Pix Transmission Ltd
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]
- Market Cap ₹ 2,002 Cr.
- Current Price ₹ 1,469
- High / Low ₹ 2,800 / 1,220
- Stock P/E 23.5
- Book Value ₹ 430
- Dividend Yield 0.61 %
- ROCE 26.7 %
- ROE 20.8 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Company is almost debt free.
- Company has delivered good profit growth of 31.1% CAGR over last 5 years
Cons
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Industrials Capital Goods Industrial Products Rubber
Part of BSE SmallCap BSE Allcap BSE Industrials
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 187 | 196 | 208 | 223 | 239 | 276 | 283 | 354 | 417 | 450 | 455 | 552 | 520 | |
| 155 | 161 | 174 | 178 | 184 | 218 | 227 | 247 | 312 | 358 | 341 | 400 | 406 | |
| Operating Profit | 33 | 35 | 34 | 45 | 55 | 58 | 57 | 107 | 105 | 92 | 114 | 152 | 114 |
| OPM % | 17% | 18% | 16% | 20% | 23% | 21% | 20% | 30% | 25% | 20% | 25% | 28% | 22% |
| 4 | 3 | 3 | 6 | 5 | 7 | 7 | 4 | 8 | 14 | 19 | 17 | 28 | |
| Interest | 17 | 20 | 18 | 16 | 14 | 12 | 12 | 9 | 8 | 8 | 5 | 4 | 3 |
| Depreciation | 13 | 12 | 12 | 12 | 14 | 15 | 19 | 20 | 20 | 23 | 22 | 23 | 23 |
| Profit before tax | 7 | 6 | 7 | 23 | 33 | 38 | 33 | 82 | 84 | 74 | 104 | 142 | 115 |
| Tax % | -14% | 43% | 45% | 35% | 34% | 24% | 20% | 25% | 26% | 25% | 24% | 26% | |
| 8 | 3 | 4 | 15 | 21 | 29 | 27 | 61 | 62 | 55 | 79 | 105 | 85 | |
| EPS in Rs | 5.60 | 2.53 | 2.69 | 10.97 | 15.76 | 20.95 | 19.68 | 44.87 | 45.52 | 40.65 | 58.13 | 77.33 | 62.65 |
| Dividend Payout % | 27% | 39% | 56% | 18% | 16% | 13% | 10% | 11% | 13% | 15% | 12% | 12% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 11% |
| 5 Years: | 14% |
| 3 Years: | 10% |
| TTM: | 2% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 41% |
| 5 Years: | 31% |
| 3 Years: | 19% |
| TTM: | -21% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 40% |
| 5 Years: | 44% |
| 3 Years: | 17% |
| 1 Year: | -43% |
| Return on Equity | |
|---|---|
| 10 Years: | 16% |
| 5 Years: | 19% |
| 3 Years: | 18% |
| Last Year: | 21% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 |
| Reserves | 137 | 139 | 140 | 156 | 174 | 199 | 219 | 277 | 332 | 375 | 446 | 542 | 572 |
| 116 | 129 | 124 | 127 | 104 | 113 | 101 | 74 | 118 | 72 | 44 | 35 | 30 | |
| 59 | 46 | 47 | 54 | 57 | 53 | 61 | 64 | 68 | 82 | 96 | 95 | 101 | |
| Total Liabilities | 325 | 328 | 325 | 351 | 349 | 378 | 395 | 429 | 531 | 543 | 599 | 686 | 717 |
| 139 | 164 | 170 | 172 | 186 | 198 | 219 | 225 | 258 | 273 | 274 | 265 | 265 | |
| CWIP | 7 | 0 | 6 | 5 | 0 | 10 | 0 | 0 | 0 | 1 | 2 | 2 | 8 |
| Investments | 16 | 14 | 15 | 24 | 12 | 9 | 8 | 5 | 6 | 6 | 76 | 129 | 167 |
| 164 | 150 | 133 | 151 | 151 | 161 | 168 | 198 | 268 | 264 | 248 | 290 | 276 | |
| Total Assets | 325 | 328 | 325 | 351 | 349 | 378 | 395 | 429 | 531 | 543 | 599 | 686 | 717 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 | 33 | 56 | 28 | 32 | 45 | 50 | 58 | 54 | 101 | 133 | 109 | |
| -58 | -29 | -25 | -14 | -13 | -34 | -27 | -16 | -72 | -22 | -85 | -77 | |
| 12 | -7 | -24 | -14 | -24 | -10 | -19 | -43 | 31 | -69 | -46 | -27 | |
| Net Cash Flow | -14 | -3 | 7 | -1 | -6 | 2 | 4 | -1 | 13 | 10 | 2 | 5 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 109 | 111 | 106 | 114 | 114 | 103 | 107 | 94 | 84 | 85 | 83 | 73 |
| Inventory Days | 198 | 240 | 166 | 173 | 227 | 186 | 192 | 217 | 224 | 171 | 178 | 183 |
| Days Payable | 126 | 80 | 73 | 90 | 83 | 50 | 72 | 77 | 54 | 45 | 64 | 46 |
| Cash Conversion Cycle | 181 | 270 | 199 | 197 | 258 | 239 | 227 | 234 | 254 | 211 | 198 | 210 |
| Working Capital Days | 18 | 21 | -3 | 11 | 52 | 59 | 59 | 103 | 102 | 116 | 108 | 105 |
| ROCE % | 9% | 9% | 9% | 13% | 16% | 16% | 14% | 26% | 22% | 18% | 23% | 27% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Newspaper Publication
17 Nov - Copy of newspaper publication(s) of the unaudited financial results of the Company for the quarter and half year ended September 30, 2025.
- Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2025 14 Nov
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Board Meeting Outcome for Outcome Of Board Meeting
14 Nov - Unaudited Q2/H1 results ended 30 Sep 2025; H1 consolidated PAT Rs 5,140.35 lacs.
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Board Meeting Intimation for Consideration And Approval Of Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2025
7 Nov - Board meeting Nov 14, 2025 to approve Q2/H1 Sept 30, 2025 unaudited results; trading window closed.
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Intimation Of Appointment In Senior Management
1 Nov - Shekhar Jogwar appointed General Manager (Quality) at Pix Transmissions, effective November 1, 2025.
Annual reports
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Financial Year 2025
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Product Portfolio
The product portfolio includes industrial belts, agricultural belts, lawn & garden belts, automotive belts, hi-power rated belts, power-ware products, and various accessories. [1]
The company has a large number of SKUs and sells more than 80% of the products under its own Brand Name and largely in after sales market.