Investor Presentation
PITTIENG · price
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Pitti Engineering reported FY26 total income of Rs 1,953 Cr, up 12% YoY, with adjusted EBITDA of Rs 326 Cr growing 20% YoY and adjusted PAT of Rs 128 Cr up 4%. However, Q4 saw a PAT decline of 21% YoY to Rs 29 Cr. Gross margin compressed from 40.4% to 39.4%, while EBITDA margin improved from 15.9% to 17.0%. The company disclosed two capex phases: Rs 150 Cr ongoing (Rs 100 Cr already spent, capacity additions by H1FY27) and a Rs 290 Cr greenfield casting facility targeted for Q1FY30, which would more than double casting capacity to 36,000 MT. Total debt stands at Rs 699 Cr (up from Rs 579 Cr). Capacity utilisation across sheet metal, machining, and casting ranges from 64% to 87%, indicating headroom for growth. The presentation was shared ahead of an analyst earnings call scheduled for 18 May 2026.
The stock faces mixed signals: EBITDA margin improvement is positive but gross margin compression and rising debt levels are concerns. The aggressive Rs 440 Cr capex program (Rs 150 Cr + Rs 290 Cr) signals management confidence in demand but increases leverage and execution risk.