PTC Industries: 105% Profit CAGR, 344x P/E – Aerospace Glam Meets Balance Sheet Traffic Jam

1. At a Glance

PTC Industries is India’s metal-casting rockstar for critical and supercritical applications — the kind of components that end up in defense jets, LNG plants, and ships, not in your neighbourhood mechanic’s shop. Current market cap? ₹21,337 Cr. Stock P/E? A nosebleed 344x. The balance sheet? Almost debt-free. The only problem? Debtors take 170 days to pay up, and working capital days have ballooned from 205 to 381 — making it the financial equivalent of building a fighter jet but waiting a year to get paid.

2. Introduction

Founded when most Indian manufacturers were still making basic steel parts, PTC jumped into precision castings for industries where failure isn’t an option. The company’s tech arsenal — Replicast, RapidCast, ForgeCAST, titanium powders — sounds like Marvel’s Stark Industries R&D lab.

Over the last 5 years, PTC has clocked 105% profit CAGR and 33% revenue CAGR, but the stock’s valuation has detached from earth’s gravity. With Q1 FY26 revenue doubling to ₹107.7 Cr and a fresh MoU with Safran for aerospace components, investors are torn — is this India’s next global defense manufacturing giant, or is it déjà vu of “story stocks” that outgrow their own cash flows?

3. Business Model (WTF Do They Even Do?)

• Products: Stainless steel, duplex, nickel & cobalt alloy castings, titanium components.
• Clients: Defense (Aerospace, Navy), Oil & Gas, LNG, Marine, Petrochemical, Energy.
• Subsidiary: