Pitti Engineering Ltd — India’s Leading Electrical Laminations & Motor Components Manufacturer Charging Ahead
1. Company Snapshot
Pitti Engineering is India’s largest manufacturer and exporter of electrical steel laminations, motor cores, die-cast rotors, sub-assemblies, and metal machining components. Market cap stands at ₹3,341 crore, stock trading near ₹888 with a P/E of 27.3x. The company boasts solid returns with ROE near 19% and ROCE around 17.5%.
2. Business Overview
Pitti supplies electrical steel laminations and complex sub-assemblies primarily for motors and generators, catering to domestic and global industrial clients. It is a key supplier to the electrical equipment industry, enabling India’s motor manufacturing and export ecosystem.
3. Financial Snapshot
Source table
Metric
Value
Notes
Market Cap
₹3,341 Cr
Mid-cap industrial
P/E Ratio
27.3x
Reasonable valuation
ROCE
17.5%
Healthy operational returns
ROE
18.6%
Strong equity returns
Dividend Yield
0.17%
Low dividend payout
Book Value
₹239
CMP/BV ~3.7x
Debt
Moderate (₹690 Cr)
Borrowings have risen slightly
4. Recent Quarterly Performance (Q1 FY26)
Revenue rose 17% YoY to ₹457 Cr, driven by strong domestic and export demand.
Operating profit increased to ₹80 Cr with OPM expanding to 17%.
Net profit at ₹36 Cr, a solid quarterly performance amid a capex plan.
Approved ₹150 Cr capex for capacity expansion over 18 months to meet growing demand.
5. Growth & Profit Trends
Source table
Year
Sales (₹ Cr)
PAT (₹ Cr)
CAGR Sales
CAGR PAT
FY20
525
17
27% (5 yrs)
48% (5 yrs)
FY23
1,100
59
FY25
1,705
122
The company has exhibited strong double-digit sales and profit growth, driven by demand for electrical laminations and motor cores.
6. Balance Sheet Highlights
Total assets increased to ₹2,004 Cr reflecting capacity expansion and investments.
Borrowings moderate at ₹690 Cr, manageable given cash flows and growth prospects.
Equity and reserves strengthened to ₹880 Cr, supporting organic growth.
7. Cash Flow Position
Operating cash flow strong at ₹289 Cr in FY25, supporting healthy business operations.
Investing cash flow negative due to capex (~₹536 Cr), reflecting ongoing capacity additions.
