1. At a Glance

Pitti Engineering isn’t a household name — unless your house happens to be a motor factory. They’re India’s largest electrical steel lamination maker, churning out the hidden guts of motors, generators, and industrial beasts. FY25 clocked ₹1,547 Cr in sales, ₹106 Cr PAT, and a P/E of 33.8, which is modest compared to some “market darlings” but high enough that expectations are baked in like epoxy resin in a motor core.

2. Introduction

Founded with the sole ambition to make life easier for motor manufacturers and harder for competitors, Pitti Engg. is now a global supplier of laminations, motor cores, sub-assemblies, die-cast rotors, and precision-machined parts.

The company has built its name in a niche that’s critical yet invisible to the end customer. Your train, industrial compressor, wind turbine, or heavy-duty pump might owe its heartbeat to a Pitti product. With operations in India and a healthy export footprint, the business is now flexing with a ₹150 Cr capex plan to expand capacity over the next 18 months.

And while promoters have trimmed stake from 59.3% to 54.17% in three years, the underlying business has delivered a profit CAGR of 44% over 5 years. Not too shabby for a company whose products most people will never see.

3. Business Model (WTF Do They Even Do?)

The value chain here is all about precision manufacturing for electromechanical equipment:

• Electrical Steel Laminations– The bread-and-butter; core material for motors and generators.
• Motor Cores & Sub-Assemblies– Ready-to-fit solutions for OEMs.
• Die-Cast Rotors– Key component for electric motors.