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PG Electroplast Limited (PGEL)

₹521.05 -0.52% last close, 16 Oct

📊 NSE: PGEL 🏢 Electronics - Components 📢 Latest filing: 21 Sep 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q4 FY26)

In its latest reported quarter, Q4 FY26, PG Electroplast's revenue was ₹1,717 Cr (-10.1% year on year, +21.6% on the previous quarter), and net profit ₹65.0 Cr (-55.2% year on year); the operating margin was 6.9%.

Q4 FY26 (₹ Cr)	Value	YoY vs Q4 FY25	QoQ
Revenue	₹1,717	-10.1%	+21.6%
Operating profit	₹119	-43.9%	+1.7%
Net profit	₹65.0	-55.2%	+4.8%
EPS (₹)	2.27	-55.8%	+4.6%
Operating margin	6.9%	—	—

Full quarterly financials → Results calendar →

PGEL delivery percentage and open interest

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 42.35% of the PGEL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 34.32%. That is close to its usual level. In PGEL futures, open interest fell 0.32% while the futures price fell 0.52%: long unwinding (longs closing out).

42.35%Delivery, 16 Oct

34.32%Own 20-session average

0.6×Volume vs its average

-0.32%Futures open interest

₹521.05NSE close · -0.52%

Delivery in the last 5 sessions: 38.2% · 30.0% · 29.1% · 25.0% · 42.4%

Delivery across the market →F&O open interest →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

PG Electroplast Trading Window Closes October 1, 2026 for Q2/H1 FY27 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 21 Sep 2026, 12:36 PM

PG Electroplast Limited has informed the exchanges regarding the closure of its trading window pursuant to SEBI Insider Trading Regulations. The window will close on Thursday, October 1, 2026, for designated persons and insiders. It will remain closed until 48 hours following the declaration of unaudited financial results for the quarter and half-year ending September 30, 2026. The date of the upcoming board meeting to consider the results will be intimated separately.

Trading window closes on Thursday, October 01, 2026
Closure applies until 48 hours post declaration of Q2 and H1 results
Results period covers the quarter and half-year ending September 30, 2026
Board meeting date to declare results will be intimated in due course

💡 Track the upcoming exchange filing for the announcement of the exact board meeting date to review Q2 and H1 FY27 financial results.

PG Electroplast Issues AGM Notice Intimation to Shareholders for September 29, 2026 Meeting

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 07 Sep 2026, 06:19 PM

PG Electroplast Limited has issued an intimation under Regulation 36(1)(b) of SEBI (LODR) Regulations, 2015, regarding the dispatch of Inland Letter Cards to shareholders whose email addresses are unregistered. The communication shares web access and e-voting details for the 24th Annual General Meeting (AGM) and the FY2026 Annual Report. The 24th AGM is scheduled to be held on Tuesday, September 29, 2026, at 02:30 p.m. via Video Conferencing.

24th Annual General Meeting scheduled for Tuesday, September 29, 2026, at 02:30 p.m. via Video Conferencing
Dispatched Inland Letter Cards containing web links and QR codes to shareholders with unregistered email addresses
Disclosures made pursuant to Regulation 36(1)(b) of SEBI LODR Regulations, 2015
Annual Report FY2026 and remote e-voting access details made available to all eligible shareholders

💡 Shareholders can review the FY2026 Annual Report and participate in the remote e-voting process ahead of the AGM on September 29, 2026.

PG Electroplast Submits FY26 BRSR: Room ACs Drive 62.2% of Turnover

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Sep 2026, 12:58 PM

PG Electroplast Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 as part of its Annual Report. The disclosures highlight the company's product mix, where Room Air Conditioners (RAC) remained the primary revenue driver at 62.2% of turnover, followed by Plastic Moulding at 16.6% and Washing Machines at 12.8%. The company operates 11 manufacturing plants across India, with export sales remaining minimal at 0.21% of total turnover. Total workforce stood at 1,519 employees and 6,280 workers at the end of FY26.

