Pix Transmissions Limited (PIXTRANS)
₹1,817.20 +0.43% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Pix Transmissions' revenue was ₹149 Cr (+22.3% year on year, -12.7% on the previous quarter), and net profit ₹52.7 Cr (+88.4% year on year); the operating margin was 30.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹149 | +22.3% | -12.7% |
| Operating profit | ₹45.7 | +63.1% | +47.3% |
| Net profit | ₹52.7 | +88.4% | +163.7% |
| EPS (₹) | 38.71 | +89.3% | +160.8% |
| Operating margin | 30.6% | — | — |
PIXTRANS delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 32.93% of the PIXTRANS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 46.44%. That is close to its usual level. Volume was 0.2 times its average, well below normal. 4 bulk or block deals were reported in PIXTRANS in the last 60 days: ₹32 Cr bought and ₹32 Cr sold.
Delivery in the last 5 sessions: 52.8% · 5.0% · 19.1% · 43.6% · 32.9%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 13 Oct | Sell | Nk Securities Research Private Limited | ₹13.60 Cr | ₹1,949.45 | 69,781 | Bulk |
| 13 Oct | Buy | Nk Securities Research Private Limited | ₹13.60 Cr | ₹1,948.55 | 69,781 | Bulk |
| 1 Oct | Sell | Nk Securities Research Private Limited | ₹18.05 Cr | ₹1,845.71 | 97,767 | Bulk |
| 1 Oct | Buy | Nk Securities Research Private Limited | ₹18.03 Cr | ₹1,844.21 | 97,767 | Bulk |
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
Pix Transmissions Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by its Registrar and Share Transfer Agent, MUFG Intime India Private Limited, on October 3, 2026. It confirms that securities received for dematerialisation during the quarter were processed, mutilated, cancelled, and substituted within prescribed timelines. This is a regular administrative compliance update with no financial impact.
- Compliance certificate filed under Regulation 74(5) of SEBI Regulations, 2018
- Applies to the quarter ended September 30, 2026
- Certificate issued by RTA MUFG Intime India Pvt. Ltd. dated October 3, 2026
- Reported to stock exchanges on October 9, 2026
PIX Transmissions reported a strong 22.8% YoY growth in consolidated revenue to ₹149.25 Cr for Q1 FY27. Net profit surged 89.3% YoY to ₹52.75 Cr, though this was significantly boosted by a ₹25.29 Cr gain from investment valuation (FVTPL). While revenue declined 12.6% sequentially from Q4 FY26, the bottom line benefited from the reversal of investment losses seen in the previous quarter. The company continues to operate with extremely low leverage, maintaining a debt-to-equity ratio of 0.04.
- Consolidated Revenue from operations grew 22.8% YoY to ₹149.25 Cr from ₹121.54 Cr.
- Consolidated PAT increased 89.3% YoY to ₹52.75 Cr, up from ₹27.86 Cr in Q1 FY26.
- Other Income included a significant ₹25.29 Cr gain from FVTPL investment adjustments, compared to a loss in the previous quarter.
- Earnings Per Share (EPS) for the quarter rose to ₹38.71 from ₹20.45 in the year-ago period.
- Finance costs remained minimal at ₹0.61 Cr, consistent with the company's low-debt profile.
Pix Transmissions Limited held its 44th Annual General Meeting (AGM) on July 22, 2026, to transact several key items including the adoption of FY26 financials. The Board recommended a final dividend of ₹9 per equity share (90% of face value), which is consistent with its profitable TTM PAT of ₹107 Cr. Shareholders also voted on the reappointment of directors Mr. Karanpal Sethi and Mr. Joe Paul. The Auditor's Report for the year ended March 31, 2026, was notably clean with no qualifications or adverse remarks.
- Recommended a final dividend of ₹9 per equity share (90% of face value) for FY26.
- Auditor's Report for FY26 confirmed to have zero qualifications, reservations, or adverse remarks.
- Reappointment of directors Mr. Karanpal Sethi and Mr. Joe Paul transacted at the meeting.
- Remote e-voting was conducted from July 19 to July 21, 2026, based on a cut-off date of July 14, 2026.
- Ratification of Cost Auditor remuneration for the F.Y. 2026-27 was proposed as special business.
Pix Transmissions Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The document, issued by Registrar MUFG Intime India Pvt. Ltd., confirms that share certificates received for dematerialization during the quarter ended June 30, 2026, were processed and listed on the exchanges. This is a standard administrative procedure to ensure the integrity of the company's share register. There is no impact on the company's financial performance or business operations.
