PG Electroplast Limited has informed the Exchange regarding a press release dated August 20, 2025, titled "PG Electroplast and PAX India Announce Strategic Manufacturing Partnership in India".
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PG Electroplast Limited (PGEL) has signed a definitive agreement with PAX India, a subsidiary of Hong Kong-listed PAX Global Technology (HKEX: 327), to manufacture Point-of-Sale (POS) payment devices in India. Production is set to begin by the end of 2025 at PGEL's existing facilities. This marks PGEL's entry into the payments and fintech hardware segment, expanding its portfolio beyond consumer durables and electronics like washing machines, ACs, and LED TVs. PAX India is described as the undisputed leader in the Indian POS industry, working with the country's largest banks and acquirers. The partnership aligns with the government's Make in India and Digital India initiatives.
This is a positive development for shareholders as it opens a new high-growth revenue stream in digital payments hardware, diversifies PGEL beyond its traditional consumer electronics business, and positions it among the very few Indian manufacturers of POS devices. The partnership could improve growth visibility and margins over the medium term, though actual revenue contribution will depend on production ramp-up by year-end.