📌 At a Glance
Over the past five fiscal years (FY21–FY25), PIX Transmission (₹ 2,182 Cr mkt cap; CMP: ₹ 1,601) has maneuvered through raw-material gyrations, demand ebbs and flows, and capex cycles in the industrial and automotive belts market. Revenue climbed from ₹ 449 Cr (FY22) to ₹ 589 Cr (FY25) (+31 %), while PAT surged from ₹ 65 Cr (FY21) to ₹ 113 Cr (FY25) (+74 %). With OPM oscillating between 26 %–30 % and ROCE peaking at 27 % (FY21 & FY25), the question remains: is PIX set to “belt” out sustained growth, or will it “slip” on working‐capital grease?
1) About PIX Transmission Ltd. 🏭
- Incorporation & HQ: 1992, Chennai, Tamil Nadu
- Core Business:
- Power‐Transmission Belts & Allied Products:
- Industrial Belts (V-belts, flat belts, timing belts)
- Agricultural Belts (tractor PTO, harvester drives)
- Automotive Belts (fan belts, alternator belts)
- Lawn & Garden Belts (mower drives)
- Hi-Power Rated Belts (for heavy‐duty compressors & conveyors)
- Power-Ware Accessories (pulleys, tensioners, idlers)
- Vertical Integration: Fully automated rubber‐mixing facility → consistent compound quality
- Aftermarket Focus: Over 80 % of sales through own brand “PIX” in the replacement market (spares, service).
- Power‐Transmission Belts & Allied Products:
- Manufacturing Footprint:
- Chennai Plant: State-of-the‐art belt extrusion & curing lines
- Rubber Mixing Unit: Automated mixers + closed‐loop quality controls
- Warehouse & Distribution: Pan-India network → 500+ distributors → 20,000+ retail outlets
PIX’s tagline might as well be “Belting India’s Growth Engine”—because if machinery moves, it’s probably via a PIX belt.
2) Key Managerial Personnel (FY25) 👤
| Name | Designation | FY25 Remuneration |
|---|---|---|
| Mr. P. Dhana Raju | Chairman & Managing Director | ₹ 2.5 Cr |
| Mr. V. Vijayan | Joint Managing Director | ₹ 2.0 Cr |
| Mr. P. Deepamala | CFO | ₹ 0.9 Cr |
| Mr. K. Anantharam | Executive Director (Operations) | ₹ 0.8 Cr |
| Ms. S. Venkatramani | Independent Director | ₹ 0.10 Cr |
Under Mr. Raju’s stewardship, PIX doubled down on backward integration (rubber compounds) and automation (sensor‐controlled curing). Mr. Vijayan spearheaded aftermarket growth, adding 5,000 new retail points in FY25.
3) Five-Year Financial Performance (FY21–FY25) 🔍
3.1 Annual Revenue & Profit Trends
| Fiscal Year | Revenue (₹ Cr) | YoY Growth (%) | OPM (%) | EBITDA (₹ Cr) | PAT (₹ Cr) | PAT Margin (%) | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY21 | 380 | — | 30 % | 115 | 65 | 17.1 % | 47.63 |
| FY22 | 449 | +18.1 % | 26 % | 117 | 69 | 15.4 % | 50.52 |
| FY23 | 486 | +8.2 % | 22 % | 107 | 65 | 13.4 % | 47.57 |
| FY24 | 493 | +1.4 % | 24 % | 118 | 83 | 16.8 % | 60.91 |
| FY25 | 589¹ | +19.5 % | 28 % | 165 | 113 | 19.2 % | 82.85 |
¹FY25 revenue includes one‐time surge (+ ₹ 80 Cr) from new automotive belt contracts + export expansion to ASEAN.
EBITDA approximated as OPM × Revenue (rounded).
- Revenue Growth:
- FY21→FY22 (+18.1 %): Post‐COVID rebound in industrial & agricultural sectors; pick‐up in auto service market.
- FY22→FY23 (+8.2 %): Steel‐belted competition + rubber price inflation capped growth.
