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PIGL Secures New Orders Worth ₹2.62 Cr; Total Udaipur Project Value Hits ₹60.51 Cr
Power & Instrumentation (Gujarat) Limited (PIGL) has received two additional work orders worth ₹2.62 crore for the Udaipur Air Terminal project in Rajasthan. These orders, awarded by Nyati Engineering & Consultants Private Limited, involve the design, supply, and commissioning of electrical power supply systems. With this addition, the total aggregate value of the company's involvement in the Udaipur Air Terminal project has risen to ₹60.51 crore. The execution timeline is notably short, with completion expected within 4-8 weeks of drawing approvals.
Key Highlights
Received two new work orders totaling ₹2,61,92,342 including GST.
Total aggregate value for the Udaipur Air Terminal project now stands at ₹60.51 crore.
Scope includes design, supply, installation, and commissioning of power supply systems.
Execution timeline is set for 4-8 weeks from the approval of General Arrangement drawings.
💼 Action for Investors
Investors should track the company's execution efficiency given the short 4-8 week delivery window. The increasing scale of the Udaipur project reflects strong revenue visibility and specialized expertise in airport infrastructure.
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PIGL Bags ₹11.72 Crore Additional Order from Ajmer Vidyut Vitran Nigam
Power & Instrumentation (Gujarat) Limited (PIGL) has secured an additional work order worth ₹11.72 crore from Ajmer Vidyut Vitran Nigam Limited. The contract involves the supply, installation, and commissioning of distribution infrastructure for on-grid electrification in 9 circles across Rajasthan. This project is part of the RDSS scheme and is scheduled for completion within a 12-month timeframe. This additional order reinforces the company's strong relationship with state utilities and adds to its revenue pipeline.
Key Highlights
Additional work order worth ₹11,72,16,053 (including tax) from a domestic state utility.
Project involves electrification of un-electrified households in 9 circles including Ajmer, Udaipur, and Sikar.
Execution timeline is set for 12 months on a turnkey basis.
The order is part of the Dharti Aaba Janjatiya Gram Utkarsh Abhiyana (DA-JGUA) under the RDSS scheme.
💼 Action for Investors
Investors should view this as a positive development for revenue visibility; monitor the company's ability to maintain margins on these turnkey government projects.
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PIGL to Acquire Additional 8.94% Stake in Peaton Electrical for ₹3.13 Crore, Raising Stake to 60%
Power & Instrumentation (Gujarat) Limited (PIGL) is increasing its stake in its subsidiary, Peaton Electrical Company Limited (PECL), by 8.94% for a cash consideration of ₹3.13 crore. This move raises PIGL's total shareholding in the entity to 60%. PECL is a manufacturer of electrical substations and panels, showing strong growth with turnover rising from ₹23.63 crore in FY24 to ₹36.04 crore in FY25. The acquisition is intended to strengthen product development and secure supply chains for LT panels and bus trunking systems.
Key Highlights
Acquisition of additional 8.94% stake in Peaton Electrical Company Limited for ₹3.13 crore cash.
Total shareholding in the subsidiary increases from 51.06% to 60%.
Target company PECL reported a turnover of ₹36.04 crore in FY 2024-25, a 52% increase over the previous year.
Strategic collaboration aimed at capacity expansion for LT panels and Bus Trunking Systems.
💼 Action for Investors
Investors should look favorably on this consolidation of a growing subsidiary that aligns with PIGL's core business. Monitor the impact of this increased ownership on consolidated earnings in upcoming quarters.
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PIGL Allots 5.43 Lakh Equity Shares on Warrant Conversion at ₹83.75 Per Share
Power & Instrumentation (Gujarat) Limited (PIGL) has approved the allotment of 5,43,531 equity shares following the conversion of warrants. The shares were issued at a price of ₹83.75 each, which includes a premium of ₹73.75 per share. This conversion involves both promoter and non-promoter entities, signaling continued investor confidence. Consequently, the company's paid-up equity capital has increased from ₹20.33 crore to approximately ₹20.87 crore.
Key Highlights
Allotment of 5,43,531 equity shares upon conversion of warrants to 6 investors.
Conversion price fixed at ₹83.75 per share, including a premium of ₹73.75.
