Pitti Engineering FY26 Revenue Up 12.2%, Approves ₹290 Cr Greenfield Capex
Pitti Engineering Limited reported FY26 consolidated revenue from operations of ₹1,912.8 crore, up 12.2% YoY, with adjusted EBITDA rising 19.9% to ₹325.8 crore and adjusted PAT up 4.2% to ₹128.1 crore. The Board approved a ₹290 crore greenfield facility targeting 36,000 MT casting capacity by Q1 FY30, and recommended a final dividend of ₹2.50 per share. A revised investor presentation updating capex, capacity utilisation, and sales volume details was filed on May 17, 2026, ahead of an analyst call on May 18, 2026.
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Pitti Engineering Limited has published its audited financial results for the quarter and year ended March 31, 2026, along with a revised investor presentation filed under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The revised presentation, which updates slides on capex, capacity utilisation, and sales volume details, was filed on May 17, 2026, and is scheduled to be used in an Investors/Analysts earnings conference call on Monday, May 18, 2026, at 1:00 P.M. (IST). The company reported consolidated total income of ₹1,952.9 crore for the full year, marking a 12% increase over the prior year, while revenue from operations grew 12.2% to ₹1,912.8 crore.
Dividend Declaration
The Board has recommended a final dividend of ₹2.50 (50%) per equity share of face value ₹5 each for the financial year ended March 31, 2026. This payout is subject to approval by members at the ensuing 42nd Annual General Meeting.
| Parameter: | Details |
|---|---|
| Dividend per Share: | ₹2.50 (50%) |
| Face Value per Share: | ₹5 |
| Financial Year: | FY26 |
| Approval Status: | Subject to AGM Approval |
Financial Performance
For the fourth quarter of FY26, consolidated revenue from operations stood at ₹501.1 crore, a 6.9% increase year-on-year. Consolidated net profit after tax for Q4 FY26 was ₹26.6 crore, compared to ₹36.1 crore in Q4 FY25. For the full year, consolidated adjusted EBITDA rose 19.9% to ₹325.8 crore with a margin of 17.0%, while adjusted PAT increased 4.2% to ₹128.1 crore. Reported consolidated PAT for FY26 was ₹117.8 crore. The consolidated basic and diluted EPS for FY26 stood at ₹31.77.
The following table summarises the consolidated profit and loss performance:
| Metric: | Q4 FY26 | Q4 FY25 | YoY | FY26 | FY25 | YoY |
|---|---|---|---|---|---|---|
| Revenue from Operations: | ₹501.1 Crs | ₹468.8 Crs | 6.9% | ₹1,912.8 Crs | ₹1,704.6 Crs | 12.2% |
| Total Income: | ₹505.6 Crs | ₹472.3 Crs | 7.1% | ₹1,952.9 Crs | ₹1,743.36 Crs | 12.0% |
| Gross Profit: | ₹195.3 Crs | ₹187.5 Crs | 4.2% | ₹753.1 Crs | ₹688.1 Crs | 9.5% |
| Gross Profit Margin: | 39.0% | 40.0% | — | 39.4% | 40.4% | — |
| Adjusted EBITDA: | ₹84.0 Crs | ₹80.7 Crs | 4.1% | ₹325.8 Crs | ₹271.7 Crs | 19.9% |
| Adjusted EBITDA Margin: | 16.8% | 17.2% | — | 17.0% | 15.9% | — |
| Reported EBITDA: | ₹81.6 Crs | ₹80.1 Crs | 1.9% | ₹315.5 Crs | ₹271.1 Crs | 16.4% |
| Depreciation: | ₹26.7 Crs | ₹22.5 Crs | — | ₹104.7 Crs | ₹80.5 Crs | — |
| Finance Cost: | ₹22.0 Crs | ₹18.9 Crs | — | ₹83.4 Crs | ₹67.8 Crs | — |
| Profit Before Tax: | ₹37.5 Crs | ₹42.2 Crs | -11.1% | ₹167.6 Crs | ₹161.6 Crs | 3.7% |
| Profit After Tax: | ₹26.6 Crs | ₹36.1 Crs | -26.0% | ₹117.8 Crs | ₹122.3 Crs | -3.6% |
| Adjusted PAT: | ₹29.0 Crs | ₹36.7 Crs | -20.8% | ₹128.1 Crs | ₹122.9 Crs | 4.2% |
| Basic EPS (₹): | ₹7.21 | ₹9.61 | — | ₹31.77 | ₹33.32 | — |
Operational Highlights
Consolidated sales volume reached 65,599 MT in FY26, a 10.4% increase over the prior year. Value-added products volume grew 21.8% to 13,362 MT. Exports revenue contributed 27% of total revenue at ₹531 crore, with export revenue growth of 43% from FY23 to FY26 across 11+ countries spanning 6 continents. The updated sales volume breakup from the revised investor presentation is detailed below:
| Sales (MT): | Q4 FY26 | Q4 FY25 | YoY | FY26 | FY25 | YoY |
|---|---|---|---|---|---|---|
| High Value-Added Assemblies (Laminations): | 3,574 | 3,117 | 14.7% | 13,362 | 10,967 | 21.8% |