- Confirmation of compliance for the quarter ended June 30, 2026
- Registrar MUFG Intime India Pvt. Ltd. (formerly Link Intime) handled the dematerialization requests
- Securities received were confirmed to depositories and listed on BSE and NSE within prescribed timelines
- Company maintains a low Debt/Equity ratio of 0.04 as per latest financial context
PIX Transmissions has scheduled its 44th Annual General Meeting (AGM) for July 22, 2026. The company has fixed July 14, 2026, as the record date to determine shareholder eligibility for the dividend and for voting rights. The share transfer books will remain closed from July 15 to July 22, 2026. This announcement is routine and follows a period where the company maintained a strong 23.5% operating margin and a low Debt-to-Equity ratio of 0.04.
- 44th Annual General Meeting scheduled for July 22, 2026, at 09:30 AM.
- Record date for dividend eligibility and e-voting fixed as July 14, 2026.
- Book closure period set from July 15, 2026, to July 22, 2026 (8 days).
- Company reported a TTM PAT of Rs 107 Cr with a low debt of Rs 24 Cr.
PIX Transmissions has scheduled its 44th Annual General Meeting (AGM) for July 22, 2026, to approve a final dividend of Rs 9 per share (90% of face value). The record date for dividend eligibility is fixed as July 14, 2026, with payment occurring post-AGM approval. This dividend represents a payout of approximately 11.5% of the company's TTM EPS of Rs 78.45. Other agenda items include the re-appointment of directors and ratification of cost auditor remuneration.
- Recommended final dividend of Rs 9 per equity share of Rs 10 each for FY 2025-26
- Record date for dividend and e-voting eligibility set for July 14, 2026
- AGM to be held on July 22, 2026, at the Nagpur registered office
- Book closure period defined from July 15, 2026, to July 22, 2026
- Proposed remuneration of Rs 85,000 for Cost Auditor for FY 2026-27
Pix Transmissions Limited has announced the closure of its trading window effective July 01, 2026, in compliance with SEBI Insider Trading Regulations. This closure is ahead of the declaration of the company's Unaudited Financial Results for the quarter ending June 30, 2026. The window will remain closed for all designated persons and their immediate relatives until 48 hours after the results are made public. The specific date for the Board Meeting to approve these results will be communicated at a later date.
- Trading window closure starts from July 01, 2026.
- Closure is in relation to the Unaudited Financial Results for the quarter ended June 30, 2026.
- The window will reopen 48 hours after the financial results are declared.
- The announcement follows SEBI (Prohibition of Insider Trading) Regulations, 2015.
Pix Transmissions Limited has filed its annual disclosure under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The disclosure, submitted by promoter Mr. Sonepal Singh Sethi on behalf of the promoter group and Persons Acting in Concert (PAC), covers the financial year ended March 31, 2026. It confirms that the promoters have not made any encumbrances on their shareholding, directly or indirectly, other than those already disclosed during the year. This is a routine but essential transparency filing regarding promoter stake stability.
- Annual disclosure submitted for the financial year ended March 31, 2026.
- Promoter Mr. Sonepal Singh Sethi and PACs declared no undisclosed encumbrances on company shares.
- Compliance filing under Regulation 31(4) of SEBI (SAST) Regulations, 2011.
- Confirms the integrity of the promoter's reported shareholding status to the exchanges.
PIX Transmissions reported a mixed performance for Q4 FY26, with revenue growing 3.5% YoY to ₹155.13 crore, but net profit falling 12% to ₹16.99 crore due to a sharp spike in other expenses. On a full-year basis, revenue declined by 4.6% to ₹530.16 crore, while PAT saw a 12.6% drop to ₹92.08 crore. Despite the earnings pressure, the board has recommended a final dividend of ₹9 per share (90% of face value). The company's cash and bank balances remain healthy at approximately ₹74.9 crore.
- Annual Revenue from operations decreased by 4.6% YoY to ₹530.16 crore in FY26.
- Full-year Net Profit (PAT) declined by 12.6% to ₹92.08 crore compared to ₹105.37 crore in FY25.
- Board recommended a final dividend of ₹9 per equity share (90% of face value) for FY 2025-26.
- Q4 FY26 PAT dropped 46% sequentially (QoQ) to ₹16.99 crore, impacted by a spike in other expenses to ₹50.65 crore.
- Earnings Per Share (EPS) for the full year stood at ₹67.58, down from ₹77.33 in the previous fiscal year.
Pix Transmissions Limited has filed its annual disclosure under Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The filing, submitted by promoter Mr. Sukhpal Singh Sethi, confirms the status of share encumbrances for the promoter group and Persons Acting in Concert (PAC) for the year ended March 31, 2026. This is a mandatory compliance requirement aimed at maintaining transparency in promoter holdings. The disclosure indicates that no undisclosed encumbrances were made during the financial year.
