
Capital expenditure planned at ₹130-150 crore, including a new plant, automation, and machining capacity.
capexNew Plant Operational by FY27 End
At least one new manufacturing site to be operational by end of FY27 to address capacity constraints.
expansionKey Risks
Aluminium Price Volatility
Sharp increase in aluminium prices (30-35% QoQ) pressured gross margins; pass-through lags may persist.
high · management_commentaryLabour Cost Inflation at Bawal Plant
Minimum wage hike in Haryana effective April 2026 will increase labour cost by ~35% at the Bawal factory.
medium · management_commentaryDelayed Ramp-Up of Global Programs
JLR program delayed by 18 months; export volumes remain soft due to geopolitical issues and tariffs.
high · analyst_questionLow Asset Turnover on New Capex
New investments require complex machining and automation, limiting asset turnover to below 2x historically.
medium · data_observationNotable Quotes
This is the year for Alicon to refocus, reset and rebuild.
We are not looking for any further write-offs in this year.
Unless until we have the new plants, new capacities, we cannot increase our top line.