Pitti Engineering Limited, a precision engineering company, reported consolidated revenue of INR 17.4336 billion for the financial year ending March 2025, reflecting a year-on-year growth of 34.87%. Consolidated EBITDA rose by 49.77% to INR 2.7112 billion, while profit after tax (PAT) increased by 36.32% to INR 1.2228 billion. Lamination sales volumes for the year stood at 63,215 metric tons, marking a 49.43% increase.
For the fourth quarter, revenue reached INR 4.7230 billion, a 28% rise from the previous year. EBITDA for the quarter was INR 800.8 million, up 54%. PAT, however, declined 21.43% to INR 361.4 million due to a non-recurring incentive booked in the same quarter last year. Q4 lamination sales volume increased by 50.28% to 17,185 tons.
The company completed a capital expenditure cycle, commissioning new capacity at its Aurangabad plant. As a result, Pitti Engineering’s total sheet metal capacity is now 90,000 metric tons. Machining capacity reached 648,000 machine hours, while casting capacity stands at 18,600 metric tons, restricted by current power availability.
Two subsidiaries—Bagadia Chaitra and Dakshin Foundry—contributed 14,075 MT and 3,224 MT in sales volumes respectively. Their revenues were INR 2.40 billion and INR 720 million, with standalone EBITDA figures of INR 173.4 million and INR 125 million.
The company is targeting INR 20 billion in consolidated revenue and 68,000 tons in lamination volume for FY26. For FY27, saleable lamination capacity is expected to peak at 72,000 tons, with revenue ranging between INR 21 billion and INR 22 billion. Pitti Engineering anticipates a 10% to 15% revenue growth and an EBITDA margin improvement of 75 to 100 basis points over the next 12 to 18 months through operational efficiencies and increased utilization.
In the machine components segment, Pitti Engineering aims to grow revenues from INR 3.75 billion in FY25 to INR 7.50 billion over the next two years. Capacity expansion in machining could require a capital expenditure of approximately INR 1.30 to 1.40 billion over the next 24 months. Current machining capacity may be increased from 648,000 to 800,000 machine hours to support this growth.
Geographically, 30% to 35% of exports went to the U.S. and 55% to 60% to Mexico in FY25, contributing to a total export revenue of INR 5 billion. Approximately 70% of sales to Mexico are ultimately directed to the U.S. market.
Renewables accounted for 4.65% of revenue, with wind contributing 3%—of which 75% to 80% was domestic. The company noted buoyancy in Indian demand for wind products, while exports remained subdued. The consumer durables and automotive segments remain small contributors but are expected to gradually expand.
Pitti Engineering has stated that its future capex will be tactical and targeted rather than broad-based. For FY26, potential investments include INR 500 to 600 million in machining capacity and around INR 150 million in lamination capacity. Net debt as of March 2025 stood at INR 4.35 billion, with the company aiming to reduce it by INR 1.00 billion to 1.20 billion in FY26 through internal accruals.
Pitti Engineering Limited is engaged in the manufacturing of electrical laminations, stator and rotor assemblies, machined components, and precision engineering products. The company supplies components to various sectors including railways, renewable energy, industrial motors, and automotive applications.