1. At a Glance – The “Silent Worker, Loud Spreadsheet” Company
Creative Castings Ltd is that quiet industrial uncle who never speaks in family functions but whose bank passbook makes everyone pause mid-samosa. With a market cap of roughly ₹74.8 crore and a current price hovering around ₹575, this Junagadh-based casting veteran has been melting metal since 1980 while retail investors melted expectations every bull market. Over the last three months, the stock is down about 9.6%, reminding everyone that even well-behaved balance sheets don’t guarantee party invitations.
Latest quarterly numbers (Q2 FY26, September 2025) show sales of ₹12.66 crore and PAT of ₹1.04 crore, which is decent for a microcap that prefers consistency over Instagram reels. The company is virtually debt-free (₹0.12 crore debt, basically a rounding error), has a ROCE of about 13.3%, ROE of 8.9%, and pays a dividend yield of 1.74%, which feels like a polite handshake rather than a bear hug.
This is not a “to-the-moon” stock. This is a “to-the-factory-floor, on-time-delivery, please-sign-the-export-docs” stock. And that alone makes it interesting enough to keep reading.
2. Introduction – 45 Years of Casting Metal and Avoiding Drama
Creative Castings Ltd was incorporated in 1980, which means it has survived license raj, liberalisation, multiple commodity cycles, China dumping fears, demonetisation, GST confusion, COVID lockdowns, and still manages to ship stainless steel castings to Europe and the US. That’s not luck. That’s stubborn Gujarati industrial DNA.
The company operates in investment castings using the lost wax process, which sounds like something out of a mythology book but is actually a precision manufacturing method used for complex engineering components. Over 5,593 different casting types, multiple alloy grades, and customers ranging from pump manufacturers to defence suppliers – this is not a one-product, one-client story.
Yet, despite all this industrial seriousness, the stock’s long-term returns have been painfully average. Five-year price CAGR sits around 7%, three-year at about 2%, and the one-year return is a negative 25%. So the obvious question arises: is the business boring but stable, or is it stable but permanently boring? Or worse, stuck in a low-growth casting mould? Let’s dig deeper before we start judging like a neighbourhood aunty.
3. Business Model – WTF Do They Even Do?
Creative Castings manufactures steel and alloy steel investment castings using the lost wax process. In simple terms: they pour molten metal into carefully designed moulds to make complex parts that engineers don’t want to machine from scratch because that would cost a kidney and half a liver.
About 75% of production comes from ferrous castings – mainly stainless steel and carbon steel. The remaining 25% is non-ferrous castings, including cobalt-based and nickel-based alloys. These
are not cheap metals; they’re used where strength, corrosion resistance, and precision matter – think oil & gas, defence, fire control systems, medical implants, and industrial pumps.
The company has a manufacturing facility in Junagadh with an installed capacity of about 840 MTPA and can handle up to 1 lakh pieces per month across 250+ alloy specifications. Component weights range from a few grams to 120 kg, which basically means they serve both delicate surgeons and brute-force engineers.
Revenue-wise, about 97% comes from castings and around 3% from wind power generation. Exports contribute roughly 53% of revenue, with the rest domestic. The export list includes the US, UK, Germany, France, Italy, and Australia – not exactly penny-pinching geographies.
So the business is clear, diversified by application, moderately export-heavy, and technologically non-trivial. The question is: does the financial performance match the effort?
4. Financials Overview – Numbers Don’t Lie, But They Do Smirk
Result Type Locked: Quarterly Results
Annualised EPS Calculation: Latest quarterly EPS × 4
Quarterly Comparison Table (Figures in ₹ Crore, EPS in ₹)
| Metric | Latest Qtr (Sep 2025) | Same Qtr Last Year (Sep 2024) | Previous Qtr (Jun 2025) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 12.66 | 10.58 | 9.48 | 19.7% | 33.5% |
| EBITDA | 1.30 | 1.20 | 0.59 | 8.3% | 120.3% |
| PAT | 1.04 | 1.04 | 0.74 | 0.0% | 40.5% |
| EPS (₹) | 8.00 | 8.00 | 5.69 | 0.0% | 40.6% |
Now this table tells a very “Creative Castings” story. Revenue grew nicely both YoY and QoQ. EBITDA bounced back sharply from a weak previous quarter. PAT, however, stayed flat YoY because last year’s base was already decent.
Annualised EPS works out to about ₹32 (₹8 × 4). At a market price of ₹575, that implies a recalculated P/E of roughly 18, which is actually lower than the headline P/E of ~22 based on TTM. Not cheap-cheap, but not ridiculous either.
So, steady operations, no earnings explosion, but no collapse either. Would you prefer drama or discipline?
5. Valuation Discussion – Let’s Not Get Delusional
