Pitti Engineering Ltd.

•

pitti.inBSE: 513519NSE: PITTIENG

Market Cap₹ 4,081 Cr.

Current Price

High / Low₹ 1,168 / 675

Stock P/E40.5

Book Value₹ 255

Price to Book2.75

Dividend Yield0.23 %

ROCE14.3 %

ROE10.7 %

Face Value₹ 5

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ABOUT

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

View full sector analysis →

PROS

Company has delivered good profit growth of 27.6% CAGR over last 5 years
Company has delivered good sales growth of 25.1% CAGR over last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.64x)
Company has a consistent dividend-paying track record

CONS

A large part of profit comes from other income (30.5% of PBT)
Promoter holding has decreased over last 2 years: -5.1pp
Free cash flow has been persistently negative
Equity base is being diluted - shares outstanding up 17.5%
Though reporting repeated profits, the company pays out little dividend (9.7%)
Growth is decelerating - 3Y profit CAGR (18.3%) trails the 5Y trend (27.6%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsCapital GoodsEngineering - Industrial Equipments

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BHEL	433.35	62.03	150895.22	0.32	376.71	182.70	7697.72	40.29	9.24	6.69
2.	INDOMIM	970.60	89.95	47994.32	0.61	2401.22	—	12187.42	—	24.48	33.36
3.	THERMAX	3634.35	72.98	43305.57	0.55	21.79	-85.61	2302.73	7.09	15.85	2.98
4.	HONAUT	35625.15	57.15	31498.06	0.31	150.70	20.95	1204.40	1.80	17.04	14.32
5.	JYOTICNC	1002.85	70.89	22807.13	0.00	57.14	-19.99	508.47	23.97	23.88	21.40
6.	INOXINDIA	2248.45	80.08	20407.72	0.09	580.72	850.16	3707.90	991.77	33.54	20.46
7.	TRITURBINE	577.50	54.59	18358.64	0.74	51.10	-20.65	442.70	19.23	35.95	11.59
8.	AZAD	2775.95	128.99	17927.57	0.00	35.16	19.46	172.60	25.90	12.28	37.29
9.	LLOYDSENGG	84.28	58.44	13072.16	0.30	68.23	-77.28	527.15	142.92	17.99	15.04
10.	TEGA	1547.15	550.12	11623.38	0.13	-108.25	-406.36	1723.44	383.99	8.37	3.27
11.	KRN	1579.75	106.67	10340.80	0.00	32.90	164.84	252.32	118.87	16.06	19.44
12.	PITTIENG	1083.70	32.79	4080.52	0.23	29.50	28.93	529.10	15.89	15.87	16.32

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	290	303	302	336	360	379	364	422	382	396	422	390	442
	247	258	250	284	304	320	303	351	315	327	351	315	418
Operating Profit	42	45	51	52	56	59	61	71	67	69	70	75	24
OPM %	14.64%	14.73%	17.06%	15.45%	15.58%	15.68%	16.66%	16.71%	17.65%	17.49%	16.72%	19.12%	5.43%
	1	13	3	32	4	26	6	3	7	22	6	4	1
Interest	12	11	14	14	17	19	13	19	20	19	21	22	23
Depreciation	13	13	16	16	16	19	20	21	24	24	25	24	26
Profit before Tax	19	33	25	54	26	47	33	34	29	48	31	33	25
Tax %	24.85%	32.34%	37.56%	14.38%	29.66%	28.01%	26.70%	11.09%	40.16%	25.26%	29.14%	30.68%	15.80%
Net Profit	14	22	16	46	19	34	24	30	18	36	22	23	21
	4.36	6.43	4.59	13.44	5.41	9.13	6.45	7.97	4.71	9.57	5.88	6.13	5.65

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	286	379	622	525	518	954	1,100	1,202	1,525	1,590	1,649
	252	324	532	447	440	822	949	1,024	1,278	1,312	1,411
Operating Profit	34	54	90	78	78	132	151	178	247	278	238
OPM %	11.73%	14.38%	14.48%	14.80%	15.06%	13.84%	13.76%	14.79%	16.18%	17.48%	14.45%
	5	3	2	4	20	17	18	48	38	43	33
Interest	17	23	30	34	30	40	45	50	68	83	85
Depreciation	16	18	22	27	30	39	45	54	77	98	99
Profit before Tax	5	16	40	20	39	71	80	122	140	140	136
Tax %	15.74%	30.86%	41.20%	13.90%	25.38%	26.49%	26.37%	26.01%	23.96%	30.49%	25.72%
Net Profit	4	11	24	17	29	52	59	90	107	98	101
EPS	2.00	3.91	7.14	5.42	8.98	16.19	18.36	28.14	28.37	25.90	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	12.50%	14.71%	5.33%	5.29%	9.65%	—

