Key Metrics of Ptc Industries Limited
About Ptc Industries Limited
Sectors
Company details
- Registered office
- Nh-25a, Sarai Sahjadi, Lucknow, In-up, 227101
- Listed
- NSE: PTCIL · ₹24,410.00
Operational Areas of Ptc Industries Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
PositiveUpgraded by ICRA on 27 Mar 2026 (from A-)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 27 Apr 2026 | ICRA | Reaffirmed | A | A1 | Stable | ₹355 Cr | View |
| 27 Mar 2026 | ICRA | Upgraded (from A-) | A | A1 | Stable | ₹355 Cr | View |
| 29 May 2025 | CARE | Withdrawn | BBB+ | A2 | Developing | — | View |
| 02 Jan 2025 | CARE | Watch | BBB+ | — | Developing | ₹182 Cr | View |
| 20 Oct 2023 | CARE | Assigned | BBB+ | A2 | Stable | ₹200 Cr | View |
Credit strengths (ICRA, Apr 2026)
+ Established track record of operations and extensive experience of the promoters
Incorporated in 1963 as a foundry for import substitution in India, PTCIL has a long track record of navigating changes in the industry.
+ Diversified product and geographical profile with significant presence in export markets
PTCIL has a strong and diversified product portfolio comprising specialised castings, machined components and fabricated parts manufactured from stainless steel, duplex and super-duplex stainless steel, nickel-aluminium bronze (NAB), other high-alloy steels, titanium and related materials.
+ Reputed client base
PTCIL operates in niche segments characterised by high technological complexity and entry barriers, which has enabled it to establish long-standing relationships with a reputed client base comprising leading government and global private-sector entities such as Rolls-Royce Marine, Dassault Aviation, Hindustan Aeronautics Limited (HAL), the Ministry of Defence (MoD), Israel Aerospace Industries and Blue Origin.
+ Healthy financial risk profile
PTCIL shall maintain a healthy financial risk profile over the near-to-medium term, characterised by expectations of healthy scale-up of operations over the next few years, along with improvement in profitability over the medium-to-long term.
Credit challenges
− High working capital intensity
PTCIL’s business is working capital-intensive on account of the requirement to maintain high inventory levels, including products under development, considering the longer lead time for order fulfilment.
− Profitability exposed to fluctuation in raw material prices
The key raw materials for the company include steel/steel scrap, titanium, ferro alloys, NAB, etc.
− Exposed to risks associated with project completion and scale-up
PTCIL is currently developing a project in the Lucknow node of the Uttar Pradesh Defence Industrial Corridorwith a planned capex of around Rs. 500 crore between FY2026 and FY2028.
Could lead to an upgrade
The ratings may be upgraded if the company demonstrates healthy scale-up of newly commissioned and under-construction projects, leading to growth in revenues and improvement in its earnings profile while maintaining comfortable debt protection metrics and adequate
Could lead to a downgrade
The ratings may be downgraded in case of a significant decline in the company’s revenues and profitability, or moderation in PTCIL’s credit metrics owing to delays in scaling up new projects, higher-than-anticipated debt-funded capex or a further increase in working capital intensity. A specific metric that could cause a downgrade is a debt service coverage ratio (DSCR) below 2.0 times on a sustained basis.
