Reported Earnings • Aug 11
First quarter 2027 earnings released: EPS: ₹7.99 (vs ₹6.14 in 1Q 2026) First quarter 2027 results: EPS: ₹7.99 (up from ₹6.14 in 1Q 2026). Revenue: ₹5.30b (up 16% from 1Q 2026). Net income: ₹295.0m (up 29% from 1Q 2026). Profit margin: 5.6% (up from 5.0% in 1Q 2026). The increase in margin was driven by higher revenue. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Electrical industry in India. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Jul 28
Pitti Engineering Limited to Report Q1, 2027 Results on Aug 10, 2026 Pitti Engineering Limited announced that they will report Q1, 2027 results on Aug 10, 2026 Reported Earnings • May 16
Full year 2026 earnings: EPS and revenues miss analyst expectations Full year 2026 results: EPS: ₹31.77 (down from ₹33.32 in FY 2025). Revenue: ₹19.5b (up 15% from FY 2025). Net income: ₹1.18b (down 3.7% from FY 2025). Profit margin: 6.0% (down from 7.2% in FY 2025). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 3.6%. Earnings per share (EPS) also missed analyst estimates by 17%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Electrical industry in India. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Apr 24
Pitti Engineering Limited to Report Q4, 2026 Results on May 14, 2026 Pitti Engineering Limited announced that they will report Q4, 2026 results at 12:15 PM, Indian Standard Time on May 14, 2026 Reported Earnings • Feb 07
Third quarter 2026 earnings released: EPS: ₹7.59 (vs ₹7.64 in 3Q 2025) Third quarter 2026 results: EPS: ₹7.59 (down from ₹7.64 in 3Q 2025). Revenue: ₹4.84b (up 17% from 3Q 2025). Net income: ₹282.2m (down 1.9% from 3Q 2025). Profit margin: 5.8% (down from 6.9% in 3Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Electrical industry in India. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 42% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹876, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 33x in the Electrical industry in India. Total returns to shareholders of 190% over the past three years. Duyuru • Jan 23
Pitti Engineering Limited to Report Q3, 2026 Results on Feb 05, 2026 Pitti Engineering Limited announced that they will report Q3, 2026 results on Feb 05, 2026 Reported Earnings • Nov 08
Second quarter 2026 earnings released: EPS: ₹10.78 (vs ₹10.20 in 2Q 2025) Second quarter 2026 results: EPS: ₹10.78 (up from ₹10.20 in 2Q 2025). Revenue: ₹4.99b (up 9.6% from 2Q 2025). Net income: ₹400.9m (up 5.4% from 2Q 2025). Profit margin: 8.0% (down from 8.4% in 2Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Electrical industry in India. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 47% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Oct 24
Pitti Engineering Limited to Report Q2, 2026 Results on Nov 07, 2025 Pitti Engineering Limited announced that they will report Q2, 2026 results on Nov 07, 2025 Upcoming Dividend • Sep 12
Upcoming dividend of ₹1.50 per share Eligible shareholders must have bought the stock before 19 September 2025. Payment date: 26 October 2025. Payout ratio is a comfortable 4.5% but the company is not cash flow positive. Trailing yield: 0.2%. Lower than top quartile of Indian dividend payers (1.2%). Lower than average of industry peers (0.4%). Declared Dividend • Aug 27
Dividend of ₹1.50 announced Dividend of ₹1.50 is the same as last year. Ex-date: 19th September 2025 Payment date: 26th October 2025 Dividend yield will be 0.2%, which is lower than the industry average of 0.4%. Sustainability & Growth Dividend is covered by both earnings (5% earnings payout ratio) and cash flows (83% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 98% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Aug 26
Pitti Engineering Limited, Annual General Meeting, Sep 26, 2025 Pitti Engineering Limited, Annual General Meeting, Sep 26, 2025, at 14:30 Indian Standard Time. Reported Earnings • Aug 10
First quarter 2026 earnings released: EPS: ₹6.14 (vs ₹6.41 in 1Q 2025) First quarter 2026 results: EPS: ₹6.14. Revenue: ₹4.57b (up 19% from 1Q 2025). Net income: ₹228.8m (up 11% from 1Q 2025). Profit margin: 5.0% (down from 5.4% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 20% growth forecast for the Electrical industry in India. Duyuru • Jul 18