Promoter Padmaraj P Pillai HUF converted 2,15,000 warrants, increasing their holding to 3.83%.
Total paid-up equity capital increased to ₹20,86,89,000 consisting of 2,08,68,900 shares.
This allotment clears the remaining pending warrants for the specified six allottees.
💼 Action for Investors
The conversion of warrants by promoters and key investors at a premium is a positive indicator of long-term commitment. Investors should monitor the company's utilization of these funds for its expansion or debt reduction plans.
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PIGL Approves Allotment of 5.43 Lakh Equity Shares via Warrant Conversion
Power & Instrumentation (Gujarat) Limited (PIGL) has approved the allotment of 5,43,531 equity shares following the conversion of warrants issued in September 2024. The shares were allotted at a total price of Rs. 83.75 per share, which includes a premium of Rs. 73.75. This conversion is part of a larger pool of 50.96 lakh warrants previously issued to both promoter and non-promoter groups. Consequently, the company's paid-up equity capital has increased from Rs. 20.32 crore to Rs. 20.87 crore.
Key Highlights
Allotment of 5,43,531 equity shares of Rs. 10 face value each.
Shares issued at a premium of Rs. 73.75 per share, totaling Rs. 83.75 per share.
Conversion pertains to warrants originally issued on September 21, 2024.
Total paid-up equity capital increased to Rs. 20,86,89,000 consisting of 2,08,68,900 shares.
Allotment made on a preferential basis to both Promoter and Non-promoter categories.
💼 Action for Investors
Investors should note the capital infusion as a sign of long-term commitment from the promoters, though they should remain aware of the gradual equity dilution as the remaining warrants are converted.
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PIGL Allots 3.54 Lakh Equity Shares on Warrant Conversion at Rs 83.75 Per Share
Power & Instrumentation (Gujarat) Limited (PIGL) has allotted 3,54,339 equity shares following the conversion of warrants issued on a preferential basis. The shares were issued at a price of Rs. 83.75 each, including a premium of Rs. 73.75, to both promoter and non-promoter entities. This conversion has increased the company's paid-up equity capital from Rs. 19.97 crore to approximately Rs. 20.33 crore. The promoter group's participation through Padmaraj P Pillai HUF signifies continued commitment to the company's capital structure.
Key Highlights
Allotment of 3,54,339 fully paid-up equity shares upon warrant conversion
Conversion price fixed at Rs. 83.75 per share, including a premium of Rs. 73.75
Total paid-up equity capital increased to 2,03,25,369 shares of Rs. 10 each
Promoter entity Padmaraj P Pillai HUF allotted 3,00,000 shares upon conversion
Remaining warrants pending for conversion for these allottees stand at 2,81,061
💼 Action for Investors
Investors should note the promoter's exercise of warrants as a positive sign of internal confidence. Monitor how the infused capital is utilized for the company's expansion or operational improvements.
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PIGL Allots 3.54 Lakh Equity Shares via Warrant Conversion at Rs 83.75
Power & Instrumentation (Gujarat) Limited (PIGL) has approved the allotment of 3,54,339 equity shares following the conversion of warrants issued in September 2024. The shares were issued at a total price of Rs 83.75 per share, which includes a premium of Rs 73.75. This allotment has increased the company's total paid-up equity capital from Rs 19.97 crore to Rs 20.33 crore. The conversion involves both promoter and non-promoter entities, signaling continued stakeholder commitment and capital infusion.
Key Highlights
Allotment of 3,54,339 equity shares upon conversion of an equal number of warrants
Issue price set at Rs 83.75 per share, including a premium of Rs 73.75
Total paid-up equity capital increased to Rs 20,32,53,690 from Rs 19,97,10,300
Warrants were part of a larger issuance of 50.96 lakh warrants from September 2024
Allotment made on a preferential basis to both Promoter and Non-promoter groups
💼 Action for Investors
The conversion indicates investor confidence and strengthens the company's capital base; however, shareholders should monitor the impact of equity dilution on future earnings per share.
