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Rs 2,034 Cr Q1 Revenue: PGEL Reports 35% Growth, Targets Q4 Refrigerator Production
PGEL reported a record Q1 FY'27 with consolidated revenue crossing Rs 2,000 Cr for the first time, a 35.2% Y-o-Y increase. Growth was led by the Room AC segment (up 38.1% to Rs 1,401 Cr) and Washing Machines (up 67.2% to Rs 211 Cr). The company is executing a Rs 400 Cr capex plan for FY'27, focusing on a new 1.2 million unit refrigerator plant and a 2 million unit compressor line. Notably, PGEL has transitioned to a net cash position with Rs 491.3 Cr in cash and bank balances.
Confidence: HIGH
What changedPGEL achieved record quarterly revenue, transitioned to a net cash status, and confirmed the commissioning timelines for its major refrigerator and compressor expansion projects.
Why it mattersThe expansion into refrigerators and backward integration into compressors reduces the company's heavy reliance on the seasonal AC segment (60-62% of revenue) and mitigates supply chain risks from imports (45-50%).
Q1 FY'27 Revenue: Rs 2,034 CrRevenue Growth (Y-o-Y): 35.2%FY27 Capex: Rs 400 CrCapex vs TTM Revenue: ~9.4%Cash & Bank Balance: Rs 491.3 CrAC Segment Revenue: Rs 1,401 Cr
📅 Short termThe stock may react positively to the record revenue and net cash status, though investors will weigh this against softened gross margins due to commodity price hikes.
📈 Long termStructural growth is supported by significant capacity additions in refrigerators and compressors, which should improve asset sweating and reduce seasonality from FY'28 onwards.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- High seasonality (RAC segment concentration)
- Commodity price volatility (Copper and Aluminum)
- High import dependency (45-50%)
Key Highlights
Consolidated revenue grew 35.2% Y-o-Y to Rs 2,034 Cr in Q1 FY'27, the highest in company history.
Washing machine vertical grew 67.2% Y-o-Y to Rs 211 Cr, supported by a new 1.8 million unit annual capacity facility.
Planned FY'27 capex of Rs 400 Cr (approx. 9.4% of TTM revenue) to complete refrigerator and compressor projects.
Refrigerator facility in Sri City (1.2 million units) on track for commercial production by Q4 FY'27.
Compressor project at Supa (2 million units) scheduled for mass production within the current financial year.
👀 What to Watch
Monitor the commercialization timeline of the Sri City refrigerator plant in Q4 FY'27 and the ramp-up of the compressor business, which is critical for backward integration and reducing import dependency.
Rs 2,034 Cr Q1 Revenue: PGEL hits record quarterly sales with 35% YoY growth
PGEL reported a strong Q1 FY2027 with consolidated revenue growing 35.2% YoY to Rs 2,034.0 Cr, marking the first time quarterly sales crossed the Rs 2,000 Cr mark. While PAT increased 12.9% to Rs 75.3 Cr, EBITDA margins compressed to 7.7% from 9.3% YoY due to elevated commodity prices and a higher cost of raw materials (85.5% of sales). The company successfully transitioned to a net cash position of Rs 73.9 Cr and operationalized a major new washing machine campus in Greater Noida with a 1.8 million unit annual capacity.
Confidence: HIGH
What changedPGEL has scaled its operations to a new quarterly revenue baseline and operationalized a significant capacity expansion in Greater Noida while improving its balance sheet to a net cash status.
Why it mattersThe record revenue and capacity expansion demonstrate strong demand in the ODM space, though the margin compression highlights the company's sensitivity to commodity price fluctuations and its lag in pricing pass-through.
Q1 FY2027 Revenue: Rs 2,034.0 CrRevenue Growth (YoY): 35.2%EBITDA Margin: 7.7%New Washing Machine Capacity: 1.8 million units/annumQ1 Revenue vs TTM Revenue: 47.9%Net Cash Position: Rs 73.9 Cr
📅 Short termThe market is likely to react positively to the record revenue milestone and net cash status, though the 160 bps YoY drop in EBITDA margins may temper the enthusiasm.
