PG ELECTROPLAST LTD

Manufactures room air conditioners and washing machines on an outsourcing basis for consumer durable brands, primarily through wholly-owned subsidiary PG Technoplast which posted revenue of ₹3,942 crore. The Product business contributed 76.2% of FY26 consolidated revenue of ₹5,288.02 crore, crossing ₹4,000 crore, with washing machines up 52% in FY26 while room AC revenue fell 12% YoY. New manufacturing capacities are slated to come online in Q4 FY27 — a rotary compressor facility at Supa with Phase 1 capacity of 2 million units (expandable to 4 million) and a refrigerant plant at Sri City — while the washing machine facility at Greater Noida is already operational. FY26 EBITDA margin compressed to 8.4% from 10.7% in FY25, hit by a March LPG crisis causing roughly ₹300 crore in lost production, a truck shortage costing ₹120 crore in sales, and ~20% rupee depreciation that drove ~250 bps gross margin erosion. Materials account for 76.7% of revenue, with copper, aluminum and plastics as the key inputs. FY26 capex was ₹785 crore; FY27 capex guided at ₹400 crore. Channel inventory at the industry peaked at ~5 million units before normalizing, and the company is targeting its own inventory below ₹900 crore by June end (from ₹1,601 crore at March).