October 13, 2026: Indian titanium alloy company PTC Industries announced the completion of a qualified institutional placement (QIP), raising INR 18 billion (approximately USD 190 million / RMB 1.27 billion) at INR 21,060 per share. The offering drew participation from asset managers and sovereign funds including Fidelity, Capital Group, and the Abu Dhabi Investment Authority, achieving over 5x subscription. PTC is the only company in India with titanium alloy melting capability. Its subsidiary Aerolloy Technologies operates VAR, VIM, and PAM equipment (with EB under construction), and has domestic titanium alloy ingot capacity exceeding 2,000 tonnes. In FY2026, revenue reached INR 6.028 billion (up 269% year-on-year), with Aerolloy's revenue up 210% year-on-year. 30% of revenue comes from the EU, with Europe and the US combined accounting for nearly 60%. The company has signed agreements with Safran and Airbus, and secured system-level orders from BrahMos/DRDO. However, the company relies entirely on imports for aerospace-grade titanium sponge and has signed a long-term procurement memorandum with Saudi Arabia's AMIC TOHO. PTC's rise is driven by both the diversification of European aerospace supply chains and India's defense self-reliance. The implications for domestic titanium sponge and titanium processing companies are clear: international aerospace qualifications such as NADCAP/AS9100 are the foundation for entering global supply chains, and the near-term difficulty of localizing titanium sponge production in India presents a window of opportunity for China's titanium sponge exports. Value for powder buyers: (1) Titanium alloy melting and titanium sponge are direct upstream inputs for titanium alloy powder. PTC's melting capacity ramp-up and its reliance on imported titanium sponge will affect titanium powder raw material costs and the global supply landscape. (2) Uncertainty surrounding India's domestic titanium sponge localization makes China's titanium sponge export window worth monitoring by titanium powder raw material buyers. (3) The diversification of European aerospace supply chains opens overseas opportunities for domestic material/powder companies that already hold NADCAP/AS9100 qualifications.