olivLaw · US equity research
TechPrecision Corporation TPCS
Fabricated Structural Metal Products · SIC 3440 · Vertical: Fabricated metal products (SIC 344x)
TechPrecision makes large precision metal structural components for the defense and precision industrial markets through its subsidiaries Ranor and Stadco. The company reported revenue growth in the first quarter of fiscal 2027, but it operates under covenant breaches on its bank loan and a going-concern warning, so its financial path depends on how the banking situation is resolved.
At the close of 04 Nov 2026, TechPrecision Corporation (TPCS) stock was 5.31 USD (−0.56% on the day), with market capitalisation 53.6 m USD, beta 0.72, 52-week range 2.91–6.23 USD. Latest reported quarter (Q1 2027): revenue of 9.1 m USD (+23.3% YoY), net income of -153.0 k USD, diluted EPS -0.02 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 45.4
- neutral
- Bollinger (20, 2)
- 5.11 – 5.79
- in the lower half of the band · %B 0.29 · band width 12.4%
- SMA 50 / 200
- 5.45 / 4.52
- mixed trend
- MACD (12, 26, 9)
- -0.02 / -0.01
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −0.4% | −2.0% | +1.6 pp | — |
| 3 months | +12.5% | −2.2% | +14.7 pp | — |
| 6 months | +30.5% | +4.3% | +26.2 pp | — |
| Year to date | +9.9% | +10.6% | −0.6 pp | — |
| 1 year | +16.2% | +10.5% | +5.7 pp | +1.9% |
| 3 years | −26.4% | +73.7% | −100.0 pp | +85.2% |
| 5 years | −34.3% | +61.7% | −96.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q1 2027 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 8.9 m | 7.6 m | 9.5 m | 7.4 m | 9.1 m | 7.1 m | 8.1 m | 9.1 m |
| Cost of revenue | 7.9 m | 6.6 m | 7.4 m | 6.3 m | 6.6 m | 6.7 m | 7.0 m | 7.7 m |
| Gross profit | 1.0 m | 991.0 k | 2.1 m | 1.0 m | 2.5 m | 381.0 k | 1.1 m | 1.4 m |
| SG&A | 1.5 m | 1.7 m | 1.7 m | 1.5 m | 1.5 m | 1.7 m | 1.3 m | 1.4 m |
| Operating income | -488.0 k | -696.0 k | 367.0 k | -463.0 k | 942.0 k | -1.4 m | -194.0 k | -45.0 k |
| Depreciation & amortisation | 692.0 k | 702.0 k | 703.0 k | 701.0 k | 703.0 k | 694.0 k | 696.0 k | 698.0 k |
| Interest expense | 113.0 k | 147.0 k | 149.0 k | 135.0 k | 118.0 k | 121.0 k | 111.0 k | 106.0 k |
| Pre-tax income | -601.0 k | -799.0 k | 110.0 k | -597.0 k | 825.0 k | -1.5 m | -388.0 k | -153.0 k |
| Income tax | — | — | — | 0 | 0 | 0 | 31.0 k | 0 |
| Net income | -601.0 k | -799.0 k | 112.0 k | -597.0 k | 825.0 k | -1.5 m | -419.0 k | -153.0 k |
| Diluted EPS | -0.06 | -0.08 | 0.01 ≈ | -0.06 | 0.08 | -0.15 | -0.04 ≈ | -0.02 |
| Operating cash flow | -532.0 k ≈ | -570.0 k ≈ | 396.0 k | 646.0 k | -1.1 m ≈ | 183.0 k ≈ | 259.0 k | 1.9 m |
| Capex | 1.4 m ≈ | 1.2 m ≈ | 1.3 m | 1.3 m | 995.0 k ≈ | 1.0 m ≈ | 10.0 k | 2.4 m |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 16.7 m | 16.0 m | 15.6 m | 22.3 m | 31.4 m | 31.6 m | 34.0 m | 31.6 m |
| Revenue YoY | −10.8% | −4.2% | −2.6% | +42.9% | +41.1% | +0.5% | +7.7% | −7.0% |
| Net income | 1.1 m | unavailable | 320.6 k | -349.8 k | -979.0 k | -7.0 m | -2.7 m | -1.7 m |
| Net income YoY | unavailable | unavailable | unavailable | −209.1% | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | 0.04 | -0.01 | 0.01 | -0.04 | -0.11 | -0.81 | -0.29 | -0.17 |
| Diluted EPS YoY | unavailable | −125.0% | unavailable | −500.0% | unavailable | unavailable | unavailable | unavailable |
| net % | 6.6% | unavailable | 2.1% | -1.6% | -3.1% | -22.3% | -8.1% | -5.3% |
| Free cash flow | 84.7 k | 636.9 k | 89.0 k | -681.2 k | 812.5 k | -2.5 m | -4.7 m | -3.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 431.0 k USD
