**1. Financial Highlights:** Pitti Engineering's Q1FY26 results were strong.

Revenue reached Rs 456.6 Cr.

EBITDA increased to Rs 75.4 Cr (16.5% margin), and PAT to Rs 22.9 Cr (5.0% margin). Volume growth in machined components & raw castings boosted casting capacity utilization to 69%. **2. Strategic Initiatives & Growth Drivers:** Vertical integration for supply chain simplification is key.

Expanding into complex, margin-accretive machined components using advanced technology drives value-added solutions. **3. Business Developments:** Capacity bolstered by recent acquisitions: Pitti Industries (Mar 2024) added 18,000 MTPA laminations.

Dakshin Foundry (Jul 2024) contributed 4,200 MTPA in high-quality casting, enhancing production scale. **4. Market Position & Competitive Advantage:** As India's top electrical lamination manufacturer/exporter and a key machined casting producer, Pitti leverages integrated manufacturing, diversified client base, strong global exports, and in-house R&D. **5. Investor Implications:** Robust Q1FY26 performance and strategic capacity expansion signal positive growth potential.

Focus on higher-value products and vertical integration should support sustained profitability.

Monitor execution.