- Annual compliance filing under SEBI (SAST) Regulation 31(4) for the financial year 2025-26
- Submitted by lead promoter Mr. Sukhpal Singh Sethi on behalf of the entire promoter group
- Declaration confirms that promoters and PACs have not made any undisclosed encumbrances on their shares
- Filing ensures transparency regarding the pledge or encumbrance status of promoter-held equity
Pix Transmissions Limited has submitted its annual disclosure under Regulation 31(4) of the SEBI (SAST) Regulations for the financial year ended March 31, 2026. The promoter, Mr. Sukhpal Singh Sethi, along with Persons Acting in Concert (PAC), has declared that no encumbrances or pledges were created on their shareholding during the year. This is a standard compliance filing that confirms the promoter group's stake remains free of any new liens. Such disclosures are essential for maintaining transparency regarding the financial health and control of the promoter group.
- Annual disclosure submitted under Regulation 31(4) of SEBI (SAST) Regulations, 2011.
- Promoter Mr. Sukhpal Singh Sethi and PACs confirmed zero new encumbrances for the financial year ended March 31, 2026.
- The filing ensures compliance with SEBI's transparency requirements for promoter shareholding.
- Confirms that no promoter shares were used as collateral for loans during the reporting period.
Pix Transmissions Limited has successfully passed three special resolutions through a postal ballot concluded on March 30, 2026. Shareholders approved the re-appointment of Mr. Rishipal Sethi as Joint Managing Director and Ms. Shirley Paul as Whole Time Director for three-year terms. Furthermore, the office of Chairman & Managing Director Mr. Amarpal Sethi was made not liable to retire by rotation. These approvals ensure management continuity and stability for the upcoming three-year cycle.
- Mr. Rishipal Sethi re-appointed as Jt. Managing Director for 3 years with 7,616,680 votes in favor.
- Ms. Shirley Paul re-appointed as Whole Time Director for 3 years with 8,631,563 votes in favor.
- CMD Amarpal Sethi's office made not liable to retire by rotation with 7,788,806 votes in favor.
- All resolutions were passed as Special Resolutions with the requisite majority after excluding related party votes.
Pix Transmissions Limited has announced the closure of its trading window for all designated persons and their immediate relatives starting April 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of audited financial results for the quarter and year ending March 31, 2026. The window will remain closed until 48 hours after the financial results are made public. The specific date for the board meeting to approve these results will be communicated at a later date.
- Trading window closure effective from April 1, 2026, for insiders and designated persons.
- Closure is related to the upcoming audited financial results for the quarter and year ended March 31, 2026.
- The restriction will be lifted 48 hours after the official announcement of the financial results.
- The company will intimate the date of the Board Meeting for result approval separately.
Pix Transmissions Limited has responded to a clarification request from the National Stock Exchange regarding the signing of its financial results for the quarter ended December 31, 2025. The exchange questioned the validity of the signature on the results submitted on February 13, 2026. The company clarified that Mr. Karanpal Sethi, the CFO and Whole-time Director, signed the documents in the absence of the Chairperson and Managing Director. This action is permitted under Regulation 33(2)(b) of SEBI LODR Regulations, ensuring the filing remains valid.
- NSE sought clarification on the signing authority for the Q3 FY26 financial results.
- Results were signed by Mr. Karanpal Sethi, who serves as both CFO and Whole-time Director.
- Company cited SEBI Regulation 33(2)(b) which allows a Whole-time Director to sign in the absence of the Chairperson/MD.
- The formal clarification was submitted on March 12, 2026, to resolve the exchange's query.
CARE Ratings has re-affirmed PIX Transmissions' long-term rating at 'A+' and short-term rating at 'A1+', reflecting a stable financial outlook. The company maintains a strong liquidity position with cash and liquid investments rising to ₹238.43 crore as of September 2025. Despite global headwinds affecting export revenue in 9MFY26, profitability remains healthy with a PBILDT margin of 26.32%. The capital structure is exceptionally strong with a negligible gearing ratio of 0.06x and an interest coverage ratio of 52.08x.
- Long-term rating re-affirmed at CARE A+ (Stable) and short-term at CARE A1+
- Strong liquidity with cash and liquid investments increasing to ₹238.43 crore as of Sept 30, 2025
- Extremely low leverage with an overall gearing ratio of 0.06x and negative net debt position
- Interest coverage ratio significantly improved to 52.08x in 9MFY26 from 38.50x in FY25
- PBILDT margins sustained above 25% over the last five years, reaching 28.72% in FY25
Financial Performance
Revenue Growth by Segment
Consolidated revenue from the Power Transmission Solutions segment for H1 FY26 was INR 260.32 Cr, representing a decline of 10.34% compared to INR 290.35 Cr in H1 FY25. Standalone revenue for the same period was INR 236.45 Cr, down 12.81% YoY.
Geographic Revenue Split
India operations (Standalone) contributed 90.83% of consolidated revenue at INR 236.45 Cr. International operations through subsidiaries in UAE, UK, and Germany contributed approximately 9.17% (INR 23.87 Cr) to the consolidated total.
