🟡 At a Glance
Pix Transmissions manufactures and exports industrial and automotive belts under its own brand. With zero pledging, 27% ROCE, low debt, and a 36% YoY profit jump, it’s become a stealth wealth creator. But it’s now below its 200 DMA and showing signs of technical cooling.
1. 🚀 Introduction with Hook
While most smallcaps are breaking down faster than a Maruti 800 on a Ladakh road trip, Pix Transmissions is still keeping ittight. Literally.
Belts, hoses, and couplings don’t sound sexy — but they’ve helped Pix grow profits at29% CAGRover 5 years. And it’s quietly amassed a ₹2,100+ Cr market cap while being debt-light and export-heavy.
Now that the RSI shows bullish crossover, is it time to buckle up again?
2. 🏭 Business Model – WTF Do They Even Do?
Pix
is India’slargest branded manufacturerof:
- 🔧Industrial belts(V-belts, timing belts, wrapped belts)
- 🚜Agricultural belts(for tillers, harvesters, tractors)
- 🏎️Automotive belts(aftermarket sales, not OEM focus)
- 🧰Hydraulic hoses, connectors & power transmission accessories
💡 80%+ products are soldunder Pix’s own brand, not OEM. That’s like selling Dettol instead of being the guy who just supplies ethanol.
🌍 Global Play:
- Exports toEurope, Middle East, and Southeast Asia
- Own warehouse network abroad (in UAE, UK)
3. 📈 Financials – ROCE Rocket + Profit Power
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 380 | 449 | 486 | 493 | 589 |
| Net Profit (₹ Cr) | 65 | 69 | 65 | 83 | 113 |
| EBITDA Margin (%) | 30% | 26% | 22% | 24% | 28% |
| ROCE (%) | 27% | 24% | 19% | 23% | 27% |
| ROE (%) | 16% | 16% | 15% | 20% | 21% |
📌 Profit CAGR (5Y): 29%📌 TTM