📈 Long termThe expansion into washing machines and planned refrigerator entry reduces seasonal dependence on ACs, potentially stabilizing cash flows over a full fiscal year.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- EBITDA margin compression due to raw material costs
- High working capital intensity with inventory days rising to 99.5
- High revenue concentration in the Room AC segment (69% of Q1 revenue)
Key Highlights
Quarterly revenue reached a record Rs 2,034.0 Cr, representing approximately 48% of the TTM revenue.
Washing machine business grew 67.2% YoY to Rs 210.8 Cr, supported by the new Greater Noida facility.
Room Air Conditioner (RAC) business remains the largest vertical, growing 38.1% YoY to Rs 1,401.4 Cr.
Company returned to a net cash position of Rs 73.9 Cr, improving from a net debt of Rs 110.3 Cr in March 2026.
Inventory days increased significantly to 99.5 days compared to 72.0 days in the previous year's quarter.
👀 What to Watch
Watch for margin recovery in upcoming quarters as the company attempts to pass through raw material costs, and monitor the utilization levels of the new 1.8 million unit washing machine capacity.
₹2,034 Cr Revenue: PGEL Crosses Milestone with 35% YoY Growth in Q1 FY27
PG Electroplast (PGEL) reported a landmark Q1 FY27 with consolidated revenues crossing ₹2,000 Cr for the first time, a 35.2% YoY increase. While revenue growth was robust, EBITDA and Net Profit grew at a slower pace of 12.1% and 12.9% respectively, as elevated commodity prices softened gross margins. The Room AC segment remains the dominant driver, contributing ₹1,401.4 Cr (68.9% of revenue). Significantly, the company returned to a net cash position with ₹491.3 Cr in cash and bank balances, improving from a net debt position in the previous quarter.
Confidence: HIGH
What changedPGEL has achieved a new scale of operations by crossing ₹2,000 Cr in quarterly revenue and has successfully commissioned a major washing machine manufacturing hub while strengthening its balance sheet to net cash.
Why it mattersThe results demonstrate strong demand in the ODM space for consumer durables; however, the lower growth in profit relative to revenue (12.9% vs 35.2%) highlights the impact of commodity price sensitivity on the company's thin margins.
Q1 FY27 Revenue: ₹2,034.0 CrRevenue vs TTM Revenue: 47.9%Washing Machine Capacity: 1.8 mn units/annumCash & Bank Balances: ₹491.3 CrAC Segment Revenue: ₹1,401.4 CrNet Profit Growth (YoY): 12.9%
📅 Short termThe stock may react positively to the record revenue milestone and the transition to a net cash balance sheet, though margin pressure remains a point of caution.
📈 Long termStructural growth is supported by massive capex (₹700-750 Cr) and entry into high-value components like AC compressors and refrigerators, aiming for import substitution.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- High revenue concentration in the seasonal Room AC segment (69%)
- Margin compression due to elevated commodity prices
- High import dependency (45-50%) for components
Key Highlights
Consolidated quarterly revenue reached ₹2,034.0 Cr, surpassing the ₹2,000 Cr mark for the first time in company history.
Washing Machine business grew 67.2% YoY to ₹210.8 Cr, supported by a new 1.8 million units per annum facility in Greater Noida.
Room AC business grew 38.1% YoY to ₹1,401.4 Cr, maintaining its position as the largest revenue contributor at 68.9%.
Company returned to a net cash position with cash and bank balances of ₹491.3 Cr as of June 30, 2026.
Electronics business (PCBA) grew 65.3% YoY, although it currently contributes only 5.3% of total revenues.
👀 What to Watch
Monitor the execution and commercialization timelines for the Sri City refrigerator campus and the Supa AC compressor plant expected in FY27. Investors should also track EBITDA margin recovery as the company attempts to pass through elevated raw material costs to clients.
