Shares of PTC Industries slipped 4% to the day’s low of Rs 19,828 on Tuesday on NSE despite the company reporting strong earnings in the quarter that ended in June 2026. The company’s Q1 profit after tax surged nearly 466% year-on-year, with a 180% growth in its EBITDA for this quarter.

According to a filing with the exchange on Monday, the company delivered a strong beginning to FY27, with consolidated growth supported by scaling advanced manufacturing programmes, execution across aerospace and defence applications, and increasing contribution from its integrated materials and components platform.

The total income was reported at Rs 197.1 crore, registering 83% year-on-year growth against Rs 107.7 crore in the same quarter a year ago. The EBITDA was recorded at Rs 54.2 crore in Q1FY27, rising 180% YoY.

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The company’s profit after tax stood at Rs 29.1 crore in Q1FY27, registering a year-on-year growth of 466% from Rs 5.1 crore in the corresponding quarter of the previous year.

PTC Industries is a leading Indian manufacturer of precision metal components and strategic materials for critical applications. Through its wholly owned subsidiary, Aerolloy Technologies, the group produces titanium and superalloy materials and components for aerospace, defence and space applications in India and global markets.
During the quarter, Aerolloy Technologies, the wholly owned subsidiary of PTC Industries, continued to remain a key growth driver. Aerolloy Technologies reported total income of Rs 74.27 crore in Q1FY27, implying a growth of 466.4% YoY over Rs 13.11 crore in the June quarter of FY26, with EBITDA of Rs 33.42 crore with a margin of 45.0%. Its profit after tax jumped 322.9% YoY to Rs 22.08 crore.Trac Precision Solutions (UK), the group’s precision machining platform supporting high-value aerospace and industrial applications, reported total income of Rs 71.40 crore and EBITDA of Rs 6.1 crore in Q1FY27.

PTC Industries secured a landmark order from BrahMos Aerospace for the development, integration and supply of a strategic missile sub-system. The order marks the Company’s entry into systems and sub-systems integration, strengthening its role in advanced defence and aerospace programmes.

“Q1FY27 marks a strong start to the year and reflects the progress we are making in scaling PTC Industries as an integrated advanced manufacturing platform for aerospace, defence and strategic applications. Our consolidated performance improved significantly during the quarter, with strong growth in income and profitability and meaningful expansion in margins. Importantly, Aerolloy continued to emerge as a key growth driver, demonstrating the operating leverage beginning to come through from the capabilities and investments we have built over the past several years,” said Sachin Agarwal, Chairman and Managing Director.

“The quarter and the subsequent period were equally significant strategically. Our landmark agreement with Airbus expands our participation in global commercial aerospace supply chains, while the programmes with BrahMos Aerospace, ARDE-DRDO and Gun Factory Kanpur extend PTC’s role beyond precision manufacturing into design-led development, systems and sub-systems for mission-critical defence applications. These are important steps in the evolution of the Company and validate the depth of the integrated materials, metallurgy and manufacturing platform we are creating,” Agarwal further said.

In the last one year, the stock jumped over 2% and delivered nearly 40.38% returns in the last three years. The stock has delivered nearly 67% gains in the last five years.

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Mukul Mahavir Agrawal, Vikas Khemani hold over 1% stake in PTC Industries

Investors Mukul Mahavir Agrawal and Vikas Vijaykumar Khemani each held more than 1% stake in PTC Industries, as of the quarter ended June 30, 2026, according to shareholding pattern data.

Vikas Khemani held a 2.57% stake in the company, while Mukul Agrawal owned 1.07%. Mona Russell Mehta also holds a 2.33% stake in PTC Industries, the data showed.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Shares of BSE dropped around 3% on Tuesday, extending losses for the fifth consecutive session after Nuvama downgraded the stock’s rating to Hold from Buy, and slashed its target price, listing three key headwinds converging in FY27.

BSE shares dropped to Rs 3,235 apiece on Tuesday morning, the lowest level seen by the stock in around five months. Shares of the stock have now fallen more than 10% over five consecutive sessions of losses.

