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%.

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.

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.

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:

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:

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.

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.