Agency-reported financials (ICRA, 27 Apr 2026)
| Metric | FY2024 | FY2025 | 9M FY2026 |
|---|---|---|---|
| Operating income | ₹257 Cr | ₹308 Cr | ₹377 Cr |
| PAT | ₹42.20 Cr | ₹61.00 Cr | ₹41.60 Cr |
| OPBDIT/OI | 28.3% | 24.7% | 15.7% |
| PAT/OI | 16.4% | 19.8% | 11.0% |
| Total outside liabilities/Tangible net worth (times) | 0.40× | 0.10× | — |
| Total debt/OPBDIT (times) | 2.50× | 0.80× | — |
| Interest coverage (times) | 4.80× | 8.60× | 9.50× |
| Revenue growth (YoY) | — | 19.9% | — |
| EBITDA (margin × income) | ₹72.70 Cr | ₹76.10 Cr | ₹59.24 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹182 Cr | ₹60.88 Cr | — |
| Implied interest cost (EBITDA ÷ coverage) | ₹15.15 Cr | ₹8.85 Cr | ₹6.24 Cr |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term fund based – Term loan | Term loans | ₹10.0 Cr | ₹10.0 Cr | 0.0% | A (Stable) | Reaffirmed | ICRA |
| Long-term fund based limits | Working capital & bank lines | ₹130 Cr | ₹130 Cr | 0.0% | A (Stable) | Reaffirmed | ICRA |
| limits | Other | ₹215 Cr | ₹215 Cr | 0.0% | A1 | Reaffirmed | ICRA |
CARE ratings on record (checked 26 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| BG/LC | — | Withdrawn |
| Term Loan | — | Withdrawn |
| Working Capital Limits | — | Withdrawn |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Withdrawal | CARE · 29 May 2025 · Merger, amalgamation or liquidation |
| Next action stable or better (model) | 72% |
| Information on file | 89% · missing: Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 71% chance the next rating action is stable or better
- Current rating A (investment grade)
- Interest coverage 9.5×
What happened, step by step
- Oct 2023 — ₹7.86 cr raised through equity
- Oct 2023 — Full repayment of debt
“The net worth increased from ₹149.93 crore as on March 31, 2020 , due to accretion of profits during the year and the equity raised in the form of rights issue of ₹7.86 crore, preferential issue of ₹66.85 crore, and convertible share warrants of ₹148.03 crore (of which 25% of issue proceeds amounting to ₹37.05 crore we...”
- Oct 2023 — Project / plant of ₹121 cr
- Oct 2023 — Term debt tied up (₹121 cr)
“Project execution and stabilisation risk The company is in the process of setting up a titanium ingots unit with an installed capacity of 1 ,500 tonne per annum (TPA) with a total project cost of ₹121 crore, financed through sanctioned debt of ₹77 crore (disbursed amount is ₹32.50 crore, however, the company does not p...”
Rated limits by facility
Timeline
From the report
Liquidity position: Strong PTCIL’s liquidity position is Strong, aided by free cash, cash equivalents and liquid investments of around Rs. 298.1 crore and unutilised working capital limits of more than Rs. 60 crore as on September 30, 2025.
From the report
March 27, 2026 PTC Industries Limited: Ratings upgraded to [ICRA]A(Stable)/ [ICRA]A1 and rated amount enhanced Summary of rating action Previous Rated Amount Current Rated Amount Instrument* Rating Action (Rs. crore) (Rs. crore) Long-term fund-based term loans - 10.00 [ICRA]A(Stable); assigned [ICRA]A(Stable); upgraded from [ICRA]A- Long-term fund-based limits 125.00 130.00 (Stable)/ assigned for enhanced amount [ICRA]A1; upgraded from [ICRA]A2+/ Short-term non-fund based limits 50.00 215.00 assigned for enhanced amount Total 175.00 355.00 *Instrument details are provided in Annexure-I Rationa
From the report
Liquidity position: Strong The liquidity position of PTCIL is strong, aided by free cash, cash equivalents and liquid investments of around Rs. 298.1 crore and unutilised working capital limits of more than Rs. 60 crore as on September 30, 2025.
From the report
This is mainly on account of addition of Rs. 185.83 crores through preferential issue to non-promoter category, Rs. 110.97 crores against share warrants converted into equity shares and Rs. 42.22 crores profit earned during FY24.
From the report
The debt-coverage indicators slightly improved as total debt/GCA and interest coverage ratio stood at 3x (PY:4.01x) and 5.03x (4.06x) respectively during FY24.Further the company recently raised funds of ~Rs. 700 crores through qualified institution placement in September 2024 resulting in improved financial risk profile of the company.
From the report
Press Release Liquidity: Adequate Liquidity is marked adequate by expected accruals of ~Rs. 70.49 crores against repayment obligations of Rs. 1.48 crores in FY25.
From the report
The average working capital utilization level stood at 60.28% over the last 12 months ending September 2024 providingsufficient buffer.
From the report
Further, the company also has free cash & cash equivalents of close to Rs. 704.20 crores as on September 30, 2024.
