Financial Performance
Pitti Engineering Limited reported strong financial results for FY25-26 with consolidated revenue growth of 12.02% to ₹1,952.91 crores and adjusted EBITDA of ₹325.79 crores (17.03% margin). Standalone revenue from operations reached ₹1,590.01 crores with profit after tax of ₹97.53 crores. The company maintained healthy operational metrics with 76% sheet metal utilization, 81% machining utilization, and 71% casting utilization.
Capacity Expansion & Capital Expenditure
The company announced significant capital expenditure of ₹290 crores to double casting capacity from 24,600 to 36,000 tonnes and increase machining capacity from 720,000 to 1,080,000 hours by Q1 FY30. An ongoing ₹150 crore brownfield expansion is already underway, with ₹100 crores spent to increase sheet metal capacity to 108,000 tonnes and casting capacity to 24,600 tonnes by H1 FY27.
Corporate Actions & Financing
Pitti Engineering completed a QIP in FY25 raising ₹359.99 crore and recommended a final dividend of ₹2.50 per share for FY26. The board approved amalgamation of two wholly-owned subsidiaries - Pitti Industries Private Limited and Dakshin Foundry Private Limited - with an appointed date of 1st April 2026, subject to NCLT approval.
Operational Highlights
Consolidated lamination and assembly volumes grew 10.3% to 69,517 tonnes, with high-value assemblies growing 21.8% and integrated assemblies up 31.9%. Export revenue reached ₹531.31 crores (27% of total), with railways contributing 33% of revenue (63% exports). The company expanded its data center customer base with 2 new clients.
Subsidiary Performance & ESOP Scheme
Pitti Industries reported revenue of ₹314.50 crore and PAT of ₹8.01 crore, while Dakshin Foundry reported revenue of ₹67.05 crore and PAT of ₹12.71 crore. The company implemented Pitti ESOP Scheme 2024, granting 787,500 stock options at ₹736.72 exercise price, recognizing ₹10.26 crore expense in FY26.
Financial Position & Debt
Net debt increased to ₹554.56 crore from ₹439.02 crore YoY, with net debt-to-equity ratio at 0.56. Total borrowings stood at ₹698.85 crore, while operating cash flow remained strong at ₹204.91 crores. The company maintained inventory levels at ₹394.91 crores to address electrical steel supply constraints.
Governance & Compliance
The 42nd AGM is scheduled for September 18, 2026 through video conferencing, with record date for dividend set for September 11, 2026. The company maintained full regulatory compliance with no material qualifications in audit reports and adhered to all SEBI listing requirements.
Forward Outlook
Company expects meaningful working capital release by H1 FY27 as supply-side pressures ease, with strong demand visibility across railways, data centers, renewable energy, and mining sectors. The capacity expansion projects position the company for sustained growth in the engineering and capital goods sector.