Pitti Engineering Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹3,176 Cr
- P/E
- 29.47
- ROE
- 10.64%
- PEG
- 1.59
- Price to sales
- 1.65
- Debt to equity
- 0.83
- 52W high / low
- ₹1,176 / ₹685
- Sales growth (5Y)
- 25.14%
- EBITDA margin
- 16.69%
- Net profit margin
- 6.14%
- Promoter holding
- 54.17%
- Sales (last year)
- ₹1,919 Cr
Pitti Engg. is engaged in the manufacturing of Electrical Steel Laminations, Motor Cores, Sub-Assemblies, Die-Cast Rotors, Press Tools and machining of metal components.
Guidance scorecard · Q2 FY27 call
What Pitti Engineering's management guided
and where it ranks in Industrial Manufacturing
Industrial Manufacturing
RevenueQ2 FY27 call
10–20%- By FY30-FY31, Pitti Engineering targets approximately INR3,800 crores in revenue, with about INR850 crores from machine components and the rest from lamination business.
- Volume guidance for FY27 remains at 17,000 tons for castings and 82,000 tons for laminations.
- Strong visibility and forecast from marquee customers support gradual capacity expansion.
- FY27 volume guidance is maintained; stronger volume growth expected in Q4 and FY28 post-capex commissioning.
- Exports will grow but domestic business is expected to grow faster due to onshore manufacturing by customers.
- Mining, off-highway, power generation expected as fastest growing sectors in the near term.
- Data centers present cautious optimism with potential for fast growth but limited to ~9% of total revenue.
2 more points from Pitti Engineering's call on revenue
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MarginsQ2 FY27 call
FlatSee what Pitti Engineering said on margins — free account, 30 seconds.
CapexQ2 FY27 call
Planned- Total planned capex of INR 740 crores combining two announcements: INR 290 crores (Hyderabad expansion) + INR 450 crores (new lamination and machining capacity).
- INR 450 crores capex phased through FY28 to FY31 for consolidating Bangalore lamination operations and increasing sheet metal capacity to 160,000 metric tons and machining capacity to 1.31 million hours by FY31.
- Capex split: ~INR 125 crores for land, ~INR 325 crores for infrastructure, plant, and equipment.
- Hyderabad project focused on casting and machining, phased commissioning through FY30, backed by strong order visibility.
- INR 250–260 crores of capex is committed (land/building), remaining modular and linked to demand.
- Funding primarily through internal accruals; potential to dip into debt if demand outpaces expectations.
2 more points from Pitti Engineering's call on capex
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FundraisingQ2 FY27 call
PlannedSee what Pitti Engineering said on fundraising — free account, 30 seconds.
Order bookQ2 FY27 call
- Strong visibility and forecast from marquee customers like Caterpillar, Siemens Mobility, Cummins, Marathon, and Nidec.
- Developing new opportunities with additional marquee customers, especially in data centers, mining, off-highway, special-purpose motors, power generation, railways, and metros.
- Modular capex and capacity expansions are being paced according to confirmed order inflows to avoid bottlenecks.
- Growth expected in lamination assemblies and castings, with FY27 targets of around 82,000 tons laminations and 17,000 tons castings.
