Pitti Engineering:₹477 Cr Revenue. 17% EBITDA Margins. Running Out of Laminations? Time to Get Weird.

Pitti Engineering Q3 FY26 | EduInvesting

Q3 FY26 Results · Quarterly Results (Oct–Dec 2025)

Pitti Engineering:
₹477 Cr Revenue. 17% EBITDA Margins.
Running Out of Laminations? Time to Get Weird.

India’s largest electrical lamination maker just posted another strong quarter. But the real plot twist? They’re acquiring foundries, integrating backward, hiring chief risk officers, and learning that “working capital blues” isn’t just a Bollywood song—it’s their inventory story.

Market Cap₹2,922 Cr

CMP₹776

P/E Ratio22.9x

Div Yield0.19%

ROE17.8%

01 — At a Glance

The Company That Makes Things Spin So Your Appliances Don’t Explode

52-Week High / Low₹1,122 / ₹675
Q3 FY26 Revenue₹477 Cr
Q3 FY26 PAT₹28.2 Cr
TTM EPS₹33.82
Annualised EPS (Q3 Avg × 4)₹33.54

Book Value / Share₹250
Price to Book3.11x
Order Book (Q2 FY25)₹800 Cr
3-Year Stock CAGR41%
Sales Growth (TTM)+20%

Flash Summary: Pitti Engineering just delivered Q3 FY26 revenue of ₹477 crore and PAT of ₹28.2 crore, with 17% EBITDA margins holding steady. The stock is at ₹776, up 41% over 3 years. But here’s where it gets interesting—they’ve gone full acquisition mode (Dakshin Foundry, PIPL), merged subsidiaries via NCLT, raised ₹360 crore equity through QIP, upgraded their credit rating to IND AA-, and are now guiding for ₹1,950 crore FY26 revenue (midpoint). They’re either genius strategists or running the world’s most organized chaos.

02 — Introduction

Laminations: The Unsexy Business That Powers Everything You Love

Let’s start with what makes Pitti Engineering tick: electrical steel laminations. Not the most glamorous product name, but here’s the reality—every motor, every generator, every transformer that runs your ceiling fan, your washing machine, your EV’s heart, or a data center’s cooling system? Contains Pitti’s laminations. They’re the core reason electric machines work efficiently instead of melting like a laptop in a Delhi summer.

Pitti is India’s largest manufacturer and exporter of electrical laminations. They have two factories: one in Hyderabad (Telangana) and one in Aurangabad (Maharashtra). They serve customers like ABB, Siemens, Cummins, Wabtec, General Electric, and basically anyone who builds motors or generators and actually cares about efficiency. The company’s business model is refreshingly simple: buy steel coils, laminate and machine them, sell to OEMs at reasonable margins, pocket the spread.

What changed in FY25-26? Everything. In May 2024, they acquired Bagadia Chaitra Industries (PIPL). In July 2024, they acquired Dakshin Foundry. In October 2024, NCLT approved the amalgamation of two wholly-owned subsidiaries. In July 2024, they raised ₹360 crore through QIP. In January 2025, India Ratings upgraded them to IND AA-. In February 2026, management announced FY26 revenue guidance of ₹1,900–2,000 crore. This is not a company in cruise control—it’s a company in turbo mode.

Concall Clarity (Feb 2026): Management positioned recent quarters as “laying the groundwork for the next phase of growth” via mix upgrade (more machine components and integrated assemblies) and disciplined capex. Working-capital normalization is the key near-term catalyst—inventory built due to BIS availability risk is expected to unwind. Translation: they overbought steel to avoid supply chain chaos. Now they’re selling it down. This should mean lower finance costs and better cash generation going forward.

03 — Business Model: So What Actually Happens In A Lamination Factory?

Steal Coils + Expensive Machines + Smart People = Margin Magic

Read Full 16 Point breakdown. Continue reading →

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