1. At a Glance – When Laminations Start Printing Cash (and Debt)
Pitti Engineering Ltd is one of those rare Indian manufacturing stories where metal sheets, motor cores, and railway laminations quietly compound while the stock price decides to throw tantrums. As of now, the company sits at a market cap of ₹3,250 Cr, trading around ₹863, down nearly 20% over one year, despite sales of ₹1,880 Cr, OPM of 16.7%, and ROCE of 17%.
This is not a loss-making PSU revival story. This is a capital-intensive, order-book-driven, export-linked industrial compounder that has aggressively expanded through acquisitions, QIPs, and capex — and yes, also debt.
Latest quarterly numbers?
Q3 FY26 revenue at ₹477 Cr (+15% YoY), PAT ₹28.2 Cr, and margins holding steady despite interest and depreciation punching harder than a gym bro on leg day.
Promoters still hold 54.17%, pledges are zero, institutions are loading up, and retail is slowly getting diluted like weak chai. The big question:
Is Pitti still laminating value… or laminating balance sheets?
Let’s open the factory doors.
2. Introduction – This Is Not a Boring Engineering Company
Pitti Engineering doesn’t sell glamour.
It sells things that make motors spin, trains move, turbines hum, and factories not catch fire.
Founded in the “engineering but no Instagram” era, Pitti quietly became India’s largest manufacturer and exporter of electrical laminations, supplying everyone from ABB and Siemens to BHEL, Tata, L&T, Cummins, and even Vande Bharat trains.
What changed in the last few years?
- Sales jumped from ₹954 Cr (FY22) to ₹1,880 Cr (TTM)
- Volumes expanded aggressively
- Value-added products entered the mix
- Acquisitions came flying in
- Debt followed them like a loyal sidekick
This is no longer just a laminations company.
It
is now a motor-core + machining + casting + rail + traction ecosystem.
But growth has a cost.
And Pitti is paying it — in depreciation, interest, and temporary profit volatility.
Is it worth it? Let’s decode.
3. Business Model – WTF Do They Even Do?
Imagine a motor.
Now imagine everything inside it that engineers lose sleep over.
That’s Pitti.
Core Business Buckets
1) Rotating Electrical Equipment
- Electrical steel laminations
- Motor cores
- Shaft-inserted aluminum die-casts
- RTU stators
- Traction motor frames
Basically: if it rotates, Pitti probably stamped it.
2) Machined & Fabricated Components
- Armature shafts
- Windmill pedestals
- Flywheels
- Planetary gear shafts
- Heavy forged and machined parts
This side of the business is less sexy, more cash-hungry, but sticky.
Where Does Revenue Come From?
- Domestic: 65%
- Exports: 35%
Exports have slowly crept up, meaning currency tailwinds + global OEM validation.
End-User Mix (Q2 FY25)
- Traction Motors & Railways: 30%
- Power Generation: 16%
- Industrial Motors: 11%
- Mining, Oil & Gas: 8%
- Special Purpose Motors: 6%
- Others: 29%
Translation:
This is not a single-sector bet. It’s diversified industrial plumbing.
Question for you:
Would you rather sell one fancy EV motor… or thousands of boring industrial cores every
