Pitti Engineering Limited (PITTIENG)
₹1,019.00 +0.78% last close, 16 Oct
Q2 FY27 results
📅 Next results: 22 Oct 2026 (board meeting)Pitti Engineering Limited's board meets on 22 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Pitti Engineering's revenue was ₹529 Cr (+15.8% year on year, +35.7% on the previous quarter), and net profit ₹29.5 Cr (+28.3% year on year); the operating margin was 16.3%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹529 | +15.8% | +35.7% |
| Operating profit | ₹86.4 | +15.2% | +5.3% |
| Net profit | ₹29.5 | +28.3% | +9.3% |
| Operating margin | 16.3% | — | — |
PITTIENG delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 44.44% of the PITTIENG shares traded on NSE were taken to delivery, against the stock's own 20-session average of 48.36%. That is close to its usual level. Volume was 0.4 times its average, well below normal.
Delivery in the last 5 sessions: 51.5% · 54.9% · 50.1% · 58.0% · 44.4%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Pitti Engineering announced the conclusion of investigation and search proceedings conducted under Section 67 of the Maharashtra GST Act 2017 at its Maharashtra manufacturing unit on October 13, 2026. Following the identification of certain discrepancies for the period FY 2022-23 to FY 2026-27, the company agreed to discharge a total tax liability of ₹63,38,195 and interest of ₹14,53,635 (total ₹77.92 lakh). The tax items comprise Reverse Charge Mechanism (₹26.88 lakh), wrongly availed TDS credit (₹27.99 lakh), and ITC reversal (₹8.51 lakh). Given the company's TTM revenue of ₹1,818 crore and TTM PAT of ₹125 crore, this financial payout is immaterial (<0.1% of PAT).
- Search proceedings under Section 67 concluded on October 13, 2026 at 11:30 P.M.
- Total agreed tax liability amounts to ₹63,38,195 alongside ₹14,53,635 in interest (total ₹77,91,830)
- Discrepancies identified span FY 2022-23 to FY 2026-27 across RCM, wrongly availed TDS credit, and ITC reversals
- Company confirmed no material impact on financials or business operations
Pitti Engineering Limited has reported that the Deputy Commissioner of State Tax, Maharashtra initiated an inspection and search proceeding at its manufacturing unit on October 8, 2026. The authorization letter was presented to company officials at approximately 11:40 AM under Section 67 of the Maharashtra GST Act, 2017. As of the filing date, specific details regarding alleged violations or monetary claims have not been communicated. The company stated that the proceedings are ongoing with no material operational or financial impact observed so far.
- Search initiated on October 8, 2026 under Section 67 of the Maharashtra GST Act, 2017
- Authorization letter shown to company officials at around 11:40 A.M.
- Authority conducting action: Deputy Commissioner of State Tax, Maharashtra
- Violations or financial penalties: not disclosed (no communication received yet)
Pitti Engineering Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 30th September 2026. The certificate, issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited on 3rd October 2026, confirms that share certificates received for dematerialisation were verified, cancelled, and substituted with depositories within prescribed timelines. This is a regular administrative disclosure confirming compliance with depository procedures and contains no operational or financial updates.
- Regulation 74(5) compliance confirmed for the quarter ended 30th September 2026
- Confirmation certificate issued by RTA MUFG Intime India Private Limited on 03-10-2026
- Company filing submitted to BSE and NSE on 6th October 2026
Pitti Engineering announced that pursuant to the amalgamation of Dakshin Foundry Private Limited (DFPL) effective 23rd September 2026, all pending litigations have vested in the company. The vested litigation involves an aggregate tax demand of ₹4.91 crore (comprising tax disputes of ₹3.09 crore, ₹0.01 crore, and ₹1.81 crore) concerning ITC and GST short-payments for FY 2018-19 to FY 2022-23. The total dispute amount represents roughly 3.9% of Pitti Engineering's TTM PAT of ₹125 crore and 0.27% of TTM revenue. The company stated the demand has been disclosed as a contingent liability and does not expect any material operational or financial impact.