COMPOUNDED SALES GROWTH

10 Years:: 18%
5 Years:: 25%
3 Years:: 13%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 28%
3 Years:: 18%

STOCK PRICE CAGR

10 Years:: —
5 Years:: 47%
3 Years:: 20%
1 Year:: 20%

RETURN ON EQUITY

10 Years:: 14%
5 Years:: 18%
3 Years:: 17%
Last Year:: 11%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	13	15	15	16	16	16	16	16	19	19
	99	135	156	192	220	268	318	400	864	922
	166	237	242	234	308	377	343	529	602	685
Trade Payables	106	108	104	97	105	220	251	228	315	226
	26	54	68	57	52	75	50	158	153	204
Total Liabilities	410	549	584	596	701	956	978	1,330	1,954	2,056
	94	201	227	247	285	325	362	422	793	898
Capital Work in Progress	31	9	5	8	1	1	24	118	61	42
	17	17	16	16	16	16	15	15	258	258
	127	129	100	127	157	272	239	270	314	366
	0	0	0	0	0	0	0	210	228	176
Cash & Bank	11	14	14	15	9	35	65	109	108	101
	130	178	221	183	232	308	272	184	193	215
Total Assets	410	549	584	596	701	956	978	1,330	1,954	2,056

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	73	30	75	79	40	106	257	74	261	149
Cash from Investing	-56	-113	-46	-46	-66	-93	-104	-236	-558	-154
Cash from Financing	-20	86	-26	-21	28	12	-87	198	286	12
	-4	1	-2	3	-4	7	32	36	-10	7

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	1.60	3.78	7.95	5.33	8.98	16.19	18.36	28.14	28.37	25.90
Book Value (₹)	41.66	50.14	57.32	64.84	73.58	88.60	104.24	129.88	234.57	249.76
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00	2.02	2.70	1.50	1.50	2.50
Cash EPS (₹)	7.59	9.69	15.47	13.89	18.46	28.32	32.29	45.00	48.80	51.81
PROFITABILITY
Operating Margin %	12.08%	13.17%	13.39%	13.95%	17.10%	13.83%	13.58%	13.11%	14.17%	15.49%
Net Margin %	1.35%	2.59%	3.44%	2.93%	4.99%	4.82%	4.72%	6.65%	6.14%	5.43%
ROE %	3.93%	8.61%	14.80%	9.03%	12.97%	19.97%	19.04%	24.04%	16.44%	10.70%
ROCE %	7.83%	11.33%	16.82%	12.72%	14.89%	20.08%	20.21%	21.80%	17.23%	14.34%
	1.12%	2.35%	4.19%	2.90%	4.44%	6.26%	6.08%	7.82%	6.51%	4.86%
EFFICIENCY
Debtor Days	115	95	85	101	99	64	56	53	46	41
Inventory Days	139	107	61	71	90	73	75	69	61	69
Payable Days	178	158	90	106	110	88	110	108	109	106
	76	44	55	65	78	49	21	13	-2	4
FINANCIAL HEALTH
Debt to Equity (x)	1.61x	1.71x	1.44x	1.05x	1.08x	1.14x	0.87x	1.29x	0.65x	0.74x
Interest Coverage (x)	1.29x	1.69x	2.36x	1.58x	2.30x	2.78x	2.79x	3.44x	3.08x	2.69x
	1.05x	1.08x	1.10x	1.09x	1.12x	1.19x	1.20x	1.25x	1.17x	1.33x
GROWTH
Revenue Growth %	-8.22%	32.49%	64.26%	-15.61%	-1.31%	84.08%	15.34%	9.22%	26.88%	4.29%
Operating Profit Growth %	83.78%	48.53%	60.84%	-11.88%	21.08%	51.27%	13.51%	33.52%	26.15%	12.53%
Net Profit Growth %	145.10%	161.69%	110.29%	-27.93%	68.34%	80.35%	13.36%	53.31%	18.45%	-8.71%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	53.31%	0.82%	-8.71%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	27.14x	36.85x	26.53x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	5.88x	4.46x	2.75x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.20%	0.14%	0.36%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	12.73x	15.46x	9.93x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	59.29	53.58	54.18	54.18	54.18	54.18	54.18	54.18	54.18
	0.79	1.29	1.31	0.90	0.79	0.87	0.93	1.12	1.54
	5.87	17.53	18.36	18.80	19.15	20.53	20.23	20.23	20.10
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	34.04	27.61	26.16	26.13	25.88	24.43	24.67	24.49	24.17

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-26

Resignation of Director/KMP/SMP

2026-08-26 - Pitti Engineering Limited has informed the Exchange about Resignation of Director/KMP/SMP

2026-08-26

Resignation of Director/KMP/SMP

2026-08-26 - Pitti Engineering Limited has informed the Exchange about Resignation of Director/KMP/SMP

2026-08-26

Resignation

2026-08-26 - Pitti Engineering Limited has informed the Exchange regarding Resignation of Vinod Kumar as Non- Executive Independent Director of the company w.e.f. August 26, 2026.

2026-08-25

Copy of Newspaper Publication

2026-08-25 - Pitti Engineering Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-24

Updates

2026-08-24 - Pitti Engineering Limited has informed the Exchange regarding 'Annual report weblink letter to Members'.

2026-08-24

Updates

2026-08-24 - Pitti Engineering Limited has informed the Exchange regarding 'Business Responsibility and Sustainability Report for financial year 2025-26'.

2026-08-24

Shareholders meeting

2026-08-24 - Pitti Engineering Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 18, 2026

2026-08-20

Copy of Newspaper Publication

2026-08-20 - Pitti Engineering Limited has informed the Exchange about Copy of Newspaper Publication about Information of 42nd Annual General Meeting, Record date and cut-off date for e-voting

2026-08-19

Record Date

2026-08-19 - Pitti Engineering Limited has informed the Exchange that Record date for the purpose of Dividend is 11-Sep-2026.

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