Key Quantitative Figures

Financial Results for Quarter Ended 30th September 2026 (₹ in lakhs):

  • Revenue from Operations: 57,843.80
  • Other Income: 210.19
  • Total Income: 58,053.99
  • Total Expenses: 53,528.07
  • Profit Before Tax: 4,525.92
  • Total Tax Expense: 1,137.34
  • Profit After Tax: 3,388.58
  • Basic EPS: ₹9.18 (not annualized)

Financial Results for Half-Year Ended 30th September 2026 (₹ in lakhs):

  • Revenue from Operations: 1,10,753.27
  • Other Income: 295.29
  • Total Income: 1,11,048.56
  • Total Expenses: 1,02,900.54
  • Profit Before Tax: 8,148.02
  • Total Tax Expense: 1,809.25
  • Profit After Tax: 6,338.77
  • Basic EPS: ₹17.17 (not annualized)

Balance Sheet as at 30th September 2026 (₹ in lakhs):

  • Total Assets: 2,24,702.46
  • Total Equity: 91,170.20
  • Share Capital: 1,883.10
  • Other Equity: 89,287.10
  • Total Liabilities: 1,33,532.26

Dates of Action

  • Board Meeting Date: 22nd October 2026 (4:30 PM to 5:10 PM)
  • Record Date for Interim Dividend: Monday, 2nd November 2026
  • Dividend Payment Date: On or before 21st November 2026
  • ESOP Grant Date: 22nd October 2026
  • Management Changes Effective: 22nd October 2026

Parties Involved

  • Statutory Auditors: Talati & Talati LLP (Firm Reg No: 110758W/W100377)
  • Subsidiaries (amalgamated): Pitti Industries Private Limited, Dakshin Foundry Private Limited
  • Regulatory Bodies: SEBI, NCLT Hyderabad Bench

Dividend Declaration

  • Interim dividend of ₹2 per equity share (40% on face value of ₹5)
  • Record date: 2nd November 2026
  • Payment to be made on or before 21st November 2026

Capital Expenditure Approval

  • Approved capex of ₹450 crores
  • Purpose: Increase manufacturing capacities and value-addition capabilities; consolidate fragmented lamination manufacturing operations in Karnataka into a single integrated facility
  • Implementation: Phased implementation up to FY 2030-31
  • Financing: Internal accruals and debt

Capacity Details:

  • Current sheet metal capacity: 1,08,000 MT per annum (~78% utilization)
  • Current machining capacity: 8,13,600 hours (~85% utilization)
  • Proposed sheet metal capacity: 1,60,000 MT per annum
  • Proposed machining capacity: 13,14,000 hours (including ongoing expansion to 10,80,000 hours by Q1 2029-30)

ESOP Grant

  • Second grant of 5,77,500 employee stock options under 'Pitti ESOP Scheme 2024'
  • Exercise price: ₹736.72 per option
  • Pricing represents 23.03% discount to closing market price of ₹957.20 on NSE on 21st October 2026
  • Total shareholder approved limit: 13,00,000 options
  • Scheme complies with SEBI (Share Based Employee Benefits) Regulations, 2021

Vesting Schedule:

  • Time-Based Options (75%): Vesting over 3-8 years (15-20% annually from Year 3 to Year 8)
  • Performance-Based Options (25%): Vesting over 2-8 years (25% in Year 2, 25% in Year 3, 10% annually from Year 4 to Year 8)
  • Exercise period: 5 years from vesting of final tranche

Management Changes

Re-designations effective 22nd October 2026:

1. Shri Sandip Agarwala: From COO – Motor & Generator Components Business to Deputy Chief Executive Officer

2. Shri Chaitra Sundaresh: From Deputy Chief Operating Officer to COO – Motor & Generator Components Business

New Appointment effective 22nd October 2026:

3. Shri Avinash Arun Patil: Promoted from President – Maharashtra Operations to Deputy Chief Operating Officer (now part of Senior Management)

Amalgamation Impact

The financial results reflect the amalgamation of Pitti Industries Private Limited and Dakshin Foundry Private Limited (wholly-owned subsidiaries) with appointed date of 1st April 2026, approved by NCLT Hyderabad vide order dated 8th September 2026. Comparative figures have been restated accordingly.

Financial Impact Assessment

  • Dividend outflow: Financial impact quantified
  • Capex: ₹450 crores investment approved
  • ESOP: 5,77,500 options granted (potential dilution not specified)
  • Amalgamation: Already reflected in financial statements with restated comparatives

Additional Information

  • Business Segment: Single segment - manufacturing of engineering products of Iron and Steel
  • Geographical Revenue (Q2 FY26): India ₹42,411.01 lakhs, Outside India ₹15,432.79 lakhs
  • ESOP Trust holds 7,40,000 company shares treated as treasury shares
  • Audit Committee and Board approved the results on 22nd October 2026