Room Air Conditioners contributed 62.2% of total turnover, followed by Plastic Moulding (16.6%) and Washing Machines (12.8%)
Company operates 11 domestic factories across 28 states/UTs with exports representing 0.21% of turnover
Total workforce comprised 1,519 employees and 6,280 workers as of FY26-end
Zero complaints received or pending from shareholders, investors, or communities in FY26

💡 Track the execution and capacity ramp-up of the planned ₹700-750 Cr capex across South India refrigerator campus and Greater Noida washing machine facilities in upcoming quarterly results.

PG Electroplast Releases FY26 BRSR: Room ACs Drive 62.2% of Turnover Across 11 Factories

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Sep 2026, 12:52 PM

PG Electroplast Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 as part of its annual statutory compliance. The disclosures reveal that Room Air Conditioners continue to form the largest product segment, contributing 62.2% of turnover, followed by Plastic Moulding at 16.6% and Washing Machines at 12.8%. The company operates 11 manufacturing factories nationally, with exports accounting for a minimal 0.21% of revenue. Total workforce stands at 1,519 employees and 6,280 workers (88.9% contractual), while permanent employee turnover rose to 29% in FY26 compared to 22% in FY25.

Room Air Conditioners accounted for 62.2% of total turnover, followed by Plastic Moulding at 16.6% and Washing Machines at 12.8%
Operates across 11 manufacturing factories and 2 corporate/registered offices in India, serving 28 states/UTs and 13 export countries
Export revenue contribution remained minimal at 0.21% of total turnover
Total workforce includes 1,519 employees and 6,280 workers, with contractual workers making up 88.9% (5,582) of the factory worker base
Permanent employee turnover increased to 29% in FY26 from 22% in FY25

💡 This is a routine statutory annual disclosure. Investors should track seasonal demand in the upcoming quarters and progress on planned capex in refrigerators and washing machines.

PG Electroplast issues 24th AGM notice; seeks approval for ₹1,000 Cr JV/subsidiary loan limit

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 05 Sep 2026, 12:31 PM

PG Electroplast Limited has issued the notice for its 24th Annual General Meeting scheduled for September 29, 2026. Key agenda items include adoption of FY26 financials, declaration of a ₹0.25 per share (25%) dividend, and appointment of M/s B S R & Co. LLP as statutory auditors for a 5-year term. Additionally, the company seeks shareholder approval via special resolution under Section 185 to provide loans, guarantees, or securities up to ₹1,000 Crore to subsidiaries and joint ventures, including Goodworth Electronics Private Limited.

AGM scheduled for September 29, 2026, with remote e-voting cut-off set for September 18, 2026.
Proposed final dividend of ₹0.25 per equity share (25% rate) for FY26.
Special resolution seeking approval to extend loans/guarantees up to ₹1,000 Crore to JVs and subsidiaries, including 50% JV Goodworth Electronics.
Proposed appointment of M/s B S R & Co. LLP as Statutory Auditors from the 24th to 29th AGM.

💡 Track voting outcomes post-AGM on September 29, 2026, and monitor credit exposure/guarantees extended towards the Goodworth Electronics JV scaling plans.

PGEL Sets Sep 18, 2026 Dividend Record Date; Proposes B S R & Co. as New Statutory Auditor

🟡 NEUTRAL ⭐ 4/10

DIVIDEND 📅 04 Sep 2026, 02:20 PM

PG Electroplast has fixed Friday, September 18, 2026, as the Record Date for determining shareholder eligibility for the FY25-26 dividend and AGM voting. The 24th Annual General Meeting is scheduled for September 29, 2026. Following the completion of the tenure of S S Kothari Mehta & Co. LLP, the Board has recommended the appointment of B S R & Co. LLP as Statutory Auditors for a 5-year term, subject to shareholder approval. A similar transition to B S R & Co. LLP was approved for its wholly owned subsidiary, PG Technoplast Private Limited.

Record date set to September 18, 2026, for FY26 dividend eligibility and AGM voting.
24th Annual General Meeting convened for September 29, 2026, at 02:30 PM IST via VC/OAVM.
Recommended appointment of M/s B S R & Co. LLP as Statutory Auditors for a term of 5 years (24th AGM to 29th AGM).
Aligned subsidiary audit by proposing B S R & Co. LLP as statutory auditor for PG Technoplast Private Limited for 5 years.

