Pitti Engineering Ltd Share Price

History of Pitti Engineering Ltd

Pitti Engineering Limited, formerly known as Pitti Laminations Limited was incorporated on September 17, 1983. The Company changed the name to 'Pitti Engineering Limited' from Pitti Laminations Limited on 9 March, 2018. Company is engaged in manufacture of engineering products of iron and steel including electrical steel lamination, sub-assemblies for motor & generator cores, die-cast rotors and machined casted & fabricated parts and shafts. The Company supplies a range of engineering products to vastly diversified segments like hydro and thermal generation, windmill, mining, cement, steel, sugar, construction, lift irrigation, freight rail, passenger rail, mass urban transport, E-mobility, appliances, medical equipment, oil & gas and several other Industrial applications. Their products f ...inds a suitable application in almost all engineering application. The company came out with a public issue of 19 lac shares at a premium of Rs 10 per share, aggregating Rs 3.80 cr, in Jan.'94. The proceeds of the issue were utilised to part-finance the Rs 5.6-cr project to expand the company's product range of electrical-grade stampings. PLL has been awarded the ISO 9002 certification by Bureau Veritas Quality International (BVQI) for the manufacture of electrical stampings and die-cast rotors. The company's clientele includes prestigeous companies like Asea Brown Boveri, Siemens, GEC, Kirloskar, Crompton Greaves, Bharat Bijlee, etc. In 1994-95, PLL expanded its capacity to 4000 tpa. It has launched a second expansion programme to raise the capacity from 4000 tpa to 6000 tpa at an estimated cost of Rs 4.80 cr. The expansion scheme is designed to produce higher volumes of stampings of different diameters to serve the specific needs of the customers. It plans to integrate forward into the manufacture of die-cast rotors and wound stators. At the end of the financial year 1998-99, the company's accumulated losses exceeded its net worth, therefore the company would be treated as a Sick Industrial Company under the provisions of the Sick Industrial Companies (special provisions) Act, 1985. During the year 99-00 a growth of 18.76% was achieved in sales.In the year 2000 the BIFR has declared the company as Sick company and State Bank of India,Industrial Finance Branch Hydrebad has been appointed as Operating agency. The company has registered a growth of 11.98% in the turnover during the year 2000-01.Therefore the turnover of the company is stood at Rs.2520.09 lakhs during the year 2001 as against Rs.2250.42 lakhs in the previous year. Though the improvement in sales volume is nominal, larger revenue has derived from commercialization of tool room and relatively higher exports during the year. The Phase I New Plant with an installed capacity of 4000 MT per annum commenced commercial operations on 13th April, 2005. The expansion-cum-modernisation project of the Company was commissioned in Sep' 06. The Forward Integration Project of Motor Housing was commissioned on January 28, 2008. During the year 2017-18, the Company had commenced operations at the Aurangabad and commenced commercial production at Hyderabad (Plant -IV). The Company's name was renamed from Pitti Laminations Limited' to Pitti Engineering Limited', effective from May 08, 2018. During the year 2020-21, Company incorporated a Wholly Owned Subsidiary (WoS) viz., Pitti Rail and Engineering Components Limited on 5th October 2020. In 2023-24, the Scheme of Amalgamation between Pitti Castings Private Limited (PCPL) and Pitti Rail and Engineering Components Limited (PRECL) with the Company of achieving vertical integration, broaden the Company's footprint across the supply chain and enhance Company's margins and profitability became effective on October 24, 2024. In terms of the said Scheme, 1 equity share of the Company of face value of Rs 5 each, fully paid-up for every 55 equity shares of PCPL of Rs 10/- each, fully paid up were issued to the Company through the Share Exchange Ratio. The Company acquired Bagadia Chaitra Industries Private Limited in May, 2024. Similarly, it acquired 100% equity of Dakshin Foundry Private Limited in July 2024, making Dakshin Foundry a wholly owned subsidiary. The Dakshin Plant enhanced the casting capacity at 18,600 MT in FY 2025. The newly Generator Lamination Coating Line got commissioned in 2025.