- Dakshin Foundry amalgamation effective on 23rd September 2026, transferring all litigations to Pitti Engineering.
- Total tax demand contested stands at ₹4.91 crore plus applicable interest and equivalent penalty.
- Comprises three distinct matters: ₹3.09 crore (ITC availed), ₹0.01 crore (ITC/RCM), and ₹1.81 crore (ITC reversal/short payment).
- Disputed period spans FY 2018-19 through FY 2022-23 before the Commissioner of Central Tax (Appeals), Bengaluru.
- Disclosed as a contingent liability; management expects a favourable outcome on merits.
Pitti Engineering Limited announced that its Scheme of Amalgamation with Pitti Industries Private Limited (PIPL) and Dakshin Foundry Private Limited (DFPL) has become effective on September 23, 2026, following the filing of Form INC-28 with the ROC Hyderabad. The appointed date for the merger is set as April 1, 2026. Pursuant to the scheme, the company's authorized share capital stands combined and increased to INR 196.89 Cr, divided into 39.38 Cr equity shares of INR 5 each. This formalizes the integration of previously acquired manufacturing entities directly into Pitti Engineering.
- Scheme of Amalgamation became effective on September 23, 2026
- Appointed date of the scheme is confirmed as April 1, 2026
- NCLT Hyderabad bench sanctioned the merger order earlier on September 8, 2026
- Authorized share capital increased to INR 196,89,25,000 divided into 39,37,85,000 equity shares of INR 5 each
Pitti Engineering Limited concluded its 42nd Annual General Meeting on September 18, 2026, held via video conferencing. Key ordinary business taken up included the adoption of FY26 audited financial statements, declaration of a final dividend for FY26, and the re-appointment of Director Shri Akshay S Pitti. A special resolution regarding the keeping of registers and returns at a place other than the registered office was also put to vote. Scrutinizer voting results are expected within two working days.
- 42nd Annual General Meeting held and concluded on September 18, 2026, between 4:00 PM and 4:51 PM IST
- Remote e-voting was conducted from September 15, 2026 (9:00 AM) to September 17, 2026 (5:00 PM)
- Cut-off date for member voting eligibility was September 11, 2026
- Final scrutinizer report and combined voting results to be submitted within 2 working days
Pitti Engineering Limited concluded its 42nd Annual General Meeting on September 18, 2026, conducted via video conferencing. Shareholders voted on 5 key resolutions, including the adoption of audited FY26 financial statements, declaration of a final dividend, and the re-appointment of Director Shri Akshay S Pitti. The remote e-voting window was held from September 15 to September 17, 2026, with final voting results to be submitted within two working days. No operational disruptions, audit qualifications, or unexpected issues were reported.
- 42nd AGM concluded on September 18, 2026, after running from 4:00 PM to 4:51 PM IST
- Shareholders voted on 5 resolutions, including FY26 final dividend declaration and adoption of audited financials
- Remote e-voting held between September 15, 2026 (9:00 AM IST) and September 17, 2026 (5:00 PM IST)
- Auditors' Report and Secretarial Audit Report contained zero qualifications or adverse observations
Pitti Engineering Limited has received sanction from the Hon'ble NCLT Hyderabad Bench on 8th September 2026 for the Scheme of Amalgamation of its wholly owned subsidiaries, Pitti Industries Private Limited and Dakshin Foundry Private Limited, with itself. The appointed date for the merger is 1st April 2026. The entities are being dissolved without winding up, consolidating foundry, machining, and electrical steel lamination operations directly into the parent company. The scheme will become operative upon filing certified true copies of the order with the Registrar of Companies.