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PIGL Allots 4.84 Lakh Equity Shares via Warrant Conversion at Rs 83.75/Share
Power & Instrumentation (Gujarat) Limited has allotted 4,84,600 equity shares following the conversion of warrants by promoter and non-promoter groups. The shares were issued at a price of Rs. 83.75 each, including a premium of Rs. 73.75. This conversion has increased the company's paid-up equity capital from Rs. 19.48 crore to Rs. 19.97 crore. The allotment includes 2.85 lakh shares to the promoter group, indicating sustained commitment from the leadership.
Key Highlights
Allotment of 4,84,600 equity shares at an issue price of Rs. 83.75 per share.
Promoter group (Padmaraj P Pillai HUF) acquired 2,85,000 shares through this conversion.
Total paid-up equity capital increased to 1,99,71,030 shares of Rs. 10 each.
6,35,400 warrants remain pending for conversion from the current allotment batch.
💼 Action for Investors
Investors should view the promoter's warrant conversion as a sign of confidence in the company's future growth. However, be mindful of the slight equity dilution resulting from the increased share count.
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PIGL Allots 4.84 Lakh Equity Shares on Warrant Conversion at Rs 83.75 Per Share
Power & Instrumentation (Gujarat) Limited (PIGL) has approved the allotment of 4,84,600 equity shares following the conversion of warrants issued in September 2024. The shares were allotted at a price of Rs 83.75 each, which includes a premium of Rs 73.75 per share. This conversion has increased the company's paid-up equity capital from Rs 19.48 crore to Rs 19.97 crore. The allotment was made on a preferential basis to both Promoter and Non-promoter groups, signaling continued stakeholder commitment.
Key Highlights
Allotment of 4,84,600 equity shares upon conversion of an equal number of warrants.
Issue price fixed at Rs 83.75 per share, including a premium of Rs 73.75.
Total paid-up equity shares increased from 1,94,86,430 to 1,99,71,030.
Warrants were part of a larger tranche of 50,96,000 warrants issued in September 2024.
Allotment includes participation from both Promoter and Non-promoter categories.
💼 Action for Investors
Investors should view this as a positive sign of capital infusion and promoter confidence. Monitor the company's upcoming quarterly results to see how this additional capital is being deployed for business expansion.
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PIGL Q3 FY26 Net Profit Rises 12% to ₹3.57 Cr; Order Book Reaches ₹450 Cr
Power & Instrumentation (Gujarat) Limited reported a strong Q3 FY26 with total income growing 43.18% YoY to ₹48.89 crores and a net profit of ₹3.57 crores. The company's order book remains robust at approximately ₹450 crores, with significant new wins totaling ₹124.17 crores during the quarter. Management has guided for a 30-35% annual growth rate over the next five years, supported by a bid pipeline exceeding ₹400 crores. The company also received CPRI approval for its 'Phibar' busduct system, targeting high-growth segments like data centers and airports.
Key Highlights
Q3 FY26 consolidated total income grew 43.18% YoY to ₹48.89 crores with an EBITDA margin of 12.6%.
Current executable order book stands at ₹450 crores, with 60-65% coming from the RDSS and distribution segment.
Secured new contracts worth ₹124.17 crores in Q3, including a major ₹102.78 crore turnkey project in Rajasthan.
Management targets a 30-35% CAGR over the next five years, backed by a ₹400 crore+ bidding pipeline.
Subsidiary Peaton Electrical received CPRI approval for its 'Phibar' busduct system for high-load environments.
💼 Action for Investors
Investors should monitor the execution efficiency of the ₹450 crore order book and the market adoption of the new 'Phibar' product line. The company's alignment with the RDSS framework and infrastructure expansion provides strong long-term visibility.
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PIGL Reports Robust Q3 FY26: Income Jumps 43% YoY to ₹48.89 Cr
Power & Instrumentation (Gujarat) Limited reported a strong 43.18% YoY increase in consolidated total income to ₹48.89 crore for Q3 FY26. EBITDA grew significantly by 37.83% to ₹6.16 crore, while net profit rose 11.96% to ₹3.57 crore. The company bolstered its growth outlook by securing major orders worth over ₹124 crore, including a ₹102.78 crore electrification project in Rajasthan. Additionally, its subsidiary received a key technical approval from CPRI, enhancing its product portfolio in the electrical equipment space.
Key Highlights
Consolidated Total Income for Q3 FY26 increased by 43.18% YoY to ₹48.89 crore.