PGEL Q1 Standalone Revenue Up 29% to ₹431 Cr; Announces Relocation of Units for Efficiency
PG Electroplast Limited (PGEL) reported Q1 FY27 standalone revenue of ₹431.29 Cr, a 28.9% increase YoY, though standalone PAT declined 42.8% to ₹18.21 Cr due to higher material and operational costs. The company is undergoing a significant operational restructuring, closing and relocating two Greater Noida units to a new 39,000 sq. meter facility in Salarpur, Rajasthan, to optimize rental costs and consolidate manufacturing. One unit is being sold for ₹14.49 Cr cash, while a loss-making subsidiary unit (₹8.66 Cr PBT loss) is being relocated to improve profitability. Operations have also commenced at a new unit in the Delhi Mumbai Industrial Corridor (DMIC), Greater Noida.
Confidence: HIGH
What changedPGEL is consolidating its manufacturing footprint by moving from multiple rented units in Greater Noida to a large, long-term leasehold facility in Rajasthan and a new DMIC unit.
Why it mattersThe restructuring aims to fix a loss-making subsidiary unit (₹8.66 Cr loss) and reduce recurring rental expenses, which is vital for improving the company's relatively thin 7.2% operating margins.
Standalone Revenue (Q1 FY27): ₹431.29 CrStandalone PAT (Q1 FY27): ₹18.21 CrAsset Sale Consideration: ₹14.49 CrRelocated Unit Revenue vs TTM Revenue: ~3.1%Relocated Unit PBT Loss: ₹8.66 Cr
📅 Short termThe standalone margin compression may weigh on the stock price in the short term, despite healthy revenue growth.
📈 Long termThe shift to owned/long-lease facilities and consolidation of operations is structurally positive for long-term ROCE and margin stability.
⚠ Risk flags
- Significant YoY decline in standalone PAT margins
- Execution risk during the relocation of multiple manufacturing units
- High seasonality in the Room Air Conditioner segment
Key Highlights
Standalone Revenue from operations grew 28.9% YoY to ₹431.29 Cr in Q1 FY27.
Standalone Profit After Tax (PAT) fell 42.8% YoY to ₹18.21 Cr from ₹31.85 Cr.
Sale of Greater Noida Unit 5 assets for ₹14.49 Cr cash, representing 1.24% of consolidated turnover.
Relocation of a subsidiary unit with ₹133.34 Cr revenue and ₹8.66 Cr PBT loss to Salarpur, Rajasthan.
Commencement of operations at two new manufacturing units in Salarpur and DMIC Greater Noida.
👀 What to Watch
Monitor the margin recovery in subsequent quarters as the company completes its relocation to Salarpur by September 2026. Investors should watch if the consolidation of manufacturing leads to the expected reduction in rental and operating costs.
PGEL Q4 FY26 PAT Drops 56% to ₹64.2 Cr Amid Supply Chain Disruptions and Margin Pressure
PG Electroplast reported a weak Q4 FY26 with consolidated revenue declining 10.1% YoY to ₹1,717 crores and PAT falling 56% to ₹64.2 crores. Performance was severely hampered by an LPG shortage causing a ₹300 crore production loss and a truck shortage resulting in a ₹120 crore sales deferral. Despite these headwinds, the washing machine segment grew 52% for the full year, and management targets an 8% EBITDA margin for FY27. The company is focusing on backward integration with new compressor and refrigerant plants expected to start production by Q4 FY27.
Key Highlights
Q4 FY26 PAT declined 56% YoY to ₹64.2 crores, while EBITDA fell 43% to ₹131.5 crores.
Operational disruptions including LPG and truck shortages led to an aggregate revenue loss of ₹420 crores in Q4.
Washing machine business grew 52% in FY26, while Room AC revenue declined 12% YoY in Q4.
Full-year FY26 forex loss stood at ₹38.77 crores compared to a gain of ₹17.99 crores in FY25.
New 2 million capacity compressor plant and refrigerant facility in Sri City are expected to commence operations by Q4 FY27.
👀 What to Watch
Investors should monitor the stabilization of margins and the timely execution of the new compressor plant, which is critical for long-term cost leadership. While Q4 was poor due to one-off disruptions, the structural outsourcing trend remains a key growth driver to watch in FY27.
