PITTIENG

Pitti Engineering share price & financials

Price
₹943.65
Market cap
₹3.9k Cr
Sector
Capital Goods
Calls analysed
8
Latest concall · Q1 FY27 · call held 11 Aug 2026

Pitti Engineering Limited Q1 FY27

Revenue from Operations ₹529 cr +16%Adjusted EBITDA ₹89 cr +14%Adjusted EBITDA Margin 16.8% Adjusted PAT ₹32 cr

What went well

  • Revenue from operations for Q1 FY27 stood at ₹529 crores, a growth of 16% YOY.
  • Adjusted EBITDA grew 14% to ₹89 crores, with a margin of 16.8% for the quarter.
  • Total Lamination and assembly volumes registered a healthy 19% year-on-year growth to 19,200 tons.

What to watch

  • Margins remained largely flat despite improved product mix, primarily due to higher manpower costs associated with new Capex.
  • Interest cost did not decrease despite debt reduction, impacted by a Forex charge of about ₹3 crores due to West Asia crisis.
Read the full call →

What Pitti Engineering Limited does

Pitti Engineering manufactures electrical steel laminations, stator and rotor assemblies, machined castings and other precision-engineered components that go inside electric motors, generators and rail traction systems. It runs six manufacturing facilities across Telangana, Maharashtra and Karnataka, supplying rotating electrical equipment and machined/cast components to OEMs across railways, renewable energy, power generation, data centres, mining, and pump-motor applications. Its subsidiaries Pitti Industries Private Limited and Dakshin Foundry Private Limited add machined-component and iron/steel foundry-casting capabilities, and the company exports to customers across multiple countries and continents, serving marquee global clients such as Caterpillar, Voith, Progress Rail, Siemens Mobility, Medha Servo and Wabtec.

Segments

  • Rotating Electrical Equipment
  • Machined Components
  • Foundry / Castings
Manufacturing facilities
6 plants (3 in Telangana, 1 in Maharashtra, 2 in Karnataka)
Market position
India's largest manufacturer and exporter of electrical steel laminations; leading supplier to all motor manufacturers in India
Sheet-metal (lamination) installed capacity
90,000 MT per year
Machining installed capacity
7,20,000 machine hours per year
Casting installed capacity
18,600 MT per year
Export footprint
11+ countries across 6 continents, including US, Mexico, Germany, Spain, Switzerland, Australia, China and Kazakhstan
Founded 1983 Company website

Guidance record · Q1 FY27

what the last two calls moved 25 tracked 1 delivered 6 missed 18 open
  • Capital Expenditure delivered said Q1 FY26 Promised: INR 150 crores to be deployed over the next 18 months Q1 FY27: We have recently commenced operations of the previously announced 150 crores Capex, which was announced last year.
  • Net Debt went quiet said Q2 FY25 Promised: about ₹200 odd crores by end of FY25 Q1 FY27: Promise deadline passed. No new updates.
  • Consolidated Lamination Sales Volume revised up said Q2 FY25 Promised: about 72,000 tons as our sales number for FY '27 Q1 FY27: Therefore, we are revising our annual target to 82,000 tons for Lamination from 78,000 tons, as previously stated in Q4 Conference Call.

All 25 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 15.7%, net profit up 16.7% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue379 364 422 382 396 +4%422 +16%390 −8%442 +16%
EBITDA59 61 71 67 69 +17%70 +15%75 +6%73 +9%
Net profit34 24 30 18 36 +6%22 −8%23 −23%21 +17%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +27.4% 1Y

₹0.8k₹1.0k₹1.2kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 10 Nov 2025Q3 FY26 — 6 Feb 2026Q4 FY26 — 18 May 2026Q1 FY27 — 11 Aug 2026

1Y: ₹916.4 on 10 Sept 2025 → ₹1,167.9. High ₹1,176.2 (7 Sept 2026), low ₹685.05 (21 Jan 2026).

How the price took the results

close before → close after

Q1 FY27
−0.4%
11 Aug
Q4 FY26
+2.1%
18 May
Q3 FY26
−2.6%
6 Feb
Q2 FY26
−2.0%
10 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 13.0% a year over 3 years, FY23 to FY26. Operating margin widened to 17.7%.

Year endingFY23FY24FY25FY26
Revenue₹1.1k Cr₹1.2k Cr₹1.5k Cr₹1.6k Cr
Operating profit₹152 Cr₹190 Cr₹247 Cr₹281 Cr
Operating margin13.8%15.4%16.2%17.7%
Interest₹45 Cr₹51 Cr₹68 Cr₹82 Cr
Depreciation₹45 Cr₹58 Cr₹76 Cr₹97 Cr
Net profit₹59 Cr₹98 Cr₹107 Cr₹99 Cr
Net margin5.4%8.0%7.0%6.2%
Cash from operations₹222 Cr₹80 Cr₹261 Cr₹149 Cr
Free cash flow₹118 Cr₹-129 Cr₹-77 Cr₹-9 Cr
ROCE18.0%19.0%16.0%13.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹16 Cr₹16 Cr₹16 Cr₹16 Cr₹19 Cr₹19 Cr
Reserves₹220 Cr₹268 Cr₹318 Cr₹457 Cr₹897 Cr₹933 Cr
Borrowings₹317 Cr₹393 Cr₹356 Cr₹628 Cr₹776 Cr₹805 Cr
Other liabilities₹148 Cr₹280 Cr₹287 Cr₹290 Cr₹390 Cr₹300 Cr
Total liabilities₹701 Cr₹956 Cr₹978 Cr₹1.4k Cr₹2.1k Cr₹2.1k Cr
Fixed assets₹285 Cr₹327 Cr₹364 Cr₹465 Cr₹818 Cr₹898 Cr
Capital work in progress₹1 Cr₹1 Cr₹24 Cr₹122 Cr₹63 Cr₹42 Cr
Investments₹16 Cr₹16 Cr₹15 Cr₹0 Cr₹258 Cr₹258 Cr
Other assets₹399 Cr₹613 Cr₹574 Cr₹804 Cr₹941 Cr₹858 Cr
Total assets₹701 Cr₹956 Cr₹978 Cr₹1.4k Cr₹2.1k Cr₹2.1k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public trimmed −2.65 pp while DIIs added +0.95 pp. The shareholder count shrank 32% to 37,224.

