Pitti Engineering LimitedQ2 FY27 Results & Financial Update
Pitti Engineering Limited: Q2 FY27 standalone results and company financials – revenue ₹578.44 Cr, PAT ₹33.89 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Pitti Engineering Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Pitti Engineering Limited posted a total income of Rs. 580.5399 crore for Q2 FY27, accompanied by revenue from operations of Rs. 578.438 crore on a standalone basis following the corporate restructuring.
s in the press release, total income grew by 16.3% year-on-year, supported by robust volume expansion across laminations and assemblies.
Reported profit after tax (PAT) for the quarter stood at Rs. 33.8858 crore, with basic earnings per share (EPS) reported at Rs. 9.18.
Sales volume across total lamination and assemblies reached 21,671 metric tonnes during Q2 FY27, marking a 25.6% increase compared to 17,259 metric tonnes in Q2 FY26.
High value-added assemblies within laminations registered significant volume growth, expanding 51.1% year-on-year to 4,786 metric tonnes.
Alongside the quarterly results, the board announced a substantial capital expenditure plan of Rs. 450 crore aimed at scaling sheet metal lamination capacity and machining capacity through FY31.
01 · Business model
What does Pitti Engineering do?
Pitti Engineering Limited operates as India's largest manufacturer and exporter of electrical steel laminations, holding a prominent market standing in machined castings and fabricated components.
The product portfolio spans electrical steel laminations for motors across varied electrical applications, motor cores, sub-assemblies, die-cast rotors, and press tools.
The business serves critical industries including railways, data centres, mining, and general industrial sectors.
In September 2026, the company completed the merger of its two subsidiaries, Pitti Industries Private Limited and Dakshin Foundry Private Limited, with the parent entity Pitti Engineering Limited, resulting in standalone reporting from Q2 FY27 onward with restated historical numbers in disclosures.
02 · Historical context
What shaped the business before this quarter
In September 2026, Pitti Industries Private Limited and Dakshin Foundry Private Limited were merged into parent entity Pitti Engineering Limited, shifting financial reporting to a standalone structure.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q2 FY27 |
|---|---|
| Revenue from operations | ₹578.44 Cr |
| Total income | ₹580.54 Cr |
| Profit before tax | ₹0.00 Cr |
| Profit after tax | ₹33.89 Cr |
| EPS | ₹9.18 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 5.9% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 0.0% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹2.10 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Total lamination and assembly sales volumes grew 25.6% year-on-year to 21,671 MT in Q2 FY27 from 17,259 MT in Q2 FY26.
High value-added assemblies in laminations surged 51.1% year-on-year to 4,786 MT, driving overall product mix enhancement.
By-products and scrap volume expanded by 68.7% year-on-year to 21,081 MT in Q2 FY27.
What drove margins
Adjusted EBITDA (excluding other income and ESOP cost) reached Rs. 91.3 crore for Q2 FY27, yielding an adjusted EBITDA margin of 15.8%.
05 · Demand, customers & order book
Where demand is coming from
Management reported strong order visibility and active opportunities across railways, data centres, mining, and industrial applications.
06 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Total laminations volume reached 20,612 MT (up 27.9% YoY), while total castings and machined components reached 3,086 MT (up 6.5% YoY).
Stator frame or rotor shaft integrated assemblies reached 1,350 MT, and loose laminations/low-value added assemblies stood at 14,476 MT.
Projects, capex and execution
Announced a Rs. 450 crore capex to expand laminations capacity to 1,60,000 MTs and machining capacity to 13,14,000 hours in a phased manner by FY31.
Planned land acquisition for a new greenfield unit in Bengaluru to consolidate laminations operations, with interim capacity additions planned at existing and leased premises.
07 · Strategy & new businesses
How the company is trying to change its growth mix
Merged subsidiary entities into the parent company to streamline operations and support long-term integrated engineering positioning.
08 · Reported developments
What changed operationally
Total income grew 16.3% year-on-year to Rs. 580.5 crore for Q2 FY27, underpinned by robust volume uptake.
High value-added assemblies grew 51.1% YoY, indicating favorable product mix shift toward higher-value offerings.
09 · Pressure points & risks
What is not going smoothly
Other machined components going into laminations and assemblies declined 7.4% year-on-year to 1,059 MT in Q2 FY27.
10 · Items worth noticing
The line items that can distort a quick read
Tax expense for Q2 FY27 was reported at Rs. 11.3734 crore.
Provisions for the quarter stood at Rs. 11.4824 crore.
11 · Beyond the numbers
What changed beyond the numbers
Reported update
Corporate Restructuring
Completed the merger of Pitti Industries Private Limited and Dakshin Foundry Private Limited with Pitti Engineering Limited in September 2026.
12 · Key Q&A
The quarter, answered directly
What does Pitti Engineering do?
Pitti Engineering Limited operates as India's largest manufacturer and exporter of electrical steel laminations, holding a prominent market standing in machined castings and fabricated components.
What is the clearest takeaway from Q2 FY27?
Pitti Engineering Limited posted a total income of Rs. 580.5399 crore for Q2 FY27, accompanied by revenue from operations of Rs. 578.438 crore on a standalone basis following the corporate restructuring.
What drove revenue or demand?
Total lamination and assembly sales volumes grew 25.6% year-on-year to 21,671 MT in Q2 FY27 from 17,259 MT in Q2 FY26.
What mattered most for margins or profitability?
Adjusted EBITDA (excluding other income and ESOP cost) reached Rs. 91.3 crore for Q2 FY27, yielding an adjusted EBITDA margin of 15.8%.
What changed operationally beyond the headline numbers?
Total laminations volume reached 20,612 MT (up 27.9% YoY), while total castings and machined components reached 3,086 MT (up 6.5% YoY).
What are the main pressure points disclosed for the quarter?
Other machined components going into laminations and assemblies declined 7.4% year-on-year to 1,059 MT in Q2 FY27.
13 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
Starting point
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Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.
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The calculator holds the selected margin basis constant except for the basis-point adjustment you enter. It does not estimate tax, finance cost, dilution, working capital, valuation or share price.
14 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Capex Execution Progress: Monitor the execution milestones of the announced Rs. 450 crore capex program and land acquisition for the Bengaluru greenfield unit towards the FY31 capacity targets.
- 02
Volume Trajectory: Track sustained momentum in high value-added lamination assemblies and overall volume growth across core end-markets.
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Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.