From the report
This is mainly on account of addition of Rs. 185.83 crores through preferential issue to non-promoter category, Rs. 110.97 crores against share warrants converted into equity shares and Rs. 42.22 crores profit earned during FY24.
From the report
Further the company recently raised funds of ~Rs. 700 crores through qualified institution placement in September 2024 resulting in improved financial risk profile of the company.
From the report
Liquidity: Adequate Liquidity is marked adequate by expected accruals of ~Rs. 70.49 crores against repayment obligations of Rs. 1.48 crores in FY25.
From the report
The average working capital utilization level stood at 60.28% over the last 12 months ending September 2024 providing sufficient buffer.
From the report
Further, the company also has free cash & cash equivalents of close to Rs. 704.20 crores as on September 30, 2024.
From the report
The net worth increased from ₹149.93 crore as on March 31, 2020 , due to accretion of profits during the year and the equity raised in the form of rights issue of ₹7.86 crore, preferential issue of ₹66.85 crore, and convertible share warrants of ₹148.03 crore (of which 25% of issue proceeds amounting to ₹37.05 crore were received in December 2022 while the remaining 75%, i.e., ₹110.97 crore will be received within 13 months of application ending in December 2023).
From the report
The proceeds were largely used towards the prepayment of debt obligations and capex requirements.
From the report
Project execution and stabilisation risk The company is in the process of setting up a titanium ingots unit with an installed capacity of 1 ,500 tonne per annum (TPA) with a total project cost of ₹121 crore, financed through sanctioned debt of ₹77 crore (disbursed amount is ₹32.50 crore, however, the company does not plan to take further disbursement of term debt for the capex needs basis the healthy cash accruals and 2 CARE Ratings Ltd.
From the report
Project execution and stabilisation risk The company is in the process of setting up a titanium ingots unit with an installed capacity of 1 ,500 tonne per annum (TPA) with a total project cost of ₹121 crore, financed through sanctioned debt of ₹77 crore (disbursed amount is ₹32.50 crore, however, the company does not plan to take further disbursement of term debt for the capex needs basis the healthy cash accruals and 2 CARE Ratings Ltd.
From the report
Liquidity: Adequate The liquidity is marked adequate by the expected cash accruals of around ₹59.75 crore against repayment obligations of ₹11.17 crore in FY24, which is further strengthened by the buffer available in working capital limits amounting to around ₹29 crore as on August 31, 2023, out of the sanctioned limit of ₹85.40 crore.
From the report
Liquidity: Adequate The liquidity is marked adequate by the expected cash accruals of around ₹59.75 crore against repayment obligations of ₹11.17 crore in FY24, which is further strengthened by the buffer available in working capital limits amounting to around ₹29 crore as on August 31, 2023, out of the sanctioned limit of ₹85.40 crore.
From the report
Liquidity: Adequate The liquidity is marked adequate by the expected cash accruals of around ₹59.75 crore against repayment obligations of ₹11.17 crore in FY24, which is further strengthened by the buffer available in working capital limits amounting to around ₹29 crore as on August 31, 2023, out of the sanctioned limit of ₹85.40 crore.
From the report
The company also has undisbursed term debt equivalent to ₹44 crore of the sanctioned amount of ₹77 crore for its capex requirements.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Ptc Industries Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
| Graphite India Limited | Discovered Companies · Other Industries | — | — | Kolkata, West Bengal, India |
 Larsen & Toubro |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | larsentoubro.com | 1938 | Mumbai, India |
| Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | bhel.com | — | India | |
| Defence & Shipbuilding PSUs · Public Sector (PSU) & Government | hal-india.co.in | 1940 | Bangalore, Karnataka, India | |
| Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | bel-india.in | — | India | |
| Shyam Metalics And Energy Limited | Discovered Companies · Other Industries | — | — | Kolkata, West Bengal, India |
 Thermax |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | thermaxglobal.com | 1980 | Pune, India |
 Solar Industries India |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | solargroup.com | — | Nagpur, India |
 India Glycols |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | indiaglycols.com | — | Udham Singh Nagar, India |
| CMR Green Technologies Limited | Indian IT Services · IT Services & Software | — | — | Faridabad, Haryana, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.