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.
neutral
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
63%Questions answered3Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Medium/long-term targets and FI27 revenue target given order book of 7,600 cr.
Asked by Ragunan NN, Noama Research
Management gave a growth range but not a specific revenue target, and focused on qualitative plans.
no specific revenue target givenqualitative onlydeferred to long-term
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Question
how do you see the medium and long-term targets potential for the company and uh for the near term how do you see the FI27 revenue target given that uh there is a large uh pending order book of 7,600 crores at your disposal.
Sumit (CEO)
FI27... first approach is to build a very strong foundation... we are looking for a modest growth of around 8 to 10% without taking care of the aluminum volatility...
Answered
High priority
Reason for higher other expenses in Q4 and if any one-off items.
Asked by Ragunan NN, Noama Research
Management quantified the one-off cost at ~15 cr and explained it was non-recurring.
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Question
in terms of uh Q4 results on the cost side other expenses uh seem to be on the higher side... can you indicate whether there was any uh one-off item or any expense which is not likely to continue in the coming quarters?
Rajiv (CFO)
approximately 15 crores additional cost those were not there when we compare in the quarter three or maybe earlier quarters that has come in and we have considered in quarter four.
Partial answer
High priority
Aluminium pass-through lag and margin range for FI27, plus capex guidance.
Asked by Ragunan NN, Noama Research
Capex number given but margin range not provided; only qualitative comments on margin improvement.
margin range not givendeferred to qualitative
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Question
would it be 3 month lag for the indexation pass through to customers?... what is the range of uh margin you would expect for FI27 and also uh given that you are working on building your capacities what is the capeex we should work with for FI27.
Rajiv (CFO) and Sumit (CEO)
Rajiv: customers are on monthly basis... Sumit: capital expenditure of anywhere between 130 to 140 or 50 crores.
Answered
High priority
What went wrong over last couple of years and how are we fixing it?
Asked by Riddesh Gandhi, Discovery Capital
Management explained past issues (JLR delay, export focus) and outlined corrective actions.
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Question
just want to understand what exactly has gone wrong over the last couple of years... what has really gone wrong and what are we doing to actually fix it.
Sumit (CEO)
our strategy has been very clearly more focused in two specific areas... we have now gone back to some of the major Indian OEMs where we have traditionally not been supplied...
Evasive
High priority
Why only 8-10% growth guidance given JLR ramp-up and past underperformance?
Asked by Riddesh Gandhi, Discovery Capital
Management did not explain why growth is not higher given JLR recovery; deferred to future.
no specific growth number beyond 8-10%deferred to later quarters
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Question
you're still like guiding only towards an 8 to 10% growth. Wouldn't we have to then make up for the like lack of growth over the last year and then have this year?
Sumit (CEO)
the capacity expansion has started... towards the end of this financial year those steep growth increases you will see...
Answered
Medium priority
Are the write-offs behind us or are there more to come?
Asked by Riddesh Gandhi, Discovery Capital
Management clearly stated no further write-offs expected.
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Question
this exceptional item which we had of the write offs... is that behind us or are there other write offs we still need to do... what were those write offs which were done.
Sumit (CEO)
we are not looking for any further write offs in this year... we have just cleaned up whatever has to be done.
Evasive
High priority
Why margin guidance is only small enhancement given JLR and write-offs behind?
Asked by Riddesh Gandhi, Discovery Capital
Management did not quantify margin improvement or explain why it is small; cited volatility.
no specific margin targetdeferred to internal goalscited market volatility
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Question
given that now the JLR orders will start... again we're guiding towards just a very small enhancement in terms of the margin... are we just being like conservative on our guidance?
Sumit (CEO)
the bottom line and the profitability... is going to be one of the major focus areas... what I have shared... is something which we definitely are looking for...
Partial answer
High priority
What did the last 5 years' 500 cr capex achieve given low utilization and margins?
Asked by Pit Satani, Incred
Management gave qualitative explanation but no quantitative breakdown or ROI metrics.
no breakdown of capex by projectno return on investment data
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Question
last 3 years we have done around 500 crores of capex... despite this capex we are now at 78% utilization. So what exactly this last five years capex was and how it has helped us?
Sumit (CEO)
almost 50% of the capital planning is always a maintenance capex... we have invested significantly on projects like JLR... all the capital investments... is going to have a good rate of return.
Answered
Medium priority
Was there any one-off revenue or expense in FY26 that won't recur?
Asked by Pit Satani, Incred
Management quantified one-off expenses at ~25-26 cr for the full year.
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Question
out of 1700 of revenue which we are doing what would be the one-off revenue... and also on the expense side... was there any oneoff of cost which we have incurred which will not be coming in next year.
Rajiv (CFO)
for the full year... it was approximately 25 26 crores because like wage code act or some other... one time expenses during the full year is around 25 26 crores.
Answered
Medium priority
Has the Amler order started and how big is it?
Asked by Pit Satani, Incred
Management confirmed order started and gave peak annual sales estimate.
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Question
we have received Amler order... has this order started and how big is this order?
Rajiv (CFO)
this order is executed now... on a peak sale this would be somewhere around 80 to 90 cr yearly sales.
Answered
High priority
Are we losing domestic market share given only 4% revenue growth?
Asked by Pit Satani, Incred
Management denied market share loss and explained growth discrepancy by model mix.
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Question
last full year our revenue growth was only 4%... 80% of business is coming from domestic which has grown at 10 12%. So are we losing any market share on the domestic upfront?
Sumit (CEO)
we have not lost any market share... in the two-wheeler segment we have done better than last year... in passenger vehicles... we are exactly at the same market share...
Declined
Medium priority
Does the 7,600 cr order book include JLR and what is JLR's share?
Asked by Nishita, Sapphire Capital
Management declined to provide JLR order book value citing confidentiality.
refused to disclose customer-specific number
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Question
does that also include the order from JR?... what is the amount for that? If you can like give us that amount.
Sumit (CEO)
we cannot reveal a customer specific customer specific number. I think that's a legal bonding between us and JL.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| FI27 revenue growth guidance of 8-10% | 9% | 16% | Understated vs filing |
| EBITDA margin improvement of ~1.5% expected | 150 bps | -180 bps | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.