Thaai Casting Ltd IPO

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Thaai Casting Limited is a premier automotive ancillary company, distinguished by its IATF 16949:2016 certification, which underlines its commitment to producing high-quality products through High-Pressure Die Casting, precision machining of both Ferrous and Non-Ferrous materials, and induction heating and quenching. The foundation of the company was laid by Mr. Sriramulu Anandan, whose extensive expertise in Pressure Die Casting and Machining Processes has steered the company towards becoming a leader in its domain.

The company operates on a B2B model, catering primarily to major players in the automotive components sector. Its product range is diverse, featuring crucial automotive components such as Engine Mounting Support Brackets, Transmission Mounts, Fork Shift and Housing, and more. Each product is a testament to the company’s prowess in manufacturing and its ability to meet the exacting demands of the automotive industry.

A hallmark of Thaai Casting Limited’s operations is its dedication to environmental sustainability, as evidenced by the MSIL-GREEN Certification from Maruti Suzuki India Limited in 2021. This certification is a recognition of the company’s efforts in implementing eco-friendly practices across its operations. Further, the company’s commitment to excellence has been acknowledged through awards from industry giants like Hanon and RSB in 2022, for Best Quality and outstanding vendor performance.

Originally established as a partnership firm named “Thaai Casting” in 2010, the company transitioned into a public limited entity, “Thaai Casting Limited,” in 2023. This transition underscores its growth trajectory and readiness to embrace broader challenges and opportunities in the industry.

Thaai Casting Limited’s business operations are segmented into three core verticals:

  1. High-Pressure Die Casting (HPDC): This process is pivotal for producing parts with high dimensional accuracy and intricate shapes, mainly utilizing aluminum ingot. The HPDC process includes rigorous steps from raw material receipt and inspection to final product dispatch, ensuring quality at each stage.
  2. Machining of Ferrous and Non-Ferrous Materials: The company boasts advanced machining capabilities, including CNC machining and Vertical Machining Center (VMC) operations for non-ferrous parts, and specialized setups like VTL and HMC for ferrous components. This segment ensures the precision crafting of components, fulfilling the stringent requirements of the automotive industry.
  3. Induction Heating and Quenching (IHQ): This process is aimed at enhancing the mechanical properties of auto components, such as hardness and wear resistance. It involves steps from the receipt and inspection of raw materials or semi-finished goods to final dispatch, focusing on improving the durability of the components.

Thaai Casting Limited’s product portfolio demonstrates its ability to cater to a wide range of automotive needs, including essential components for cars and other vehicles. The company’s manufacturing unit, located in Tamil Nadu, India, is equipped with state-of-the-art facilities to support its expansive product range and business verticals.

The competitive edge of Thaai Casting Limited lies in its continuous improvement culture, anchored by the Kaizen Process. This approach fosters a dynamic environment where innovation and efficiency are paramount, allowing the company to stay ahead in industry advancements and maintain its leadership position.

In summary, Thaai Casting Limited exemplifies a commitment to quality, sustainability, and innovation, making it a key player in the automotive ancillary industry. Its comprehensive approach to manufacturing, coupled with a robust product portfolio and a forward-looking business strategy, positions the company for sustained growth and continued success in serving the automotive sector.

Objects of the Thaai Casting Ltd IPO:

The objects of the Issue are: - i. To meet out the Capital Expenditure; ii. To meet out the General Corporate Purposes; and iii. To meet out the Issue Expenses.

Thaai Casting Ltd IPO Details:

Open Date: Feb 15 2024
Close Date: Feb 19 2024
Total Shares: 6,129,600
Face Value: ₹ 10 Per Equity Share
Issue Size: 47.20 Cr.
Lot Size: 1600 Shares
Issue Price: ₹ 73 - 77 Per Equity Share
Listing At: NSE Emerge
Listing Date: Feb 23 2024

Promoters And Management:

Mr. Anandan Sriramulu, aged 52 years, is the Promoter of the Company. He is Chairman and Managing Director of the Company. He is completed a Post Graduate program at Waseda University in 1997. His educational foundation was laid at the Central Institute of Plastics Engineering & Technology, where he acquired specialized knowledge in mould making and mould designing in the year 1992. He has more than 30 years of specialized experience in mould designing, automotive ancillary and high pressure die casting industry. He has been associated with our Company since inception. Ms. Shevaani Anandan, aged 26 years, is Whole Time Director of the Company. She holds a bachelor’s degree in Doctorate in Pharmacy from the esteemed SRM Institute of Science and Technology. She has been associated with the Company since inception. Mr. Chinraj Venkatesan, aged 40 years, is the Promoter of the Company. He is Whole Time Director of the Company. He is completed a Graduation in Diploma in Mechanical Engineering at Vardaman Hosur University College of Engineering. He has been associated with the Company since inception. He is a play a pivotal role as he oversees both the technical and commercial dimensions of operations. This broad-spectrum responsibility encompasses everything from designing and production to planning, sales, marketing, and more. He has more than 15 years of specialized experience in high pressure die casting industry.

Financials of Thaai Casting Ltd IPO:

Particulars ( In Lakhs )
Revenue from Operations 2,043 3,834 4,896 2,889
Other Income 6 8 16 0
Total Revenue 2,049 3,842 4,912 2,889
Cost of Consumption 902 1,851 2,079 1,844
Change in Inventories 16 -58 21 -347
Othere Manufacturing Expenses 425 855 895 136
Employees Benefit Expenses 288 428 546 317
Other Expenses 150 260 134 16
EBITDA 268 506 1,236 922
Depreciation & Amortisation 142 196 284 82
Finance cost 67 133 232 87
EBIT 125 309 953 840
OPM (%) 13.06% 13.16% 25.17% 31.91%
PBT 59 176 720 753
Tax 18 61 216 196
PAT 40 115 504 557
NPM (%) 1.97% 3.00% 10.26% 19.28%
No.of Shares 231.29 231.29 231.29 231.29
EPS 0.17 0.49 2.17 2.40

Comparison With Peers:

Name of the Company Revenue (In Crore) PAT (In Crore) EPS ( in Rs) P/E CMP Mcap (In Crore)
Thaai Casting Limited 49 5 2.17 35.4 77 178
Endurance Technologies Limited 8,804 480 34.09 42.2 1,819 25,593
Electrosteel casting Limited 7,276 316 5.31 15.1 153 9,091
* All the data is as per FY23.

Lead Manager of Thaai Casting Ltd IPO:


Registrar of Thaai Casting Ltd IPO:

  1. Purva Sharegistry India Private Limited

Company Address:

Thaai Casting Ltd No. A-20 SIPCOT Industrial Park 7th Cross Street, Pillaipakkam, Tiruvallur,-602105 Phone: +91 79046 50127 Email: Website:

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