Pitti Engineering Limited to Report Q1, 2026 Results on Aug 07, 2025 Pitti Engineering Limited announced that they will report Q1, 2026 results on Aug 07, 2025 Reported Earnings • Apr 22
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: ₹33.32 (up from ₹28.14 in FY 2024). Revenue: ₹17.4b (up 45% from FY 2024). Net income: ₹1.22b (up 36% from FY 2024). Profit margin: 7.0% (down from 7.5% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.3%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 21% growth forecast for the Electrical industry in India. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Apr 11
Pitti Engineering Limited to Report Q4, 2025 Results on Apr 21, 2025 Pitti Engineering Limited announced that they will report Q4, 2025 results on Apr 21, 2025 Duyuru • Apr 08
Pitti Engineering Limited Announces Resignation of Shri Varun Agarwal, Coo-Machined Components Business, Effective from 7 April 2025 Pitti Engineering Limited informed that Shri Varun Agarwal, COO-Machined Components Business, designated as Senior Management Personnel (SMP) has tendered his resignation due to personal reasons with effective from 7 April 2025 and the same has been accepted by the Company. Reported Earnings • Feb 15
Third quarter 2025 earnings released: EPS: ₹7.64 (vs ₹4.16 in 3Q 2024) Third quarter 2025 results: EPS: ₹7.64 (up from ₹4.16 in 3Q 2024). Revenue: ₹4.21b (up 43% from 3Q 2024). Net income: ₹287.6m (up 116% from 3Q 2024). Profit margin: 6.8% (up from 4.5% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Electrical industry in India. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has increased by 57% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Dec 14
Vice Chairman & MD recently sold ₹946m worth of stock On the 12th of December, Akshay Pitti sold around 672k shares on-market at roughly ₹1,407 per share. This transaction amounted to 16% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Akshay's only on-market trade for the last 12 months. Duyuru • Sep 21
Pitti Engineering Limited Announces Board Appointments Pitti Engineering Limited at its Annual General Meeting held on 20 September 2024, approved appointment of Shri Vinod Kumar Nagururu as an Independent Director; appointment of Ms. Kemisha Soni as an Independent Director and appointment of Ms. Priti Paras Savla as an Independent Director. Upcoming Dividend • Sep 06
Upcoming dividend of ₹1.50 per share Eligible shareholders must have bought the stock before 13 September 2024. Payment date: 20 October 2024. Payout ratio is a comfortable 5.3% but the company is not cash flow positive. Trailing yield: 0.1%. Lower than top quartile of Indian dividend payers (1.0%). Lower than average of industry peers (0.3%). Duyuru • Aug 22
Pitti Engineering Limited, Annual General Meeting, Sep 20, 2024 Pitti Engineering Limited, Annual General Meeting, Sep 20, 2024, at 16:00 Indian Standard Time. Reported Earnings • Aug 18
First quarter 2025 earnings released: EPS: ₹6.41 (vs ₹4.36 in 1Q 2024) First quarter 2025 results: EPS: ₹6.41 (up from ₹4.36 in 1Q 2024). Revenue: ₹3.83b (up 32% from 1Q 2024). Net income: ₹205.5m (up 47% from 1Q 2024). Profit margin: 5.4% (up from 4.8% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 21% growth forecast for the Electrical industry in India. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 103% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Aug 02
Pitti Engineering Limited to Report Q1, 2025 Results on Aug 14, 2024 Pitti Engineering Limited announced that they will report Q1, 2025 results on Aug 14, 2024 Price Target Changed • Jul 28
Price target increased by 27% to ₹1,379 Up from ₹1,083, the current price target is provided by 1 analyst. New target price is 15% above last closing price of ₹1,200. Stock is up 161% over the past year. The company is forecast to post earnings per share of ₹49.40 for next year compared to ₹28.14 last year. Duyuru • Jul 26
Pitti Engineering Limited (BSE:513519) agreed to acquire Dakshin Foundry Private Limited for INR 1.5 billion. Pitti Engineering Limited (BSE:513519) agreed to acquire Dakshin Foundry Private Limited for INR 1.5 billion on July 25, 2024. A cash consideration of INR 1.53 billion will be paid by Pitti Engineering Limited.
