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PGEL - PG Electroplast

📊 NSE: PGEL 🏢 Electronics - Components 📅 Last Updated: 12/14/2025 10:59

📢 Recent Corporate Announcements

PG Electroplast Allots 2.44 Lakh Equity Shares Under ESOP Scheme 2020

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 20 Apr 2026, 05:51 PM

PG Electroplast Limited (PGEL) has allotted 2,44,250 equity shares of face value Rs. 1 each to the PG Electroplast Limited Employees Welfare Trust. This allotment is part of the company's 2020 Employee Stock Option Scheme. Consequently, the total paid-up equity share capital has increased from Rs. 28,53,42,658 to Rs. 28,55,86,908. The dilution resulting from this allotment is minimal, representing approximately 0.086% of the total share capital.

Allotment of 2,44,250 equity shares to the Employees Welfare Trust under ESOP 2020
Total paid-up equity capital increased to Rs. 28,55,86,908 divided into 28.56 crore shares
Face value of the allotted shares is Rs. 1 per share
The allotment was approved by the Nomination & Remuneration Committee on April 20, 2026

💡 This is a routine corporate action with negligible impact on share value or company fundamentals. No specific action is required from investors.

PGEL Submits Routine SEBI Compliance Certificate for Quarter Ended March 31, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 11 Apr 2026, 01:19 PM

PG Electroplast Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by its Registrar and Share Transfer Agent (RTA), KFin Technologies Limited, confirms that securities dematerialized or rematerialized during the quarter ended March 31, 2026, have been duly processed. This is a standard administrative filing required for all listed companies in India to ensure the integrity of shareholding records. It indicates that the company is maintaining proper regulatory standards regarding its equity shares.

Compliance certificate for the quarter ended March 31, 2026
Issued by RTA KFin Technologies Limited under SEBI Regulation 74(5)
Confirms processing of demat and remat requests with NSDL and CDSL
Standard regulatory filing with no impact on business operations

💡 No action is required as this is a routine administrative filing. Investors should focus on the company's upcoming financial results and business expansion plans for material impact.

PGEL Seeks Shareholder Approval for Re-appointment of Two Independent Directors

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 31 Mar 2026, 05:57 PM

PG Electroplast Limited (PGEL) has issued a postal ballot notice to seek shareholder approval for the re-appointment of two Independent Directors for second five-year terms. Mr. Ram Dayal Modi is proposed for re-appointment effective May 26, 2026, including a special resolution for his continuation beyond the age of 75. Mrs. Ruchika Bansal is proposed for re-appointment effective August 14, 2026. The remote e-voting period for these special resolutions runs from April 1 to April 30, 2026.

Proposed 5-year second term for Mr. Ram Dayal Modi starting May 26, 2026.
Proposed 5-year second term for Mrs. Ruchika Bansal starting August 14, 2026.
Special resolution required for Mr. Modi to continue directorship after attaining 75 years of age.
E-voting period scheduled from April 1, 2026, to April 30, 2026, with results by May 4, 2026.
Cut-off date for determining voting eligibility is March 27, 2026.

💡 Investors should review the directors' track records and ensure the board composition aligns with their governance expectations. This is a routine but necessary regulatory procedure for maintaining board continuity.

PGEL Subsidiary Receives ₹37.50 Crore PLI Incentive for White Goods

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 28 Mar 2026, 06:10 PM

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.

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

💡 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

🟡 NEUTRAL ⭐ 6/10

OTHER 📅 25 Mar 2026, 08:59 AM

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.

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.

💡 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.

PG Electroplast Board Approves Reappointment of Two Independent Directors for 5-Year Terms

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 24 Mar 2026, 06:05 PM

PG Electroplast Limited (PGEL) has approved the reappointment of two Independent Directors, Mr. Ram Dayal Modi and Mrs. Ruchika Bansal, for second consecutive five-year terms. Mr. Modi's term is set to begin on May 26, 2026, while Mrs. Bansal's term starts on August 14, 2026. The company will seek shareholder approval via a postal ballot for these appointments, including a special provision for Mr. Modi to continue past the age of 75. Additionally, the board updated the list of Key Managerial Personnel authorized to determine materiality for stock exchange disclosures.

