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Pitti Engineering Q4 FY25 results: net profit down 10.4% to ₹36.14 crore, revenue up 43.0%
Pitti Engineering Limited reported consolidated revenue of ₹468.78 crore in Q4 FY25, up 43.0% from Q4 FY24, while EBITDA rose to ₹80.07 crore and margin expanded to 17.1%. Profit before tax fell to ₹42.19 crore and net profit declined to ₹36.14 crore, with EPS of ₹9.61.
Key points
- Consolidated revenue was ₹468.78 crore in Q4 FY25, up 43.0% from ₹327.88 crore in Q4 FY24 and 13.0% from ₹414.98 crore in Q3 FY25.
- EBITDA rose to ₹80.07 crore from ₹48.64 crore a year earlier, while EBITDA margin increased to 17.1% from 14.8%.
- Net profit was ₹36.14 crore, down from ₹40.35 crore in Q4 FY24; basic EPS was ₹9.61 versus ₹12.59.
- For FY25, consolidated revenue was ₹1,704.57 crore, up 41.9% from ₹1,201.60 crore in FY24, and net profit was ₹122.29 crore versus ₹90.19 crore.
- The company’s board recommended a final dividend of ₹1.50 per equity share, and an investor presentation was filed with the exchange.
How did Pitti Engineering perform in Q4 FY25?
Pitti Engineering Limited reported consolidated revenue of ₹468.78 crore for Q4 FY25, against ₹327.88 crore in Q4 FY24 and ₹414.98 crore in Q3 FY25. Revenue increased by 43.0% year on year and 13.0% sequentially. Total income was ₹472.30 crore, compared with ₹359.32 crore a year earlier and ₹421.00 crore in the previous quarter.
Consolidated EBITDA was ₹80.07 crore in Q4 FY25, up from ₹48.64 crore in Q4 FY24 and ₹66.95 crore in Q3 FY25. The EBITDA margin rose to 17.1% from 14.8% a year earlier and 16.1% in the previous quarter. Profit before tax was ₹42.19 crore, while net profit was ₹36.14 crore and basic EPS was ₹9.61.
Against Q4 FY24, profit before tax fell from ₹52.41 crore and net profit fell from ₹40.35 crore; EPS declined from ₹12.59. Against Q3 FY25, profit before tax rose from ₹38.66 crore, net profit from ₹28.76 crore and EPS from ₹7.64. The reported figures are consolidated; on a standalone basis, revenue was ₹421.92 crore and profit after tax was ₹29.98 crore.
quarter
| ₹ crore | Q4 FY25 | Q3 FY25 | Q4 FY24 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 468.78 | 414.98 | 327.88 | +43.0% | +13.0% |
| Other income | 3.52 | 6.02 | 31.44 | −88.8% | −41.5% |
| Total expenses | 430.11 | 382.34 | 306.91 | +40.1% | +12.5% |
| EBITDA | 80.07 | 66.95 | 48.64 | +64.6% | +19.6% |
| EBITDA margin | 17.1% | 16.1% | 14.8% | +2.3 pp | +1.0 pp |
| Profit before tax | 42.19 | 38.66 | 52.41 | −19.5% | +9.1% |
| Tax | 6.05 | 9.90 | 12.06 | −49.8% | −38.9% |
| Net profit | 36.14 | 28.76 | 40.35 | −10.4% | +25.7% |
| EPS (₹) | 9.61 | 7.64 | 12.59 | −23.7% | +25.8% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Pitti Engineering's costs and profit?
Total expenses were ₹430.11 crore in Q4 FY25, against ₹306.91 crore in Q4 FY24, an increase of ₹123.20 crore or 40.1%. Cost of materials rose by ₹60.88 crore to ₹272.96 crore, employee cost by ₹22.01 crore to ₹53.76 crore, finance costs by ₹5.30 crore to ₹18.94 crore, depreciation by ₹8.45 crore to ₹22.47 crore and other expenses by ₹19.95 crore to ₹53.64 crore.
Other income fell by ₹27.92 crore to ₹3.52 crore from ₹31.44 crore in Q4 FY24. There was no exceptional item in either quarter. Tax expense fell by ₹6.01 crore to ₹6.05 crore from ₹12.06 crore. The filings state that the prior-year quarter included an incentive, while no comparable incentive was recorded in the current quarter.
drivers
| ₹ crore | Q4 FY25 | Q4 FY24 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 272.96 | 212.08 | +60.88 | +28.7% |
| Employee cost | 53.76 | 31.75 | +22.01 | +69.3% |
| Finance costs | 18.94 | 13.64 | +5.30 | +38.9% |
| Depreciation | 22.47 | 14.02 | +8.45 | +60.3% |
| Other expenses | 53.64 | 33.69 | +19.95 | +59.2% |
| Total expenses | 430.11 | 306.91 | +123.20 | +40.1% |
| Other income | 3.52 | 31.44 | −27.92 | −88.8% |
| Tax | 6.05 | 12.06 | −6.01 | −49.8% |
Source: Company's results filing (XBRL).