2 more points from Pitti Engineering's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Industrial Manufacturing
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Industrial Manufacturing companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 0–2% | ₹1,185 Cr | 109.0 | |
| 2 | 40%+ | Up 0–2% | ₹486 Cr | 29.9 | |
| 3 | 40%+ | Flat | ₹7,897 Cr | 92.3 | |
| 4 | 40%+ | Flat | ₹3,421 Cr | 74.4 | |
| 5 | 40%+ | Flat | ₹2,461 Cr | 58.4 | |
| 6 | 40%+ | Flat | ₹681 Cr | 40.0 |
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Pro shows every company guiding 40%+ revenue growth →Full Industrial Manufacturing rankingPitti Engineering announcements
All announcements →- Capex / expansionNotablePitti Engineering Limited Q2 & H1 FY27 earnings call transcript filed with stock exchanges
- Dividend / buyback / bonusNotablePitti Engineering Limited announces board meeting outcomes dated 22nd October 2026
- Capex / expansionNotablePitti Engineering approves ₹450 crore capex for capacity expansion and consolidation
- Capex / expansionNotable· Adverse for the businessPitti Engineering reports Q2 & H1 FY27 results, announces ₹450 crore capex for expansion
- Acquisition / mergerNotablePitti Engineering amalgamation scheme with two companies effective 23 September 2026
Financials of Pitti Engineering
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Pitti Engineering
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 59.29% | 59.29% | 59.29% | 53.58% | 54.17% | 54.17% | 54.17% | 54.17% | 54.17% | 54.17% | 54.17% | 54.17% |
| FIIs + | 0.22% | 0.50% | 0.79% | 1.29% | 1.31% | 0.90% | 0.79% | 0.87% | 0.93% | 1.12% | 1.54% | 1.78% |
| DIIs + | 6.56% | 5.88% | 5.87% | 17.53% | 18.36% | 18.80% | 19.15% | 20.53% | 20.23% | 20.23% | 20.10% | 19.06% |
| Public + | 33.94% | 34.33% | 34.04% | 27.61% | 26.15% | 25.27% | 24.85% | 22.78% | 22.71% | 22.52% | 22.20% | 23.02% |
| Others + | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.85% | 1.03% | 1.65% | 1.97% | 1.97% | 1.97% | 1.97% |
| No. of Shareholders | 41,372 | 43,750 | 45,703 | 50,993 | 54,531 | 53,368 | 54,800 | 39,520 | 37,953 | 37,405 | 37,224 | 42,183 |
Financials of Pitti Engineering
Quarterly Results
Quarter-by-quarter operating performance
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 290 | 303 | 302 | 336 | 391 | 429 | 415 | 469 | 457 | 478 | 477 | 501 | 529 |
| Expenses + | 247 | 258 | 250 | 284 | 333 | 363 | 348 | 389 | 381 | 400 | 397 | 419 | 443 |
| Operating Profit | 42 | 45 | 51 | 52 | 58 | 66 | 67 | 80 | 75 | 78 | 81 | 82 | 86 |
| OPM % | 15% | 15% | 17% | 15% | 15% | 15% | 16% | 17% | 16% | 16% | 17% | 16% | 16% |
| Other Income + | 1 | 13 | 3 | 32 | 3 | 26 | 6 | 4 | 7 | 21 | 7 | 5 | 1 |
| Interest | 12 | 11 | 14 | 14 | 17 | 19 | 13 | 19 | 21 | 19 | 21 | 22 | 23 |
| Depreciation | 13 | 13 | 16 | 16 | 17 | 20 | 21 | 22 | 26 | 26 | 27 | 27 | 28 |
| Profit before tax | 19 | 33 | 25 | 54 | 28 | 53 | 39 | 42 | 37 | 54 | 40 | 37 | 36 |
| Tax % | 25% | 32% | 38% | 14% | 30% | 28% | 26% | 14% | 37% | 26% | 29% | 29% | 19% |
| Net Profit + | 14 | 22 | 16 | 46 | 19 | 38 | 29 | 36 | 23 | 40 | 28 | 27 | 30 |
| EPS in Rs | 4.36 | 6.87 | 4.90 | 14.35 | 6.04 | 10.72 | 7.64 | 9.60 | 6.08 | 10.65 | 7.49 | 7.07 | 7.83 |
Financials of Pitti Engineering
Profit & Loss
Annual income statement trend
