NSE: PGEL · BSE: 533581
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). AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Product business (room ACs, washing machines and other manufactured durables) (76%), Other (not separately disclosed in facts). Cyclical contract manufacturing for consumer durables, asset-heavy with rising capex and working capital intensity
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,098 | 2,160 | 2,746 | 4,870 | 5,288 |
| EBITDA (ex other income) | 75 | 176 | 262 | 484 | 387 |
| margin % | 6.9 | 8.2 | 9.5 | 9.9 | 7.3 |
| Owners' profit | 37 | 77 | 135 | 288 | 197 |
| EPS, as reported (₹) | 18.08 | 35.78 | 54.73 | 10.74 | 6.91 |
| ROE % · ROCE % | 12.0 · 13.8 | 19.6 · 20.9 | 13.0 · 17.0 | 10.2 · 14.4 | 6.4 · 10.5 |
| Debt / equity (x) | 1.23 | 1.37 | 0.35 | 0.11 | 0.20 |
| Cash from operations | (79) | 46 | 186 | (77) | 66 |
| Capex | (157) | (155) | (227) | (488) | (785) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 671 | 968 | 1,910 | 1,504 | 655 | 1,412 | 1,717 | 2,034 |
| Profit before tax | 30 | 54 | 180 | 85 | 6 | 79 | 82 | 94 |
| Net profit | 19 | 40 | 145 | 67 | 3 | 62 | 65 | 76 |
| EPS (₹) | 0.74 | 1.47 | 5.32 | 2.37 | 0.09 | 2.18 | 2.27 | 2.67 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DIXON TECHNO (INDIA) LTD | 69,349 | 33.0 | 12.87 | 26.8 | 30.5 | 31.7 | 49.9 | 6.4 |
| HAVELLS INDIA LIMITED | 64,354 | 39.4 | 6.80 | 24.0 | 17.8 | 21.5 | 16.6 | 8.0 |
| PG ELECTROPLAST LTD ◆ | 15,336 | 74.5 | 5.03 | 36.0 | 6.4 | 7.5 | 49.7 | 7.7 |
| IKIO TECHNOLOGIES LIMITED | 1,269 | 25.9 | 2.08 | 14.0 | 6.8 | 8.3 | — | 15.5 |
| CWD Limited | 589 | 13.8 | — | — | — | 13.8 | — | — |
| FOCUS LIGHTG & FIXTRS LTD | 350 | 60.5 | 2.39 | 19.2 | 3.5 | 4.8 | — | 14.9 |
| SONAM LIMITED | 285 | 31.6 | 3.98 | — | 10.2 | 12.9 | — | 8.1 |
| VETO SWITCHGEAR CABLE LTD | 236 | 8.6 | 0.82 | 6.5 | 8.5 | 11.2 | 16.4 | 11.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 74.5 | 31.6 | 10 of 11 | 10% |
| P/B | 5.0 | 2.4 | 8 of 11 | 30% |
| ROCE | 7.5 | 8.3 | 8 of 13 | 42% |
| ROE | 6.5 | 6.5 | 6 of 11 | 50% |
| Debt / Equity | 0.2 | 0.1 | 7 of 11 | 40% |
| EBITDA margin | 7.7 | 8.0 | 7 of 11 | 40% |
| Revenue growth | 35.3 | 33.3 | 6 of 13 | 58% |
| Profit growth | 13.8 | 32.9 | 7 of 11 | 40% |
| Market cap | 15336 | 261 | 3 of 14 | 85% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Earnings call audio recording posted for September 2026 results | investor communications | low | — | — |
| 27 Oct 2026 · Q2 revenue rises 42.5%, net profit jumps to INR 13.67 crore | compliance | minimal | — | — |
| 27 Oct 2026 · Q2 FY27 sales up 42.5%, EBITDA up 54.8% and net income jumps | investor communications | medium | — | — |
| 27 Oct 2026 · September quarter revenue rises 42%, standalone profit falls 33% | results | high | — | — |
| 24 Oct 2026 · NGM auditor resigns early; B S R and Co LLP proposed for five years | management changes | medium | — | — |
| 24 Oct 2026 · PG Electroplast to hold Q2 FY27 earnings call on October 28 | board shareholder meetings | low | — | — |
| 20 Oct 2026 · Board meeting on Oct 27 to consider Q2 and H1 FY27 results | results | low | — | — |
| 10 Oct 2026 · Routine compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 30 Sept 2026 · PG Electroplast 24th AGM: All 6 resolutions passed, dividend declared | board shareholder meetings | low | — | — |
| 29 Sept 2026 · PG Electroplast 24th AGM held on Sept 29, 2026 via video conferencing | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.