Pitti Engineering changes registrar to MUFG Intime India

Pitti Engineering Limited has completed the change of its Registrar and Share Transfer Agent (RTA) from XL Softech Systems Limited to MUFG Intime India Private Limited. The transition was finalized following the execution of a tripartite agreement on May 25, 2026, involving the company, the outgoing RTA, and the incoming service provider. This move ensures that all share transfer and registry services will now be managed by the new entity.

The company informed the stock exchanges that all necessary formalities regarding the change of RTA have been duly concluded. This development is pursuant to Regulation 7(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The notification serves as a continuation of a previous letter sent by the company on December 30, 2025.

Key Details of the Change

Aspect	Details
Erstwhile RTA	XL Softech Systems Limited
New RTA	MUFG Intime India Private Limited
Agreement Date	May 25, 2026
Regulation	SEBI (LODR) Regulations, 2015, Regulation 7(4)

The intimation was submitted to BSE Limited and National Stock Exchange of India Limited by Mary Monica Braganza, Company Secretary & Chief Compliance Officer of Pitti Engineering Limited. The filing confirms that the procedural requirements for the switch have been fully met.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-3.55%	+2.17%	-5.79%	+6.72%	-7.63%	+864.14%

Pitti Engineering Limited has released the transcript of its Q4 and FY26 earnings conference call held on May 18, 2026. The company reported a 12% growth in revenue from operations for the full year FY26, which stood at INR1,953 crores compared to INR1,743 crores in FY25. For the quarter ended March 31, 2026, revenue from operations stood at INR506 crores, a growth of 7% over the corresponding period in the previous year.

Financial Performance

Adjusted EBITDA for FY26 increased by 20% to INR326 crores from INR272 crores in the previous year, with margins improving to 17% from 15.9%. The company noted that margins in Q4 were impacted by sharp changes in commodity prices and forex fluctuations, but these are expected to stabilize. The total borrowing as of the end of FY26 was INR698 crores, with an average cost of borrowing between 7% and 7.5%.

Metric	FY26	FY25	Growth
Revenue from Operations	INR1,953 crores	INR1,743 crores	12%
Q4 Revenue	INR506 crores	INR472 crores	7%
Adjusted EBITDA	INR326 crores	INR272 crores	20%
Adjusted EBITDA Margin	17%	15.9%	-

Operational Highlights and Capex

The company reported strong volume growth across segments. Lamination volume for FY26 increased by 10% to 69,500 tons, while total raw casting and machine components volumes grew by 15.4% to 12,012 tons. Capacity utilization improved significantly, with sheet metal utilization at 76%, machining at 81%, and casting at 71% for the full year.

Pitti Engineering announced a new greenfield capex program of INR290 crores to expand casting and machine component capacities. The facility, to be commissioned by Q1 FY30, will add 11,400 metric tons of casting capacity, taking total capacity to 36,000 metric tons. Additionally, machine hour capacity will increase to 10.8 lakh hours. The project is expected to generate asset turns of 1.2x.

Future Outlook

For FY27, the company targets sales volumes of 78,000 tons for laminations and 16,000 tons for machine components, which is expected to translate to a top line of approximately INR2,300 crores. Management indicated that EBITDA margins should remain similar in percentage terms. The company expects net debt to reduce to around INR470 crores with the release of INR125 crores from working capital.