Fortune Scrip     

Published: September 15, 2025
Updated: September 15, 2025

Multibagger Stock Rises from ₹100 to ₹15,000 – Big Gains for Investors

This fortnight we have selected an extraordinary multibagger as the Fortune Scrip. It is PTC Industries, which has showered immense wealth on its investors. During the last six decades of its existence, it has offered fantastic returns of over 19,500 per cent on their investment. As a result, a shareholder who had invested Rs 1 lakh six years ago is the owner of Rs 1.95 crore today. But this is not the end of this incredible story. If current trends and the future outlook for the company are any indication, there is a lot of steam left in the scrip as yet. The company, which was below Rs 100 six years ago, is in demand today at Rs 15,518. Knowledgeable research analysts expect the price to touch the Rs 20,000 mark in the near future, before charting upward journey.

Incorporated way back in 1963, PTCIL is engaged in the production of high-precision metal components and materials for critical and super-critical applications.

Promoted as Precision Tools Castings Ltd at Aichbaug, Lucknow, the company manufactures industrial castings of various grades of steel, stainless steel and super alloys (cobalt, nickel, tungsten-based metallurgy).

The castings manufactured by the company are used in various industries like valves and pipe fittings, cement, fertilisers, chemicals, thermal and nuclear power, mining and geology, railways, road and sea transport, among others. It is a leading manufacturer of high-precision metal components for critical and super-critical applications.

IT’S LAURELS

The company offered equity shares in May 1995 to fund the modernisation and expansion of its installed capacity from 1,800 mtpa to 3,600 mtpa, and to set up casting facilities. Commercial production on the expanded capacity commenced in March 1995.The company exports to hard-currency areas of the UK, the US, Germany, Spain and Finland. It received the Best Exporter shield from the Engineering Export Promotion Council (EEPC) (Northern Region) in 1990, 1991 and 1993. It was accorded the German Quality Audit Certification (RWTUV), and is certified as a ‘Well-Known Foundry’ under the Indian Boiler Regulations. The company’s expansion plan in 1994-95 has yielded superb results.

Another project of steel fabrications is also on the cards. Total forex earnings during 1995-96 was Rs 16.55 crore. In 1999-2000, it implemented a new project at Mehsana in Gujarat. In 2012- 13, it implemented a new Production and Planning ERP software at the Lucknow plant in Aishbagh. In addition, it acquired a 3-tonne fully automated zero-harm ladle, minimizing the risk and providing zero accident tolerance for the operators. It sold the Bhiwadi (Rajasthan) unit, effective from March 31, 2013, on a slump sale basis as a going concern to M/s Precon Technology Castings Limited. All assets and liabilities related to this unit got transferred to the buyer. In 2013-14, Modrany Power PTC Piping Systems Pvt Ltd was incorporated as a subsidiary of the company. During 2016- 17, it commercialized the rapid cast technology for manufacture of stainless steel castings weighing up to 6,000 kg and made it operative. In 2023-24, the companys Advanced Manufacturing Technology Centre, (AMTC) in Lucknow was made operational.

The company formed a new 100%-owned subsidiary, Aerolloy Technologies Limited, for entering the aerospace components market effective from February 17, 2020. Its Rs 51-crore project for acquisition and customisation of technology for development and commercialisation of titanium castings with ceramic shelling was commissioned during the year.

SALES TREBLE

The company has been making rapid strides in its financial performance. During the last 13 years, its sales turnover has almost trebled from Rs 138 crore in fiscal 2013 to Rs 335 crore in fiscal 2025, with operating profit more than trebling from Rs 23 crore to Rs 75 crore and the profit at net level shooting up more than seven times from Rs 8 crore to Rs 61 crore. The 5-year compounded sales growth has registered a rise of 33 % and CAGR profit growth has crossed the 100% mark to reach at 105 %. Its financial position is extremely strong, with reserves at the end of March 2025 standing at over 91 times its tiny equity capital of Rs 150 crore. The company’s debt burden is negligible, with financial costs (interest) for fiscal 2025 being just Rs 9 crore.

