Pitti Engineering Limited has issued a postal ballot notice to its members seeking approval for a key board appointment through electronic voting. The company announced the postal ballot process on March 5, 2026, with the notice originally dated February 5, 2026.

Director Appointment Proposal

The postal ballot seeks member approval for the appointment of Shri Gummalla Vijaya Kumar (DIN: 00780356) as Non-Executive Non-Independent Director, liable to retire by rotation. The Board of Directors appointed him as Additional Director with effect from February 5, 2026, subject to member approval through this postal ballot process.

E-Voting Schedule and Process

The company has engaged MUFG Intime India Private Limited to provide remote e-voting facility to all members. The electronic voting process follows a structured timeline with specific cut-off dates for member eligibility.

Members whose names appear in the Register of Members or List of Beneficial Owners as on the cut-off date and have registered email addresses will be eligible to participate in the e-voting process. The postal ballot notice has been sent only through electronic mode to eligible members.

Candidate Profile and Experience

Shri Gummalla Vijaya Kumar brings extensive legal expertise to the board with over four decades of experience in the legal profession. He was enrolled with the Bar Council of the then united Andhra Pradesh in 1984 and currently practices as an Advocate at the High Court of Telangana.

His professional background includes:

• Former Government Pleader (Revenue) for the United State of Andhra Pradesh • Additional Central Government Standing Counsel before the High Court of Andhra Pradesh • Standing Counsel for Municipalities (Rayalaseema Region) • Legal advisor to State Bank of Hyderabad, Andhra Bank Housing Finance Ltd., and New India Assurance Co. Ltd.

Previous Association with Company

Shri Gummalla Vijaya Kumar has a long-standing association with Pitti Engineering Limited, having served as a Director since 2006. He previously held the position of Independent Director from September 2014 to September 2024, during which he made significant contributions in legal compliance, regulatory affairs, and corporate governance.

Regulatory Compliance and Scrutinizer

The Board has appointed Shri Saurabh Poddar (Membership No. FCS 9190 and CP No. 10787), Proprietor of M/s Saurabh Poddar & Associates Company Secretaries, as the Scrutinizer to conduct the postal ballot through e-voting process. The process complies with Section 110 and 108 of the Companies Act, 2013, and SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

The postal ballot notice is available on the company's website at www.pitti.in and on the websites of BSE Limited and National Stock Exchange of India Limited. Members can access detailed voting instructions and cast their votes through the InstaVote platform provided by MUFG Intime India Private Limited.

Pitti Engineering conducted its Q3 and 9M FY26 earnings conference call on February 6, 2026, presenting robust financial performance with significant revenue growth and margin expansion. The company demonstrated strong operational efficiency across key business segments during the reporting period.

Financial Performance Overview

The company delivered impressive consolidated financial results for Q3 FY26, with total income growing 15% year-on-year. The earnings call, led by Managing Director and CEO Akshay Pitti, highlighted sustained momentum across multiple business verticals and improved profitability metrics.

Segment Performance and Volume Growth

Pitti Engineering witnessed strong broad-based demand across key end-user segments. Traction Motors and Railway Components contributed 31.9% of total revenues, while Power Generation accounted for 14.4% and Industrial and Commercial applications represented 13.9%. The Data Center segment showed particularly encouraging momentum, with revenue contribution increasing from 2.7% in the previous quarter to 3.7% in Q3 FY26.

Strategic Initiatives and Market Outlook

The company is executing a phased capital expenditure plan of ₹150 crores, with approximately ₹80 crores already expended. The remaining capacity additions are expected to be fully operational by FY27, supporting anticipated demand growth. Management highlighted strong customer forecasts and visibility extending up to 2 years, providing confidence in sustained growth trajectory.

During the earnings call, Akshay Pitti emphasized the company's focus on improving execution and increasing the share of value-added and integrated products. The strategy includes strengthening capabilities in machine components and integrated products, which is translating into better customer traction and stronger market positioning.

Working Capital Optimization and Export Strategy

The company maintained elevated inventory levels of approximately ₹500 crores to ensure uninterrupted execution amid global supply chain uncertainties. With secured tie-ups for BIS approved steel from mills in Korea and Japan, management expects to reduce inventory to historic levels of around ₹300 crores, releasing significant working capital and reducing finance costs by an estimated ₹15 crores in FY27.

Export revenues remained stable at 28% of total revenues despite global uncertainties, with domestic revenues contributing 72% during the 9-month period. The company has acquired two new customers in the Mexico and US region over the last two quarters, with another two customers in active engagement for order acquisition.

Future Growth Projections

For FY27, management projects revenue guidance in the range of ₹2,020 crores to ₹2,050 crores with EBITDA margins expected to remain steady around 17%. The company targets lamination sales of approximately 78,000 tons and machine components sales of around 14,000 tons for the next financial year, representing significant volume growth from current levels.