For the period ending March 31, 2024, Dakshin Foundry Private Limited reported total revenue of INR 708.9 million and EBITDA of INR 186.3 million.
The transaction is subject to approval of offer by acquirer board. The deal has been approved by the board. The expected completion of the transaction is within 15 days of execution of agreement.
Transaction Square LLP acted as financial and tax due diligence provider for Pitti Engineering Limited. DSK Legal Services LLP acted as legal due diligence provider for Pitti Engineering Limited. New Risk • Jul 12
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 11% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (14% operating cash flow to total debt). High level of non-cash earnings (33% accrual ratio). Minor Risk Shareholders have been diluted in the past year (11% increase in shares outstanding). Reported Earnings • Jul 10
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: ₹28.14 (up from ₹18.36 in FY 2023). Revenue: ₹12.0b (up 9.2% from FY 2023). Net income: ₹901.9m (up 53% from FY 2023). Profit margin: 7.5% (up from 5.3% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) also surpassed analyst estimates by 22%. Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Electrical industry in India. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 97% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹1,172, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 48x in the Electrical industry in India. Total returns to shareholders of 713% over the past three years. Reported Earnings • May 17
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: ₹28.14 (up from ₹18.36 in FY 2023). Revenue: ₹12.5b (up 14% from FY 2023). Net income: ₹901.9m (up 53% from FY 2023). Profit margin: 7.2% (up from 5.3% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) also surpassed analyst estimates by 22%. Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Electrical industry in India. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 135% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Mar 20
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 8.2% to ₹740. The fair value is estimated to be ₹614, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has grown by 30%. Revenue is forecast to grow by 66% in 2 years. Earnings are forecast to grow by 95% in the next 2 years. Duyuru • Mar 12
Pitti Engineering Limited (BSE:513519) signed an agreement to acquire Bagadia Chaitra Industries Private Limited for an enterprise value of INR 1.2 billion. Pitti Engineering Limited (BSE:513519) signed an agreement to acquire Bagadia Chaitra Industries Private Limited for an enterprise value of INR 1.2 billion on March 11, 2024. The cost of acquisition would be arrived at, by adjusting the said Enterprise Value for the Net Debt and Working Capital changes on the Closing Date and subject to other adjustments that are mutually agreed between the parties. As part of the overall consideration, Pitti will infuse up to INR 400 million as funding into Bagadia Chaitra, on closing date, to repay the existing debt in Bagadia Chaitra. Closing of the proposed acquisition is subject to fulfilment of condition precedents. Buy Or Sell Opportunity • Feb 27
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 23% to ₹798. The fair value is estimated to be ₹643, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has grown by 30%. Revenue is forecast to grow by 50% in 2 years. Earnings are forecast to grow by 103% in the next 2 years. Reported Earnings • Feb 10
Third quarter 2024 earnings released: EPS: ₹4.16 (vs ₹3.78 in 3Q 2023) Third quarter 2024 results: EPS: ₹4.16 (up from ₹3.78 in 3Q 2023). Revenue: ₹2.97b (up 25% from 3Q 2023). Net income: ₹133.2m (up 9.8% from 3Q 2023). Profit margin: 4.5% (down from 5.1% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Electrical industry in India. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 118% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Nov 17
Price target increased by 8.3% to ₹963 Up from ₹889, the current price target is an average from 2 analysts. New target price is 38% above last closing price of ₹697. Stock is up 140% over the past year. The company is forecast to post earnings per share of ₹27.72 for next year compared to ₹18.36 last year. Valuation Update With 7 Day Price Move • Aug 24
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹576, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 43x in the Electrical industry in India. Total returns to shareholders of 1,688% over the past three years. Upcoming Dividend • Aug 04
