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Swing Capital

Pix Transmission Ltd

NSE: PIXTRANS BSE: 500333Energy

PIX Transmissions Ltd. is the leading manufacturer of Belts and related mechanical Power Transmission products in India. The Company features state-of-the-art Belt manufacturing units as well as an ultra-sophisticated, automated Rubber Mixing facility. [1]

₹1,529
52W: ₹1220 — ₹1784
PE 22 · Book ₹430 · +256% vs book
Market Cap₹2,084 Cr
Stock P/E22Price to Earnings
ROCE26.7%Return on Capital
ROE20.8%Return on Equity
Div. Yield0.59%Face Value ₹10

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company has delivered good profit growth of 31.1% CAGR over last 5 years

Shareholding Pattern

Promoters62.06%
FIIs0.41%
DIIs2.51%
Public35.02%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters61.82%61.82%61.82%61.82%61.82%61.82%62.06%▲0.262.06%
FIIs0.33%0.26%▼0.10.92%▲0.70.8%▼0.11.03%▲0.20.94%▼0.10.98%▲0.00.41%▼0.6
DIIs5.23%0.22%▼5.00.76%▲0.50.57%▼0.20.56%▼0.00.67%▲0.11.55%▲0.92.51%▲1.0
Public32.62%37.71%▲5.136.5%▼1.236.79%▲0.336.58%▼0.236.57%▼0.035.41%▼1.235.02%▼0.4

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales115120118120151135150111126139
Expenses859088881041011218797100
Operating Profit29303032473429232839
OPM %26%25%25%27%31%25%19%21%23%28%
Net Profit20212426382319241932
EPS ₹14.3215.6317.5918.9127.6516.5914.1717.9213.9723.22

AI Insights

Revenue Trend

TTM revenue at ₹525Cr, down 4.9% YoY. OPM at 23%.

Debt Position

Borrowings at ₹30Cr. Debt-to-equity ratio: 0.05x. Healthy balance sheet.

Capex Cycle

CWIP at ₹8Cr (3% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 2.51% (+2.15pp change). FIIs: 0.41% (-0.14pp change). Promoters hold 62.06%.

Margin & Efficiency

ROCE improving from 9% (Mar 2014) to 27% (Mar 2025). Working capital days: 105.

Valuation

PE 22x with 26.7% ROCE. Price is 256% above book value of ₹430. Dividend yield: 0.59%.

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