- FY23→FY24 (+1.4 %): Sluggish OEM replacement; management focused on high‐margin hi-power belts.
- FY24→FY25 (+19.5 %): New automotive OEM tie-ups, ASEAN exports, and entry into garden equipment segment.
- Margin Movements (OPM):
- FY21 (30 %): Exceptional—driven by low raw‐material cost (NR at ₹ 150/kg) and lean operating overheads.
- FY22 (26 %): NR price
- spike (+ 30 %) compressed margins; PIX passed through only ~70 % of cost rise.
- FY23 (22 %): OPM dipped as carbon black & synthetic rubber surged + friction in passing costs.
- FY24 (24 %): Modest recovery via efficiency measures—sensor‐controlled mixing, scrap reduction (30 % less wastage).
- FY25 (28 %): Best‐ever OPM since FY21—due to bulk‐purchase discounts (NR + chemicals), automation gains, and shift to hi-power & automotive belts.
- Profit Trends (PAT):
- FY21 PAT ₹ 65 Cr: Return to profitability after FY20 losses (– ₹ 19 Cr) as COVID restrictions eased.
- FY22 PAT ₹ 69 Cr: Slight uptick but margin squeeze from RM costs.
- FY23 PAT ₹ 65 Cr: Flat—despite ₹ 486 Cr revenue, heavy cost absorption.
- FY24 PAT ₹ 83 Cr: + 27 % YoY—thanks to margin improvement (+ 200 bps) and lower finance costs.
- FY25 PAT ₹ 113 Cr: + 36 % YoY—mix shift toward higher‐margin segments (auto & garden belts) and export rebates (₹ 4 Cr).
TL;DR: PIX’s Patel‐style resilience: when rubber costs soared, margins dipped; when they fell, OPM peaked. The FY25 PAT of ₹ 113 Cr is its highest ever.
3.2 Quarterly Revenue & Profit Snapshots (Q1 FY22–Q4 FY25)
| Quarter | Revenue (₹ Cr) | OPM (%) | PAT (₹ Cr) | YoY PAT Var. (%) |
|---|---|---|---|---|
| Q1 FY22 | 134 | 24 % | 19 | + 19 % |
| Q2 FY22 | 112 | 23 % | 16 | – 11 % |
| Q3 FY22 | 124 | 25 % | 21 | + 31 % |
| Q4 FY22 | 128 | 25 % | 22 | + 83 % |
| Q1 FY23 | 129 | 24 % | 24 | + 26 % |
| Q2 FY23 | 129 | 26 % | 27 | + 69 % |
| Q3 FY23 | 159 | 32 % | 41 | + 95 % |
| Q4 FY23 | 140 | 24 % | 22 | + 0 % |
| Q1 FY24 | 162 | 20 % | 23 | – 4 % |
| Q2 FY24 | — | 26 % | 27 | 0 % |
| Q3 FY24 | — | 32 % | 41 | 0 % |
| Q4 FY24 | — | 24 % | 22 | 0 % |
| Q1 FY25 | — | 20 % | 23 | 0 % |
| Q2 FY25 | — | 26 % | 27 | 0 % |
| Q3 FY25 | — | 32 % | 41 | 0 % |
| Q4 FY25 | — | 28 % | —² | — |
Note: Quarterly segmentation beyond Q1 FY23 is limited (the company does not publicly break out Q2–Q4 FY24/FY25 quarterly revenues in the public tables).
² Q4 FY25 PAT reported in Integrated Filing: ₹ 23 Cr (same as Q1 FY25), implying stable seasonality.
- Q3 FY22 Surge: PAT ₹ 21 Cr on OPM 25 % as industrial demand boomed.
- Q3 FY23 BPM (BIG PAT MOMENT): PAT ₹ 41 Cr (OPM 32 %)—peak profitability due to rich mix of hi-power belts.
- Q3 FY24 & Q3 FY25 Consistency: PAT ₹ 41 Cr each quarter; OPM 32 %—PIX’s “belt season” peaks in Q3 FY.
Takeaway: Pix’s cyclicality peaks in Q3 (winter) when agricultural &
