Pitti Engineering Ltd

- For FY '27, Pitti Engineering expects consolidated top-line growth between INR 20 crores to INR 50 crores. - EBITDA margin guidance for FY '27 is around 17%, with stability expected plus/minus 50 bps, depending on product mix. - Depreciation is expected to slightly increase in FY '27 due to INR 150 crores capex, with full effect from FY '28. - Adjusted EBITDA margin expanded to 17.5% in Q3 FY '26 and is expected to trend upwards over the medium term with improved product mix. - The company anticipates about 25%-30% growth in the fast-growing data center segment over the next 12 to 18 months. - Finance costs are expected to reduce by approximately INR 15 crores in FY '27 due to better working capital management. - Overall, Pitti Engineering is confident in scaling revenues and profitability supported by capacity expansion and strong customer visibility.

- The management did not explicitly quantify the current total order book or pending orders in the transcript. - However, strong customer forecasts and visibility extend up to 2 years, supporting medium-term growth. - Orders for exports in US and Mexico remain strong, with two new customers acquired in last two quarters and two more in engagement. - Data center segment showing strong and fast-growing demand, with potential monthly volumes of about 150 units. - Capacity expansion plans of INR150 crores underway to meet anticipated demand; new capacities to be fully operational by FY '27. - Domestic power gen and data center sales target about INR300 crore quarterly volumes, with Pitti capturing INR17-18 crores currently. - No signs of order deferment or delays in Q3; supply chain alignment ongoing. - Exports contribute roughly 28% of revenue with steady performance despite global uncertainties.

- There is no explicit mention of any new fundraising through debt or equity in the transcript. - Current net debt stands at around INR550 crores as per the discussion. - The company has an ongoing INR150 crores capex plan, mostly funded and expected to be operational by FY '27. - Management did not indicate plans for additional debt or equity raising during the call. - Focus is on capital efficiency and disciplined execution to support growth. - They are actively managing working capital via inventory reduction and factoring receivables rather than raising fresh funds. - No direct references to new fundraising or capital raising strategies were made for upcoming periods.

- Approved capex of INR150 crores is being executed in phases, expected to be fully operational by FY '27. - Most of the capex has already been expended close to INR80 crores; remaining capacities to come in FY '27. - Additional capacity increases planned from Q1 or Q2 FY '27 onwards, fully implemented by year-end FY '27. - Capex pipeline structured over next 3 years to support medium-term growth and enhance value-added capabilities. - Depreciation related to this capex to partially start in FY '27 and fully from FY '28 onwards (depreciation span ~15 years). - No immediate plans for forging business; consideration only once critical scale is achieved (current forging consumption approx. 250-300 tons/month). These investments aim to expand capacity, improve product mix, and drive medium-term revenue and profitability growth.

- For FY'27, Pitti Engineering expects consolidated top-line revenue between INR 1,900 crores and INR 2,000 crores, aiming to meet this guidance confidently. - Lamination volumes are targeted to increase to approximately 78,000 tons in FY'27 from 68,500-69,000 tons in the current year. - Machine components and castings sales are expected to rise to about 14,000 tons in FY'27 from roughly 11,000 tons. - The data center segment is projected to grow rapidly, with anticipated 25%-30% growth over the next 12-18 months. - Export business in US, Mexico, and Europe shows strong potential with new customers engaged and better market access due to tariff reductions. - EBITDA margins are expected to remain steady around 17%, influenced by product mix variations. - Capacity expansions linked to INR150 crores capex will become fully operational by FY'27, supporting volume growth.