PGEL FY2026 Revenue Grows 8.6% to ₹5,288 Cr; Q4 PAT Drops 56% Amid Margin Pressure
PG Electroplast reported a mixed FY2026 with annual revenue growing 8.6% to ₹5,288 crore, driven by a 51.5% surge in the washing machine segment. However, Q4 performance was weak, with revenue declining 10.1% YoY to ₹1,716.7 crore and PAT falling 56.1% to ₹64.2 crore due to commodity inflation and softer AC demand. EBITDA margins for the full year contracted to 8.4% from 10.7% in the previous year. Despite short-term pressures, the company maintained a robust product order book and invested ₹785 crore in Capex for future growth.
Key Highlights
Annual revenue reached ₹5,288 crore (+8.6% YoY), but Q4 revenue fell 10.1% to ₹1,716.7 crore.
Full-year PAT declined by 33.5% to ₹193.6 crore, with Q4 PAT seeing a sharp 56.1% drop.
Washing machine business showed strong momentum with 51.5% YoY growth in FY2026.
EBITDA margins for Q4 FY2026 compressed significantly to 7.7% from 12.1% YoY.
Company executed a capital expenditure of ₹785 crore in FY2026 to expand manufacturing capabilities.
👀 What to Watch
Investors should exercise caution due to significant margin erosion and a weak Q4; focus on the company's ability to pass on commodity costs and recover AC demand in FY2027.
PGEL Q4 Net Profit Drops 56% to ₹64.2 Cr Amid Supply Disruptions and Weak AC Demand
PG Electroplast reported a weak Q4FY26 with revenue declining 10.1% YoY to ₹1,716.68 crore and net profit falling sharply to ₹64.20 crore from ₹146.39 crore. The quarter was severely impacted by an aggregate revenue loss of approximately ₹420 crore due to LPG shortages and logistics issues, resulting in a ₹120 crore hit to PBT. While full-year FY26 revenue grew 8.6% to ₹5,288.02 crore, EBITDA margins contracted significantly due to commodity inflation and a forex loss of ₹38.77 crore. Despite these headwinds, the washing machine segment showed robust 70% YoY growth.
Key Highlights
Q4FY26 EBITDA declined 43.2% YoY to ₹131.54 crore with a gross margin impact of nearly 250 basis points.
Supply-side disruptions including LPG shortages (₹300 Cr) and truck unavailability (₹120 Cr) led to a total revenue loss of ₹420 crore.
Washing machine segment outperformed with 70% YoY growth, while Room AC revenue declined 12% in Q4.
Company incurred a forex loss of ₹38.77 crore in FY26 compared to a gain of ₹17.99 crore in the previous year.
New refrigerator and rotary compressor manufacturing facilities are on track for commissioning by 4QFY27.
👀 What to Watch
Investors should expect short-term stock pressure due to the significant earnings miss and margin contraction. However, since the management attributes the slump to transient external shocks and continues to invest in backward integration, long-term investors should watch for demand recovery in the AC segment and the commissioning of new plants in FY27.
PG Electroplast Recommends Final Dividend of ₹0.25 per Share for FY26
PG Electroplast's Board has recommended a final dividend of ₹0.25 per equity share (25% of face value) for the financial year ended March 31, 2026. Alongside the dividend, the company approved its audited standalone and consolidated financial results for the quarter and full year. The auditors have issued an unmodified opinion, confirming the accuracy of the financial disclosures. This payout reflects the company's commitment to returning value to shareholders following the conclusion of the fiscal year.
Key Highlights
Final dividend recommended at ₹0.25 per equity share (25% payout).
Audited financial results for Q4 and FY26 approved by the Board.
Statutory auditors provided an unmodified opinion on all financial statements.
The board meeting was held on May 27, 2026, and concluded at 6:30 P.M.
👀 What to Watch
Investors should monitor the upcoming earnings call or detailed results to evaluate the company's growth trajectory in the EMS space.