- Financial debt
- 6.9 m USD
- Net debt
- 6.5 m USD
- Equity
- 7.7 m USD
- Total assets
- 32.3 m USD
- Debt / equity
- 0.90x
- Current ratio
- 0.98x
- ROE
- -20.3%
- ROA
- -5.1%
- FCF margin
- -10.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 15.6 m | 22.3 m | 31.4 m | 31.6 m | 34.0 m | 31.6 m | SEC (XBRL)· 25 Jun 2026verified |
| Cost of revenue | 12.1 m | 18.9 m | 26.5 m | 27.5 m | 29.7 m | 26.7 m | SEC (XBRL)· 25 Jun 2026verified |
| Gross profit | 3.5 m | 3.4 m | 4.9 m | 4.1 m | 4.3 m | 5.0 m | SEC (XBRL)· 25 Jun 2026verified |
| SG&A | 2.8 m | 4.9 m | 6.0 m | 8.8 m | 6.5 m | 6.0 m | SEC (XBRL)· 25 Jun 2026verified |
| Operating income | 623.2 k | -1.6 m | -1.1 m | -4.6 m | -2.2 m | -1.1 m | SEC (XBRL)· 25 Jun 2026verified |
| Depreciation & amortisation | 704.0 k | 1.5 m | 2.2 m | 2.4 m | 2.8 m | 2.8 m | SEC (XBRL)· 25 Jun 2026verified |
| EBITDA | 1.3 m ≈ | -101.1 k ≈ | 1.1 m ≈ | -2.2 m ≈ | 638.0 k ≈ | 1.7 m ≈ | SEC (XBRL)· 25 Jun 2026derived |
| Interest expense | 202.3 k | 269.4 k | 355.6 k | 521.0 k | 541.0 k | 485.0 k | SEC (XBRL)· 25 Jun 2026verified |
| Pre-tax income | 425.5 k | -542.2 k | -783.4 k | -5.1 m | -2.8 m | -1.6 m | SEC (XBRL)· 25 Jun 2026verified |
| Income tax | 104.9 k | -192.4 k | 195.6 k | 1.9 m | -2.0 k | 31.0 k | SEC (XBRL)· 25 Jun 2026verified |
| Net income | 320.6 k | -349.8 k | -979.0 k | -7.0 m | -2.7 m | -1.7 m | SEC (XBRL)· 25 Jun 2026verified |
| Diluted EPS | 0.01 | -0.04 | -0.11 | -0.81 | -0.29 | -0.17 | SEC (XBRL)· 25 Jun 2026verified |
| Weighted average diluted shares | 31.0 m | 8.1 m | 8.6 m | 8.7 m | 9.5 m | 9.9 m | SEC (XBRL)· 25 Jun 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 2.1 m | 1.1 m | 534.5 k | 138.0 k | 195.0 k | 431.0 k | SEC (XBRL)· 25 Jun 2026verified |
| Receivables | 608.1 k | 3.0 m | 2.3 m | 2.4 m | 2.2 m | 2.5 m | SEC (XBRL)· 25 Jun 2026verified |
| Current assets | 9.9 m | 16.1 m | 14.6 m | 14.9 m | 15.3 m | 17.7 m | SEC (XBRL)· 25 Jun 2026verified |
| Property, plant & equipment, net | 4.1 m | 13.2 m | 13.9 m | 14.8 m | 13.8 m | 10.9 m | SEC (XBRL)· 25 Jun 2026verified |
| Total assets | 16.0 m | 37.9 m | 36.2 m | 34.7 m | 33.5 m | 32.3 m | SEC (XBRL)· 25 Jun 2026verified |
| Accounts payable | 500.8 k | 3.4 m | 2.2 m | 1.4 m | 2.4 m | 2.4 m | SEC (XBRL)· 25 Jun 2026verified |
| Short-term debt | 2.5 m | 4.1 m | 1.2 m | 7.6 m | 7.4 m | 6.9 m | SEC (XBRL)· 25 Jun 2026verified |
| Long-term debt | 1.3 m | 3.1 m | 4.7 m | — | 3.0 k | — | SEC (XBRL)· 30 Jul 2025verified |
| Current liabilities | 4.7 m | 13.3 m | 9.0 m | 17.8 m | 16.9 m | 18.2 m | SEC (XBRL)· 25 Jun 2026verified |
| Total liabilities | 6.1 m | 22.6 m | 21.6 m | 26.9 m | 24.8 m | 24.6 m | SEC (XBRL)· 25 Jun 2026verified |
| Equity | 9.9 m † | 15.3 m † | 14.6 m † | 7.8 m † | 8.7 m † | 7.7 m † | SEC (XBRL)· 25 Jun 2026verified |
| Shares outstanding at year end | — | — | — | — | 9.8 m | — | SEC (XBRL)· 08 Apr 2025verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 635.9 k | 257.8 k | 3.1 m | 728.0 k | -599.0 k | 6.0 k | SEC (XBRL)· 25 Jun 2026verified |
| Capex | 546.9 k | 939.0 k | 2.3 m | 3.2 m | 4.1 m | 3.3 m | SEC (XBRL)· 25 Jun 2026verified |
| Free cash flow | 89.0 k ≈ | -681.2 k ≈ | 812.5 k ≈ | -2.5 m ≈ | -4.7 m ≈ | -3.3 m ≈ | SEC (XBRL)· 25 Jun 2026derived |
| Investing cash flow | -607.9 k | -8.7 m | -2.3 m | -2.6 m | -1.1 m | 868.0 k | SEC (XBRL)· 25 Jun 2026verified |
