PITTI ENGINEERING LIMITED

Manufactures electrical steel laminations and finished machine components (castings, machined sub-assemblies) used by industrial motor and equipment makers. Sales split between India (68.6% of segment revenue) and Outside India (31.4%). The product mix is shifting up the value chain from loose laminations to integrated machine castings and assemblies; FY26 lamination volumes were 69,517 tons (+10% YoY) and machine component volumes were 12,012 tons (+15.4% YoY). End-applications are diversified: traction motors and railway parts made up 33% of FY26 revenue, with data centres (3% but flagged as the fastest-growing mid-term vertical), mining, locomotives and power generation as other key segments; new sampling-stage customers include Caterpillar and Progress Rail. A ₹290 crore greenfield casting and machining facility in Hyderabad is being added (commissioning Q1 FY30), intended to more than double consolidated casting capacity to 36,000 MT and lift machine hours to 10.8 lakh. The cost base is materials-heavy: raw materials (chiefly electrical steel) account for 61.9% of revenue, employees 8.7%, other operating expenses 14.2% and depreciation 5.5%; Q4 FY26 capacity utilisation was sheet metal 80%, machining 87% and casting 64%.