PG Electroplast FY26 Results: Board Recommends 25% Final Dividend
PG Electroplast Limited has announced its audited financial results for the quarter and fiscal year ended March 31, 2026. Along with the results, the Board of Directors recommended a final dividend of 25%, equivalent to Rs. 0.25 per equity share. The statutory auditors have issued a clean report with an unmodified opinion on both standalone and consolidated statements. This meeting marks the formal closure of the company's financial reporting for the 2025-26 period.
Key Highlights
Approved audited standalone and consolidated financial results for the year ended March 31, 2026.
Recommended a final dividend of Rs. 0.25 per equity share (25% of face value).
Statutory auditors S S Kothari Mehta & Co. LLP issued an unmodified opinion on the financial results.
The board meeting concluded on May 27, 2026, after a review of assets, liabilities, and cash flows.
👀 What to Watch
Investors should analyze the detailed profit and loss statements to evaluate the company's growth trajectory in the electronics manufacturing services (EMS) space. The dividend recommendation is a positive signal regarding the company's cash flow health.
SEBI Issues Administrative Warning to PG Electroplast for Insider Trading Violations
PG Electroplast received an administrative warning from SEBI on May 18, 2026, regarding insider trading violations. The warning concerns trades made by certain Designated Persons in breach of SEBI (Prohibition of Insider Trading) Regulations, 2015. The company has stated that there is no financial or operational impact on its business. Management has already taken internal action against the individuals involved to address the non-compliance.
Key Highlights
SEBI issued an administrative warning letter on May 15, 2026, for insider trading violations.
The breach involved Designated Persons failing to comply with PIT Regulations and the SEBI Act, 1992.
The company confirmed zero financial or operational impact resulting from this regulatory action.
Internal disciplinary measures have been implemented against the concerned individuals.
👀 What to Watch
Investors should view this as a minor governance lapse and monitor for any further escalations from SEBI. The lack of financial impact makes this a low-risk event for the stock's fundamental value.
PGEL Subsidiary Receives ₹37.50 Crore PLI Incentive for White Goods
PG Electroplast Limited's wholly-owned subsidiary, PG Technoplast Private Limited, has received a sanction letter for a ₹37.50 crore incentive under the Government of India's PLI Scheme for White Goods. This disbursement is based on the Determined Sales Value achieved during FY 2024-25 for products including Air Conditioners and LED Lights. The approval from IFCI Limited confirms the company's successful compliance with the scheme's production and sales targets. This cash inflow is expected to bolster the company's liquidity and support its ongoing manufacturing operations.
Key Highlights
Sanction of ₹37.50 crore incentive for the subsidiary PG Technoplast Private Limited
Incentive pertains to the Determined Sales Value achieved in the financial year 2024-25
Covers manufacturing of Air Conditioners, LED Lights, Motors, and Display Panels
Approval received from IFCI Limited, a Government of India undertaking, on March 27, 2026
👀 What to Watch
Investors should view this as a positive validation of PGEL's manufacturing scale and operational efficiency. The incentive will improve net margins and cash flow, reinforcing the company's growth trajectory in the contract manufacturing space.
PGEL Normalizes Room AC Production Using Alternative Energy Amid LPG Supply Constraints
PG Electroplast Limited (PGEL) has successfully mitigated production disruptions caused by LPG supply constraints linked to geopolitical tensions in the Middle East. The company's Room AC manufacturing was initially impacted at several plants due to restricted gas supplies from vendors. By identifying and installing alternative energy solutions, PGEL has reported that production is now almost normalized. This proactive operational shift addresses the LPG challenges to a large extent, ensuring continued supply to customers.
Key Highlights
Geopolitical instability in the Middle East caused significant LPG supply constraints for PGEL.
Room AC production at specific company plants was temporarily hindered by these energy shortages.
Company successfully installed alternative energy solutions to bypass reliance on restricted LPG supplies.
Production levels for Room ACs have been restored to near-normal capacity as of March 25, 2026.
Management continues to assess the situation to ensure long-term energy security for manufacturing facilities.
