Pitti Engineering earnings calls.

Pitti Engineering delivered a solid Q3 FY26 with 15% YoY revenue growthCurrent 15% vs previous available quarter 17%. to Rs 484.3 crore, driven by strong lamination volumes (+21.1% to 16,823 tonsCurrent 16,823 tons. Reported change: +21.1% YoY.) and expanding margins. Adjusted EBITDA grew 24.5% YoYCurrent reported value: 24.5% YoY. No comparable prior figure is available in the source record. with margins improving 140bps to 17.5%, reflecting better product mix toward value-added assemblies. Railways remains the dominant segment at 31.9% of revenuesCurrent 31.9% of revenues. Reported change: Stable YoY., while data centers showed encouraging momentum, rising from 2.7% to 3.7%Current 3.7%. Reported change: +100bps QoQ. of revenue QoQ. The management confirmed confidence in achieving FY26 revenue guidance of Rs 1,950 crore (midpoint of Rs 1,900-2,000 crore), with FY27 guidance set at Rs 2,250 crore at 17Current 17 crore vs previous available quarter 16.5 crore.% EBITDA margins. Key near-term catalysts include inventory reduction (Rs 500 crore to Rs 300 crore by April) freeing up working capital, new customer acquisitions in North America (2 new customers added, 2 in pipeline), and improved US-India tariffs (reduced to 18%). Risks include elevated finance costs from high inventory, export softness, and customer concentration in international railway supply chains.