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Sales + | 525 | 518 | 954 | 1,100 | 1,244 | 1,705 | 1,913 | 1,985 |
| Expenses + | 447 | 439 | 821 | 949 | 1,063 | 1,433 | 1,597 | 1,659 |
| Operating Profit | 78 | 80 | 133 | 151 | 181 | 271 | 316 | 327 |
| OPM % | 15% | 15% | 14% | 14% | 15% | 16% | 17% | 16% |
| Other Income + | 4 | 19 | 16 | 18 | 48 | 39 | 40 | 34 |
| Interest | 34 | 30 | 40 | 45 | 51 | 68 | 83 | 85 |
| Depreciation | 27 | 30 | 39 | 45 | 59 | 81 | 105 | 107 |
| Profit before tax | 20 | 39 | 71 | 80 | 119 | 162 | 168 | 167 |
| Tax % | 14% | 25% | 26% | 26% | 25% | 24% | 30% | |
| Net Profit + | 17 | 29 | 52 | 59 | 90 | 122 | 118 | 124 |
| EPS in Rs | 5.34 | 8.97 | 16.18 | 18.36 | 27.99 | 32.48 | 31.29 | 33.04 |
| Dividend Payout % | 0% | 0% | 13% | 15% | 5% | 5% | 8% |
Financials of Pitti Engineering
Balance Sheet
Capital structure and asset base
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 16 | 16 | 16 | 16 | 19 | 19 | |
| Reserves | 220 | 268 | 318 | 457 | 880 | 968 | |
| Borrowings + | 318 | 393 | 356 | 628 | 690 | 811 | |
| Other Liabilities + | 148 | 280 | 287 | 290 | 416 | 340 | |
| Total Liabilities | 701 | 957 | 978 | 1,391 | 2,004 | 2,138 | |
| Fixed Assets + | 285 | 327 | 364 | 465 | 1,027 | 1,153 | |
| CWIP | 1 | 1 | 24 | 122 | 63 | 50 | |
| Investments | 16 | 16 | 15 | 0 | 0 | 0 | |
| Other Assets + | 399 | 613 | 574 | 804 | 914 | 935 | |
| Total Assets | 701 | 957 | 978 | 1,391 | 2,004 | 2,138 |
Financials of Pitti Engineering
Cash Flows
Operating, investing and financing cash movement
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 32 | 88 | 222 | 80 | 289 | 205 | |
| Cash from Investing Activity + | -66 | -93 | -104 | -247 | -536 | -175 | |
| Cash from Financing Activity + | 28 | 12 | -87 | 203 | 269 | -9 | |
| Net Cash Flow | -6 | 7 | 32 | 37 | 22 | 21 | |
| Free Cash Flow | -33 | 10 | 118 | -129 | -58 | 2 | |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 47% | 80% | 170% | 50% | 120% | 76% |
Financials of Pitti Engineering
Ratios
Working capital efficiency and return ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 121 | 78 | 60 | 63 | 55 | 39 | |
| Inventory Days | 171 | 147 | 112 | 136 | 118 | 124 | |
| Days Payable | 115 | 119 | 117 | 113 | 118 | 77 | |
| Cash Conversion Cycle | 178 | 106 | 55 | 86 | 55 | 87 | |
| Working Capital Days | 24 | 23 | 9 | 16 | 3 | 22 | |
| ROCE % | 18% | 18% | 19% | 17% | 15% |
Guidance history
How Pitti Engineering's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q2 FY27 call → | 10–20% | Flat | Planned | Planned | — |
| Q1 FY27 call → | 10–20% | Up 2%+ | Planned | — | — |
| Q4 FY26 call → | 10–20% | Flat | Planned | Planned | — |
| Q3 FY26 call → | 10–20% | Flat | Planned | — | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
20 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −10.0% | 48% |
| Last 6 months | −15.0% | 29% |
| Last 3 months | −8.2% | 50% |
The price is 41.6% below its all-time high of ₹1,460.35 (29 Nov 2024). Stocks more than 20% below their peak have their score halved, so 41 became 20.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Pitti Engineering: 0.4 × 48 + 0.4 × 29 + 0.2 × 50 = 41, halved to 20 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 2 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Pitti Engineering's management said in earlier quarters
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