Pitti Engineering

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• DebtHigh safetyRated AA- by India Ratings.
• ResultsMixedIn the Sep 2026 quarter, sales rose 21% and profit fell 15% from a year earlier.
• DilutionNo new sharesNo new shares issued in the last year, so existing shareholders' slices were not cut.
• PromotersSteadyThe promoters (founders or parent) own 54% of the company, about the same as in Sep 2025.
• ValuationNormal for this stockThe share trades at 27.3 times its yearly earnings (P/E), cheaper than 52% of the time in the last 5 years. Its usual P/E is about 27.

Pitti Engineering against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.

• Valuation (P/E)27.3 against a typical 30.9: cheaper than most peers (1st = cheapest).83rd of 184
• Sales growth+20.9% against a typical +20.3% from a year earlier.72nd of 147
• Profit growth−15% against a typical +9.4% from a year earlier.77th of 121
• Share price, 3 months−9.6% against a typical −3.8%.109th of 164
• Size₹ 3,431.3 Cr. market value against a typical ₹ 305.2 Cr. (1st = largest).27th of 176

Exchange filings and their impact on the company.

• 27 Oct 2026Analysts/Institutional Investor Meet/Con. Call UpdatesHigh impactPositivePrice +2.3% so far today
  Strong volume growth and Rs 740 cr modular capex underpin ~50% revenue jump with near-term margin pressure.

  Pitti Engineering reported Q2 FY27 income of Rs 581 cr, up 16.3%, and H1 revenue of Rs 1110 cr, with lamination volumes up 26% to 21,600 tons. Adjusted EBITDA was Rs 91 cr at 15.8% margin, hit by forex, fuel and consumable costs, while PAT fell to Rs 36 cr as Rs 21 cr Maharashtra incentive was deferred to next year. The company announced a new Rs 450 cr greenfield capex in Bangalore to take sheet-metal capacity to 160,000 MTPA and machining to 1.31 million hours by FY31, taking total ongoing capex to Rs 740 cr, to be funded largely by internal accruals.

  Full analysisFiling
• 22 Oct 2026General UpdatesLow impactNeutralPrice −5.1% on 23 Oct
  5.77 lakh options granted at Rs 736.72 with no vesting in year one, so near-term earnings and dilution impact is minimal.

  Pitti Engineering's board noted a second ESOP grant of 5,77,500 options at Rs 736.72 per share, a 23% discount to the Rs 957.20 closing price on 21 Oct 2026. The options vest over 8 years with nothing vesting in year one, and 80,000 options from the first grant were cancelled due to employee exits. The grant implies about 1.5% potential dilution longer term but minimal cost and no new shares in the next 12 months.

  Full analysisFiling
• 22 Oct 2026General UpdatesMedium impactPositivePrice −5.1% on 23 Oct
  Board approves Rs 450 cr phased expansion to lift lamination capacity to 1,60,000 MT by FY31.

  Pitti Engineering's board on 22 October 2026 approved a Rs 450 crore capex to expand capacity and consolidate its fragmented Karnataka lamination units into one integrated facility, to be built in phases up to FY2030-31. Sheet-metal capacity will rise from 1,08,000 MT to 1,60,000 MT per annum and machining hours from 8,13,600 to 13,14,000, with current utilisation at 78% and 85%. Funded by internal accruals and debt, the project targets growing demand from mining, power, data centres and railways to boost volumes and efficiency.

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• 22 Oct 2026DividendLow impactPositivePrice −5.1% on 23 Oct
  Rs 2 interim dividend implies ~Rs 7.6 cr payout, a small cash return with negligible balance-sheet impact.

  Pitti Engineering's board on 22 October 2026 declared an interim dividend of Rs 2 per share of Rs 5 face value for FY27. The record date is 2 November 2026 and payment will be made on or before 21 November 2026. At ~3.8 crore shares this is about Rs 7.6 crore payout, a modest return supported by profitable operations.

  Full analysisFiling
• 22 Oct 2026Outcome of Board MeetingMedium impactPositivePrice −5.1% on 23 Oct
  Strong 21% Q2 revenue growth with flat profit, plus Rs 450 cr expansion and Rs 2 interim dividend.

  Pitti Engineering reported Q2 FY27 revenue of Rs 578.4 crore, up 21% from last year, while net profit fell to Rs 33.1 crore from Rs 40.1 crore as last year's high other income normalised and interest and depreciation rose. The board declared a Rs 2 interim dividend with 2 November 2026 as record date. It also approved a Rs 450 crore phased expansion to raise sheet metal capacity to 1,60,000 MT and machine hours to 13,14,000 and consolidate Karnataka plants into one integrated facility by FY31, funded by internal accruals and debt.

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• 14 Oct 2026Action(s) initiated or orders passedLow impactNegativePrice +1.4% that day
  Maharashtra GST search concluded with Rs 0.78 cr tax plus interest payout, no material business impact.

  Maharashtra State GST officials concluded a search under Section 67 at Pitti Engineering's Maharashtra plant on 13 October 2026. The company said discrepancies for FY23 to FY27 led it to agree to pay Rs 63.38 lakh in GST plus Rs 14.54 lakh interest, totalling about Rs 0.78 crore. The company said there is no material impact on financials or operations and the tax paid will be available as input tax credit subject to eligibility.

  Full analysisFiling

Results dates and other board meetings. Full calendar

Compounded yearly rates over each period.

Listed companies in the same business.

Sharad Badrivishal Pitti

Chairman of the Board, Founder

Akshay Sharad Pitti

Chief Executive Officer, Managing Director, Executive Director

M. Pavan Kumar

Chief Financial Officer

Mary Monica Braganza

Company Secretary, Compliance Officer