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
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DIXON TECHNO (INDIA) LTD | 82,027 | 39.0 | 15.23 | 31.7 | 30.5 | 31.7 | 49.9 | 6.4 |
| HAVELLS INDIA LIMITED | 69,726 | 42.7 | 7.36 | 26.0 | 17.8 | 21.5 | 16.6 | 8.0 |
| PG ELECTROPLAST LTD ◆ | 15,564 | 75.6 | 5.11 | 36.5 | 6.4 | 7.5 | 49.7 | 7.7 |
| IKIO TECHNOLOGIES LIMITED | 1,718 | 35.1 | 2.82 | 18.9 | 6.8 | 8.3 | — | 15.5 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Sept 2026 · AGM notice and annual report access disclosure to shareholders | compliance | minimal | — | — |
| 7 Sept 2026 · PG Electroplast: 24th AGM Notice Published | compliance | minimal | — | — |
| 5 Sept 2026 · TDS and withholding tax details for FY26 final dividend of Rs 0.25 per share | corporate actions | low | — | — |
| 5 Sept 2026 · PG Electroplast files BRSR sustainability report for FY 2025-26 | compliance | low | — | — |
| 5 Sept 2026 · PG Electroplast FY26 Annual Report: Revenue up 8.6% to Rs 5,288 cr, PAT at Rs 193.6 cr | results | high | — | — |
| 5 Sept 2026 · PG Electroplast 24th AGM on Sep 29; Rs 0.25 dividend and auditor changes | board shareholder meetings | medium | — | — |
| 4 Sept 2026 · Record date Sep 18 for FY26 dividend, AGM on Sep 29 | corporate actions | medium | — | — |
| 4 Sept 2026 · Auditor change and AGM notice from PG Electroplast | management changes | high | — | — |
| 4 Sept 2026 · PG Electroplast board clears AGM, auditor change to B S R & Co. LLP | board shareholder meetings | low | — | — |
| 13 Aug 2026 · QIP proceeds monitoring report shows Rs 1,445 cr utilized, minor delays noted | compliance | low | — | — |
| 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 |
| CWD Limited | 688 | 16.2 | — | — | — | 13.8 | — | — |
| FOCUS LIGHTG & FIXTRS LTD | 418 | 72.1 | 2.85 | 22.8 | 3.5 | 4.8 | — | 14.9 |
| SONAM LIMITED | 292 | 32.4 | 4.09 | — | 10.2 | 12.9 | — | 8.1 |
| VETO SWITCHGEAR CABLE LTD | 240 | 8.8 | 0.83 | 6.5 | 8.5 | 11.2 | 16.4 | 11.2 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 75.6 | 32.2 | 12 of 12 | 0% |
| P/B | 5.1 | 2.9 | 8 of 11 | 30% |
| ROCE | 7.5 | 9.8 | 9 of 14 | 39% |
| ROE | 6.5 | 6.6 | 7 of 12 | 46% |
| Debt / Equity | 0.2 | 0.1 | 8 of 12 | 36% |
| 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 | 15564 | 266 | 3 of 14 | 85% |
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| 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 |
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.