How did Pitti Engineering do in FY25 as a whole?
For FY25, Pitti Engineering reported consolidated revenue of ₹1,704.57 crore, total income of ₹1,743.36 crore, profit before tax of ₹161.60 crore, net profit of ₹122.29 crore and EPS of ₹33.32. FY24 revenue was ₹1,201.60 crore, total income ₹1,249.81 crore, profit before tax ₹121.91 crore, net profit ₹90.19 crore and EPS ₹28.14.
Revenue increased by 41.9% in FY25, total income by 39.5%, profit before tax by 32.6% and net profit by 35.6%. EPS was higher by 18.4% from FY24. The earnings-call document reported consolidated sales volumes of 63,215 metric tons for FY25, up 49.43%.
ytd
| ₹ crore | FY25 | FY24 | Change |
|---|---|---|---|
| Revenue from operations | 1,705 | 1,202 | +41.9% |
| Profit before tax | 161.60 | 121.91 | +32.6% |
| Net profit | 122.29 | 90.19 | +35.6% |
| EPS (₹) | 33.32 | 28.14 | +18.4% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 31 March 2025, total assets were ₹2,004.05 crore, compared with ₹1,840.58 crore at 30 September 2024, while total equity was ₹898.65 crore against ₹872.17 crore. Borrowings rose to ₹578.45 crore from ₹468.74 crore, and cash fell to ₹98.65 crore from ₹107.79 crore. Inventories were ₹329.11 crore, trade receivables ₹256.23 crore and trade payables ₹330.96 crore.
FY25 operating cash flow was ₹288.54 crore, compared with ₹73.58 crore in FY24. Investing cash flow was negative ₹536.22 crore against negative ₹235.74 crore, while financing cash flow was ₹269.29 crore against ₹198.39 crore. Capital expenditure was ₹326.16 crore in FY25 and ₹238.80 crore in FY24.
balance_cash
| ₹ crore | As of 31 March 2025 | As of 30 September 2024 |
|---|---|---|
| Total assets | 2,004 | 1,841 |
| Total equity | 898.65 | 872.17 |
| Borrowings | 578.45 | 468.74 |
| Cash and equivalents | 98.65 | 107.79 |
| Inventories | 329.11 | 321.45 |
| Trade receivables | 256.23 | 248.92 |
Source: Company's results filing (XBRL).
| ₹ crore | FY25 | FY24 |
|---|---|---|
| Cash from operations | 288.54 | 73.58 |
| Cash from investing | −536.22 | −235.74 |
| Cash from financing | 269.29 | 198.39 |
| Capital expenditure | 326.16 | 238.80 |
Source: Company's results filing (XBRL).
How has Pitti Engineering done over the last 8 quarters?
Revenue increased year on year in each of the last six quarters. It rose from ₹289.79 crore in Q1 FY24 to ₹468.78 crore in Q4 FY25, with the lowest quarterly revenue in the series at Q1 FY24 and the highest in Q4 FY25. Net profit moved from ₹13.97 crore in Q1 FY24 to ₹36.14 crore in Q4 FY25, with its lowest point in Q3 FY24 and highest point in Q4 FY24.
EBITDA margin moved from 14.6% in Q1 FY24 to 17.1% in Q4 FY25. The margin bottomed at 14.6% in Q1 FY24 and peaked in Q4 FY25. Revenue rose in each of the last six quarters, while Q4 FY25 revenue and EBITDA margin were the highest points in the reported series.
trend
Which businesses drove the quarter?
The reported segments were India and Outside India. India revenue was ₹311.87 crore and Outside India revenue was ₹156.90 crore in Q4 FY25. The supplied segment figures do not include year-ago revenue, EBIT or growth rates for comparison, so the direction of segment performance cannot be stated from the available data.
The supplied segment figures also report EBIT of ₹0 crore and an EBIT margin of 0.0% for both India and Outside India. No year-ago EBIT figures are provided, so no segment-wise EBIT comparison is given here.
segments
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| a) India | 311.87 | 0 | 0.0% | |
| a) India | 311.87 | 0 | 0.0% | |
| b) Outside India | 156.90 | 0 | 0.0% | |
| b) Outside India | 156.90 | 0 | 0.0% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the audited standalone and consolidated financial results for the quarter and year ended 31 March 2025. It recommended a final dividend of ₹1.50 per equity share for FY25, subject to shareholder approval at the ensuing 41st Annual General Meeting, and also approved the redesignation of existing senior management personnel and a change in directors.