💡 Investors seeking dividend eligibility must hold shares as of the record date (September 18, 2026). Monitor AGM voting results on September 29, 2026, for formal approval of the auditor transition.

PGEL Proposes B S R & Co. as Statutory Auditors for 5 Years; Sets AGM for Sept 29, 2026

🟡 NEUTRAL ⭐ 3/10

BOARD_MEETING 📅 04 Sep 2026, 02:18 PM

PG Electroplast Limited's Board of Directors has recommended the appointment of M/s. B S R & Co. LLP as Statutory Auditors for a 5-year term (from the 24th to the 29th AGM), succeeding M/s. S S Kothari Mehta & Co. LLP upon the completion of their tenure. The Board also approved aligning the auditor of its wholly owned subsidiary, PG Technoplast Private Limited, by appointing B S R & Co. LLP for 5 years. Furthermore, the 24th AGM is scheduled for September 29, 2026, with September 18, 2026, fixed as the Record Date for dividend eligibility and voting.

Recommended appointment of M/s. B S R & Co. LLP as Statutory Auditors for a 5-year term from the 24th AGM to 29th AGM.
Tenure of existing statutory auditors M/s. S S Kothari Mehta & Co. LLP concludes at the upcoming 24th AGM.
Wholly owned subsidiary PG Technoplast also appointed B S R & Co. LLP for 5 years to consolidate group audit.
Record date set for September 18, 2026, for FY26 dividend and AGM voting; 24th AGM scheduled for September 29, 2026.

💡 Monitor the formal approval of auditor appointment and dividend adoption at the 24th Annual General Meeting on September 29, 2026.

PGEL Recommends B S R & Co. as Statutory Auditor for 5 Years; Sets Sep 18, 2026 Record Date

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 04 Sep 2026, 02:15 PM

PG Electroplast Limited has approved the recommendation to appoint M/s B S R & Co. LLP as its Statutory Auditor for a 5-year term from the conclusion of the 24th AGM to the 29th AGM, replacing M/s S S Kothari Mehta & Co. LLP upon completion of their tenure. In addition, B S R & Co. LLP has been appointed for a 5-year term as statutory auditor of wholly owned subsidiary PG Technoplast Private Limited to align group audits. The company has fixed September 18, 2026 as the record date for dividend eligibility and AGM voting, with the 24th AGM scheduled for September 29, 2026.

Appointment of M/s B S R & Co. LLP recommended for a 5-year term across the 24th to 29th AGMs.
B S R & Co. LLP also appointed as Statutory Auditor for wholly owned subsidiary PG Technoplast Private Limited for 5 years.
Record date set for September 18, 2026 to determine shareholder eligibility for FY26 dividend and AGM voting.
24th Annual General Meeting scheduled to be held on September 29, 2026 via Video Conferencing.

💡 Track the AGM voting outcome on September 29, 2026 for auditor approval, and note the September 18, 2026 record date for dividend entitlement.

Rs 2,034 Cr Q1 Revenue: PGEL Reports 35% Growth, Targets Q4 Refrigerator Production

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 12 Aug 2026, 04:53 PM

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.

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.

💡 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.

PGEL to Participate in Axis Capital's India Corporate Day in Singapore on August 19, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 11 Aug 2026, 03:11 PM

PG Electroplast Limited (PGEL) has announced its participation in a physical group meeting with analysts and institutional investors scheduled for August 19, 2026. The event, 'Axis Capital's India Corporate Day 2026', will take place in Singapore from 10:00 AM to 05:00 PM. The company stated that no unpublished price sensitive information (UPSI) will be discussed. This interaction occurs against a backdrop of a high P/E valuation of 105.3 and a TTM revenue of Rs 4,244 Cr.

Physical group meeting scheduled for August 19, 2026, in Singapore.
Interaction window spans 7 hours from 10:00 AM to 05:00 PM.
Organized by Axis Capital Ltd for institutional investor engagement.
Company maintains a TTM revenue of Rs 4,244 Cr and TTM PAT of Rs 166 Cr.
Current market capitalization stands at Rs 17,511 Cr with a P/E of 105.3.

💡 Investors should monitor for any post-event investor presentations or transcripts filed with the exchanges for updates on the company's Rs 700-750 Cr capex plan and refrigerator segment entry.