Nuvama on BSE share price

Nuvama downgraded its rating on the shares of BSE to ‘Hold’ and slashed its target price to Rs 3,240 apiece from Rs 4,090 apiece. The latest target price implies around 3% downside potential from the stock’s previous closing price of Rs 3,332 apiece.

The brokerage highlighted three headwinds for the stock exchange that converge in the ongoing financial year 2027. Here are the 3 key headwinds.

1) CAS has reset volumes, impairing expiry-day decay trading dynamics

The newly introduced closing auction session (CAS) has led to huge confusion among traders, resulting in lower participation. Nuvama highlighted that BSE’s index option premium volumes (ADPTV) of Rs 18,100 crore are the lowest since January 2025.

The premium per contract, which had spiked 54% to Rs 2,605 in the first week of August, has fully unwound, and premium-to-notional is back to 11.1 bps versus 10.9 bps in July, it added, noting that the key issue is lower trading velocity and participation loss.
“Earlier, option premiums decayed predictably into expiry, enabling repeated participation through short duration trades. CAS introduces uncertainty in final settlement due to auction-based closing, reducing the predictability of this decay path. This weakens theta-harvesting strategies and reduces leverage for buyers that previously relied on rapidly falling premiums, and reduces seller interest due to uncertainty of option decay—impacting a large part of the ecosystem,” Nuvama said.The damage is visible as BSE expiry-day contracts fell 33% versus 24% for non-expiry, the brokerage highlighted.

2) Bank guarantee norms are second leg

RBI’s bank guarantee norms are the second leg, and they arrive precisely as CAS impact could heal, according to Nuvama. Tighter collateral requirements may raise capital intensity for intermediaries, reducing turnover efficiency in high-frequency strategies that drive contract volumes, it added.

The brokerage feels that the impact is likely gradual but could cap recovery into FY28.

3) Market share gains are nearing saturation

Nuvama highlighted that BSE’s contract share of nearly 51.5% is already high, but ADPTV’s share remains lower at around 36%, due to a lower mix of non-expiry-day contribution. This is limiting incremental upside from further share gains, according to the brokerage.

“With contract MS at 50% and incremental levers exhausted, we see no near-term trigger. The gap to ADPTV share of 36.3% is structural due to higher concentration near expiry,” it further said.

Nuvama cut BSE’s EPS estimates by 6.3% for FY27 and 15% for FY28. However, it sees a recovery in VIX as the largest swing factor, suggesting that a move in VIX towards 16–18 could materially lift premium per contract and ADPTV even without a recovery in contracts.

Faster-than-expected adaptation to CAS, deeper closing-auction liquidity, regulatory recalibration of CAS mechanics, and stronger non-expiry participation could also drive volumes above Nuvama’s revised assumptions.

Jefferies on BSE share price

Nuvama’s downgrade comes a day after Jefferies downgraded the counter to ‘underperform’ from ‘hold’ and trimmed the target price to Rs 2,940 from Rs 3,520.

Jefferies flagged risks to BSE’s revenue from domestic proprietary traders, who account for around 50% of notional turnover. It sees headwinds from the STT hike, RBI’s bank guarantee norms and the Closing Auction Session (CAS).

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BSE share price

BSE shares have fallen over 9% in a week and 8% in a month, although the stock is overall up 25% in 2026 so far. After hitting a 52-week low of Rs 2,021.50 apiece in September last year, BSE shares more than doubled in eight months to hit a 52-week high of Rs 4,447 apiece in May this year. The stock has now fallen more than 27% since then to trade at Rs 3,235 apiece on Tuesday morning.

In the longer term, BSE shares have delivered stellar returns of 1,038% in three years and more than 2,500% in five years. The company has a market capitalisation of more than Rs 1.3 lakh crore.

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(With inputs from agencies)

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times.)

The number of job vacancies has fallen to its lowest level in more than five years as smaller businesses cut back on recruitment, the latest official figures indicate.

Vacancy numbers dipped slightly over the May-to-July period to 707,000, according to the Office for National Statistics (ONS), which said small firms were citing labour and operating costs as reasons for scaling back hiring.

The ONS said the labour market was “little changed overall”, with the unemployment rate remaining at 4.9%.

Growth in regular earnings – which excludes bonuses – picked up slightly, rising at an annual pace of 3.5% in the three months to June.