Pitti Engineering Ltd. share price target

We value the stock at 20x FY28E EPS and recommend a BUY on the stock with a target price of Rs 1,250/share, implying an upside of 10% from the CMP.

We have raised our FY28 EPS estimates by 6% to factor in stronger demand across emerging segments and improving product mix.

We expect Pitti Engineering to report revenue of INR 5,116 Mn, registering 12.1% YoY and 2.1% QoQ growth. We estimate combined production volumes of ~2.45 lakh MTPA across laminations, machine components, and castings & machining, assuming capacity utilisation of ~75% in laminations and ~80% in castings & machining.

We maintain our BUY recommendation on the stock.

Pitti Engineering is transitioning from a cyclical engineering manufacturer into a structurally higher-margin integrated industrial solutions company, supported by increasing contribution from value-added products such as machine components, integrated assemblies, and complex castings.

We maintain a BUY rating on the stock.

Management remains positive on demand visibility across rail traction, data centers, power equipment, and export programs, supported by rising high value-added mix and upcoming capacity additions.

We maintain our BUY recommendation on the stock.

We had visited Pitti’s Engineering’s Aurangabad plant on September 24, 2025,
as part of our periodic interaction with the management. The facility is spread across 26 acres, while the Company has an additional 12 acres of land available for future expansion (within 1 km vicinity).

We have revised our estimates for FY26E/FY27E EPS by - 20.1%/ -10.3%, as we factor in higher depreciation and interest expenses and, lower other income.

We maintain our BUY recommendation on the stock.

We maintain our BUY recommendation on the stock.

We maintain our BUY recommendation on the stock.

We maintain our BUY recommendation on the stock

We recommend a BUY on the stock with a near-term TP of Rs 1,425/Share, implying an upside of 10% from the CMP.

We maintain our BUY rating on the stock with an unchanged TP of Rs 1,572/share, implying an upside of 21% from the CMP. We value the stock at 28x its FY26 EPS.

We maintain our BUY recommendation on the stock.

We maintain our BUY rating on the stock with a revised TP at Rs 1,180/share, implying an upside of 37% from the CMP.

We maintain our BUY rating on the stock with a revised TP at Rs 1,180/share, implying an upside of 37% from the CMP.

We maintain our BUY recommendation on the stock.