The company filed an investor presentation with the exchange, appointed a secretarial auditor and made a change in the company’s directors. The board also noted that the trading window, closed from the start of business hours on 31 March 2025, would open after 48 hours of the audited-results announcement.
board
What did the auditors point out?
The auditors included an Emphasis of Matter for the standalone and consolidated financial results concerning the NCLT-approved scheme of amalgamation among Pitti Engineering Limited, Pitti Castings Private Limited and Pitti Rail and Engineering Components Limited, with an appointed date of 1 April 2023. The statements of audited results for the quarter and year ended 31 March 2024 were restated to give effect to the merger, and the opinion was not modified in respect of this matter.
The report also described the Board’s responsibility for assessing the company’s ability to continue as a going concern and the auditors’ responsibility to conclude on the appropriateness of that basis and determine whether a material uncertainty existed. The excerpt did not state that a material uncertainty existed or that the opinion was qualified; the only reported audit signal was emphasis of matter.
auditor
What did Pitti Engineering's management say?
Management set an FY26 revenue target of ₹2,000 crore on a constant raw-material basis, with lamination sales volume of 68,000–70,000 tons. For FY27, management guided to revenue of ₹2,100–2,200 crore at peak saleable capacity of 72,000 tons. Management also guided to an FY26 EBITDA margin of 16.5–17% excluding other income, with a further improvement of 75–100 bps targeted over the next 12–18 months.
Management identified tariffs, US recession risk, lower North American Wabtec delivery guidance and the likelihood that fewer than half of new RFQs would convert into orders as risks. On the earnings call, MD and CEO Akshay S Pitti said: “Over the next 12 to 18 months, you can see another 75 bps to a whole percentage point increase in EBITDA margins.” He also said more than a 200% increase in RFQs had more than half likely to fail.
management
How did Pitti Engineering shares react?
The filing was released after market hours. On the reaction day, the stock closed up 1.4% from the pre-results close, while the Industrial Products sector’s median move was up 0.4% and the Nifty Microcap 250 was up 0.9%. In the first 30 minutes after the filing appeared, the stock was down 2.6%.
By the next day’s close, the stock was down 1.0% from its pre-results close, compared with a sector median move of up 1.0%; by the fifth session’s close, it was down 4.4%, against a sector median decline of 2.4%. Earlier reaction-day moves were down 9.6% on 13 February 2025, up 3.6% on 13 November 2024, up 1.6% on 8 July 2024 and down 2.3% on 15 May 2024.
reaction
| After the filing | Stock | Industrial Products median |
|---|---|---|
| 5 minutes | −2.8% | |
| 15 minutes | −2.4% | |
| 30 minutes | −2.6% | |
| Reaction day | +1.4% | +0.4% |
| Next day | −1.0% | +1.0% |
| 5 days | −4.4% | −2.4% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 13 February 2025 | −9.6% |
| 13 November 2024 | +3.6% |
| 8 July 2024 | +1.6% |
| 15 May 2024 | −2.3% |
Source: MarketPing price-reaction measurement.
How did other Industrial Products companies do?
Among 104 Industrial Products peers compared for the quarter, the median revenue growth was 6.1%. Eighty-nine peers grew more slowly than Pitti Engineering and 15 grew faster. Of the 100 peers for which profit was compared, 48 reported higher profit.
peers
| Pitti Engineering revenue growth (YoY) | +43.0% |
|---|---|
| Median of 104 other Industrial Products companies | +6.1% |
| Companies with slower revenue growth than Pitti Engineering | 89 of 104 |
| Companies with faster revenue growth than Pitti Engineering | 15 of 104 |
| Companies whose net profit rose | 48 of 100 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Pitti Engineering's revenue in Q4 FY25?
Revenue from operations was ₹468.78 crore, up 43.0% from ₹327.88 crore in Q4 FY24 (consolidated).
Did Pitti Engineering make a profit in Q4 FY25?
Yes. Net profit was ₹36.14 crore, against a net profit of ₹40.35 crore in Q4 FY24.
What was Pitti Engineering's EPS in Q4 FY25?
Basic earnings per share were ₹9.61, against ₹12.59 in Q4 FY24.
How did Pitti Engineering shares react to the Q4 FY25 results?
On the reaction day the stock moved +1.4% from the previous close; the median Industrial Products stock moved +0.4%.
When did Pitti Engineering announce its Q4 FY25 results?
On 21 April 2025, in a filing to the NSE.
Sources
- Board Meeting Intimation for The Audited Financial Results (Standalone And Consolidated) For The Quarter And Year Ended 31St March 2025 And Recommendation Of Final Dividend On Equity Shares Of The Company, If Any (BSE, 11 April 2025) · PDF
- Outcome of Board Meeting (NSE, 21 April 2025) · PDF
- The earnings call (28 April 2025)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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