PG Electroplast Q2 FY27 results: net profit ₹13.67 crore vs ₹2.76 crore, revenue up 42.5%

How did PG Electroplast perform in Q2 FY27?

PG Electroplast reported consolidated revenue of ₹933.88 crore for Q2 FY27, up ₹278.51 crore or 42.5% from Q2 FY26, but down ₹1,100 crore or 54.1% from Q1 FY27. EBITDA was ₹59.77 crore, against ₹30.09 crore a year earlier and ₹148.20 crore in the previous quarter. The EBITDA margin was 6.4%, compared with 4.6% in Q2 FY26 and 7.3% in Q1 FY27.

Consolidated profit before tax was ₹14.94 crore, up ₹8.62 crore from Q2 FY26 but down ₹79.48 crore from Q1 FY27. Net profit was ₹13.67 crore, against ₹2.76 crore a year earlier and ₹76.22 crore in the previous quarter. Basic EPS was ₹0.47, versus ₹0.09 in Q2 FY26 and ₹2.67 in Q1 FY27. On a standalone basis, revenue was ₹524.99 crore and profit was ₹25.86 crore.

What changed in PG Electroplast's costs and profit?

Total expenses increased by ₹264.68 crore or 39.9% year-on-year to ₹928.31 crore, led by a ₹220.33 crore rise in cost of materials. Employee cost was ₹61.06 crore, up ₹5.75 crore or 10.4%; finance costs were ₹26.06 crore, up ₹9.35 crore or 56.0%; and depreciation was ₹28.15 crore, up ₹6.50 crore or 30.0%. Other expenses declined by ₹11.54 crore or 20.5% to ₹44.86 crore.

Other income fell by ₹5.22 crore or 35.8% to ₹9.37 crore, while tax expense increased by ₹1.89 crore or 48.0% to ₹5.83 crore. There was no exceptional item. Management said commodity prices, including copper, aluminium and plastic, and rupee depreciation were passed through to customers, reducing gross contribution as a percentage of revenue; it also said per-unit margin remained stable.

How did the first half of FY27 go?

For H1 FY27, consolidated revenue was ₹2,967.83 crore, up ₹808.61 crore or 37.4% from H1 FY26. Total income rose 36.2% to ₹2,985.23 crore, profit before tax increased 20.2% to ₹109.36 crore and net profit rose 28.9% to ₹89.88 crore. Basic EPS was ₹3.14, up from ₹2.46.

The investor presentation said product business contributed 70.3% of H1 revenue and grew 41.1% year-on-year. Electronics revenue grew 90.3% and contributed 12.1% of total revenue, while PG Technoplast reported revenue of ₹2,130.5 crore. Goodworth Electronics, the company’s 50:50 joint venture, reported revenue of ₹623.8 crore and EBITDA of ₹22.7 crore, against ₹483.4 crore and ₹10.3 crore respectively.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹5,534.65 crore, lower than ₹5,946.68 crore at 31 March 2026, while total equity rose to ₹3,147.60 crore from ₹3,048.59 crore. Borrowings increased to ₹713.67 crore from ₹596.53 crore, and cash fell to ₹20.07 crore from ₹31.56 crore. Inventories declined to ₹1,353.07 crore from ₹1,601.31 crore, trade receivables fell to ₹800.72 crore from ₹1,183.96 crore and trade payables declined to ₹1,226.34 crore from ₹1,757.32 crore.

H1 FY27 operating cash flow was ₹175.64 crore, compared with an outflow of ₹152.93 crore in H1 FY26. Investing cash flow was an outflow of ₹344.25 crore against ₹6.68 crore, while financing cash flow was ₹157.13 crore against ₹110.22 crore. Capital expenditure was ₹338.05 crore, compared with ₹340.77 crore a year earlier.

How has PG Electroplast done over the last 8 quarters?

Revenue reached its highest quarterly level in Q1 FY27 at ₹2,033.96 crore before falling to ₹933.88 crore in Q2 FY27. Profit also peaked in Q1 FY27 at ₹76.22 crore and eased to ₹13.67 crore in the latest quarter. The EBITDA margin declined from 7.3% in Q1 FY27 to 6.4% in Q2 FY27.

Across the latest two quarters, revenue and profit were higher year-on-year. In the longer series, Q4 FY25 recorded revenue of ₹1,909.86 crore and profit of ₹145.23 crore, while Q2 FY26 had the lowest revenue at ₹655.37 crore and profit at ₹2.76 crore. The EBITDA margin bottomed at 4.6% in Q2 FY26 and reached 11.1% in Q4 FY25.

What else did the company announce?

The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, together with the statement of assets and liabilities, cash-flow statements and limited-review reports. The company also filed an investor presentation on 27 October 2026. The same-day filings did not disclose a dividend, fund raise or appointment.

What did PG Electroplast's management say?

Management guided to FY27 room air-conditioner deliveries of 2.1-2.2 million units and volume growth of 20% plus or minus 2%-3%, supported by a healthy second-half order book. It expected room AC volume growth in the early-to-mid teens in Q3 and a better Q4, washing-machine sales growth of 45%-50% for the full year, and company-wide volume growth of 20%-25%.

Management said FY27 capital expenditure remained around ₹400 crores and was largely paid, while FY28 capital expenditure was planned at ₹150-200 crores. It expected second-half margins to be slightly better than the first half, with interest cost not significantly above H1. Sri City refrigerator commercial production was targeted for Q4 FY27, with installed capacity of 1.2 million units, while Supa compressor trial output was targeted by end-November 2026.

Management identified commodity inflation and rupee depreciation as risks to reported gross-contribution percentages despite pass-through. It also cited electronics mix and component-price inflation, longer or less profitable refrigerator and compressor ramps, higher inventory and working-capital needs, and uncompetitive export pricing in Europe and the US due to duty and foreign-exchange disadvantages. No analyst questions were included in the supplied call record.

How did PG Electroplast shares react?

PG Electroplast’s shares were up 1.7% after five minutes, 1.5% after 15 minutes and 0.7% after 30 minutes from the price when the filing appeared. The stock closed the reaction day up 7.3% from its pre-results close, and by the next day’s close it was up 7.5% from that close; by five sessions, it was up 6.9%.

On the reaction day, the Consumer Electronics industry median moved down 0.1%, so PG Electroplast outperformed by 7.4 percentage points. By the next day, the stock’s cumulative gain was 6.4 percentage points above the industry median, and by five sessions it was 2.3 percentage points above. Earlier result-day moves were 3.5% on 6 August 2026, 1.0% on 27 May 2026, down 0.3% on 2 February 2026 and 3.5% on 13 November 2025.