Upcoming dividend of ₹1.20 per share at 0.5% yield Eligible shareholders must have bought the stock before 11 August 2023. Payment date: 17 September 2023. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of Indian dividend payers (1.5%). In line with average of industry peers (0.4%). Reported Earnings • Jul 27
Full year 2023 earnings released: EPS: ₹18.36 (vs ₹16.18 in FY 2022) Full year 2023 results: EPS: ₹18.36 (up from ₹16.18 in FY 2022). Revenue: ₹11.0b (up 15% from FY 2022). Net income: ₹588.3m (up 13% from FY 2022). Profit margin: 5.3% (down from 5.4% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has increased by 157% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 24
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹453, the stock trades at a trailing P/E ratio of 24.7x. Average trailing P/E is 31x in the Electrical industry in India. Total returns to shareholders of 1,556% over the past three years. Reported Earnings • May 31
Full year 2023 earnings released: EPS: ₹18.36 (vs ₹16.18 in FY 2022) Full year 2023 results: EPS: ₹18.36 (up from ₹16.18 in FY 2022). Revenue: ₹11.2b (up 17% from FY 2022). Net income: ₹588.3m (up 13% from FY 2022). Profit margin: 5.3% (down from 5.4% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has increased by 142% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Feb 17
Upcoming dividend of ₹1.50 per share at 1.9% yield Eligible shareholders must have bought the stock before 24 February 2023. Payment date: 14 March 2023. Payout ratio is a comfortable 14% but the company is not cash flow positive. Trailing yield: 1.9%. Within top quartile of Indian dividend payers (1.6%). Higher than average of industry peers (0.5%). Reported Earnings • Feb 15
Third quarter 2023 earnings released: EPS: ₹3.73 (vs ₹3.59 in 3Q 2022) Third quarter 2023 results: EPS: ₹3.73 (up from ₹3.59 in 3Q 2022). Revenue: ₹2.39b (down 9.7% from 3Q 2022). Net income: ₹121.3m (up 5.3% from 3Q 2022). Profit margin: 5.1% (up from 4.3% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has increased by 102% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Feb 15
Pitti Engineering Limited Declares Interim Dividend for the Financial Year 2022-23 Pitti Engineering Limited at its board of directors meeting held on February 14, 2023 declared an interim dividend of INR 1.50 (30%) per equity share of face value INR 5 each for the financial year 2022-23. Fixed record date as 24 February 2023 for the purpose of payment of interim dividend for the financial year 2022-23. The interim dividend shall be paid on or before 14t March 2023, to the equity shareholders of the Company, whose names appear on the register of members of the Company or in the records of the depositories as beneficial owners of the shares as on 24February 2023 which is the record date fixed for the purpose. Reported Earnings • Nov 16
First quarter 2023 earnings released: EPS: ₹3.65 (vs ₹2.31 in 1Q 2022) First quarter 2023 results: EPS: ₹3.65 (up from ₹2.31 in 1Q 2022). Revenue: ₹3.11b (up 77% from 1Q 2022). Net income: ₹117.0m (up 58% from 1Q 2022). Profit margin: 3.8% (down from 4.2% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has increased by 88% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 6 highly experienced directors. Non-Executive Independent Director Swaminathan Thiagarajan was the last director to join the board, commencing their role in 2015. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Sep 08
Upcoming dividend of ₹0.85 per share Eligible shareholders must have bought the stock before 15 September 2022. Payment date: 23 October 2022. Payout ratio is a comfortable 9.4% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of Indian dividend payers (1.6%). In line with average of industry peers (0.6%). Reported Earnings • Aug 11
First quarter 2023 earnings released: EPS: ₹3.65 (vs ₹2.31 in 1Q 2022) First quarter 2023 results: EPS: ₹3.65 (up from ₹2.31 in 1Q 2022). Revenue: ₹3.11b (up 77% from 1Q 2022). Net income: ₹117.0m (up 58% from 1Q 2022). Profit margin: 3.8% (down from 4.2% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has increased by 109% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improved over the past week After last week's 25% share price gain to ₹305, the stock trades at a trailing P/E ratio of 16.8x. Average trailing P/E is 18x in the Electrical industry in India. Total returns to shareholders of 562% over the past three years. Reported Earnings • May 26