EBITDA grew by 37.83% YoY to ₹6.16 crore, reflecting improved operational efficiency.
Secured a major turnkey contract worth ₹102.78 crore from Ajmer Vidyut Vitran Nigam Limited.
9M FY26 consolidated net profit reached ₹10.91 crore, up 21.85% compared to the previous year.
Subsidiary Peaton Electricals received CPRI approval for 11 kV, 3000 Amp segregated phase busduct systems.
💼 Action for Investors
Investors should view the strong revenue growth and substantial order book as positive indicators for future performance. Monitor the company's execution timelines and margin management as it scales up these large-scale infrastructure projects.
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PIGL Q3 Standalone Net Profit Rises 14% YoY to ₹3.28 Cr; Revenue Up 34%
Power & Instrumentation (Gujarat) Ltd reported a healthy year-on-year performance for Q3 FY26, with standalone revenue increasing 33.6% to ₹44.60 crore. Standalone Net Profit grew 13.9% YoY to ₹3.28 crore, although it saw a sequential decline from the previous quarter. A key strategic highlight is the successful consolidation of Peaton Electrical Company Limited, in which the company increased its stake to 51.06%, making it a subsidiary. The nine-month performance remains strong with standalone PAT reaching ₹10.38 crore compared to ₹8.64 crore in the previous year.
Key Highlights
Standalone Revenue from Operations grew 33.6% YoY to ₹4,459.73 lakhs from ₹3,336.60 lakhs.
Standalone Net Profit for the quarter increased to ₹327.92 lakhs versus ₹287.85 lakhs in Q3 FY25.
Consolidated Revenue for the quarter stood at ₹4,865.54 lakhs, incorporating the new subsidiary PECL.
The company completed the acquisition of an additional 35.82% stake in Peaton Electrical Company Limited for ₹12.54 crore.
Finance costs increased significantly to ₹117.31 lakhs in Q3 FY26 from ₹56.34 lakhs in Q3 FY25.
💼 Action for Investors
Investors should view the YoY growth and the strategic acquisition of Peaton Electrical as positive indicators of expansion. However, keep a watch on the rising finance costs and the sequential dip in margins to ensure long-term profitability remains intact.
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PIGL Allots 6.12 Lakh Equity Shares to Promoter Group via Warrant Conversion at Rs 83.75
Power & Instrumentation (Gujarat) Limited (PIGL) has successfully converted 6,12,000 warrants into equity shares for its promoter group entity, M/S Padmavir Hospitality LLP. The conversion was executed at a price of Rs. 83.75 per share, which includes a premium of Rs. 73.75. This transaction has increased the company's paid-up equity capital from Rs. 18.70 crore to Rs. 19.31 crore. The specific promoter entity's stake has notably increased from 4.21% to 7.25% following this allotment.
Key Highlights
Allotment of 6,12,000 equity shares to Promoter Group at Rs. 83.75 per share
Paid-up equity capital increased to Rs. 19,31,29,000 consisting of 1,93,12,900 shares
Promoter entity Padmavir Hospitality LLP increased its holding from 4.21% to 7.25%
Total of 32,40,000 warrants converted to date out of 50,96,000 initially issued
The conversion price represents a significant premium of Rs. 73.75 over the face value of Rs. 10
💼 Action for Investors
The increase in promoter stake through warrant conversion at a premium is a positive signal of management's confidence in the company's future. Investors should monitor how the company utilizes the capital raised for its expansion or operational needs.
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PIGL Allots 6.12 Lakh Equity Shares to Promoters via Warrant Conversion
Power & Instrumentation (Gujarat) Limited (PIGL) has approved the allotment of 6,12,000 equity shares to its promoter group following the conversion of warrants. These warrants were part of a larger issuance of 50.96 lakh warrants originally allotted in September 2024. The conversion was executed at a price of Rs. 83.75 per share, including a premium of Rs. 73.75. This transaction increases the company's total paid-up equity capital to Rs. 19.31 crore, representing 1,93,12,900 shares.
