Pitti Engineering (513519) Q4 25/26 earnings summary

Executive summary

• Transitioned from basic electrical steel laminations to integrated engineering solutions, focusing on machining, casting, fabrication, and high-value assemblies.

• Achieved total income of ₹1,953 crore in FY26, up 12% year-over-year, with consolidated revenue from operations at ₹1,912.8 crore, a 12.2% increase from FY25.

• Adjusted EBITDA rose 20% to ₹326 crore in FY26, with margin improving to 17.0% from 15.9% in FY25.

• Audited standalone and consolidated financial results for the quarter and year ended 31st March 2026 were approved, with an unmodified audit opinion issued by the statutory auditors.

• Significant capex initiatives underway to expand manufacturing capacity, including a ₹150 crore ongoing capex and a ₹290 crore greenfield facility.

Financial highlights

• Q4 FY26 revenue from operations: INR 506 crores, up 7% YoY.

• FY26 revenue: INR 1,953 crores, up 12% YoY; adjusted EBITDA for FY26: INR 326 crores, up 20% YoY; margin improved to 17% from 15.9%.

• Adjusted PAT for FY26 was ₹128 crore, up 4% year-over-year, with an adjusted PAT margin of 6.7%.

• Total borrowing at FY26 end: INR 698 crores; average cost of borrowing: 7%-7.5%.

• FY26 cash and cash equivalents stood at ₹119.5 crore, up from ₹98.7 crore in FY25.

Outlook and guidance

• FY27 lamination sales targeted at 78,000 tonnes (from 69,517 tonnes in FY26); machine components targeted at 16,000 tonnes (from 12,000 tonnes).

• Expected FY27 revenue: ~INR 2,300 crores; margins to remain similar as FY26 barring commodity price changes.

• Capacity utilization expected to be just under 80% in FY27; current CapEx sufficient till FY28.

• Greenfield facility with ₹290 crore capex to double casting capacity to 36,000 MT by Q1FY30.

• The project aligns with the strategy to consolidate operations and enhance capacity readiness.