NSE: PITTIENG · BSE: 513519
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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. India (69%), Outside India (31%). Capital-heavy industrial manufacturing moving up the value chain from loose laminations to integrated castings and assemblies.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 954 | 1,100 | 1,202 | 1,705 | 1,913 |
| EBITDA (ex other income) | 133 | 151 | 178 | 271 | 316 |
| margin % | 13.9 | 13.8 | 14.8 | 15.9 | 16.5 |
| Owners' profit | 52 | 59 | 0 | 0 | 0 |
| EPS, as reported (₹) | 16.18 | 18.36 | 28.14 | 33.32 | 31.77 |
| ROE % · ROCE % | 18.3 · 23.7 | 17.6 · 23.7 | 21.7 · 22.5 | 13.6 · 17.6 | 11.9 · 16.8 |
| Debt / equity (x) | 1.14 | 0.87 | 1.29 | 0.64 | 0.71 |
| Cash from operations | 88 | 222 | 74 | 289 | 205 |
| Capex | (61) | (96) | (239) | (326) | (191) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 429 | 415 | 469 | 457 | 478 | 477 | 501 | 529 |
| Profit before tax | 53 | 39 | 42 | 37 | 54 | 40 | 37 | 36 |
| Net profit | 38 | 29 | 36 | 23 | 40 | 28 | 27 | 30 |
| EPS (₹) | 10.20 | 7.64 | 9.61 | 6.14 | 10.78 | 7.59 | 7.21 | 7.99 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| India | 1,039 | 54.3 |
| Outside India | 396 | 20.7 |
| a) India | 343 | 17.9 |
| b) Outside India | 135 | 7.1 |
| Total, before eliminations | 1,913 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,904 | 97.4 | 24.99 | 80.9 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 30,105 | 81.2 | 9.82 | 52.4 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 26,932 | 49.1 | 6.04 | — | 11.8 | 15.5 | — | 18.2 |
| JYOTI CNC AUTOMATION LTD | 21,121 | 65.7 | 10.55 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| KAYNES TECHNOLOGY IND LTD | 20,995 | 60.6 | 4.41 | 29.9 | 7.6 | 9.8 | — | 17.1 |
| LMW LIMITED | 17,483 | 100.1 | 6.10 | 56.6 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,085 | 459.6 | 3.84 | 39.1 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,360 | 48.5 | 7.34 | 50.4 | 11.7 | 11.5 | — | 15.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 26.0 | 26.7 | 63 of 130 | 52% |
| P/B | 3.3 | 3.1 | 59 of 112 | 48% |
| ROCE | 11.2 | 11.3 | 72 of 142 | 50% |
| ROE | 11.9 | 9.8 | 38 of 113 | 67% |
| Debt / Equity | 0.7 | 0.2 | 94 of 113 | 17% |
| EBITDA margin | 16.5 | 12.4 | 40 of 110 | 64% |
| Revenue growth | 15.9 | 20.6 | 65 of 114 | 43% |
| Profit growth | 28.9 | 17.1 | 49 of 109 | 56% |
| Market cap | 3288 | 273 | 21 of 141 | 86% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Pitti plans INR450 crore Bangalore expansion as Q2 revenue rises 16% | investor communications | medium | — | — |
| 26 Oct 2026 · Newspaper notice on interim dividend and record date | compliance | minimal | — | — |
| 23 Oct 2026 · Audio recording of September 2026 results call available | investor communications | low | — | — |
| 23 Oct 2026 · Pitti Engineering publishes September 2026 unaudited results | compliance | minimal | — | — |
| 22 Oct 2026 · Pitti Engineering Q2FY27: income up 16%, PAT dips 15%, Rs 450 Cr capex announced | compliance | low | — | — |
| 22 Oct 2026 · Pitti Engineering Q2FY27: Revenue Up 16%, Margins Compress | investor communications | medium | — | — |
| 22 Oct 2026 · Senior management reshuffle and internal promotion | management changes | high | — | — |
| 22 Oct 2026 · Second employee stock option grant covers 577,500 options | capital market events | low | — | — |
| 22 Oct 2026 · Board approves ₹450 crore phased capacity expansion | capex operations | high | — | — |
| 22 Oct 2026 · Interim dividend, ₹450 crore expansion and management changes | corporate actions | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.