PGEL Releases Q1 FY2027 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 07 Aug 2026, 03:47 PM

PG Electroplast has published the audio recording of its earnings conference call held on August 07, 2026, covering the quarter ended June 30, 2026. The company is currently operating with a TTM revenue of ₹4,244 Cr and an operating margin of 7.2%. This call is critical for understanding the progress of the company's ₹700-750 Cr capex plan aimed at entering the refrigerator segment and expanding washing machine capacity. Given that 60-62% of revenue is derived from the Room Air Conditioner (RAC) segment, management's commentary on the recent summer season's performance is a key focus for investors.

Earnings call held on August 07, 2026, for the quarter ended June 30, 2026
Company is executing a ₹700-750 Cr capex plan, representing approximately 26-28% of its current net worth
RAC segment remains the primary revenue driver, contributing 60-62% of total turnover
TTM revenue stands at ₹4,244 Cr with a PAT of ₹166 Cr
Import dependency remains high at 45-50%, exposing the company to supply chain and FX risks

💡 Investors should listen to the recording specifically for updates on the execution timeline of the South India refrigerator campus and management's strategy to reduce the current 88-day inventory levels.

Rs 2,034 Cr Q1 Revenue: PGEL hits record quarterly sales with 35% YoY growth

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 06 Aug 2026, 09:42 PM

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.

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.

💡 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

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 06 Aug 2026, 09:40 PM

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.

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.

💡 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

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 06 Aug 2026, 09:25 PM

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.

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.

💡 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 Schedules Q1FY27 Earnings Conference Call for August 07, 2026

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 01 Aug 2026, 03:11 PM

PG Electroplast Limited (PGEL) has scheduled its earnings conference call for the quarter ended June 30, 2026, on August 07, 2026, at 10:00 AM IST. The call will feature the Managing Directors of Finance and Operations along with the CFO to discuss the company's financial performance. This interaction is critical as the June quarter typically captures the peak demand for Room Air Conditioners (RAC), which accounts for 60-62% of PGEL's annual revenue. Investors will look for updates on the company's Rs 700-750 Cr capex plan and its entry into the South India refrigerator market.

Earnings conference call scheduled for August 07, 2026, following Q1FY27 results.
Management representation includes MD (Finance), MD (Operations), and the CFO.
The company is currently executing a massive Rs 700-750 Cr capex plan for refrigerator and washing machine expansion.
RAC segment, which contributes 60-62% of revenue, is the primary focus for the June quarter performance.
Interaction organized by Axis Capital Limited with international dial-in options for HK, Singapore, UK, and USA.

💡 Monitor the Q1FY27 financial results release prior to the call, specifically focusing on OPM (TTM 7.2%) and inventory levels which were previously at 88 days.

View All PGEL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated sales grew 77% in FY25 to INR 4,870 Cr. FY26 guidance projects 17-19% growth for PGEL (INR 5,700-5,800 Cr) and 56-57% growth for Goodworth Electronics JV (INR 850 Cr). Segment-wise, Products (RAC, WM, Coolers) are expected to grow 17-21% to INR 4,140-4,280 Cr, while Electronics is projected to grow 29% to INR 450 Cr.

Geographic Revenue Split

Not disclosed in available documents, though the company operates 11 manufacturing facilities across Greater Noida (UP), Roorkee (Uttarakhand), Bhiwadi (Rajasthan), and Ahmednagar (Maharashtra), with a new campus planned for South India.

Profitability Margins

PAT margins improved from 4.9% in FY24 to 5.91% in FY25. FY26 net profit guidance is INR 300-310 Cr, representing a 3-7% growth over FY25's INR 291 Cr. Q2 FY26 PAT was significantly lower at INR 2.4 Cr due to lower operating leverage and an INR 8.4 Cr forex loss.

EBITDA Margin

Q2 FY26 EBITDA stood at INR 45 Cr. Operating margins are described as moderate and susceptible to low utilization during weak seasons, as seen in H1 FY2026 where revenue growth moderated to 8.4% YoY.