| Financing cash flow | 1.2 m | 7.4 m | -1.3 m | 1.5 m | 1.7 m | -638.0 k | SEC (XBRL)· 25 Jun 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 13 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 53.6 m USD
Key indicators
Coverage and freshness
Score by group
- Quality9
- Growth2
- Valuation0
- Balance sheet33
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1.23 – 2.15 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDA1.23 – 2.15 (Mid 2.14)5 companies used · median multiple 12.2x · quartiles 7.9x – 12.3xACA, GFF, JBI, VATE, VMI
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 13/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -4.2% | 0 (on a fixed band) | 16% |
| Net margin · Quality | -3.7% | 25 (vs peers) | 10% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 0.2% | 2 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 2.1x | 60 (vs peers) | 16% |
| Interest coverage · Balance sheet | -1.4x | 0 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.0x | 16 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 27.2x | 0 (vs peers) | 16% |
| FCF yield · Valuation | -6.0% | 0 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet33/100 · 3/3 factors with a value
- Growth· partial2/100 · 1/2 factors with a value
- Quality9/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation0/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TECHPRECISION CORP (TPCS). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: revenue 31.6 m USD in 2026; YoY growth -7.0%; net margin -3.7%; ROE -15.4%; net debt/EBITDA 2.1x.
The estimated value range is 1.23–2.15 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 2.14 USD, the price of 5.31 USD leaves a potential of -59.7% (value / price − 1) and a margin of safety of -148.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 13/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: -4.2%
- Net margin: -3.7%
- Revenue CAGR 3Y: 0.2%
- Interest coverage: -1.4x
- Current ratio: 1.0x
- EV/EBITDA: 27.2x
- FCF yield: -6.0%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, P/E (TTM), Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Fabricated metal products (SIC 344x) · same industry group (3-digit SIC) · compared with 9 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| VMIValmont Industries, Inc. | 8.1 bn | 15.9 | 30.8% | 12.1% | +0.7% | +2% / +92% |
| ACAArcosa, Inc. | 7.3 bn | 14.9 | 17.9% | 17.9% | +12.2% | +46% / +116% |
| GFFGriffon Corporation | 4.9 bn | 27.4 | 185.4% | 6.5% | −3.9% | +43% / +131% |
| PRLBProto Labs, Inc. | 1.6 bn | 46.6 | 5.1% | 6.0% | +6.4% | +31% / +84% |
| SMRNUSCALE POWER Corp | 1.2 bn | — | -30.2% | -3,888.7% | −15.0% | −74% / +85% |
| JBIJanus International Group, Inc. | 682.2 m | 20.7 | 6.0% | 3.7% | unavailable | −19% / −53% |
| IMSRTerrestrial Energy Inc. | 304.0 m | — | -36.8% | — | unavailable | −70% / unavailable |
| VATEInnovate Corp. | 74.1 m | — | — | -1.5% | +12.5% | +5% / −49% |
| TPCSTechprecision Corp | 53.6 m | — | -15.4% | -3.7% | −7.0% | +16% / −26% |
| MTENMingteng International Corporation Inc. | 8.4 m | — | -11.7% | -15.3% | +15.3% | −100% / unavailable |
1- and 3-year price returns: for TPCS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
TechPrecision makes large precision metal structural components for the defense and precision industrial markets through its subsidiaries Ranor and Stadco. The company reported revenue growth in the first quarter of fiscal 2027, but it operates under covenant breaches on its bank loan and a going-concern warning, so its financial path depends on how the banking situation is resolved.
