PTC Industries Ltd. share price target

PTC Industries’ (PTCIL) Q3FY26 EBITDA grew 62% YoY to INR 248mn (-4% YoY) aided by more-than-double sales growth. ATL and TARC registered good top-line growth but margins were under pressure due to product mix.

PTC Industries (PTCIL)’s Q2FY26 EBITDA recovered to INR 257mn (+21% YoY), after a dismal Q1, as we believe TARC EBITDA losses would have reduced and ATL performance has improved.

PTC Industries’ (PTCIL) Q1FY26 EBITDA of INR 88mn was subdued, primarily on account of underperformance at Trac Precision Solutions (Trac; reported EBITDA-level loss due to execution delays, spillover of some contracts to Q2, leading to negative operating leverage).

Aeroalloy Technologies (ATL), a wholly-owned subsidiary of PTC Industries (PTCIL), has received a significant longterm order from Safran Aircraft Engines, entailing supply of seven cast aero-engine components, utilising both titanium (Ti) and superalloys for CFM’s advanced LEAP-1A and LEAP-1B engines.

We see PTC at an earnings inflection point on the back of 3Cs – Capabilities, Contracts and Capacity. One of the few companies in the world to develop single crystal technology

We attended the Q3FY25 earnings call of PTC Industries (PTC). Installations and commissioning of key facilities are on track and expected to be completed within CY25.