Capital Expenditure

Planned capex of INR 700-750 Cr for FY2026 and INR 300-350 Cr for FY2027. This includes new campuses in South India (Refrigerators), Greater Noida (Washing Machines), West India (AC expansion in Supa), and Rajasthan (Plastic components and coolers).

Credit Rating & Borrowing

ICRA maintains a 'Stable' outlook, while CRISIL has a 'Negative' outlook due to margin pressure and stretched working capital. Gearing is healthy at 0.1x with interest coverage of 5.0x to 5.84x. Total Debt/OPBDITA is expected to remain below 1.0x.

⚙️ Operational Drivers

Raw Materials

Key raw materials include aluminum foil, copper tubes, compressors, motors, and electronic chips. Imports account for 45-50% of total raw material requirements.

Import Sources

Raw materials are primarily imported from China, Vietnam, and Thailand.

Capacity Expansion

Currently operates 11 manufacturing facilities. Planned expansions include a Refrigerator campus in South India, a Washing Machine campus in Greater Noida, expanded AC capacity in Supa (West India), and a facility for plastic components/coolers in Rajasthan.

Raw Material Costs

Raw material costs are exposed to 45-50% import dependency, making margins sensitive to commodity price volatility and forex fluctuations. Risks are partly mitigated by forward-contract hedging and periodic price revisions with customers.

Manufacturing Efficiency

Fixed asset turnover remains healthy at over 5x on a trailing 12-month basis. Return on Capital Employed (ROCE) stands at 20.8%.

📈 Strategic Growth

Expected Growth Rate

17-19%

Growth Strategy

Growth will be driven by a massive INR 700-750 Cr capex plan to enter the Refrigerator segment in South India, expand Washing Machine capacity in Greater Noida, and scale the Goodworth Electronics JV (projected 56% growth). The company is also focusing on increasing its share in the customer outsourcing wallet and leveraging PLI schemes.

Products & Services

Room Air Conditioners (RAC), semi-automatic washing machines, air coolers, refrigerators, plastic injection moulded components, and printed circuit board assemblies (PCBA).

Brand Portfolio

PGEL operates as an ODM/OEM for 70+ leading brands including Godrej, Whirlpool, Blue Star, and Voltas.

New Products/Services

Entry into the Refrigerator segment with a dedicated campus in South India and expanded offerings in focus segments like plastic components for automotive and sanitaryware.

Market Expansion

Targeting geographic expansion into South India for refrigerators and West India for expanded AC capacity.

Market Share & Ranking

Leading domestic ODM for Room Air Conditioners and semi-automatic washing machines in India.

Strategic Alliances

Goodworth Electronics is a 50-50 Joint Venture between PG Electroplast and Jaina India.

🌍 External Factors

Industry Trends

The Indian RAC market is estimated at 10-13 million units. There is a growing trend toward contract manufacturing (ODM/OEM) as brands prefer outsourcing to specialized players like PGEL to improve capital efficiency.

Competitive Landscape

Faces intense competition in the consumer electronics and plastic moulding segments from other domestic and international contract manufacturers.

Competitive Moat

Moat is built on integrated operations (backward integration into components), a wide customer base of 70+ brands, and the ability to provide one-stop solutions from design to final testing. This is sustainable due to high capital requirements for similar scale.

Macro Economic Sensitivity

Highly sensitive to consumer demand and festive sales. GST rate cuts on appliances are noted as a potential positive driver for demand.

Consumer Behavior

Demand is driven by increasing penetration of cooling solutions and festive season purchasing patterns.

Geopolitical Risks

Trade barriers or disruptions in China, Vietnam, or Thailand could impact the 45-50% of raw materials sourced from these regions.

⚖️ Regulatory & Governance

Industry Regulations

Operations are supported by the Production-Linked Incentive (PLI) scheme for white goods and electronic components.

Taxation Policy Impact

The company benefits from state-level schemes and potential GST rate cuts on consumer durables.

Legal Contingencies

The Board lacked the required number of Independent Directors for a period of 49 days in 2024 (August 11 to September 29) following a director's cessation. No specific court case values were disclosed.

⚠️ Risk Analysis

Key Uncertainties

Seasonality in the RAC business (60% of revenue) and high import dependence (45-50%) are the primary uncertainties, with potential margin impacts of 1-2% during volatile periods.