- Hon'ble NCLT Hyderabad sanctioned the Scheme of Amalgamation vide order dated 8th September 2026
- Appointed date fixed as 1st April 2026 for the amalgamation of both subsidiaries into Pitti Engineering
- Subsidiary Pitti Industries has a paid-up capital of Rs 3,09,42,000 (30,94,200 equity shares of Rs 10 each)
- Subsidiary Dakshin Foundry has a paid-up equity capital of Rs 17,50,000 equity shares of Rs 100 each (Rs 17.50 Cr)
- Certified order copy to be filed in Form INC-28 with the RoC within 30 days of receipt to make the scheme effective
Pitti Engineering Limited has formally responded to an exchange inquiry from the National Stock Exchange of India dated September 7, 2026 (Ref: NSE/CM/Surveillance/17492) regarding a significant surge in trading volume. The company stated that there is no unpublished price-sensitive information (UPSI) or material event requiring disclosure under Regulation 30 of SEBI LODR Regulations. Pitti Engineering confirmed that the volume and price movements are purely market-driven.
- Responded to NSE surveillance query reference No. NSE/CM/Surveillance/17492 dated September 7, 2026
- Confirmed zero unpublished price sensitive information (UPSI) pending disclosure under Regulation 30
- Clarified that recent security volume and price movements are purely market driven
Pitti Engineering Limited has informed the exchanges that Shri Vinod Kumar Nagururu (DIN: 00121111), Non-Executive Independent Director, has resigned from the Board effective August 26, 2026. The resignation is attributed to personal health reasons, with confirmation that there are no other material reasons. The outgoing director holds directorships in nil other listed entities. The announcement represents a routine board change with no impact on core business operations or financial metrics.
- Resignation of Non-Executive Independent Director Shri Vinod Kumar Nagururu effective August 26, 2026
- Reason cited is health issues, with confirmation of no other material reasons
- Holds directorships and committee memberships in nil other listed entities
Pitti Engineering Limited has informed the exchanges that Shri Vinod Kumar Nagururu (DIN: 00121111), Non-Executive Independent Director, has tendered his resignation effective 26th August 2026 citing health issues. The director confirmed that there are no other material reasons for his resignation. He held no other listed company directorships or committee memberships. The resignation is routine in nature and does not impact day-to-day operations.
- Shri Vinod Kumar Nagururu resigned as Non-Executive Independent Director effective 26th August 2026
- Reason stated for cessation is personal health issues, with confirmation of no other material reasons
- Resigning director holds Nil directorships or committee positions in other listed entities
Pitti Engineering Limited has informed the exchanges that Shri Vinod Kumar Nagururu (DIN: 00121111), Non-Executive Independent Director, has resigned from the Board effective August 26, 2026. The resignation is attributed solely to health issues, with confirmation that there are no other material reasons. The departing director held nil directorships in other listed entities.
- Resignation of Non-Executive Independent Director Vinod Kumar Nagururu effective August 26, 2026
- Reason specified explicitly as health issues with no other material reasons
- Director holds zero (Nil) directorships or committee memberships across other listed entities
Pitti Engineering Limited has dispatched the FY 2025-26 Annual Report weblink to shareholders whose email addresses are not registered with the company or depositories. The company announced that its 42nd Annual General Meeting (AGM) is scheduled to be held on Friday, September 18, 2026, at 4:00 PM IST via Video Conferencing. This compliance communication was issued pursuant to Regulation 36(1)(b) of SEBI LODR Regulations for members on record as of August 21, 2026.
- 42nd Annual General Meeting scheduled for September 18, 2026, at 4:00 PM IST via VC/OAVM
- Weblink and navigation path for FY26 Annual Report sent to unregistered email holders as on August 21, 2026
- Issued pursuant to Regulation 36(1)(b) of SEBI LODR Regulations
Pitti Engineering Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 in compliance with SEBI Listing Regulations. The report details operational footprints and ESG parameters, highlighting that electrical laminations/stampings contributed 59.53% of turnover, while machining contributed 21.38%. Exports accounted for 31.89% of total turnover across 11 international markets. As of March 31, 2026, the company employed 1,070 permanent employees and 2,843 total workers across its 4 plant locations.
