Electrosteel Castings Limited has announced its financial and operational results for the fourth quarter and full financial year ended March 31, 2026, reflecting the impact of muted market demand and lower government spending on water infrastructure projects. The Board of Directors approved the company’s Q4 FY26 and FY25-26 financial performance, which showed pressure on revenues and profitability amid slower execution activity in the infrastructure sector.
For the fourth quarter of FY26, the company reported total income of ₹1,530 crore, representing a decline of 12 percent year-on-year. For the full financial year, total income stood at ₹6,133 crore, down 17.6 percent compared to the previous fiscal year.
Electrosteel Castings stated that the slowdown was primarily linked to weaker demand conditions and reduced government expenditure on water infrastructure and pipeline projects during the year. EBITDA, including other income and before exceptional items, stood at ₹99 crore in Q4 FY26 with an EBITDA margin of 6.5 percent. For the full financial year, EBITDA was reported at ₹574 crore with a margin of 9.4 percent.
The company posted a net profit of ₹16 crore during the quarter and ₹161 crore for the full financial year. Management noted that FY26 profitability included a provision of ₹38 crore related to compliance requirements under the new labour code framework.
On a consolidated operational basis, total income declined by 23.3 percent year-on-year to ₹1,228 crore during Q4 FY26 and by 23.6 percent to ₹5,228 crore for the full financial year. Operational EBITDA for the quarter stood at ₹57 crore with a margin of 4.7 percent, while full-year EBITDA reached ₹499 crore with a margin of 9.6 percent.
The company reported a net loss of ₹11 crore in Q4 FY26, while full-year profit stood at ₹131 crore with a PAT margin of 2.5 percent. Sales volumes were also affected by softer market conditions. During the fourth quarter, Electrosteel Castings sold 1.48 lakh tonnes of ductile iron pipes, fittings, and cast iron pipes compared to 1.89 lakh tonnes during the corresponding quarter last year.
For the full financial year, the company recorded sales of 5.84 lakh tonnes against 7.81 lakh tonnes in FY24-25. Despite the near-term slowdown, Electrosteel Castings expressed optimism regarding future demand recovery following the Government of India’s approval of Jal Jeevan Mission 2.0 in March 2026.
The revised programme includes an enhanced budget outlay of approximately ₹8.69 lakh crore through December 2028, with the Central Government increasing its contribution from ₹2.08 lakh crore to ₹3.59 lakh crore. The company stated that the expanded Jal Jeevan Mission, combined with continued investments in urban infrastructure, sewerage systems, irrigation projects, and river-linking programmes, is expected to generate strong medium- and long-term demand opportunities for the ductile iron pipe industry.
Electrosteel Castings is one of India’s leading manufacturers of ductile iron pipes, fittings, and valves with integrated production facilities. The company exports products to more than 130 countries across Europe, the United States, the Middle East, Asia, and Africa.
Its manufacturing network includes integrated facilities located in West Bengal, Tamil Nadu, and Andhra Pradesh, along with two valve manufacturing plants in Italy. In addition to ductile iron products, the company manufactures cast iron pipes, metallurgical coke, sponge iron, cement, ferro silicon, pig iron, and power, supporting its diversified industrial operations.
