PTC Industries Ltd Q2 FY26 – The Titanium Tiger of Lucknow Just Got Sharper (Revenue +83%, Rs.110 Cr BrahMos Order, Rajnath Singh Attended the Inauguration!)

1. At a Glance

PTC Industries Limited – the company that literally melts metal for a living – just delivered one of its hottest quarters ever. With amarket cap of ₹25,813 crore, acurrent price of ₹17,236, and aP/E ratio of 411, this defence-metal beast is playing in a league where margins matter less than missiles.

The latest half-year FY26 results showrevenues at ₹2,405 million (+83%)and afresh ₹110 crore order from BrahMos Aerospace, proving that when the Indian government says “Make in India,” PTC hears “Make It Out of Titanium.”

Meanwhile, its subsidiaryAerolloy Technologies (ATL)just became one of theonly two global firmswith bothVIM (Vacuum Induction Melting)andVAR (Vacuum Arc Remelting)furnaces operational — tech talk that essentially means: “We can now make metal components so pure, NASA might borrow them.”

Add to that a titanium and superalloy plant inaugurated byRajnath Singh and Yogi Adityanath, and you have a defence supplier that doesn’t just make parts — it makes headlines.

But here’s the twist: while revenue’s shooting up like a missile,ROE sits at 6.07%andROCE at 7.74%— the financial equivalent of an army tank with the handbrake on.

Still, in a world obsessed with strategic autonomy and jet-engine dreams, PTC’s expansion into titanium, aerospace, and defence could make itIndia’s metallurgical BrahMosin the making.

2. Introduction – The Metal Alchemist from Lucknow

Once upon a time, in the land of chaat, kebabs, and bureaucracy, there emerged a company that decided melting titanium was cooler than melting hearts. That’s PTC Industries. From casting steel for industrial use to now shaping titanium parts for supersonic missiles, this company has reinvented itself more times than Bollywood remakes of South Indian hits.

For decades, India depended on imports for critical aerospace materials — titanium sheets, superalloy castings, turbine blades, and other things that sound like they belong in Tony Stark’s workshop. PTC decided to fix that.

Itsthree manufacturing facilities across UP and Gujaratnow house aDSIR-approved R&D lab,two foundries, andCNC machine shopsthat make sure metal doesn’t just bend to their will — it salutes.

The company’s metamorphosis began when its subsidiary,Aerolloy Technologies, entered the aerospace casting game. Fast forward to FY26, and ATL has turned into a headline magnet —commissioning VIM and VAR furnaces, launching a6,500 TPA titanium recycling plant, and even signingMoUs with HAL and BDLfor indigenisation and missile propulsion systems.

In short, PTC isn’t just part of “Atmanirbhar Bharat.” It’s becoming the metallic spine of it.

But investors beware: this shine comes with aP/E of 411— so if you’re buying this stock, you’re not just betting on metal. You’re betting on miracles.

3. Business Model – WTF Do They Even Do?

PTC Industries manufacturesmetal components for critical and supercritical applications— think jet engines, missiles, submarines, and oil rigs. The kind of stuff where failure isn’t an option and tolerance levels are measured in microns, not meters.

Here’s the simple breakdown of their empire:

• Core Business:Precision metal castings made fromstainless steel, duplex, super duplex, nickel, cobalt, and titanium alloys. These are used in Oil & Gas, LNG, Marine, Aerospace, and Defence sectors.
• Technology Stack:Their proprietary technologies have names that sound like Transformers —Centrifugal Castings, Replicast, RapidCast, ForgeCAST— each improving precision and cost efficiency.
• Subsidiary Magic:Aerolloy Technologies (ATL)focuses on titanium and superalloy castings. Think of it as the Avengers version of metallurgy — lighter, stronger, faster.
• Export Play:84% of their revenue still comes from exports. TheEU, Norway, and the USAdominate their client list, with the who’s who of industry —Rolls-Royce, Siemens, GE, Alstom— all queuing up for components.

Their latest expansion?A50-acre aerospace-grade titanium and superalloy mill in Lucknow, complete with ahot rolling mill from