👀 What to Watch
Investors should monitor the upcoming quarterly results to see if the shift to alternative energy sources has impacted operating margins. The quick resolution of this supply chain issue reflects strong operational management and agility.
PGEL Reports LPG Supply Constraints Due to Middle East Conflict Effective March 09, 2026
PG Electroplast Limited (PGEL) has announced a significant constraint in its LPG supply starting March 09, 2026, due to maritime navigation restrictions in the Middle East. The ongoing regional conflict has impacted gas vessel movements, leading to reduced allocations under the company's Gas Sale and Purchase Agreement. PGEL is currently assessing the extent of supply curtailment required for its downstream customers while simultaneously exploring alternative fuel sources. Although the company is monitoring the situation closely, the total financial and operational impact cannot be quantified at this stage.
Key Highlights
LPG supply allocation constrained effective March 09, 2026, due to geopolitical tensions in the Middle East.
Shortage is driven by maritime navigation restrictions impacting gas vessel availability under existing purchase agreements.
Company is evaluating potential supply curtailments for downstream customers to manage the shortage.
PGEL is actively exploring alternative supply sources to minimize production disruptions.
The potential financial impact of the ongoing shortage remains unquantified at this stage.
👀 What to Watch
Investors should exercise caution and monitor the duration of the supply disruption as it may impact production volumes and margins. Watch for further updates regarding the company's success in securing alternative fuel sources and any potential impact on quarterly guidance.
PG Electroplast Outlook Revised to Stable; Ratings Reaffirmed at CRISIL A+
CRISIL Ratings has reaffirmed the long-term credit rating of PG Electroplast Limited at 'A+' and improved the outlook from 'Negative' to 'Stable'. The rating agency also reaffirmed the 'A+' rating for its subsidiary, PG Technoplast, while significantly enhancing its rated bank facilities from Rs 661.27 crore to Rs 1,261.27 crore. Furthermore, a new 'A+/Stable' rating was assigned to the step-down subsidiary, Next Generation Manufacturers, for facilities totaling Rs 352 crore. This broad improvement in outlook across the group signifies strengthened financial stability and better creditworthiness.
Key Highlights
CRISIL revised the long-term rating outlook from 'Negative' to 'Stable' for PGEL and its key subsidiary.
Long-term ratings reaffirmed at 'CRISIL A+' and short-term ratings at 'CRISIL A1' across the group.
Bank loan facilities for PG Technoplast Private Limited enhanced by Rs 600 crore to a total of Rs 1,261.27 crore.
New ratings of 'CRISIL A+/Stable' assigned to step-down subsidiary Next Generation Manufacturers for Rs 352 crore facilities.
Total rated bank facilities across the three entities now exceed Rs 1,923 crore.
👀 What to Watch
The shift from a 'Negative' to 'Stable' outlook is a positive signal for shareholders, indicating improved cash flow visibility and reduced financial risk. Investors should monitor the company's utilization of the enhanced credit limits for its expansion plans.
PGEL Q3 FY26 Revenue Jumps 46% to ₹1,412 Cr; Maintains ₹300 Cr PAT Guidance
PG Electroplast reported a strong Q3 FY26 with consolidated revenue growing 46% YoY to ₹1,412 crores, primarily driven by an 80.5% surge in the Room AC business. The company maintained its full-year FY26 guidance of ₹5,700-₹5,800 crores in revenue and ₹300 crores in PAT, implying a very strong Q4 performance. Management is executing a significant capex of ₹700-₹750 crores to expand capacities in ACs, washing machines, and a new refrigerator line. Despite industry-wide high channel inventory in ACs, PGEL continues to gain market share and focus on per-piece profitability.
Key Highlights
Consolidated revenue grew 46% YoY to ₹1,412 crores, with the AC segment contributing ₹932.5 crores.
Washing machine business grew 45% YoY to ₹194 crores in Q3; 9M FY26 growth stands at 46%.
Maintained FY26 guidance of ₹300 crores PAT, requiring a significant ₹160-₹170 crore PAT in Q4.
