Pix Transmissions Ltd

PTL is promoted by Amarpal S Sethi (Chairman and Managing Director), who has experience of over five decades in the mechanical power transmission belts and hoses industry. Second-generation promoters have also joined the business, ensuring business continuity and smooth succession. Promoters have contributed to creating an established market position in the industry. PTL has a wide product portfolio and exports products to over 100 countries. PTL’s strong market position is further characterised

PTL has demonstrated steady and healthy profit margins with PBILDT margin remaining consistent over 25% for five years ended FY25, translating into healthy return on capital employed of over 20% per annum. Consistent PBILDT margin demonstrates PTL’s long-standing manufacturing experience and ability to pass on increase in prices of input costs, while maintaining relations with its distributors. Healthy profitability enabled the company generate gross cash accruals (GCA) of ₹80-100 crore per annu

PTL derives a significant portion of its revenue from the export market. Major export countries include the USA, Europe and Asia with no country contributing over 35% of the total exports. PTL has also setup subsidiaries in the UAE, the UK and Germany, which are PTL’s marketing arm for the export market. Revenue in domestic market is also derived across India, considering its strong distribution network. The company’s customer base remains diversified with top 10 customers contributing ~33% of t

The company’s capital structure remains comfortable marked by overall gearing at 0.06x as on March 31, 2025, compared to 0.09x as on March 31, 2024. Slight improvement was due to proportionately higher increase in tangible net worth and decrease in total debt in FY25. The total debt of the company comprised term loan and unsecured loans from promoters with no utilisation of working capital borrowings in the past. Debt coverage indicators remain comfortable and slightly improved as marked by inte

PTL’s scale of operations has grown steadily and remains moderate, with TOI, registering a compound annual growth rate (CAGR) of ~10% for three years ended FY25. TOI increased ~19% from ₹500.14 crore in FY24 to ₹597.63 crore in FY25 owing to higher realisation from export market. In 9MFY26, the company achieved TOI of ₹411.54 crore (₹427.52 crore in 9MFY25). Slight decrease in TOI is largely due to lower income from the export market amid recent geo-political uncertainty. Tangible net worth

The working capital cycle remains elongated with marginal improvement in FY25 at 143 days (PY:155 days). Long working capital cycle is due to high debtors and inventory period at 72 days (PY:79 days) and 96 days (PY:103), respectively. Inventory days tend to be on the higher side as PTL has a wide product portfolio catering to different applications. Risk of high inventory days is mitigated to some extent as its inventory has shelf life of over seven years. Working capital requirements are funde

PTL is vulnerable to cyclical downturns. This impacts PTL’s performance, though the company taken steps to enhance export and diversify its revenue streams. Business performance can also be affected by imposition of tariffs by importing countries. Profitability may be moderately affected by foreign exchange fluctuations. As PTL is a net exporter, it has a partial natural hedge. Balance remains unhedged owing to current strengthening of the US dollar.