Promoters
54.2%
FIIs
1.5%
DIIs
20.1%
Public
22.2%
Others
2.0%

Since Jun 2025

  • Public −2.65 pp
  • DIIs +0.95 pp
  • Others +0.94 pp

How it drifted, 12 quarters

Over this window DIIs went from 5.5% to 20.1% — +14.6 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 59.3%, FIIs 0.1%, DIIs 5.5%, Public 35.1%.Dec '23: Promoters 59.3%, FIIs 0.2%, DIIs 6.6%, Public 33.9%.Mar '24: Promoters 59.3%, FIIs 0.5%, DIIs 5.9%, Public 34.3%.Jun '24: Promoters 59.3%, FIIs 0.8%, DIIs 5.9%, Public 34.0%.Sep '24: Promoters 53.6%, FIIs 1.3%, DIIs 17.5%, Public 27.6%.Dec '24: Promoters 54.2%, FIIs 1.3%, DIIs 18.4%, Public 26.1%.Mar '25: Promoters 54.2%, FIIs 0.9%, DIIs 18.8%, Public 25.3%, Others 0.8%.Jun '25: Promoters 54.2%, FIIs 0.8%, DIIs 19.1%, Public 24.9%, Others 1.0%.Sep '25: Promoters 54.2%, FIIs 0.9%, DIIs 20.5%, Public 22.8%, Others 1.6%.Dec '25: Promoters 54.2%, FIIs 0.9%, DIIs 20.2%, Public 22.7%, Others 2.0%.Mar '26: Promoters 54.2%, FIIs 1.1%, DIIs 20.2%, Public 22.5%, Others 2.0%.Jun '26: Promoters 54.2%, FIIs 1.5%, DIIs 20.1%, Public 22.2%, Others 2.0%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Pitti Engineering Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Pitti Electrical Equipment Private Limited 28.45%unchanged
Sharad Badrivishal Pitti 11.79%unchanged
Akshay Sharad Pitti 9.22%unchanged
SBI Mutual Fund Mutual fund6.08%unchanged
Madhuri Sharad Pitti 4.67%unchanged
Aditya Birla Sun Life Trustee Private Limited - 2 Mutual fund4.39%−0.15 pp
Kotak Mahindra Life Insurance Company Ltd. Insurer3.21%unchanged
HSBC Mutual Fund Mutual fund2.43%+0.43 pp
UTI Mutual Fund Mutual fund1.13%unchanged
Investor Education and Protection Fund 1.01%unchanged
Sharad B Pitti (HUF) 0.05%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in PITTIENG

Filings to Aug 2026

0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).

Held by funds
₹253 Cr
7 schemes
Biggest holder
SBI ELSS Tax Saver Fund
₹122 Cr · 0.4% of that fund
SchemeHoldingLast month
SBI ELSS Tax Saver Fund SBI Mutual Fund₹122 Crheld
SBI Infrastructure Fund SBI Mutual Fund₹89 Crheld
SBI Retirement Benefit Fund - Aggressive Plan SBI Mutual Fund₹28 Crheld
SBI Retirement Benefit Fund - Aggressive Hybrid Plan SBI Mutual Fund₹13 Crheld
SBI Children's Fund - Savings Plan (Erstwhile known as SBI Magnum Children's Benefit Fund-Svg P) SBI Mutual Fund₹1 Crheld
SBI Retirement Benefit Fund - Conservative Hybrid Plan SBI Mutual Fund₹1 Crheld
SBI Retirement Benefit Fund - Conservative Plan SBI Mutual Fund₹0 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

0 added, 0 trimmed — net 0 shares (+0.0%)

Funds are sitting on
-12%
vs est. average cost
Held by funds
₹253 Cr
7 schemes · ≈ 5.5% of the company
Biggest holder
SBI ELSS Tax Saver Fund
₹122 Cr · 0.4% of that fund
Longest holder
SBI Infrastructure Fund
2y 2m · since Jul '24

Shares held by these funds +110%

Jul '24 22.90 L shares Jul '26

What the price assumes

Expensive

To justify its price of ₹1168, this stock must grow earnings at 33% every year for 7 years. Our analysis caps realistic growth at ~20%. At that growth it is worth ₹608 — downside of 48%.

Growth the price implies
33.0% a year
for 7 years, fading to 4%
It has actually compounded at
19.9% a year
net profit, FY23–FY26
The gap
0.1 pp
-48% downside if it only repeats history
Price today ₹1,167.9 Value at the reference growth ₹608.34

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Pitti Engineering Limited

Guides on how to read this kind of business and the numbers that matter.