Pitti Engg. Q1 FY27 Results (NSE: PITTIENG)
Signal: Growth reaccelerated
The read
The trajectory improved at the top line, with consolidated revenue growth accelerating from 6.8% YoY in Q4FY26 to 15.9% in Q1FY27, but operating momentum remains uneven: consolidated EBITDA growth of 5.4% lagged revenue and standalone EBITDA fell 1.0%; the 28.9% PAT increase was mainly tax-led, with subsidiaries providing the key incremental profit contribution.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹529.09 Cr | 15.9% | N/A |
| EBIT | ₹58.85 Cr | 3.1% | |
| Net profit | ₹29.5 Cr | 28.9% | |
| EPS | ₹7.99 | 30.1% | |
| EBIT margin | 16.5% |
P&L walk
Consolidated revenue rose 15.9% YoY to ₹52,909.47 lakh, while EBITDA increased only 5.4% to ₹8,722 lakh and EBIT rose 3.1% to ₹5,885 lakh; PAT growth of 28.9% was aided by lower tax expense, with subsidiaries contributing ₹883.30 lakh of profit.
Segments
Subsidiaries materially lifted the group: they contributed ₹13,170.50 lakh of revenue and ₹883.30 lakh of net profit, explaining why consolidated EBITDA grew 5.4% and PAT 28.9% while standalone EBITDA declined 1.0%.
Key positives
- Consolidated revenue increased 15.9% YoY to ₹52,909.47 lakh, accelerating from +6.8% YoY in Q4FY26.
- Subsidiaries contributed ₹883.30 lakh of net profit on ₹13,170.50 lakh of revenue, materially increasing group earnings beyond the standalone base.
- Employee costs rose only 8.5% YoY against 15.9% revenue growth on consolidation, reducing employee-cost intensity to approximately 8.7% of revenue.
- EPS rose 30.1% to ₹7.99, tracking the 28.9% PAT increase and producing a clean PAT-to-EPS cross-check.
Key concerns
- Consolidated EBITDA grew only 5.4% YoY to ₹8,722 lakh versus 15.9% revenue growth, while other expenses increased 24.5% YoY to ₹7,592.54 lakh.
- Standalone EBITDA declined 1.0% YoY to ₹7,349 lakh and standalone EBIT declined 5.2% to ₹4,726 lakh despite 15.5% revenue growth.
- Consolidated PAT growth of 28.9% materially exceeded EBIT growth of 3.1% because total tax expense fell to ₹671.91 lakh from ₹1,366.26 lakh YoY; operating profit conversion therefore remains weaker than headline PAT growth.
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