Profitability Margins
Gross margin (Revenue minus Material Costs) stood at 68.68% for H1 FY26. Profit Before Tax (PBT) margin was 25.98% (INR 67.65 Cr), declining from 31.15% (INR 90.46 Cr) in H1 FY25. Net margin (Total Comprehensive Income) was 19.63% (INR 54.26 Cr) compared to 22.25% in the previous year.
EBITDA Margin
EBITDA margin for H1 FY26 was 30.68% (INR 79.88 Cr), a decrease from 35.73% (INR 103.74 Cr) in H1 FY25. The decline is primarily attributed to a 10.7% drop in other income and a 10.3% drop in operational revenue.
Capital Expenditure
Capital Work in Progress (CWIP) increased significantly by 413.31% to INR 8.47 Cr as of September 30, 2025, compared to INR 1.65 Cr as of March 31, 2025, indicating active investment in capacity expansion.
Credit Rating & Borrowing
CARE Ratings analyzed the company on a consolidated basis. Debt obligations were reported at INR 13.20 Cr for FY24. Finance costs for H1 FY26 were INR 1.43 Cr, down 23.66% YoY, suggesting reduced debt levels or lower borrowing costs.
Operational Drivers
Raw Materials
The company utilizes rubber, high-tensile cords (polyester/aramid), and industrial fabrics to manufacture power transmission belts, though specific material-wise cost splits are not disclosed in available documents.
Capacity Expansion
Current installed capacity is not explicitly stated; however, the company has INR 8.47 Cr in Capital Work in Progress (CWIP) as of September 2025, up from INR 1.65 Cr in March 2025, representing a 413% increase in expansion activity.
Raw Material Costs
Cost of materials consumed was INR 81.52 Cr in H1 FY26, representing 31.31% of revenue from operations. This cost decreased by 10.21% YoY from INR 90.79 Cr in H1 FY25, tracking the revenue decline.
Manufacturing Efficiency
Manufacturing efficiency is supported by a consolidated approach where the parent company handles all manufacturing (INR 81.52 Cr material cost in both standalone and consolidated) while subsidiaries act as marketing arms.
Logistics & Distribution
Other expenses, which include distribution and logistics, were INR 63.35 Cr for H1 FY26, a sharp decline of 39.62% from INR 104.92 Cr in H1 FY25.
Strategic Growth
Growth Strategy
Growth is targeted through global market expansion via established subsidiaries in UAE, UK, and Germany. The company is also investing in capacity, evidenced by a 413% increase in CWIP (INR 8.47 Cr) and maintains a highly liquid balance sheet (7.27x current ratio) to fund new initiatives.
Products & Services
Power Transmission Belts (including V-belts, Ribbed belts, and Timing belts) and related Power Transmission Solutions.
Brand Portfolio
PIX
Market Expansion
Target regions include the Middle East (via PIX Middle East FZC), Europe (via PIX Transmissions Europe Limited), and Germany (via PIX Germany GmbH).
External Factors
Industry Trends
The industry is shifting toward high-efficiency power transmission solutions driven by industrial automation and automotive modernization. PIX is positioning itself as a global solution provider with marketing arms in key industrial hubs.
Competitive Landscape
The company competes in the global power transmission market against both domestic and international belt manufacturers.
Competitive Moat
The company's moat is built on a robust financial position with extremely low leverage (0.04x Debt/Equity) and a global distribution network. This sustainability is high due to the capital-intensive nature of manufacturing and the technical requirements of industrial belts.
Macro Economic Sensitivity
The company shows high sensitivity to currency fluctuations, recording an unrealized forex loss of INR 6.67 Cr in H1 FY26, which represents 9.8% of PBT.
Geopolitical Risks
Operations are exposed to trade barriers and economic shifts in the UK, Germany, and UAE, where the company maintains 100% owned subsidiaries.
Regulatory & Governance
Industry Regulations
The company complies with SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, Companies Act 2013, and Indian Accounting Standard 34 (Interim Financial Reporting).
Taxation Policy Impact
The effective tax rate for H1 FY26 was 19.8% (INR 13.39 Cr tax on INR 67.65 Cr PBT).
Risk Analysis
Key Uncertainties
Primary risks include foreign exchange volatility (INR 6.67 Cr loss impact) and fluctuations in raw material prices which constitute 31% of revenue.
Geographic Concentration Risk
Revenue is concentrated in India (90.8%), with the remaining 9.2% coming from international subsidiaries.
Credit & Counterparty Risk
Trade receivables stood at INR 105.53 Cr as of September 2025, representing 13.67% of total assets, down from INR 121.61 Cr in March 2025, indicating improved collection efficiency.
