Pitti Engineering (513519) investor relations material

Executive summary

• Q2 FY27 revenue from operations rose 21.1% YoY to ₹578.44 crore; H1 revenue increased 18.5% to ₹1,107.53 crore.

• Demand remained robust across end-markets despite inflation, supply-chain disruption and geopolitical uncertainty; phased capacity additions are planned against customer demand.

Financial highlights

• Q2 FY27 total income was ₹580.54 crore, up 16.3% YoY; H1 total income was ₹1,110.54 crore, up 15.3%.

• Q2 adjusted EBITDA was ₹91.3 crore, up 13.6% YoY; H1 adjusted EBITDA was ₹180.1 crore, also up 13.6%.

• Q2 adjusted PAT was ₹36.3 crore, down 15.1% YoY; H1 adjusted PAT was ₹68.2 crore, down 0.4%. Reported PAT was ₹33.89 crore in Q2 and ₹63.39 crore in H1.

• Q2 PBT was ₹45.26 crore, down 15.9% YoY; H1 PBT was ₹81.48 crore, down 9.9%.

• Q2 FY26 PAT included ₹21 crore of Maharashtra incentive income; the FY27 claim was deferred to FY28 to improve recovery potential and cash flow.

Outlook and guidance

• FY27 lamination and assembly volume target remains at least 82,000 tons; H1 volume was 40,889 tons, with Q3 potentially seasonally softer and Q4 expected to be similar to or stronger than Q2.

• FY28 volume growth is expected to strengthen as modular capacity additions begin from Q2 FY28; upgraded FY27 guidance was retained.

• FY27 revenue could reach ₹2,350–2,400 crore at Q3 pricing if volume targets are achieved; full utilization of planned capacity by FY31 supports potential revenue of ~₹3,800 crore.

• At Q2 raw-material prices, sustainable blended EBITDA margin was indicated at 17%+; 17% is considered comfortable, with 18% potentially achievable depending on product mix.

• Order visibility includes Caterpillar, Voith, Progress Rail, Siemens Mobility and Medha Servo across data centres, mining, off-highway vehicles and railways.