Pitti Engineering Limited (PITTIENG)

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Pitti Engineering Limited (PITTIENG) · mywealthgrid

About

Pitti Engineering is an industrial products manufacturer with market cap ₹3,995 Cr and net profits ranging ₹21–40 Cr per quarter. The company maintains conservative leverage (D/E 0.71) and consistent 16.5% operating margins while supporting annual dividends through cash generation.

Face value: ₹5

Market cap

₹4,237 Cr

P/E

34.1×

P/B

4.3×

Dividend yield

0.4%

ROE

12.5%

ROCE

17.9%

Debt / equity

0.71

OPM

16.5%

EPS (TTM)

₹33.0

Book value

₹262.1

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Valuation at premium to fundamentals: PE of 32.11 against ROE of 12.5% leaves minimal margin of safety if earnings growth slows
Operating leverage from thin margins: 16.5% average OPM means volume declines compress profits sharply; standalone revenue ranged ₹389–441 Cr and EPS ranged ₹5.65–10.78 across four recent quarters
Consolidation opacity: consolidated revenue runs ~20% above standalone (₹529 vs ₹441 Cr Jun 2026); researcher should audit which segments drive profit and how subsidiary cash flows support dividends
Earnings volatility despite margin stability: EPS ranged ₹5.65–10.78 while OPM held 16.3%–19.1%, indicating tax, finance cost, or mix effects; verify working capital cycles and order patterns

Generated analysis · source review pending

Growth drivers

Volume recovery path: standalone revenue ranged ₹389–441 Cr over four quarters; researcher should verify order pipeline, contract duration, and customer concentration to gauge upside
Margin stability underpins incremental growth: OPM held 16.3%–19.1% across periods, so volume growth flows through at high incremental margins
Cash generation funds shareholder returns: regular dividends (2022–2025) indicate strong FCF; verify reinvestment capacity for organic capex or M&A
Industrial sector tailwinds: researcher should verify exposure to capex cycles, infrastructure spending, or end-market demand that could drive volumes beyond historical range

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹1,123.8-0.7%1Y

Quick read

rule-based

Pros

+Strong return on equity of 18.4% (3-yr avg)
+High return on capital employed of 22.3%
+Profit CAGR of 32.6% over the last 5 years
+Revenue CAGR of 29.8% over the last 5 years

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

58/100

Business quality: 38
Growth: 84
Valuation: 52

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	518	954	1,100	1,202	1,705	1,913
COGS	335	678	782	806	1,017	1,160
Gross profit	183	276	318	396	688	753
	105	143	166	218	417	438
	78	133	151	178	271	316
OPM %	15.1%	13.9%	13.8%	14.8%	15.9%	16.5%
Depreciation	30	39	45	54	81	105
Interest	30	40	45	50	68	83
	20	16	18	48	39	40
Profit before tax	39	71	80	122	162	168
Tax	10	19	21	32	39	50
Tax %	25.4%	26.5%	26.4%	26%	24.3%	29.7%
	29	52	59	90	122	118
PAT margin %	5.6%	5.4%	5.4%	7.5%	7.2%	6.2%
EPS (₹)	9	16.2	18.4	28.1	33.3	31.8
EPS adjusted (₹)	9	16.2	18.4	28.1	32.5	31.3
	0%	12.5%	14.7%	5.3%	4.5%	7.9%
Annual report	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	16	16	16	16	16	19	19
Reserves	—	220	268	318	400	880	968
Minority interest	—	—	—	—	—	0	—
	—	254	324	290	537	578	699
	—	212	348	354	377	527	452
Total equity & liabilities	—	701	957	978	1,330	2,004	2,138
	250	285	325	362	422	1,027	1,153
CWIP	—	1	1	24	118	63	50
Investments	—	19	18	17	15	0	0
	—	396	613	574	775	914	935
Total assets	—	701	957	978	1,330	2,004	2,138

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
India	1,381.5	0	2,070.04	0	2,070.04	0
Outside India	531.31	0