SWOT
Strengths
- The company has a solid position in defense, where most revenue comes from government and prime contractor customers, and its quality certifications and ITAR compliance are barriers to new entrants.
- The order book, made up of funded backlog and unfunded purchase orders, gives visibility over the next two to three fiscal years, according to management.
- The two subsidiaries have complementary capabilities, from heavy fabrication and machining to electron beam welding and non-destructive testing, which allows integrated solutions.
Weaknesses
- Dependence on a small number of customers means losing one major contract could have an outsized effect on revenue and profitability.
- The company is loss-making, and debt has become current because of breached covenants, which reduces financial flexibility.
- Reliance on individual purchase orders rather than long-term contracts makes revenue hard to forecast and prone to large swings between quarters.
Opportunities
- If project mix at Stadco keeps improving, margins could recover and losses could narrow further.
- Higher defense spending and existing naval or aerospace programs could generate new orders for the company's components.
- Diversifying away from the largest contractors could reduce concentration and steady revenue over the longer term.
Threats
- Failure to meet covenants and a lack of renewal of the revolving credit line could force accelerated repayment that the company could not fully pay.
- Defense budget cuts or delays in military programs could reduce orders and seriously affect the company's operations.
- Lower-cost competitors, including foreign ones, could force price cuts and squeeze the company's margins.
Risks
- Going-concern doubthigh
The auditors expressed substantial doubt about the company's ability to continue as a going concern. If the bank does not waive covenants or extend the facility, the company may have to seek additional financing on harsher terms.
- Breached loan covenantshigh
The company did not meet certain financial covenants at the end of fiscal 2026, and the bank could demand full repayment if it does not grant a waiver. The consequences of such a demand could be severe for liquidity.
- Customer concentrationhigh
A small number of customers generate almost all revenue, and losing or changing one of them could hurt profitability. The company says this dependence is expected to continue for the foreseeable future.
- Project-based contract modelmedium
Contracts are mostly individual purchase orders rather than long-term agreements, so future revenue is not assured and can vary widely.
- Stadco losses and margin recoverymedium
Stadco has produced recurring losses, and a return to profitability depends on project execution and better use of capacity. If improvements do not materialize, pressure on finances could increase.
Investment thesis
What would need to be true (bull case)
- If revenue growth from the first quarter of fiscal 2027 holds and the project mix keeps lifting margins, the company could narrow its losses and reach its stated growth targets 3.
- A large order book anchored in long-running defense programs could give visibility for several fiscal years 3.
- Quality certifications and export compliance for defense work could be advantages that new competitors find hard to replicate, provided military demand stays steady.
What would break the thesis
- Going-concern doubts and breached covenants could lead to repayment demands or more expensive financing, which could hurt shareholders badly.
- Dependence on a few customers and on non-recurring contracts means results could swing sharply, and losing one major client could wipe out recent progress.
- If Stadco cannot improve capacity use, losses could persist and the company might miss its financial targets for fiscal 2027.
What to watch
- Delivery against fiscal 2027 revenue and EBITDA guidancefiscal 2027
- Whether the bank grants waivers on covenants and extends the revolving credit lineSeptember 2026
- Stadco gross margin trend and the narrowing of segment lossesQ2 2027
- Conversion of roughly 22 million dollars of unfunded purchase orders into funded ordersnext three fiscal years
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
TechPrecision Corporation, through its two wholly owned subsidiaries, Ranor and Stadco, manufactures large-scale fabricated and machined precision metal components built to customer drawings and specifications, on a build-to-print basis. According to its annual report for the fiscal year ended March 31, 2026, the company does not design the products it makes and holds no proprietary intellectual property. All operations and customers are in the United States, and the company had 160 employees on March 31, 2026 1.
