Thaai Casting Ltd IPO
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:
- 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.
- 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.
- 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:
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:
Financials of Thaai Casting Ltd IPO:
Particulars ( In Lakhs ) |
2021 |
2022 |
2023 |
7M-FY24 |
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 |
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