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	35.3%	28.9%	28.9%	32.9%	40.4%	39.4%
EBITDA margin %	15.1%	13.9%	13.8%	14.8%	15.9%	16.5%
EBIT margin %	9.2%	9.8%	9.7%	10.3%	11.2%	11%
PAT margin %	5.6%	5.4%	5.4%	7.5%	7.2%	6.2%
Working capital
Receivable days	121	78	60	64	55	39
Inventory days	171	147	112	122	118	124
Payable days	115	119	117	103	119	77
NWC days	178	106	55	83	54	87
Leverage
Current ratio	1.12	1.19	1.2	1.25	1.22	1.4
Debt to EBITDA	3.25	2.45	1.92	3.02	2.13	2.21
Debt to equity	1.08	1.14	0.87	1.29	0.64	0.71
Interest coverage	2.3	2.8	2.8	3.4	3.4	3
Asset turnover	0.74	1	1.12	0.9	0.85	0.89
Return ratios
Return on assets %	4.1%	5.4%	6%	6.8%	6.1%	5.5%
Return on capital employed %	19%	26.8%	25.1%	26.7%	22.2%	17.9%
Return on equity %	12.2%	18.3%	17.6%	21.7%	13.6%	11.9%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	59.29%	59.29%	59.29%	59.29%	53.58%	54.18%	54.18%	54.18%	54.18%	54.18%	54.18%	54.18%
	0.13%	0.22%	0.5%	0.79%	1.29%	1.31%	0.9%	0.79%	0.87%	0.92%	1.11%	1.55%
	5.52%	6.56%	5.88%	5.88%	17.53%	18.35%	18.79%	19.15%	20.52%	20.23%	20.23%	20.1%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	35.06%	33.93%	34.33%	34.04%	27.6%	26.16%	25.28%	24.85%	22.78%	22.71%	22.52%	22.21%
No. of shareholders	—	—	—	—	—	—	—	—	39,520	37,953	37,405	37,224

Promoter holding down 5.11 percentage points since Sep 2023.

5 disclosures

Person	Deal	Shares	Value	Holding	Filed
Pitti Engineering Limited Employee Welfare TrustOther	BuyMarket Purchase	48,993	₹4.95 cr	1.52% → 1.65%	29 Sept 20257(2)
Pitti Engineering Limited Employee Welfare TrustOther	BuyMarket Purchase	18,335	₹1.73 cr

6 deals · 6 Jan 2022 – 17 Sept 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
17 Sept 2025	MOTILAL OSWAL MUTUAL FUND	Bulk	BSE	Sell	10,74,235	₹950.10	₹102.06 Cr
17 Sept 2025	SBI MUTUAL FUND	Bulk	BSE	Buy	10,73,424	₹950.10	₹101.99 Cr
12 Dec 2024	AKSHAY SHARAD PITTI	Bulk	NSE	Sell	2,04,500	₹1,410.01	₹28.83 Cr
11 Dec 2024	AKSHAY SHARAD PITTI	Bulk	NSE	Sell	2,85,163	₹1,405.64	₹40.08 Cr
11 Dec 2024	AKSHAY SHARAD PITTI	Bulk	BSE	Sell	1,82,513	₹1,405.01	₹25.64 Cr
6 Jan 2022	AMIT KUMAR AGARWAL	Bulk	NSE	Sell	2,40,000	₹251.78	₹6.04 Cr

1–6 of 6

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. Sharad Badrivishal PittiExecutive Director-Chairperson related to Promoter
Mr. Akshay Sharad PittiExecutive Director-CEO-MD
Mr. Yogender Bahadur SahgalNon-Executive - Independent Director
Mr. Vinod Kumar NagururuNon-Executive - Independent Director
Mrs. Kemisha SoniNon-Executive - Independent Director
Mrs. Priti Paras SavlaNon-Executive - Independent Director
Mr. Vijaya Kumar GummallaNon-Executive - Non Independent Director
Mr. M PavankumarChief Financial Officer
Ms. Mary Monica BraganzaCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 2 fund houses