- Electrical laminations & stampings generated 59.53% of turnover, followed by machining of metal components at 21.38%
- Exports represented 31.89% of total turnover, reaching 11 countries
- Direct sourcing within India accounted for 86.33% of input material value, with 4.70% from MSMEs
- Workforce stood at 1,070 permanent employees and 2,843 total workers (912 permanent and 1,931 contract/non-permanent)
Pitti Engineering Limited has released the notice for its 42nd Annual General Meeting scheduled for September 18, 2026, via Video Conferencing. Key agenda items include the adoption of FY26 financial statements and approval of a final dividend of ₹2.50 per share (50% on face value of ₹5). The agenda also includes the reappointment of Managing Director & CEO Akshay S Pitti, who retires by rotation, and ratification of ₹5,00,000 remuneration for cost auditors.
- 42nd Annual General Meeting scheduled for September 18, 2026, at 4:00 PM IST via VC/OAVM
- Final dividend proposed at ₹2.50 per equity share (50% of face value ₹5)
- Reappointment of Shri Akshay S Pitti (holds 34,71,687 shares) as Director retiring by rotation
- Ratification of ₹5,00,000 cost auditor remuneration for FY27 to M/s. S S Zanwar & Associates
Financial Performance
Revenue Growth by Segment
Consolidated revenue from operations grew 13.8% YoY in H1FY26 to INR 934.3 Cr. Subsidiary revenue grew 60% in Q2FY26 due to production optimization and shifting legacy business from the parent to Bangalore and Aurangabad units. Lamination volumes reached 17,722 tons in Q2FY26, though loose lamination and low value-added assemblies (11,801 tons) declined 2% YoY.
Geographic Revenue Split
Not explicitly disclosed by percentage, but the company is actively expanding its machine components business in Europe to capitalize on the closure of local foundries, while domestic operations are centered in Hyderabad, Aurangabad, and Bangalore.
Profitability Margins
Gross Profit Margin improved from 38.0% in FY24 to 40.4% in FY25. PAT Margin stood at 6.7% in H1FY26 compared to 7.0% in H1FY25. The slight decline in PAT margin is attributed to higher depreciation (up 38.9% YoY to INR 51.4 Cr) and finance costs (up 12.1% YoY to INR 39.9 Cr) following recent capacity expansions.
EBITDA Margin
EBITDA Margin improved by 130 bps YoY to 16.4% in H1FY26. Q2FY26 EBITDA margin was 16.3%, reflecting strong operating leverage. The company targets margin protection through a pass-through mechanism for raw materials and renegotiating overheads every 3-5 years.
Capital Expenditure
Net cash used in investing activities was INR 536.1 Cr in FY25, a significant increase from INR 247.0 Cr in FY24. This includes INR 309.99 Cr for the purchase of Property, Plant, and Equipment and intangibles to support the ramp-up to a target of 80,000-83,000 tons by FY27.
Credit Rating & Borrowing
Total borrowings stood at INR 297.2 Cr as of March 2025. Finance costs increased to INR 67.9 Cr in FY25 from INR 51.5 Cr in FY24 (a 31.8% increase), reflecting higher debt utilization for acquisitions and expansion.
Operational Drivers
Raw Materials
Steel (for laminations) and scrap/pig iron (for foundry castings) represent the primary inputs. Cost of Goods Sold (COGS) was INR 1,016.5 Cr in FY25, accounting for 58.3% of total income.
Import Sources
Not explicitly disclosed; however, manufacturing is concentrated in Hyderabad, Aurangabad, and Bangalore, suggesting domestic sourcing for bulk inputs.
Capacity Expansion
Current lamination volume is approximately 17,722 tons per quarter. The company is targeting a capacity ramp-up to 80,000-83,000 tons by FY27 and further expansion by FY28. New capacities in Bangalore are expected to ramp up production starting January 2026.
