Thaai Casting Limited is progressing with capacity expansion at its new manufacturing plant as it strengthens capabilities for wind energy and other industrial applications. Installation and trial runs are underway for a WFL M50 Millturn machine under the company’s wind gear project, aimed at supporting large and complex machining requirements for renewable energy applications.
The company has also recently commissioned seven Haitian Hision Double Column VMC 1000 II machining centres, installed by Vignesh Machine Tools. These additions are intended to expand machining throughput and support a wider range of automotive and non-automotive components.
In December 2025, Thaai Casting reported multiple domestic order wins that expanded its revenue visibility. On 17 December 2025, the company announced two new orders with a combined value of approximately INR 805.2 million. The larger contract, valued at INR 767.6 million, is scheduled for execution over 36 to 48 months, while a smaller INR 37.6 million order is to be completed within 36 months. This was followed by an announcement on 28 December 2025 of additional orders worth about INR 124.3 million, to be executed over a 36-month period.
Management outlined the broader growth trajectory during the H1 FY26 earnings conference call held on 13 November 2025, when the order book stood at INR 5.23 billion. With the addition of December 2025 orders totalling around INR 930 million, the company’s order book has now increased to approximately INR 6.16 billion, providing revenue visibility for the next three to five years.
Thaai Casting has also been approved as a vendor for the defence sector, with trial purchase orders expected for 23 identified items. To support ongoing projects, the company raised INR 314.9 million through equity shares, convertible warrants and unsecured compulsorily convertible debentures. Management indicated that current borrowings of INR 1.16 billion represent the maximum debt level for the present project phase, with limited additional capital expenditure planned in FY27.
In its FY27 outlook, Thaai Casting Limited indicated that it plans to consolidate its current round of investments, with only minimal additional capital expenditure expected during the year. The company intends to focus on improving utilisation of existing capacity rather than undertaking large new expansion projects in the near term.
The company is also undertaking internal research and development initiatives in induction hardening. This work is focused on modifying existing machines to enable “teeth by teeth” gear segment hardening, a specialised and higher-value process that is aimed at reducing manufacturing costs for global customers while improving process control.
Thaai Casting has also expanded its surface treatment capabilities through the installation of gas nitriding furnaces. Three furnaces are currently operational and generated revenue of INR 45 million during the first half of the financial year. An additional three furnaces are under construction, with mechanical readiness targeted for March 2026 and full commercial operations expected by June or July 2026.
In parallel, the company is setting up a dedicated facility for planetary gear manufacturing. Construction of a new factory shed is nearing completion, and specialised machines for this line are being imported from Europe. Full installation is expected by March 2026, with the planetary gear business targeted to generate annual revenue of around INR 400 million once operations stabilise.
The WFL M50 Millturn represents a significant technological upgrade for the company. The machine is a multifunctional turning-boring-milling centre capable of performing complete machining operations in a single setup. This “clamp once, machine complete” approach integrates turning, milling, drilling, deep-hole drilling and gear cutting in one cycle, reducing handling time and dimensional inaccuracies associated with moving heavy components between multiple machines.
The machine can handle shaft components up to 4,500 millimetres in length and supports swing diameters of up to 670 millimetres, enabling the machining of large, heavy-duty industrial parts such as wind turbine main shafts and large gear components. Its five-axis interpolation capability allows the machining of complex geometrical profiles, including helical gears and other precision-critical features, within a single machining envelope.
A large overseas project valued at INR 910 million for a Brazil-based customer has been deferred to July 2026 due to delays at the customer end.
To support its expanding operations and growing order execution requirements, Thaai Casting has appointed a new chief executive officer from a Tier-1 original equipment manufacturer. The new CEO is expected to assume the role by late February or early March 2026, as the company scales up operational complexity.
Thaai Casting Limited manufactures precision machined and cast components for automotive, non-automotive and industrial applications, with a customer base that includes major original equipment manufacturers such as Hyundai, Kia and Maruti Suzuki.
Despite ongoing diversification into non-automotive and industrial segments, revenue concentration remains high among established automotive customers. Approximately 75 percent to 80 percent of total revenue continues to be derived from leading original equipment manufacturers, including Hyundai, Kia and Maruti Suzuki.