Held by these funds

6.07%

of the company's equity

All mutual funds

14.02%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

8 schemes · 2 fund houses

		Shares
ELSS Tax Saver Fund	SBI Mutual Fund	11 L	121.7	0.38%	2.918%	-0
Infrastructure Fund	SBI Mutual Fund	8 L	88.51	1.84%	2.122%	-0
RETIREMENT BENEFIT FUND - AGGRESSIVE PLAN	SBI Mutual Fund	2.51 L	27.76	0.86%	0.665%	-0
RETIREMENT BENEFIT FUND - AGGRESSIVE HYBRID PLAN	SBI Mutual Fund	1.15 L	12.71	0.76%	0.305%	-0
Children's Fund - Savings Plan (Erstwhile known as SBI Magnum Children's Benefit Fund-Svg P)	SBI Mutual Fund	13,000	1.44	0.97%	0.034%	-0
RETIREMENT BENEFIT FUND - CONSERVATIVE HYBRID PLAN	SBI Mutual Fund	8,339	0.92	0.36%	0.022%	-0
RETIREMENT BENEFIT FUND - CONSERVATIVE PLAN	SBI Mutual Fund	2,670	0.3	0.21%	0.007%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	48	0.01	0.01%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

18

Final dividend11 Sept 2026 · ex-date₹2.5
Final dividend19 Sept 2025 · ex-date₹1.5
Final dividend13 Sept 2024 · ex-date₹1.5
Final dividend11 Aug 2023 · ex-date₹1.2
Interim dividend24 Feb 2023 · ex-date₹1.5
Final dividend15 Sept 2022 · ex-date₹0.85
Interim dividend18 Feb 2022 · ex-date₹0.4
Interim dividend17 Nov 2021 · ex-date₹0.4
Interim dividend13 Aug 2021 · ex-date₹0.38
Final dividend18 Sept 2015 · ex-date₹0.63
Interim dividend9 Feb 2015 · ex-date₹0.75
Dividend dividend12 Sept 2014 · ex-date₹1
Dividend dividend5 Sept 2013 · ex-date₹1
Dividend dividend27 Jul 2012 · ex-date₹3
Dividend dividend8 Aug 2011 · ex-date₹1
Dividend dividend15 Sept 2009 · ex-date₹1
Dividend dividend22 Aug 2008 · ex-date₹2
Dividend dividend21 Aug 2007 · ex-date₹2

