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1. At a Glance
Pitti Engineering stamps and machines the steel parts that sit inside electric motors and generators.
Revenue for the three months to June 2026 was ₹529 crore. A year earlier it was ₹457 crore. That is a rise of 15.9%. Net profit came to ₹29.5 crore, up from ₹22.9 crore. Operating profit was ₹86 crore, a margin of 16%. The margin has sat there in eleven of the last thirteen quarters.
Capacity was the quarter’s main operational item. An expansion costing ₹150 crore was commissioned. Sheet metal capacity rose from 90,000 tonnes to 1,08,000 tonnes. Machining capacity went from 6,40,800 hours to 7,56,000 hours. Castings capacity was raised on 10 August 2026. It went from 18,600 tonnes to 24,600 tonnes.
Lamination and assembly volumes reached 19,240 tonnes, 18.8% higher than a year earlier. Castings and machined components came to 3,191 tonnes, up 4.2%. By-products and scrap reached 15,574 tonnes, up 36.3%. A company that stamps steel discs out of steel sheets is left with a great deal of steel that is no longer a disc. Pitti sells that too.
Sheet metal plants ran at 73% of capacity, against 70% a year earlier. Machining ran at 86%, against 82%. Castings ran at 72%, against 69%. Management described machining as the current bottleneck.
The board has called the company’s 42nd annual general meeting. It is set for 18 September 2026. A final dividend of ₹2.50 has been proposed, with 11 September 2026 as the record date. The record date is the day that fixes which shareholders receive the payment.
2. Introduction
Pitti Engineering was founded in 1983 by Shri Sharad B. Pitti, with an installed capacity of 2,500 tonnes.
The company’s own journey slide runs from there to 1,08,000 tonnes of sheet metal capacity in the three months to June 2026. That is a 43-fold increase over four decades. The core product remains, at heart, a very precisely shaped piece of metal with a hole in it.
The milestones in between are laid out with engineering tidiness. Die-cast rotors came in the mid-1990s, followed by exports to the United States. An initial public offering and a BSE listing followed. Between 2005 and 2015 came an NSE listing and a second Hyderabad unit. In 2017 the Aurangabad mega plant was built, alongside a multi-year Wabtec deal worth ₹500 crore. In 2020 came traction motor and undercarriage components for Indian Railways, with ₹270 crore of capital spending approved. Then ₹197 crore. Then ₹150 crore. Then ₹290 crore. The history reads less like a timeline and more like a standing order at a machine tool dealership.
The stretch from 2024 to 2026 was the busiest. Pitti acquired Bagadia Chaitra Industries, now Pitti Industries Private Limited, which runs a lamination and assembly facility at Tumkur. It also bought Dakshin Foundry Private Limited, which runs a casting and foundry facility at Hoskote. It completed the merger of Pitti Castings Private Limited and Pitti Rail & Engineering Components Limited into itself.
On 10 April 2026 the National Company Law Tribunal at Hyderabad dispensed with meetings for the amalgamation of those two acquired companies into Pitti Engineering. That tribunal is the court that approves company mergers in India. The scheme remains before it. India Ratings, a credit-rating agency, says the scheme is likely to result in better transparency in the group structure. It also points to better access to shared resources within the group.
The company reports one business segment, the manufacture of engineering products of iron and steel. Its segment reporting note is the shortest paragraph in the entire filing. Pitti now operates six manufacturing facilities: three in Telangana, one in Maharashtra and two in Karnataka. It reports more than 100 customers and exports to more than 11 countries across six continents.
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3. Business Model: WTF Do They Even Do?
Every electric motor and generator contains a stack of thin steel discs, insulated from each other. They are stamped to tolerances that decide how much electricity becomes motion and how much becomes warmth. Pitti stamps those discs. It is India’s largest manufacturer and exporter of electrical steel laminations. Four decades of business rest on a product whose entire job is to be flat, thin and exactly right.
Then it stopped selling only discs. The portfolio now runs across three tiers. The first is rotating electrical equipment components: loose laminations, traction stator cores, rotor cores and welded stators. Stator assemblies and die-cast rotors sit in the same tier. The second is machined components: gear cases, stator frames, diagonal gear cases and windmill pedestals. Shafts are made there too. The third is value-added integrated products: rotor assemblies, traction motor components, ribbed shafts and large stator cores. Wheel hubs and shaft and spider assemblies belong to it as well.
Low-value products involve only stamping and basic assembly. Higher-value products add fabrication and machining. They leave as near-finished stator frame and rotor shaft assemblies, with the winding done at the customer’s end. Pitti builds the entire motor except the copper.
The volume mix in the three months to June 2026 shows where the shift is going. High value-added lamination
