PG Electroplast Limited has informed the Exchange about Transcript
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PG Electroplast reported Q1 FY26 consolidated revenue of Rs. 1,504 crore, up 14% YoY, but net profit fell to Rs. 66.7 crore from Rs. 84.9 crore a year ago due to negative operating leverage and Rs. 20 crore in extra financing costs from discounting receivables. The AC business grew 15% (revenue Rs. 1,015 crore) while washing machines surged 36%, but the early monsoon abruptly ended the season, causing 50–70% order cancellations in June–August and pushing AC inventory from Rs. 368 crore last year to Rs. 1,200 crore. Management sharply cut FY26 guidance: standalone revenue Rs. 5,700–5,800 crore and net profit Rs. 300–310 crore (down ~Rs. 90 crore), with CAPEX trimmed to Rs. 700–750 crore from Rs. 800–900 crore. EBITDA margins are expected to slip 1.25–1.5% versus last year due to pricing pressure and high inventory carrying costs. The company reaffirmed its long-term target of Rs. 9,000 crore revenue by FY28, driven by a Rs. 2,200 crore gross block, with refrigerator mass production starting in 12–14 months and washing machine capacity rising to 2 million units.
Negative near-term sentiment as the steep guidance cut, collapsing monthly run-rates (down 70% YoY in June and July), and inventory overhang point to a tough H1 FY26. However, long-term capacity expansion plans in RACs, washing machines, refrigerators, and the compressor JV remain intact, keeping the multi-year growth story alive for patient investors.