1

Board meeting to consider results10 Aug 2026

1

Face value ₹10 → ₹516 Apr 2015 · ex-date

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

23 announcementsExport CSV

18 Sept 2026, 8:57 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

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Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	35.3%	28.9%	28.9%	32.9%	40.4%	39.4%
EBITDA margin %	15.1%	13.9%	13.8%	14.8%	15.9%	16.5%
EBIT margin %	9.2%	9.8%	9.7%	10.3%	11.2%	11%
PAT margin %	5.6%	5.4%	5.4%	7.5%	7.2%	6.2%
Working capital
Receivable days	121	78	60	64	55	39
Inventory days	171	147	112	122	118	124
Payable days	115	119	117	103	119	77
NWC days	178	106	55	83	54	87
Leverage
Current ratio	1.12	1.19	1.2	1.25	1.22	1.4
Debt to EBITDA	3.25	2.45	1.92	3.02	2.13	2.21
Debt to equity	1.08	1.14	0.87	1.29	0.64	0.71
Interest coverage	2.3	2.8	2.8	3.4	3.4	3
Asset turnover	0.74	1	1.12	0.9	0.85	0.89
Return ratios
Return on assets %	4.1%	5.4%	6%	6.8%	6.1%	5.5%
Return on capital employed %	19%	26.8%	25.1%	26.7%	22.2%	17.9%
Return on equity %	12.2%	18.3%	17.6%	21.7%	13.6%	11.9%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Indo-Mim LimitedINDOMIMINDOMIM	₹62,891 Cr	₹63,981 Cr	₹4,193 Cr	₹1,071 Cr	25.5%	₹534 Cr	12.7%	29.6%	21.3%	—
Aditya Infotech LimitedCPPLUSCPPLUS	₹44,797 Cr	₹44,910 Cr	₹4,883 Cr	₹709 Cr	13.4%	₹477 Cr	8.7%	33.8%	25.5%	61
Syrma Sgs Technology LimitedSYRMASYRMA	₹33,121 Cr	₹33,474 Cr	₹5,464 Cr	₹610 Cr	11.3%	₹402 Cr	7.2%	18.7%	15%	48
Honeywell Automation India LimitedHONAUTHONAUT	₹29,454 Cr	₹29,454 Cr	₹4,703 Cr	₹637 Cr	12.9%	₹551 Cr	11.2%	16.7%	12.4%	-12
Jyoti Cnc Automation LimitedJYOTICNCJYOTICNC	₹23,470 Cr	₹24,320 Cr	₹2,191 Cr	₹535 Cr	25.2%	₹322 Cr	16.1%	25.3%	18.2%	359
Kaynes Technology India LimitedKAYNESKAYNES	₹22,773 Cr	₹23,648 Cr	₹3,899 Cr	₹609 Cr	15.8%	₹346 Cr	10%	15.4%	9.6%	193
Lmw LimitedLMWLMW	₹17,706 Cr	₹17,706 Cr	₹3,374 Cr	₹219 Cr	5.3%	₹175 Cr	4.1%	6.4%	4.6%	23
Tega Industries LimitedTEGATEGA	₹15,721 Cr	₹16,039 Cr	₹3,059 Cr	₹231 Cr	13.7%	₹21 Cr	8.4%	8.5%	5.9%	153
Lloyds Engineering Works LimitedLLOYDSENGGLLOYDSENGG	₹14,553 Cr	₹14,587 Cr	₹1,611 Cr	₹229 Cr	14.5%	₹163 Cr	15.2%	17.5%	16.4%	184
Kennametal India LimitedKENNAMETKENNAMET	₹9,411 Cr	₹9,411 Cr	₹991 Cr	₹179 Cr	18.1%	₹114 Cr	11.5%	24.5%	18.5%	170
Dynamatic Technologies LimitedDYNAMATECHDYNAMATECH	₹9,354 Cr	₹9,883 Cr	₹1,675 Cr	₹200 Cr	11.3%	₹42 Cr	2%	12.3%	4.3%	142
Standard Engineering Technology LimitedSETLSETL	₹8,318 Cr	₹8,376 Cr	₹849 Cr	₹129 Cr	15.4%	₹89 Cr	10.7%	15.5%	10.7%	335

Date	Category	Subject	Filing
18 Sept 2026, 8:57 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
18 Sept 2026, 8:42 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
8 Sept 2026, 7:07 pm	Company Update Scheme of Arrangement	Announcement under Regulation 30 (LODR)-Scheme of Arrangement	PDF
26 Aug 2026, 6:06 pm	Company Update Resignation of Director	Announcement under Regulation 30 (LODR)-Resignation of Director	PDF
25 Aug 2026, 3:44 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
24 Aug 2026, 6:23 pm	Company Update General	Annual Report Weblink Letter To Members	PDF
24 Aug 2026, 2:05 pm	Others Business Responsibility and Sustainability Reporting (BRSR)	Business Responsibility and Sustainability Reporting (BRSR)	PDF
24 Aug 2026, 1:47 pm	AGM/EGM AGM	Notice Of 42Nd Annual General Meeting	PDF

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	32	88	222	74	289	205
	-66	-93	-104	-236	-536	-175
	28	12	-87	198	269	-9
Net cash flow	-6	7	32	36	22	21
Free cash flow	-23	26	126	-165	-38	13
CFO / Operating profit %	40.6%	66.3%	146.8%	41.4%	106.4%	64.9%

Pitti Engineering Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

18

1

1

Announcements

18

1

1

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

India · revenue

Pitti Engineering Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Dividends18

Board meetings1

Stock splits1

Announcements

Dividends18

Board meetings1

Stock splits1

Ratio timeline

Not in the F&O segment

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

India · revenue

18

1

1

18

1

1