Prospects for PTC going ahead are all the more exciting. Consider:

• The company has started the new year (fiscal 2026) on a buoyant note if the actual performance during the first quarter (April-June 2025) is any indication. During Q1FY26, the consolidated sales turnover surged by 40.8 % qoq and the yoy growth works out to 123.4 %. The net profit has jumped 64.9% qoq and rose 5.3% yoy, EPS standing at Rs. 3.4.
• In order to multiply its earnings going ahead, the company has decided to focus on 3 Cs — capabilities, contracts and capacity. It is striving to emerge as one of the few companies in the world to develop single crystal technology and is getting into advanced power metallurgy on the strength of its 3Cs. The existing contracts for T1 castings with Safran, BAE systems, Dassault Systems and IAI are likely to be revenue drivers in the near term. At the same time, the company has started discussions with Honeywell, Airbus, P&W and Rolls Royce for additional contracts.

GROWTH MODE

• In order to push its 3 Cs policy initiative, the company has entered into an expansion mode. Towards the close to 2024, it completed acquisition of Trac Precision Solutions, UK, by acquiring a 100 per cent equity stake. Trac Advanced machining technology is expected to complement PTCIL’s capabilities in titanium and super alloy castings. According to ICICI Securities, with the acquisition of Trac, PTCIL would be able to offer complete solutions to its customers while exercising full control over the manufacturing process of complete castings, including aerofoils.
• The company continues to expand its metal and casting capacities. It is on course to install one more HIP, order 3-4 more VPICs, and enhance Ti VAR capacity further. As a result, revenue growth is expected to rise nearly 100 per cent in fiscal 2026. However, earnings growth beyond FY2027 is likely to be driven by ramp-up of capacities. The management is confident that revenue of 20x FY2026 is possible, once the capacity ramp-up is complete. In short, the making of a colossus is on the way.
• The company has taken 3 steps recently to strengthen its supply chain: (a) Strategic acquisition of Trac Precision Solutions enhances PTC’s high-end manufacturing capabilities and market reach; (b) An MoU with Amic Toho assures availability of high quality Ti Sponge; and (c) An MOU with the Odisha government to set up a captive Ti Sponge capacity.

AEROSPACE UNIT

• The company is substantially expanding its aerospace castings and materials manufacturing capability by making a multi-million dollar investment in a new state-of-the-art manufacturing facility at the newly acquired 50-acre land in the Lucknow node of the Uttar Pradesh Defence Industrial Corridor (UPDIC). This facility will be fully vertically integrated with a titanium and superalloy mill, producing aerospace-grade ingots, billets, bars, plates and sheets in these critical and strategic materials.
• PTCIL is fast emerging as India’s leading manufacturer of titanium and other superalloy materials and castings, catering to the entire spectrum of aerospace and defence sectors. The company has platform-independent technologies at par with the best in the world. PTC is setting up titanium and super alloy mills, based on VAR and EBCHR technologies, which will start production in FY25. The company has already signed contracts and MoUs with leading OEMs, which has created a significant order pipeline for the company.
• In a significant leap forward, Aerolloy Technologies Limited has developed the most advanced casting technology for producing Single Crystal and Directionally Solidified blades and vanes for aerospace applications. This positions PTC as the only company in India and one of the few globally with this capability.

FUND RAISER

• PTCIL’s board has approved raising funds up to Rs 700 crore through QIP and other modes. These funds will be used in the setting-up stage for the company’s next phase of growth. The company’s strategic move to enhance its capital base reflects its commitment to scaling its operations and expanding its market presence.
• According to ICICI Securities, with all these measures, the company’s revenue should see a 56% CAGR through to 2032, largely led by capacity ramp-up. The company is getting into power metallurgy and strategic acquisitions like Trac. The research outfit has given a ‘BUY’ rating with a target price of Rs 20,070 on a DC-based methodology. Shares of the company are quoted around Rs 15,000. A lot of steam is left in the scrip and discerning investors would do well to include this stock in their portfolio with a long-term perspective.