Raw Material Costs
Raw material costs are managed through a 100% pass-through contract with customers, mitigating price volatility. COGS as a percentage of revenue decreased from 62.0% in FY24 to 59.6% in FY25, aiding gross margin expansion.
Manufacturing Efficiency
EBITDA growth of 23.3% in H1FY26 outpaced revenue growth of 13.8%, indicating improved manufacturing efficiency and operating leverage as new capacities stabilize.
Logistics & Distribution
The company is optimizing production by transferring legacy business to subsidiaries located closer to specific customer clusters to reduce distribution lead times and costs.
Strategic Growth
Expected Growth Rate
15-20%
Growth Strategy
Growth will be driven by a shift toward high value-added machine components and assemblies, which help offset lower margins in loose laminations. The company is also targeting the European market for castings as local foundries close. Capacity is being expanded to reach 80,000+ tons by FY27.
Products & Services
Laminations, high value-added assemblies, machine components, and raw castings for motors, generators, and other industrial applications.
Brand Portfolio
Pitti Engineering, Dakshin Foundry, Pitti Industries.
New Products/Services
Expansion into Forging and further growth in machine components for the European market are the primary new growth vectors, with production ramp-ups in Bangalore starting Q4FY26.
Market Expansion
Targeting Europe for machine components and castings. Domestically, optimizing the footprint across Hyderabad, Aurangabad, and Bangalore.
Strategic Alliances
Amalgamation with Pitti Castings Private Limited was approved to streamline the foundry and engineering business.
External Factors
Industry Trends
The industry is shifting toward integrated 'ready-to-assemble' components rather than loose laminations. Pitti is positioning itself as a high-value integrated player to capture this 15-20% industry growth trend.
Competitive Landscape
Competes with domestic and international foundries and lamination manufacturers; however, the exit of European players is reducing competitive intensity in high-end segments.
Competitive Moat
Moat is built on long-term customer relationships, integrated manufacturing (foundry + machining + lamination), and a transparent pricing model that protects margins from raw material volatility.
Macro Economic Sensitivity
Sensitive to global industrial CAPEX cycles, particularly in the power generation and transportation sectors which drive demand for laminations and castings.
Consumer Behavior
Industrial customers are increasingly demanding sub-assemblies and finished machine components rather than raw parts to simplify their own supply chains.
Geopolitical Risks
The closure of foundries in Europe due to energy costs and environmental regulations presents a strategic entry point for Pitti's machine components.
Regulatory & Governance
Industry Regulations
Operations are subject to the Companies (Indian Accounting Standards) Rules, 2015 and Section 133 of the Companies Act. The company recently completed a QIP of INR 360 Cr in July 2024 following SEBI regulations.
Environmental Compliance
Not explicitly disclosed, but the company maintains various 'Awards & Certifications' related to manufacturing standards.
Taxation Policy Impact
Effective tax rate was approximately 24.3% in FY25 (INR 39.3 Cr tax on INR 161.6 Cr PBT).
Legal Contingencies
The company discloses the impact of pending litigations in Note 25.2 of the Consolidated Financial Statements; however, the specific INR value of these contingencies is not provided in the snippets.
Risk Analysis
Key Uncertainties
The primary uncertainty is the timing of the ramp-up for new capacities in Bangalore and the successful stabilization of the balance sheet before committing to the capital-intensive forging expansion.
Geographic Concentration Risk
Manufacturing is concentrated in India (Hyderabad, Aurangabad, Bangalore), making it sensitive to domestic industrial policy and power costs.
Third Party Dependencies
Dependency on specialized steel suppliers for lamination grade materials, though costs are passed through to customers.
Technology Obsolescence Risk
The shift from loose laminations to complex assemblies requires continuous investment in high-end machining centers to avoid obsolescence.
Credit & Counterparty Risk
Trade receivables of INR 260.3 Cr (as of Sep-25) represent a significant portion of current assets; however, the company maintains a credit risk allowance (INR 4.12 lakhs in FY25) to manage exposure.
