Pitti Engineering Q2 FY27 Results: Standalone Net Profit ₹33.89 Crore on Total Income of ₹581 Crore

Summary

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Total income rose 16.3% year on year to ₹580.54 crore, and revenue from operations rose 21.1% to ₹578.44 crore. Other income fell 90.2%, from ₹21.32 crore to ₹2.10 crore, so the rise in total income is entirely operating revenue. Net profit fell 4.7% to ₹33.89 crore on the table's basis, which compares it with ₹35.58 crore, the profit after tax the company first reported for the year-earlier quarter, before the scheme restatement. On the restated profit for the period of ₹40.09 crore, the fall is 15.5%.

Profit before tax fell 16.0%, from ₹53.87 crore to ₹45.26 crore, a steeper fall than the 15.5% fall in profit for the period. Tax expense fell 17.4% to ₹11.37 crore and took 25.1% of profit before tax, against 25.6% a year earlier. Other income was 4.6% of profit before tax this quarter.

Against the June quarter, total income rose 9.5% and net profit rose 62.6%, faster than income. Depreciation rose 14.1% year on year to ₹29.39 crore. Finance costs of ₹16.33 crore were 2.8% of total income, down 15.7% on a year earlier and 27.8% on the June quarter. For the half-year, the statement shows revenue from operations of ₹1,107.53 crore and profit for the period of ₹63.39 crore.

The NCLT approved, by order of 8 Sep 2026, the amalgamation of Pitti Industries Private Limited and Dakshin Foundry Private Limited into the company, effective 23 Sep 2026 with an appointed date of 1 Apr 2026, and the comparatives are restated. The auditors' conclusion is not modified, though they draw attention to this matter. The restated comparatives are therefore not the figures first reported for the year-earlier and June quarters, and the filing gives the reported figures in its reconciliation. The board also approved capex of ₹450 crore to expand capacity and consolidate lamination operations in Karnataka into one facility, phased to FY 2030-31 and financed by internal accruals and debt. The company puts current utilisation at about 78% for sheet metal and 85% for machining, and says demand growth in mining, off-highway vehicles, power, data centres, railways and metro infrastructure is the rationale for the project.

Inference

The board declared an interim dividend of ₹2 per share for FY 2026-27, 40% of the ₹5 face value, with a record date of 2 Nov 2026 and payment on or before 21 Nov 2026. The board also approved a second grant of 5,77,500 employee options at ₹736.72, a 23.03% discount to the NSE close of ₹957.20 on 21 Oct 2026. The company holds 7,40,000 of its own shares through its employee trust as treasury shares, and the filing says the option grant's effect on EPS is anti-dilutive, so basic and diluted EPS are the same.

The filing does not explain the fall in net profit while total income rose, the drop in other income from ₹21.32 crore to ₹2.10 crore, the move in the tax share from 18.6% in the June quarter to 25.1%, or the split of the ₹450 crore capex between internal accruals and debt.

Reference: Original filing (PDF)