Pitti Engineering LimitedCapital Goods & EngineeringPITTIENG
Q1 FY27 concall · earnings callPitti Engineering Limited
Pitti Engineering posted strong volume growth and revised its annual volume target upward, driven by broad-based demand from data centers, mining, and railways, while executing significant capacity expansions.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue from Operations | ₹529 Cr | 16% | |
| Adjusted EBITDA | ₹89 Cr | 14% | |
| Adjusted EBITDA Margin | 16.8% | — | |
| Adjusted PAT | ₹32 Cr | — | |
| Total Lamination and Assembly Volumes | 19,200 tons | 19% | |
| Total Casting and Machine Components Volume | 3,191 tons | 4.2% | |
| Sheet Metal Utilization | 73% | — | |
| Machining Utilization | 86% | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹414.98 Cr+41.3% YoY-3.3% QoQ | ₹28.76 Cr+115.9% YoY-24.4% QoQ | ₹7.64+83.7% YoY-25.1% QoQ |
| Q2 FY25 | ₹429.36 Cr+47.9% YoY+12.2% QoQ | ₹38.02 Cr+68.6% YoY+85% QoQ | ₹10.20+44.9% YoY+59.1% QoQ |
| Q1 FY25 | ₹382.78 Cr+32.1% YoY+16.7% QoQ | ₹20.55 Cr+47.1% YoY-49.1% QoQ | ₹6.41+47% YoY-49.1% QoQ |
| Q4 FY24 | ₹327.88 Cr+32.5% YoY+11.7% QoQ | ₹40.35 Cr+62.4% YoY+202.9% QoQ | ₹12.59+62.5% YoY+202.6% QoQ |
| Q3 FY24 | ₹293.64 Cr+23.4% YoY+1.2% QoQ | ₹13.32 Cr+9.8% YoY-40.9% QoQ | ₹4.16+10.1% YoY-40.9% QoQ |
TL;DR
- Revenue grew 16% YoY to ₹ 529 crores; Adjusted EBITDA grew 14% to ₹ 89 crores.
- Lamination volumes grew 19% YoY; higher value-added assemblies grew faster.
- Revised annual Lamination volume target to 82,000 tons from 78,000 tons.
- Utilization improved across sheet metal (73%) and machining (86%).
- A ₹ 290 crore Greenfield Casting facility in Hyderabad is underway.
- Data center revenue is 5% of mix; mining segment grew from 5% to 10% of revenue.
Said on the call
“Our objective is to build capacity ahead of the demand curve.”
From the Q&A
| Topic | What management said |
|---|---|
| High Value-Added Assemblies Growth | Growth driven by data centers, special industrial use, mining, off-highway, and wind-based applications; EBITDA per ton for integrated assemblies is difficult to state as it's a mix of three verticals. |
| Data Center Business | Currently 5% of revenue is from the power generation side; supplies include direct exports to the U.S. and products made in India for local use and re-export. |
| Capex Details | ₹290 crore Greenfield Casting facility in Hyderabad has incurred ₹60 crores so far; 30% for infrastructure, 70% for plant/equipment; expected commissioning by Q1 FY30. |
| Export Performance | Direct exports were flat but expected to pick up in Q3-Q4; indirect exports (supplying to local ops of global customers for re-export) are a bigger opportunity. |
| Margin Trajectory | Margins flat due to higher manpower cost from recent capex; improvement expected as operating leverage kicks in with higher utilization, with a target of >18%. |
| Volume and Capacity Outlook | Revised Lamination target to 82,000 tons for FY27; with current capacity of 108,000 tons, headroom is limited; incremental capex likely in FY28, and a potential new facility in Bangalore in FY28/FY29. |
| Casting and Machining Targets | Casting volume target revised upward to about 17,000 tons; machining capacity is a bottleneck at 86.33% utilization; ₹290 crore capex will increase machining capacity to 1,080,000 machine hours. |
| Debt and Working Capital | Net debt is ₹491 crores; potential to optimize working capital by ₹25-30 crores; forex impact of ₹3 crores increased finance cost. |
Guidance
- Revised annual Lamination volume target to 82,000 tons (from 78,000 tons).
- Casting volume target revised upward to about 17,000 tons.
- Target EBITDA of roughly ₹370-odd crores for the current year.
- For the next year, target turnover above ₹2,500 crores at 90,000 ton operating level with EBITDA margin of 17-17.2%.
- Expect margins to improve to upwards of 18% with capex coming online and product mix improvement.
- Full-year effective tax rate expected to be closer to 25%.
- Government incentive income may not be taken this year but should be received next year.
- Expect direct exports to pick up in Q2, Q3, and Q4.
Source
Summary written from the transcript filed by Pitti Engineering Limited for the call held on 11 Aug 2026; published 18 Aug 2026, 20:53 IST.
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