Full year 2022 earnings released: EPS: ₹16.18 (vs ₹8.97 in FY 2021) Full year 2022 results: EPS: ₹16.18 (up from ₹8.97 in FY 2021). Revenue: ₹9.54b (up 84% from FY 2021). Net income: ₹518.6m (up 80% from FY 2021). Profit margin: 5.4% (down from 5.5% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has increased by 73% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 11
Investor sentiment deteriorated over the past week After last week's 21% share price decline to ₹247, the stock trades at a trailing P/E ratio of 15.9x. Average trailing P/E is 19x in the Electrical industry in India. Total returns to shareholders of 437% over the past three years. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 5 highly experienced directors. Non-Executive Independent Director Swaminathan Thiagarajan was the last director to join the board, commencing their role in 2015. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improved over the past week After last week's 21% share price gain to ₹295, the stock trades at a trailing P/E ratio of 17.8x. Average trailing P/E is 18x in the Electrical industry in India. Total returns to shareholders of 482% over the past three years. Reported Earnings • Feb 13
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹3.59 (up from ₹2.26 in 3Q 2021). Revenue: ₹2.65b (up 75% from 3Q 2021). Net income: ₹115.2m (up 59% from 3Q 2021). Profit margin: 4.3% (down from 4.8% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 71% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Dec 13
Investor sentiment improved over the past week After last week's 16% share price gain to ₹256, the stock trades at a trailing P/E ratio of 16x. Average trailing P/E is 20x in the Electrical industry in India. Total returns to shareholders of 222% over the past three years. Reported Earnings • Nov 10
Second quarter 2022 earnings released: EPS ₹4.04 (vs ₹3.15 in 2Q 2021) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2022 results: Revenue: ₹2.43b (up 80% from 2Q 2021). Net income: ₹129.5m (up 28% from 2Q 2021). Profit margin: 5.3% (down from 7.5% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment improved over the past week After last week's 15% share price gain to ₹168, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 28x in the Electrical industry in India. Total returns to shareholders of 158% over the past three years. Valuation Update With 7 Day Price Move • Aug 20
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₹163, the stock trades at a trailing P/E ratio of 12x. Average trailing P/E is 25x in the Electrical industry in India. Total returns to shareholders of 105% over the past three years. Reported Earnings • Aug 09
First quarter 2022 earnings released: EPS ₹2.31 (vs ₹3.05 loss in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: ₹1.75b (up 185% from 1Q 2021). Net income: ₹74.0m (up ₹171.8m from 1Q 2021). Profit margin: 4.2% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Aug 09
Upcoming dividend of ₹37.50 per share Eligible shareholders must have bought the stock before 13 August 2021. Payment date: 03 September 2021. Trailing yield: 0.4%. Lower than top quartile of Indian dividend payers (1.4%). Lower than average of industry peers (0.6%). Valuation Update With 7 Day Price Move • Jul 28
Investor sentiment improved over the past week After last week's 24% share price gain to ₹189, the stock trades at a trailing P/E ratio of 19.4x. Average trailing P/E is 28x in the Electrical industry in India. Total returns to shareholders of 129% over the past three years. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improved over the past week After last week's 20% share price gain to ₹153, the stock trades at a trailing P/E ratio of 16x. Average trailing P/E is 27x in the Electrical industry in India. Total returns to shareholders of 83% over the past three years. Reported Earnings • Jun 21
Full year 2021 earnings released: EPS ₹8.97 (vs ₹5.42 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: ₹5.39b (up 2.6% from FY 2020). Net income: ₹287.6m (up 68% from FY 2020). Profit margin: 5.3% (up from 3.3% in FY 2020). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment improved over the past week After last week's 19% share price gain to ₹127, the stock trades at a trailing P/E ratio of 43.6x. Average trailing P/E is 26x in the Electrical industry in India. Total returns to shareholders of 44% over the past three years.