The business runs mainly on individual purchase orders rather than long-term contracts, so revenue is lumpy and hard to predict from quarter to quarter. Customers fall into two groups, defense and precision industrial, with the industrial group a very small share, about 1% of revenue in fiscal 2026 1. The company says it aims to be an end-to-end provider, covering heavy fabrication, precision machining, assembly, inspection and non-destructive testing.
Ranor, with roughly 145,000 square feet of facilities in Massachusetts, makes welded and machined components of up to 100 tons, while Stadco in Los Angeles makes critical components for military aircraft, helicopter and space programs. Both subsidiaries hold quality certifications and are registered and compliant with ITAR export rules, which matter for defense work 1.
Segments
Ranor
Ranor is the company's longer-standing segment and makes large components, up to 100 tons, at its Massachusetts complex. More than 95% of its revenue comes from the defense sector. In the first quarter of fiscal 2027, Ranor revenue rose 27% and gross profit rose 4%, management said, on a more favorable customer and project mix 3.
Stadco
Stadco makes mission-critical components for military aircraft, helicopter and space programs, plus tooling, molds and fixtures for defense aircraft production. Almost all of its revenue is from defense, and according to the annual report it has produced recurring operating losses 1. In the first quarter of fiscal 2027, Stadco revenue rose 22% and its losses narrowed, which management attributed to a strategic change in project mix 3.
Market context
The market the company serves is fragmented, with no dominant player, and includes both domestic and foreign manufacturers. Defense is the main source of demand, and concentration is a concern: the company's ten largest customers produced 92% of revenue in fiscal 2026 1. For defense contracts foreign competition is limited, while for other products foreign rivals may have lower production costs 1.
Demand depends heavily on defense budgets and on submarine and military helicopter programs such as the Virginia-class submarine program for the U.S. Navy. Changes in government defense spending and tariffs could shift order volumes, and demand could fall if major customers cut production 1.
Trends
- Government defense spendingmixed
Defense budgets are the main demand source for both subsidiaries. A rise or a reallocation in these budgets could support orders, while a cut could reduce demand for large components.
- Customer and project mixtailwind
Management says a shift in customer and project mix lifted revenue and narrowed losses in the first quarter of fiscal 2027. If this pattern holds, margins could keep improving 3.
- Financing and covenant pressureheadwind
The company was not in compliance with certain financial covenants as of March 31, 2026, and the bank could demand full repayment. The situation has been deferred but remains a pressure on liquidity 1.
- Raw material and energy costsmixed
The company depends on specialty metal alloys with long lead times, and rising tariffs, energy costs or interest rates could hurt margins. Customers often supply raw materials, which limits the exposure 1.
Competitive position
The company competes with domestic and foreign manufacturers, some larger or smaller, some with greater resources or lower production costs. The annual report says being a domestic manufacturer can matter for defense contracts, and that preferred vendors of prime contractors can shape product specifications to their own products 1.
The company says it differentiates on quality of work, reputation, ability to meet schedules and competitive pricing. Because the industry is fragmented, no single rival dominates it, and the annual report does not name specific competitors 1.
- Domestic defense and aerospace component makers
Larger and smaller rivals with different resources that can bid for the same military contracts; the report does not name them.
- Foreign manufacturers with lower production costs
Overseas rivals that may offer lower prices on products without defense restrictions; the company refers to this group without naming any firm.
- Preferred vendors of prime contractors
Suppliers that can shape product specifications and disadvantage the company in bids; the report describes them generically.
- Precision industrial component producers
Rivals in the precision industrial market, a very small segment for the company in fiscal 2026; none are named in the sources.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report28 Oct 2026Material agreement · Financial statements and exhibits
- Current report29 Sept 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Current report21 Sept 2026Material agreement · Financial statements and exhibits
- Proxy statement03 Sept 2026
- Quarterly report13 Aug 2026
- Current report13 Aug 2026Results of operations · Financial statements and exhibits
- Annual report25 Jun 2026
- Current report22 Jun 2026Results of operations · Financial statements and exhibits
- Current report19 May 2026Material agreement · Financial statements and exhibits
- Quarterly report17 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2026-03-31 · SEC / TechPrecision Corporation · 25 Jun 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / TechPrecision Corporation · 13 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / TechPrecision Corporation · 13 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.