Capex of ₹700-₹750 crores planned for FY26, including a 1.2 million unit refrigerator plant in Sricity.
TV JV (Goodworth Electronics) reported ₹670 crores revenue and ₹16.7 crores EBITDA for 9M FY26.
👀 What to Watch
Investors should hold as the company shows strong execution in a tough industry environment, but monitor Q4 results closely to ensure the ambitious PAT guidance is met. The diversification into refrigerators and TVs provides a multi-year growth runway beyond the seasonal AC business.
PGEL Q3 FY26 Revenue Jumps 46% to ₹1,412 Cr; PAT Up 50% YoY
PG Electroplast reported a strong Q3 FY2026 with consolidated revenue growing 45.9% YoY to ₹1,412.1 crore and PAT rising 50.3% to ₹60.3 crore. Despite the strong quarter, 9M FY2026 PAT is down 10.5% YoY at ₹129.4 crore, primarily due to higher finance costs and depreciation. The company has issued a robust FY2026 revenue guidance of ₹5,700-5,800 crore and a net profit target of ₹300-310 crore. Management is aggressively expanding with a planned Capex of ₹700-750 crore for FY2026 to build new capacities in refrigerators and washing machines.
Key Highlights
Q3 FY26 Revenue increased 45.9% YoY to ₹1,412.1 Cr, while EBITDA rose 36.5% to ₹126.1 Cr.
Room AC business grew 27% and Washing Machines grew 46% during the 9M FY26 period.
FY26 consolidated sales guidance set at ₹5,700-5,800 Cr, representing 17-19% growth over FY25.
Planned Capex of ₹700-750 Cr for FY26 includes a new refrigerator plant in Sricity and a washing machine campus in Greater Noida.
Net Debt/Equity remains low at 0.03x as of Dec 2025, despite significant ongoing investments.
👀 What to Watch
Investors should focus on the company's successful transition toward an ODM model and its aggressive capacity expansion which supports the high revenue guidance. While 9M margins were pressured by interest costs, the strong Q3 recovery and product diversification into refrigerators are positive long-term indicators.
PGEL Q3 Net Profit Surges 50% to ₹60.3 Cr; Revenue Grows 46% on Strong Product Sales
PG Electroplast reported a strong Q3 FY26 with consolidated revenues growing 45.9% YoY to ₹1,412.13 crores, driven by a 72.4% surge in the product business. Net profit for the quarter rose significantly by 50.3% YoY to ₹60.31 crores, despite a challenging market environment. The company is aggressively expanding with a ₹700-750 crore capex plan for FY26 to build new facilities for ACs, washing machines, and refrigerators. Management has provided a full-year revenue guidance of ₹5,700-5,800 crores, implying 17-19% growth over FY25.
Key Highlights
Q3 Operating Revenue grew 45.9% YoY to ₹1,412.13 crores, with the product business contributing 80.7% of total sales.
Quarterly Net Profit increased 50.3% YoY to ₹60.31 crores, while EBITDA grew 36.5% to ₹126.11 crores.
Room AC business posted 80.5% growth and Washing Machines grew 45.1% during the quarter.
FY26 Capex guidance set at ₹700-750 crores for new manufacturing campuses across Rajasthan, Noida, and South/West India.
Full-year FY26 Net Profit guidance is ₹300-310 crores, representing a 3-7% growth over the previous year.
👀 What to Watch
Investors should focus on the company's ability to scale its product business and execute the massive ₹700-750 crore capex plan. The strong Q3 performance and robust order book visibility suggest a positive outlook for the upcoming summer season.
PGEL Q3 Standalone Revenue at ₹367.5 Cr; Re-appoints Independent Directors for 5-Year Terms
PG Electroplast reported a standalone revenue of ₹367.48 crore for the quarter ended December 31, 2025, representing a marginal 1.5% growth over the ₹362.08 crore reported in the same period last year. For the nine-month period, standalone revenue stood at ₹1,078.40 crore, a slight decline from ₹1,136.43 crore in the previous year. The company also announced the re-appointment of two Independent Directors, Mr. Ram Dayal Modi and Mrs. Ruchika Bansal, for second five-year terms starting in 2026. Governance policies regarding insider trading were also updated to comply with recent SEBI amendments.
