Pitti Engineering has scheduled its 42nd Annual General Meeting (AGM) for Friday, September 18, 2026, at 4:00 pm. The company will seek shareholder approval for a final dividend of ₹2.50 per share and the reappointment of Managing Director Akshay S Pitti.

The meeting will be conducted via Video Conferencing or Other Audio-Visual Means (OAVM). The record date for dividend eligibility and voting rights is Friday, September 11, 2026.

Key Dates and Agenda

Shareholders holding shares as of the record date are eligible for e-voting and the dividend if approved. The remote e-voting window opens on September 15, 2026, and closes on September 17, 2026.

Ordinary and Special Business

Ordinary business includes adopting standalone and consolidated audited financial statements for the year ended March 31, 2026, and declaring the final dividend of ₹2.50 (50% on face value) per equity share of ₹5 each. The Board seeks approval for the reappointment of Akshay S Pitti, who retires by rotation but is eligible and offering himself for re-election.

Special business resolutions include ratifying the remuneration of M/s S S Zanwar & Associates as Cost Auditors for FY27 at ₹5,00,000 plus taxes. Shareholders will also vote on maintaining statutory registers at the office of the Registrar and Transfer Agent, MUFG Intime India Private Limited, in Mumbai, rather than at the registered office in Hyderabad.

E-Voting and Annual Report Access

E-voting is facilitated through MUFG Intime India Private Limited. Shareholders can cast votes electronically via NSDL, CDSL, or the InstaVote platform. Those attending the AGM via VC/OAVM who have not voted remotely may vote during the meeting. Physical attendance is not permitted, and proxy appointments are not available for this virtual meeting.

The Company Secretary, Mary Monica Braganza, confirmed that the Annual Report and AGM notice are available electronically on the company website and stock exchange portals. Members seeking to speak during the AGM must register via email between September 12 and September 15, 2026.

In compliance with Regulation 36(1)(b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company has dispatched web-link letters to members whose email addresses are not registered with the company, RTA, or Depository Participants. These letters provide the exact navigation path to access the Annual Report for FY26.

Pitti Engineering Limited filed its Annual Report for FY26 with stock exchanges on August 24, 2026, ahead of its 42nd AGM scheduled for September 18, 2026, reporting consolidated revenue growth of 12.02% to ₹1,952.91 crore.

The Hyderabad-based manufacturer also filed its Business Responsibility and Sustainability Report (BRSR) for the year ended March 31, 2026. On a standalone basis, the company reported revenue from operations of ₹1,59,001.01 lakhs and a turnover of ₹1,57,557.42 lakhs, with net worth standing at ₹90,041.11 lakhs.

Financial Performance

The company delivered healthy financial results across both standalone and consolidated bases, with disciplined execution despite elevated inventory levels maintained to safeguard customer commitments amid an electrical steel supply deficit.

On a consolidated basis, the debt-to-equity ratio improved to 0.74. The company maintained inventories of ₹394.91 crores to manage supply chain disruptions stemming from regulatory changes in electrical steel availability, which created an estimated domestic supply deficit of 1,50,000 tonnes.

Operational Highlights

Consolidated lamination and assembly volumes grew 10.3% to 69,517 tonnes, while high value-added assemblies grew 21.8% and shaft and stator-frame integrated assemblies grew 31.9%. Casting and machined component volumes rose 15.4% to 12,012 tonnes. Capacity utilisation improved across all three businesses.

Exports on a consolidated basis contributed ₹531.31 crores. Traction motors and railway components remained the largest revenue contributor at 33%, followed by power generation at 15% and industrial and commercial motors at 13%. Data centres contributed 3% of revenue, with the company expanding its customer base by two clients in this segment during the year.

Capital Expenditure and Expansion

The company is executing an ongoing ₹150 crore brownfield programme, of which approximately ₹100 crore has been spent, aimed at raising consolidated sheet metal capacity from 90,000 tonnes to 1,08,000 tonnes and casting capacity from 18,600 tonnes to 24,600 tonnes. Additionally, a ₹290 crore capex project was announced to expand castings and machined components capabilities, targeting casting capacity of 36,000 tonnes and machining capacity of 10,80,000 hours by Q1 2029-30.

Revenue Mix and Exports

Export revenue has grown 43% over three years. The company serves customers across 11+ countries and operates six manufacturing locations across Telangana, Maharashtra, and Karnataka.

Scheme of Amalgamation

The Board approved a Scheme of Amalgamation on February 5, 2026, for the merger of wholly owned subsidiaries Pitti Industries Private Limited (formerly Bagadia Chaitra Industries Private Limited) and Dakshin Foundry Private Limited with the company. The NCLT dispensed with member and creditor meetings vide its order dated April 10, 2026. A second motion petition was filed on April 23, 2026, and is pending NCLT sanction. The appointed date for the scheme is April 1, 2026.

Dividend and AGM

The Board recommended a final dividend of ₹2.50 per equity share of face value ₹5 each for FY26, subject to member approval at the 42nd AGM. The record date is September 11, 2026. The AGM will be held through video conferencing on September 18, 2026 at 4:00 pm.

What the Numbers Show

Adjusted EBITDA growing faster than revenue — 19.90% versus 12.02% — indicates improving operating leverage as the company shifts its product mix toward higher value-added assemblies. Shaft and stator-frame integrated assemblies grew 31.9%, well ahead of loose laminations, reflecting this mix improvement. However, standalone PAT declined 8.71% as finance costs rose to ₹8,284.61 lakhs from ₹6,759.32 lakhs, partly reflecting the cost of carrying higher strategic inventories.

Sustainability Initiatives

The company's 1 MW solar power plant at Chhatrapati Sambhajinagar generated 1,496.89 MWh of renewable electricity, avoiding an estimated 1,072 MT CO2e in emissions. Afforestation projects covered 8 acres across Chhatrapati Sambhajinagar and Hyderabad facilities, with approximately 35,700 trees planted. The company added two electric vehicles during the year, bringing the total to 23 EVs over the last four financial years. Pitti Engineering achieved LEED Platinum certification for its Chhatrapati Sambhajinagar facility and received a Bronze Medal from EcoVadis.

Human Resources and Safety

As of March 31, 2026, the company employed 1,070 permanent employees and 2,843 workers on a standalone basis, while the consolidated talent base stood at 1,982 employees. Women comprise 2.34% of permanent employees and 0.14% of workers, while female representation on the Board of Directors stands at 28.57% (2 out of 7 directors). The company reported zero workplace injuries during the reporting year. Certain matters filed before the labour court by employees at the Chhatrapati Sambhajinagar facility are currently pending adjudication.