Pitti Engineering Q1 FY27: Volume-led growth, stable margins, and a broader manufacturing play

Revenue from operations was 529.1 crore, total income was 529.9 crore, adjusted EBITDA was 88.7 crore, and adjusted PAT was 31.9 crore.

Total lamination and assemblies volume was 19,240 tons in Q1 FY27 versus 16,193 tons in Q1 FY26, an 18.8% year-on-year increase.

Annual sheet metal (laminations) capacity is shown as 108,000 MTs, with Q1 FY27 utilization at 73%.

Management discussed a 290 crore greenfield casting facility in Hyderabad and stated about 60 crore had already been incurred, starting with land acquisition. Infrastructure was described as about 30% and plant and equipment about 70% of the spend.

Management revised the FY27 laminations volume target to 82,000 tons, up from the earlier 78,000 tons mentioned in the prior quarter call.

Management indicated the full-year effective tax rate should be closer to 25%.