Key Highlights
Standalone Revenue from operations for Q3 FY26 reached ₹367.48 crore, up from ₹362.08 crore YoY.
Total income for the nine-month period ending Dec 2025 was ₹1,137.23 crore vs ₹1,158.18 crore YoY.
Other income for the quarter increased significantly to ₹19.18 crore from ₹11.01 crore in the previous year's quarter.
Re-appointment of Mr. Ram Dayal Modi as Independent Director for 5 years effective May 26, 2026.
Re-appointment of Mrs. Ruchika Bansal as Independent Director for 5 years effective August 14, 2026.
👀 What to Watch
Investors should look for the consolidated financial results to assess the full performance of subsidiaries, as standalone revenue growth appears flat. The continuity in the board of directors suggests stable corporate governance.
PG Electroplast Q3 Standalone Revenue at ₹367.5 Cr; Re-appoints Independent Directors
PG Electroplast reported a standalone revenue of ₹367.5 crore for the quarter ended December 31, 2025, representing a marginal year-on-year growth of 1.5%. However, the nine-month standalone revenue saw a decline to ₹1,078.4 crore compared to ₹1,136.4 crore in the previous year. A positive highlight is the reduction in finance costs, which fell to ₹2.76 crore from ₹3.42 crore in the same quarter last year. The board also approved the re-appointment of two independent directors for second five-year terms, ensuring leadership continuity.
Key Highlights
Standalone Revenue from operations for Q3 FY26 stood at ₹367.49 crore, up 1.5% YoY from ₹362.08 crore.
Nine-month standalone revenue decreased by 5.1% to ₹1,078.40 crore versus ₹1,136.43 crore in the prior year period.
Finance costs for the quarter reduced significantly by 19.3% YoY to ₹2.76 crore.
Other income for Q3 FY26 increased to ₹19.18 crore from ₹11.01 crore in Q3 FY25.
Board approved re-appointment of Independent Directors Ram Dayal Modi and Ruchika Bansal for 5-year terms starting 2026.
👀 What to Watch
Investors should look for the consolidated financial results to assess the full scale of growth, as standalone figures indicate stagnant revenue. The improvement in finance costs suggests better debt management which is a positive long-term indicator.
PG Electroplast Q3 Standalone Revenue at ₹367.5 Cr; Re-appoints Independent Directors
PG Electroplast reported a standalone revenue of ₹367.48 crore for the quarter ended December 31, 2025, representing a marginal year-on-year growth of 1.5%. However, the nine-month standalone revenue for FY2026 saw a decline of 5.1% to ₹1,078.40 crore compared to the previous year. The board also approved the re-appointment of two Independent Directors, Mr. Ram Dayal Modi and Mrs. Ruchika Bansal, for second five-year terms. Additionally, the company updated its internal codes for Insider Trading and Fair Disclosure to comply with recent regulatory changes.
Key Highlights
Standalone Revenue from operations for Q3 FY26 stood at ₹36,748.51 Lakhs, up 1.5% YoY from ₹36,208.31 Lakhs.
Nine-month (9M) Standalone Revenue declined to ₹1,07,839.64 Lakhs from ₹1,13,642.93 Lakhs in the previous year.
Other income for the quarter increased significantly to ₹1,918.19 Lakhs compared to ₹1,101.46 Lakhs in Q3 FY25.
Finance costs decreased to ₹276.07 Lakhs in Q3 FY26 from ₹342.15 Lakhs in the corresponding quarter last year.
Re-appointment of two Independent Directors for 5-year terms starting in mid-2026, subject to shareholder approval.
👀 What to Watch
Investors should monitor the consolidated financial results to assess the performance of subsidiaries, as standalone revenue growth remains flat. The decline in nine-month revenue suggests a potential slowdown in the core standalone business that warrants further investigation during management commentary.