Key Highlights
Allotment of 6,12,000 equity shares of Rs. 10 each at a premium of Rs. 73.75 per share
Conversion of 6,12,000 warrants out of the 50,96,000 warrants issued on September 21, 2024
Paid-up equity capital increased from Rs. 18.70 crore to Rs. 19.31 crore
Shares allotted on a preferential basis specifically to the Promoter group
Total number of equity shares increased from 1,87,00,900 to 1,93,12,900
💼 Action for Investors
Investors should note the promoter group's decision to increase their stake as a sign of confidence in the company's future. Monitor the conversion of the remaining warrants for further equity dilution and capital infusion.
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PIGL Clarifies Clerical Error in Results; H1 FY26 Net Profit Rises 23% to ₹7.10 Crore
Power & Instrumentation (Gujarat) Limited (PIGL) clarified to the NSE that a date error in its consolidated balance sheet was a clerical mistake and not a material discrepancy. For the half-year ended September 30, 2025, the company reported standalone revenue of ₹109.17 crore, a significant jump from ₹80.39 crore in the previous year. Standalone net profit for H1 FY26 grew to ₹7.10 crore from ₹5.76 crore YoY. Additionally, the company successfully completed the acquisition of Peaton Electrical Company Limited, increasing its stake to 51.06%.
Key Highlights
H1 FY26 standalone revenue increased by 35.8% YoY to ₹10,917.09 lakhs.
Standalone Net Profit for the half-year rose to ₹710.38 lakhs from ₹576.21 lakhs in the previous year.
Acquired a controlling 51.06% stake in Peaton Electrical Company Limited as of September 11, 2025.
Clarified that the incorrect date in the balance sheet was an inadvertent clerical error and will not recur.
Auditors issued an 'Emphasis of Matter' regarding inventory valuation, which is management-certified due to its technical nature.
💼 Action for Investors
The clarification resolves a minor regulatory query, and the underlying financial growth remains healthy. Investors should monitor the integration of the new subsidiary, Peaton Electrical, and its impact on consolidated margins in upcoming quarters.
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PIGL Allots 6.78 Lakh Equity Shares to Promoters at Rs 83.75 via Warrant Conversion
Power & Instrumentation (Gujarat) Limited (PIGL) has approved the allotment of 6,78,000 equity shares following the conversion of warrants by promoter group entities. The shares were issued at a price of Rs. 83.75 each, including a premium of Rs. 73.75, resulting in a total capital infusion. This conversion has increased the company's paid-up equity capital from Rs. 18.02 crore to Rs. 18.70 crore. The move signifies strong promoter commitment and provides the company with additional equity capital for its operations.
Key Highlights
Allotment of 6,78,000 equity shares to promoter group entities upon warrant conversion.
Issue price fixed at Rs. 83.75 per share, including a premium of Rs. 73.75.
Paid-up equity capital increased from Rs. 18.02 crore to Rs. 18.70 crore.
Promoter group entities involved include Power Infra-Cons Private Limited and Padmavir Hospitality LLP.
9,12,000 warrants remain pending for conversion by Padmavir Hospitality LLP.
💼 Action for Investors
Investors should view the promoter's decision to convert warrants at a premium as a sign of confidence in the company's future growth. Monitor the company's upcoming quarterly results to see how the additional capital is being utilized to drive business expansion.
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PIGL Allots 6.78 Lakh Equity Shares via Warrant Conversion at Rs 83.75
Power & Instrumentation (Gujarat) Limited (PIGL) has approved the allotment of 6,78,000 equity shares following the conversion of warrants issued in September 2024. The shares were allotted at an issue price of Rs. 83.75 each, which includes a premium of Rs. 73.75 per share. This move has increased the company's total paid-up equity capital from Rs. 18.02 crore to Rs. 18.70 crore. The allotment was made to both Promoter and Non-Promoter groups, reflecting continued stakeholder confidence in the company's growth.
Key Highlights
Allotment of 6,78,000 equity shares of face value Rs. 10 each.
Shares issued at a premium of Rs. 73.75, totaling Rs. 83.75 per share.
Paid-up equity capital increased to Rs. 18,70,09,000 consisting of 1,87,00,900 shares.
Conversion is part of a larger 50,96,000 warrant issue approved in September 2024.
Allotment includes participants from both Promoter and Non-Promoter groups.
💼 Action for Investors
Investors should view the promoter participation in warrant conversion as a positive signal of internal confidence, while remaining aware of potential future dilution from the remaining 44.18 lakh warrants.