NSE: PIGL · BSE: 543912
POWER INSTRUMENT (G) LTD
Executes electrical engineering, procurement and construction (EPC) projects for power and infrastructure, with a track record covering high-tension and low-tension (HT/LT) lines, substations, distribution infrastructure, airports, DG/UPS, fire safety and building management systems. Roughly 97-98% of the order book is backed by central or state government schemes, primarily the Revamped Reforms-Based and Results-Linked Distribution Sector Scheme (RDSS); Q3 FY26 order inflow of ₹124.17 crore was led by ₹102.78 crore from Ajmer Vidyut Vitran Nigam for feeder segregation across 9 Rajasthan circles, with separate Rajasthan state-discom aggregates running to ₹75.36 crore. Airport electrification is a second major stream, including a ₹60.51 crore aggregate scope at Udaipur Air Terminal executed via Nyati Engineering & Consultants and past work on 35+ airport projects. The 60%-owned subsidiary Peaton Electrical has received CPRI approval for an 11 kV 3,000 A 'Phibar' segregated-phase busduct aimed at data centres, IT parks, airports, metros and hospitals, with full manufacturing ramp targeted from May 2026. Diesel generator (DG) set distribution in Gujarat has been added through a six-month authorised channel-partner Letter of Intent from Greaves Cotton. FY26 consolidated revenue was ₹218.76 crore; 9M FY26 topline of ₹161.35 crore was up 39% YoY. The disclosed cost-shape shows employee cost at 2.4% of revenue and other operating expenses at 2.8%, with depreciation at 0.3%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Distribution infrastructure EPC under RDSS, Airport and aviation electrification EPC, HT/LT lines, substations and EHV works, Phibar busduct manufacturing (subsidiary Peaton), DG set sales and other electrical works. Project-based, government-order-driven electrical EPC with a growing manufacturing leg through its busduct subsidiary.
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 94 | 101 | 169 | 219 |
| EBITDA (ex other income) | 8 | 11 | 17 | 23 |
| margin % | 8.0 | 10.9 | 10.2 | 10.5 |
| Owners' profit | 0 | 0 | 0 | 14 |
| EPS, as reported (₹) | 2.81 | 4.70 | 6.61 | 4.54 |
| ROE % · ROCE % | 8.0 · 16.5 | 11.5 · 21.6 | 10.6 · 16.8 | 8.9 · 13.2 |
| Debt / equity (x) | 0.69 | 0.28 | 0.16 | 0.08 |
| Cash from operations | 1 | 8 | (40) | (5) |
| Capex | 0 | (0) | (0) | (1) |
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 | 55 | 33 | 55 | 41 | 70 | 49 | 59 | 49 |
| Profit before tax | 5 | 4 | 4 | 3 | 6 | 5 | 5 | 4 |
| Net profit | 4 | 3 | 3 | 3 | 5 | 4 | 4 | 3 |
| EPS (₹) | 2.69 | 1.94 | 1.49 | 1.50 | 2.66 | 1.82 | 1.32 | 1.44 |
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. % |
|---|---|---|---|---|---|---|---|---|
| WAAREE ENERGIES LIMITED | 64,618 | 16.9 | 4.30 | 10.5 | 25.9 | 29.0 | — | 20.3 |
| APAR INDUSTRIES LTD. | 61,818 | 52.3 | 11.46 | 32.5 | 18.1 | 21.9 | 29.1 | 12.0 |
| PREMIER ENERGIES LIMITED | 38,368 | 22.7 | 8.90 | 15.7 | 35.0 | 25.7 | — | 30.8 |
| MTAR TECHNOLOGIES LIMITED | 21,476 | 160.9 | 26.11 | 114.7 | 11.4 | 12.4 | 28.9 | 25.8 |
| DIAMOND POWER INFRA LTD | 17,071 | 86.8 | — | 84.5 | (26.2) | 8.6 | — | 12.3 |
| EMMVEE PHOTOVOLTAIC PWR L | 16,879 | 12.7 | 4.57 | 9.4 | 29.3 | 31.2 | — | 36.3 |
| AVALON TECHNOLOGIES LTD | 13,663 | 102.2 | 18.93 | 68.1 | 15.6 | 20.0 | — | 12.5 |
| GENUS POWER INFRASTRU LTD | 8,270 | 11.5 | 3.73 | 10.5 | 26.7 | 22.7 | 50.8 | 22.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 12.3 | 22.4 | 13 of 52 | 77% |
| P/B | 1.1 | 3.3 | 8 of 49 | 85% |
| ROCE | 10.6 | 12.4 | 33 of 55 | 41% |
| ROE | 8.9 | 12.4 | 34 of 50 | 33% |
| Debt / Equity | 0.1 | 0.3 | 13 of 50 | 76% |
| EBITDA margin | 11.2 | 12.6 | 31 of 51 | 40% |
| Revenue growth | 18.4 | 20.7 | 26 of 46 | 44% |
| Profit growth | 16.4 | 37.7 | 25 of 45 | 46% |
| Market cap | 190 | 591 | 36 of 56 | 36% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · RTA confirms no physical share certificates for dematerialisation in Q2 FY27 | compliance | minimal | — | — |
| 29 Sept 2026 · 42nd AGM voting results: all 7 resolutions passed | compliance | minimal | — | — |
| 25 Sept 2026 · Trading Window Closure Ahead of Q2 and H1 FY26 Results | compliance | minimal | — | — |
| 25 Sept 2026 · Power and Instrumentation holds 42nd AGM via video conferencing | board shareholder meetings | low | — | — |
| 19 Sept 2026 · Power and Instrumentation bags Rs 6.06 crore solar equipment order | business updates | medium | — | — |
| 11 Sept 2026 · Approval as Specialized Agency for Hisar Airport Power Works | business updates | high | — | — |
| 4 Sept 2026 · 42nd AGM Notice and E-Voting Information Published in Newspapers | compliance | minimal | — | — |
| 4 Sept 2026 · PIGL informs about newspaper publication of 42nd AGM notice | compliance | minimal | — | — |
| 2 Sept 2026 · 42nd AGM Notice and Annual Report Web-link for FY 2025-26 | compliance | minimal | — | — |
| 2 Sept 2026 · 42nd AGM on Sep 25, 2026; ESOP scheme and related party deals on agenda | 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.