Partner at Exencial Research, Exencial Research

Viral Kishorchandra Shah

Partner at Exencial Research

Exencial Research

Thematic (Sector/Industry)

<ul>
<li>
Record Rs47.8B investments in 2025-26, marking the highest project completions in a decade, driven by surging demand for aluminium products.</li>
<li>
<a href="https://www.smartkarma.com/entities/hindalco-industries-ltd" target="_blank" data-smartkarma-citation="entities:18490:1" rel="noopener">Hindalco Industries (HNDL IN)</a>  dominates with Rs37.6B Hirakud project, accounting for 79% of 2025-26 investments, boosting flat-rolled product capacity by 170k tonnes/year.</li>
<li>
25 new projects announced in 2024-25, including <a href="https://www.smartkarma.com/entities/vedanta-ltd" target="_blank" data-smartkarma-citation="entities:514:1" rel="noopener">Vedanta Ltd (VEDL IN)</a> ’s Rs409.9B smelter, signalling robust growth in downstream and recycled aluminium sectors.</li>
</ul>



Record Rs47.8B investments in 2025-26, marking the highest project completions in a decade, driven by surging demand for aluminium products.

Hindalco Industries (HNDL IN)  dominates with Rs37.6B Hirakud project, accounting for 79% of 2025-26 investments, boosting flat-rolled product capacity by 170k tonnes/year.

25 new projects announced in 2024-25, including Vedanta Ltd (VEDL IN) ’s Rs409.9B smelter, signalling robust growth in downstream and recycled aluminium sectors.


The Aluminium Revolution: Four Major Projects Set to Transform India's Metal Landscape

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

Craftsman Automation / Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/craftsman-automation-ltd" target="_blank" data-smartkarma-citation="entities:36415:1" rel="noopener">Craftsman Automation (CRAFTSMA IN)</a> is engaged in the business of manufacturing engineering components, sub-assemblies, products and rendering of contract manufacturing services to various industries</li>
<li>Key forensic takeaways include working capital troubles, alongside inflation woes deteriorating gross margins etc. There is grey area noticed in accounting treatment pertaining to JV as well.</li>
<li>Focus should also be on the aluminum segment, which is going through a tough phase regarding operating leverage and low margins.</li>
</ul>



Craftsman Automation (CRAFTSMA IN) is engaged in the business of manufacturing engineering components, sub-assemblies, products and rendering of contract manufacturing services to various industries
Key forensic takeaways include working capital troubles, alongside inflation woes deteriorating gross margins etc. There is grey area noticed in accounting treatment pertaining to JV as well.
Focus should also be on the aluminum segment, which is going through a tough phase regarding operating leverage and low margins.


Craftsman Automation Ltd: Forensic Review

India

Craftsman Automation Limited produces automobile parts. The Company offers gears, heavy parts, sheet metal equipment, special purpose machines, engineered components, and assembly. Craftsman Automation serves customers in India.

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Craftsman Automation (CRAFTSMA IN)

The Aluminium Revolution: Four Major Projects Set to Transform India's Metal Landscape

Record investments in 2025-26 driven by demand for aluminium products, Hindalco Industries leads with Hirakud project, 25 new projects announced...

Viral Kishorchandra Shah

Craftsman Automation Ltd: Forensic Review

Key forensic takeaways include working capital troubles, alongside inflation woes deteriorating gross margins etc. Focus should also be on...

Nitin Mangal

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Aluminium Revolution: Four Major Projects Set to Transform India's Metal Landscape

​Record investments in 2025-26 driven by demand for aluminium products, Hindalco Industries leads with Hirakud project, 25 new projects announced...

Viral Kishorchandra Shah

Craftsman Automation Ltd: Forensic Review

Key forensic takeaways include working capital troubles, alongside inflation woes deteriorating gross margins etc. Focus should also be on...

Nitin Mangal

Record investments in 2025-26 driven by demand for aluminium products, Hindalco Industries leads with Hirakud project, 25 new projects announced...