| Stator Frame/Rotor Shaft Integrated Assemblies: | 1,233 | 860 | 43.4% | 4,385 | 3,325 | 31.9% |
| Loose Laminations & Low Value-Added Assemblies: | 12,638 | 12,242 | 3.2% | 47,852 | 45,120 | 6.1% |
| Total Laminations: | 17,445 | 16,219 | 7.6% | 65,599 | 59,412 | 10.4% |
| Other Machined Components (Laminations & Assemblies): | 991 | 966 | 2.6% | 3,918 | 3,598 | 8.9% |
| Total Laminations & Assemblies: | 18,436 | 17,185 | 7.3% | 69,517 | 63,010 | 10.3% |
| Machined Castings (Laminations & Assemblies): | 408 | 328 | 24.4% | 1,595 | 1,092 | 46.1% |
| Machined Components: | 1,031 | 1,270 | -18.8% | 4,825 | 4,678 | 3.1% |
| Raw Castings: | 1,344 | 1,382 | -2.7% | 5,592 | 4,638 | 20.6% |
| Total Castings & Machined Components: | 2,783 | 2,980 | -6.6% | 12,012 | 10,408 | 15.4% |
| By-Products & Scrap: | 11,987 | 15,214 | -21.2% | 53,068 | 54,096 | -1.9% |
Capital Expenditure
The revised investor presentation provides updated details on both ongoing and new greenfield capex plans. The Board approved a new greenfield casting and machined components facility with a planned capex of ₹290 crore, targeted for commissioning by Q1 FY30. Of the total capex, approximately 30% is directed towards land acquisition and civil infrastructure, while approximately 70% is earmarked for plant, machinery, and machine shop. This greenfield facility will increase total casting capacity to 36,000 MT per annum — more than 2x current levels — by Q1 FY30. Machining hours capacity is also set to increase by 50% from current capacity by Q1 FY30. Capacity expansion is driven by strong order visibility from marquee customers including Caterpillar, Voith, Progress Rail, Siemens Mobility, and Medha Servo, across high-growth sectors such as Data Centers, Mining, Off-highway Vehicles, and Railways. An ongoing capex of ₹150 crore, with ₹100 crore already incurred, is set to increase capacity to 24,600 MT by H1 FY27.
| Parameter: | Details |
|---|---|
| New Greenfield Capex: | ₹290 crore |
| Capex Breakup – Land & Civil Infra: | ~30% |
| Capex Breakup – Plant, Machinery & Machine Shop: | ~70% |
| Target Commissioning: | Q1 FY30 |
| Post-Greenfield Casting Capacity: | 36,000 MT per annum |
| Machining Hours Capacity Increase: | 50% from current capacity by Q1 FY30 |
| Ongoing Capex (Total): | ₹150 crore |
| Ongoing Capex Already Incurred: | ~₹100 crore |
| Capacity Addition (H1 FY27): | 24,600 MT |
Balance Sheet and Cash Flow
On a consolidated basis, total assets stood at ₹2,137.8 crore as of March 26, compared to ₹2,004.1 crore in the prior year. Total equity increased to ₹986.9 crore from ₹898.7 crore. Net cash from operating activities was ₹204.9 crore, while net cash used in investing activities was ₹174.9 crore. Cash and cash equivalents at the end of the period stood at ₹119.5 crore, up from ₹98.7 crore.
| Parameter: | Mar-26 | Mar-25 |
|---|---|---|
| Total Assets: | ₹2,137.8 Crs | ₹2,004.1 Crs |
| Total Equity: | ₹986.9 Crs | ₹898.7 Crs |
| Non-Current Borrowings: | ₹380.8 Crs | ₹281.3 Crs |
| Current Borrowings: | ₹318.0 Crs | ₹297.2 Crs |
| Cash & Cash Equivalents: | ₹119.5 Crs | ₹98.7 Crs |
| Net Cash from Operating Activities: | ₹204.9 Crs | ₹288.5 Crs |
| Net Cash from Investing Activities: | ₹(174.9) Crs | ₹(536.2) Crs |
| Net Cash from Financing Activities: | ₹(9.2) Crs | ₹269.3 Crs |
Historical Stock Returns for Pitti Engineering
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -1.92% | -2.06% | -8.47% | +14.79% | -10.66% | +767.76% |
How will Pitti Engineering fund the ₹290 crore greenfield capex given its rising debt levels, and could this lead to equity dilution or further strain on finance costs beyond FY26?
With Q4 FY26 PAT declining 26% year-on-year despite revenue growth, what structural cost pressures — particularly in depreciation and finance costs — could persist into FY27 and impact margin recovery?
As exports now contribute 27% of revenue with 43% growth since FY23, which specific geographies or customer segments are driving this momentum, and how exposed is Pitti to currency risk or geopolitical disruptions?
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