One man bought a sleepy Lucknow castings company around 2015.
He never sold.
That co PTC Industries, went on to become one of the biggest multibaggers of the decade.
This is the story of conviction meeting a structural shift.
In 2015, PTC Industries was the kind of stock nobody talked about.
Revenue: around ₹101 crore.
Net profit: around ₹6 crore.
A precision-castings maker for oil and gas, marine, pulp and paper. Boring. Cyclical. Ignored. Barely any trading volume.
It had around 770 shareholders as recently as 2017.
Today it has crossed 23,000.
The investor at the centre of this story is Pankaj Prasoon. @pankaj_prasoon
By his own account an early believer, he has held PTC through the entire journey, not trading it, not flipping it, just holding while the thesis played out year after year.
His family (HUF) holding still sits at roughly 1% of the company.
At today's prices, that slug is worth north of ₹250 crore.
That is what a decade of conviction in one structural story looks like.
So what changed? Why did a boring castings company re-rate over 150x in a decade?
Titanium.
Feb 2020: PTC carves out a 100% subsidiary, Aerolloy Technologies, to enter aerospace and defence components.
Aerolloy becomes the FIRST Indian private company to commission a Vacuum Arc Remelting (VAR) furnace and produce aerospace-grade titanium alloy ingots, a club of very few companies globally.
It develops Single Crystal (SC) and Directionally Solidified (DS) casting for turbine blades and vanes, making PTC the ONLY Indian company, and one of a handful worldwide, with that capability.
Aug 2024: acquires a Hot Rolling Mill for in-house titanium plates and sheets.
Dec 2024: acquires UK-based Trac Precision Solutions.
May 2025: inaugurates the Aerolloy Titanium Superalloy Materials Plant at the UP Defence Industrial Corridor, Lucknow.
2026: installs a 4,500 to 5,100 tonne open-die forging press, and ICRA upgrades the rating to [ICRA]A (Stable)/A1.
This is import-substitution at the very top of the value chain, the materials India previously had to buy from abroad for rockets, jet engines and missiles.
The customers tell you everything:
Dassault Aviation. HAL. Ministry of Defence. Israel Aerospace Industries. ISRO's Vikram Sarabhai Space Centre (a Double-VAR titanium ingot order). And a role in the BrahMos supply chain.
The financial transformation (consolidated):
Sales: ₹101 cr (FY15) to ₹308 cr (FY25) to around ₹499 cr (TTM)
Net profit: ₹6 cr (FY15) to ₹61 cr (FY25)
5-year profit CAGR: around 105%
Operating margins: from mid-teens to roughly 25 to 28%
Market cap: from a tiny micro-cap to around ₹27,000 crore
The capital story most people miss:
Aug 2022: an at-par rights issue (shares at ₹10 while the stock traded near ₹1,800). Effectively a "mini-bonus" that rewarded committed long-term holders who subscribed, their share counts jumped about 2.5x for almost nothing.
Sep 2024: a ₹700 crore QIP at ₹13,199 per share, bringing in institutions.
Over ₹1,080 crore of fresh equity raised since FY23 (rights, preferential, warrants and QIP), funding the titanium capex without crippling the balance sheet.
FII holding: 0% until 2023, around 4% now.
DII holding: 0% until 2023, around 8% now.
Mutual funds (Motilal Oswal, HSBC Small Cap and others) entered only from FY24.
Translation: the smart institutional money showed up YEARS after the early individual believers were already in, and sitting on multibagger gains.
The lesson is what real conviction looks like:
1. Find a genuine structural shift (here: India's aerospace and defence import-substitution super-cycle).
2. Find a co building a moat nobody else in the country has.
3. Hold through the boring years, the capital raises, the volatility.
4. Let compounding do the heavy lifting.
Most investors can identify a multibagger.
Very few can HOLD one for ten years.
Disclaimer: This is an educational decode of publicly available data and is NOT investment advice
Seemed impossible to trace him since he was not local. Just learnt that the police managed to identify the thief and arrested him in Parel. Impressive effort to help a youngster whose career was at stake.
@CPMumbaiPolice@MumbaiPolice
Panicking he approached the Azad Maidan Police Station, who deputed Constable Deepak Pawar to investigate.
Pawar approached us residents of the area for access to the CCTV footage, spending hours checking. Therein he identified that a man had picked the bag and walked past.
Commendable! @MumbaiPolice@CPMumbaiPolice
Last week a merchant Navy sailor from Kolkata was standing outside a shop near Metro Cinema, when he noticed that the bag he had kept a few feet away containing his important travel documents was missing.
NSE and BSE are holding a special live trading session on Saturday, March 2, 2024, in the Equity & F&O segments. The session includes an intra-day switch from the Primary site to the Disaster Recovery site.
#nse#bse
Everything about the mission is proceeding nominally so far.
The vehicle is currently passing through a period of non-visibility meaning it is not within view of any ground station.
This was EXPECTED.
In the meantime, the first of two burns of the PS4 stage should have taken place. We'll get confirmation of success once it comes within view of a ground station.
The next burn is scheduled about 5 minutes from now.
#AdityaL1 #ISRO