Annual Report for the financial year 2025-26

24th August 2026 To, To, BSE Limited National Stock Exchange of India Limited Floor 25, P J Towers, Dalal Street Exchange Plaza, Bandra Kurla Complex Mumbai – 400 001 Bandra (E), Mumbai – 400 051 Scrip Code: 513519 Scrip Code: PITTIENG Dear Sir, Sub: Submission of Annual Report for the financial year 2025-26 along with Notice of the 42nd Annual General Meeting **** We are to inform you that the 42nd Annual General Meeting (AGM) of the Company is scheduled to be held on Friday, 18th September 2026 at 4:00 P.M through Video Conferencing (VC) / Other Audio Visual Means (OAVM) in accordance with the relevant circulars issued by the Ministry of Corporate Affairs and the Securities and Exchange Board of India. Pursuant to Regulation 34(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulation 2015, please find enclosed a copy of the Annual Report for the financial year 2025-26 (including Notice of the AGM to be held on 18th September 2026). We would like to inform you that the Annual Report, along with the Notice of the AGM, is being emailed to the shareholders whose e-mail addresses are registered with the Company / Registrar and Transfer Agent of the Company / Depository Participants. For those shareholders who have not registered their email address, a letter providing a web link and QR code from where the Notice of the AGM and Annual Report for the financial year 2025-26 can be accessed is being dispatched by post. The Annual Report is also available on the company’s website at https://www.pitti.in/api/investor-relation/download/Annual%20Report%202025-2026.pdf?id=1061&disposition=inline. We request you to take the same on record. Thanking you, Yours faithfully, For Pitti Engineering Limited Mary Monica Braganza Company Secretary & Chief Compliance Officer FCS 5532 About Pitti Engineering Integrated Partner. Simplified Customer Journeys. Behind every electric motor, locomotive, and generator lies a complex chain of specialised processes: tooling, stamping, casting, machining, fabrication and assembly. Each supplier interface across this chain adds lead time, cost, and risk for equipment manufacturers. Pitti Engineering (‘The Company’ or ‘We’) was founded on a simple yet powerful idea – engineering Pitti Engineering is India’s largest manufacturer partnerships should eliminate complexity, not create of electrical steel laminations and a vertically it. For over four decades, this belief has guided our integrated engineering company delivering evolution, shaping every investment, every capability machined castings, fabricated components we have built, and every relationship we have and value-added assemblies to leading nurtured. global OEMs across diverse industries. What began as a lamination manufacturing business has evolved into a vertically integrated engineering solutions provider, serving railways, power generation, renewable energy, data centres, mining, Across the Pages and industrial sectors. As global manufacturers diversify supply chains and India strengthens its position as a preferred sourcing destination, Corporate Overview 1-33 Statutory Reports 34-113 customers increasingly seek partners offering Management Message 2 Management Discussion Scan this QR code capability, capacity, and consistency together. and Analysis 34 to navigate investor- Operating Environment 4 related information. That is the role we fulfil. We bring multiple Directors’ Report 44 About Pitti Engineering Limited 8 engineering capabilities within a single, accountable Business Responsibility & Product Portfolio 12 https://www.pitti.in/investors ecosystem, enabling customers to move faster, Sustainability Report 69 Value Creation Model 18 manage less and achieve more. Report on Corporate Governance 92 Disclaimer Manufacturing Footprints 20 This document contains statements about expected future events of Pitti Engineering Limited (‘The Strengthening Relationships Company’), which are ‘forward-looking.’ By their nature, ‘forward-looking statements’ require the Company to for the Future 24 Financial Statements 114-238 make assumptions and are subject to inherent risks and uncertainties. There is a significant risk that the assumptions, predictions, and other ‘forward-looking Financial Performance 26 Standalone 114 statements’ may not prove to be accurate. Readers are cautioned not to place undue reliance on ‘forward- ESG Performance 28 Consolidated 179 looking statements’ as several factors could cause assumptions, actual future results, and events to differ Board of Directors 30 materially from those expressed in the ‘forward- looking statements’. Accordingly, this document is Awards and Recognition 32 subject to the disclaimer and qualified in its entirety by the assumptions, qualifications, and risk factors Notice 239 referred to in the Management Discussion and Analysis Corporate Information 33 section of this Annual Report. Management Message The Indian economy remained among domestic railway capital expenditure Our disciplined execution translated the fastest growing major economies in moderated, international locomotive and into another year of strong financial 2025-26, with real GDP growth estimated metro programmes sustained demand. performance. Consolidated revenue grew Building Together. at 7.6%. Growth was underpinned by 12.02% to `1,952.91 crores. Adjusted Data centres emerged as a promising growth robust domestic demand, sustained EBITDA rose faster still – 19.90% to avenue. During the year, we expanded our public investment, and a recovery in rural `325.79 crores, with the adjusted EBITDA customer base by two clients in this sector consumption. Reinforcing this momentum, margin expanding to 17.03% from 15.94%, and diversified into new geographies, Growing with the Union Budget 2026-27 increased capital while adjusted profit after tax reached creating recurring revenue opportunities expenditure by 9% to `12.2 Lakh crores. `128.06 crores. Operating cash flows in one of the world’s fastest-growing The budget made significant allocations remained healthy at `204.91 crores, even as Purpose. infrastructure segments. Exports on a towards transport, power, manufacturing, we took a deliberate decision to carry higher consolidated basis contributed and logistics – sectors that support inventories, and the debt-to-equity ratio `531.31 crores, and our engagement demand directly in our key end markets. improved to 0.74. As supply-side pressures with global OEMs continued to ease and the expanded payables cycle The operating environment, however, tested deepen as international supply normalises with resumed procurement, the resilience of supply chains. Regulatory chains diversify towards India. we expect a meaningful release of working changes governing electrical steel availability capital by end of H1 2026-27. Combined resulted in an estimated domestic supply Creating Capacity for with internal accruals, this release will deficit of 1,50,000 tonnes. Meanwhile, the Next Phase fund our committed capital programme geopolitical developments, elevated tariffs, Dear Shareholders, without impacting balance sheet strength. and the West Asia conflict added further Capital investment remained a strategic 2025-26 was a year in which Pitti volatility to commodity prices, energy costs, priority. Our ongoing `150 crores brownfield Looking Ahead Engineering consolidated its platform and freight. Rather than allowing uncertainty programme, of which ~`100 crores has been and built the capability to grow beyond to disrupt execution, we acted decisively. We spent, will raise consolidated sheet metal Manufacturing ecosystems are only growing it. We strengthened our integrated maintained inventories of `394.91 crores, capacity from 90,000 tonnes to more interconnected, and customers manufacturing platform, expanded secured strategic sourcing arrangements 1,08,000 tonnes. It will also increase casting will continue to seek partners capable value-added capabilities, and deepe [Showing first 8,000 characters — download PDF for full document]