This multibagger defence stock soared 18% after Goldman Sachs projected 60% upside; is there more steam left?

Shares of PTC Industries climbed sharply on Monday after Goldman Sachs reiterated its positive stance on the stock following the company's March quarter results.

The stock rose as much as 18.4 per cent during the day to Rs 19,169 on the NSE. At 1:18 PM, it was trading at Rs 18,343, higher by Rs 2,152 or 13.3 per cent.

Goldman Sachs maintained its 'buy' rating and left its target price unchanged at Rs 25,770 per share, suggesting an upside of nearly 60 per cent from the previous close.

Brokerage sees stronger earnings trajectory

The brokerage said earnings growth is likely to accelerate after FY29 as fresh capacities come on stream and existing orders move through the execution cycle.

Expansion in the metals and castings business is progressing as planned, it noted, while a number of contracts are transitioning from qualification to production.

Goldman Sachs also pointed to improving cash conversion, which it said could support the company's next phase of growth.

Capacity expansion remains a key monitorable

PTC Industries has been expanding its manufacturing footprint over the past few years, particularly in segments catering to aerospace, defence and other high-precision engineering applications.

The company's ongoing investments are aimed at strengthening its production capabilities and positioning it for future demand across these sectors.

Market participants are closely tracking the pace of capacity ramp-up and the conversion of qualified orders into commercial production.

Revenue misses guidance, margins stay within range

For FY26, the company reported margins of 22 per cent, within its guided range of 20-25 per cent.

Revenue, however, came in below the company's guidance of Rs 750 crore for the year.

The stock was among the top gainers on the NSE during Monday's trading session.