Pitti Engineering began in 1983 as a small lamination shop punching silicon steel sheets for electric motors, and has spent four decades climbing deliberately up the value chain - from loose stampings to fully integrated motor cores, and then backwards into the castings and machining that feed them - so that today it is India’s largest manufacturer and exporter of electrical steel laminations and the single-source supplier of the electromagnetic heart and mechanical skeleton for virtually every motor manufacturer in the country. The recurring approach is vertical integration: the company combines tooling, lamination, machining, fabrication, casting and assembly under one roof, which contracts its customers’ supply chains and insulates the business from competitors who can only do one piece of the puzzle.
Business segments
Three engines, stacked vertically - a lamination-and-assembly core that is the company’s foundation, a machining business that turns cast and fabricated metal into precision parts, and a foundry that pours the metal both engines need - each feeding the one above it so the company can sell a complete rotating assembly rather than a commodity stamping.
1. Electrical steel laminations and motor assemblies: the electromagnetic core of the business
The company punches, stacks and welds silicon steel into the stator and rotor cores that make motors and generators spin, and has moved decisively from selling loose laminations to selling fully integrated assemblies that command higher value and lock in customers.
- Three tiers of value, not one - the product range now spans loose laminations at the bottom, high-value assemblies made from child parts in the middle, and stator-frame or rotor-shaft integrated assemblies at the top, which combine machined castings with lamination stacks into a single ready-to-install unit.
- A library of 5,795 motor designs - the company has developed nearly six thousand lamination varieties for motors and generators, with diameters from 14 mm to over 1.3 metres, and maintains a tool library of more than 4,800 tools, so it can serve everything from tiny special-purpose motors to locomotive traction cores without starting from scratch.
- One press does the work of four - by deploying very large progressive dies (up to 600 mm) and high-speed presses running at 80 to 200 strokes per minute, the company condensed a multi-press, labour-intensive process into a single operation, and introduced robotic loading and unloading on notching lines to raise throughput and consistency.
- The only commercial source for a niche India used to import - it supplies revarnished laminations for hydro and thermal power generators, a segment that was historically import-dependent, giving the company a specialised position with power-generation OEMs.
- 90,000 tonnes of sheet metal capacity, expanding to 108,000 - consolidated capacity stood at 90,000 metric tonnes per annum as of FY26, with utilisation running at 76-80%, and a ₹150-crore capex programme is adding another 18,000 tonnes to meet demand from railways, power generation and data-centre generators.
2. Machined components and precision engineering: the mechanical skeleton
The machining business takes raw castings and fabrications and turns them into precision components - shafts, housings, gear cases, wheel hubs - with tolerances down to 15 microns, and increasingly marries them with lamination stacks to deliver complete rotating systems.
- From a plain shaft to a fully dressed rotor - the company machines standalone parts like alternator shafts and axle boxes, but the real prize is integrating machined castings with lamination assemblies to produce stator frames and rotor shafts that arrive at the customer ready to bolt in.
- Big parts, tight tolerances - it machines stator and rotor cores up to 2,000 mm in outer diameter, shafts up to 900 mm diameter and 3 metres long, and cast parts weighing up to 4,000 kg in assembled condition, all held to a 15-micron tolerance band.
- 720,000 machine hours a year, heading to over a million - consolidated machining capacity stood at 720,000 hours with utilisation at 81-87% in FY26, and the planned greenfield facility will add 360,000 hours modularly from FY28 and FY29, a 50% increase.
- Plain machining still earns 45-50% gross margins - even the vanilla machined components that are not part of any motor assembly generate high margins, signalling that the precision engineering capability itself carries pricing power independent of the lamination business.
- Railways and windmills drive the order book - the machining engine is particularly deep in traction motor components, axle boxes and gear cases for railways, wheel hubs and support seals for mining trucks, and pedestals and bearing flanges for wind turbines.
3. Castings and foundry: the metal that feeds the machines
The foundry pours grey iron, ductile iron and alloy steel into castings from 50 kg to 4 tonnes, and has been brought in-house through two acquisitions so the company controls the raw input that its machining and assembly engines depend on.
- Bought, not just built - the casting capability came from amalgamating the promoter-owned Pitti Castings (approved by the NCLT on 3 October 2024, with an appointed date of 1 April 2023) and acquiring Dakshin Foundry in mid-2024, vertically integrating what was previously a related-party supplier and eliminating supply-chain leakage.
- 18,600 tonnes of capacity, doubling to 36,000 - current installed casting capacity stands at 18,600 metric tonnes per annum, with debottlenecking adding 6,000 tonnes by FY27 and a greenfield facility in Telangana increasing total casting capacity to 36,000 metric tons by FY30.
- Metal that works at minus 50 degrees - the foundry produces ductile iron with sub-zero impact resistance and manganese-nickel alloy steel grades that retain toughness down to -50°C, which is why its castings go into locomotive draft gears and mining trucks operating in extreme conditions.
- CLASS-A certified by Indian Railways - the foundry holds RDSO CLASS-A certification and AERB-accredited radiography testing, qualifying it to supply safety-critical cast parts directly to the railway and nuclear sectors.
- Feeds the family and sells to outsiders - castings flow internally into the machining and assembly engines, but the foundry also supplies external OEMs in wind, off-highway vehicles, mining, compressors and pumps, so it earns its keep even before its output touches a lamination stack.
Group structure and partners
A listed parent with two wholly owned subsidiaries in the process of being merged into it, and a history of absorbing promoter entities to complete the vertical chain - no joint ventures, no associates, just full control.
- Two subsidiaries, both heading into the parent - Pitti Industries (acquired May 2024, laminations and die-cast rotors in Tumkur, Karnataka) and Dakshin Foundry (acquired July 2024, castings in Hosakote, Bangalore) are both wholly owned and under a Board-approved scheme of amalgamation into Pitti Engineering, with NCLT approval awaited.
- The Tumkur acquisition opened the pump market - Pitti Industries brought 18,000 tonnes of lamination capacity in South India and entry into the pump segment, an end-market the company previously did not serve, with roughly 35-40% of that entity’s revenue coming from pump manufacturers.
- Promoter castings folded in first - Pitti Castings Private Limited, a promoter-owned foundry with 732 employees and ₹150 crores of turnover, was amalgamated effective April 2023, with Pitti Engineering issuing one share for every 55 shares of the casting entity, lifting promoter holding from 59% to 62%.
- A global customer book across six continents - the company exports to over 11 countries and counts ABB, Siemens, Siemens Energy, Siemens Gamesa, CG Power, Cummins, WEG, Wolong, TMEIC, Nidec, Regal Rexnord, Progress Rail, Caterpillar, Wabtec, ALSTOM, BHEL, Suzlon and Indian Railways among its named OEM relationships.