Reappointment of Mr. Ram Dayal Modi as Independent Director for a 5-year term starting May 26, 2026.
Reappointment of Mrs. Ruchika Bansal as Independent Director for a 5-year term starting August 14, 2026.
Approval of a Postal Ballot Notice to obtain shareholder consent for director reappointments.
Updated list of 4 Key Managerial Personnel authorized for SEBI materiality disclosures including MDs, CFO, and CS.

💡 This is a routine governance update ensuring continuity in the board's composition; no immediate action is required from investors.

PG Electroplast to Close Trading Window from April 1 for Q4 and FY26 Financial Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 24 Mar 2026, 01:05 PM

PG Electroplast Limited (PGEL) has announced the closure of its trading window for all designated persons starting April 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of audited financial results for the quarter and year ending March 31, 2026. The trading window will remain closed until 48 hours after the results are officially declared. The specific date for the board meeting to approve these results will be announced at a later time.

Trading window closure starts on Wednesday, April 01, 2026.
Closure pertains to the Audited Financial Results for the quarter and year ending March 31, 2026.
Restriction applies to Directors, Key Managerial Personnel, and Designated Persons.
The window will reopen 48 hours after the financial results are declared to the stock exchanges.

💡 This is a routine regulatory announcement with no direct impact on stock valuation. Investors should wait for the announcement of the board meeting date to anticipate the release of fiscal year-end performance data.

PGEL Reports LPG Supply Constraints Due to Middle East Conflict Effective March 09, 2026

🔴 NEGATIVE ⭐ 7/10

OTHER 📅 09 Mar 2026, 11:27 AM

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.

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.

💡 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 to Attend Kotak Annual Flagship Investor Conference on Feb 24, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 17 Feb 2026, 12:51 PM

PG Electroplast Limited (PGEL) has announced its participation in the Kotak Annual Flagship Investor Conference – Chasing Growth 2026. The event is scheduled for February 24, 2026, from 10:00 AM to 05:00 PM at the Grand Hyatt, Mumbai. This physical group meeting, organized by Kotak Securities, will involve interactions with various analysts and institutional investors. The company has clarified that no unpublished price sensitive information (UPSI) will be shared during these sessions.

Participation in Kotak Annual Flagship Investor Conference scheduled for February 24, 2026.
The event involves physical group meetings with institutional investors from 10:00 AM to 05:00 PM.
Organized by Kotak Securities Limited at Grand Hyatt, Kalina, Mumbai.
Management confirms that no Unpublished Price Sensitive Information (UPSI) will be discussed.

💡 Investors should look for any investor presentations or post-meet transcripts that may be released to gain insights into the company's growth outlook. No immediate action is required as this is a standard investor relations activity.

PG Electroplast Outlook Revised to Stable; Ratings Reaffirmed at CRISIL A+

🟢 POSITIVE ⭐ 7/10

ROUTINE 📅 14 Feb 2026, 03:10 PM

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.

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.

💡 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.

PG Electroplast to Attend Dolat Capital Corporate Conference on Feb 18, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 11 Feb 2026, 04:29 PM

PG Electroplast Limited (PGEL) has scheduled a physical group meeting with analysts and institutional investors on February 18, 2026. The interaction is part of the Dolat Capital Corporate Conference 2026 held at the Grand Hyatt, Mumbai. The meeting is slated to take place between 10:30 AM and 03:50 PM. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be discussed during these sessions.

Meeting scheduled for February 18, 2026, from 10:30 AM to 03:50 PM
Physical group meeting organized by Dolat Capital Market Pvt. Ltd.
Venue confirmed as Hotel Grand Hyatt, Santacruz East, Mumbai
Company confirms no Unpublished Price Sensitive Information (UPSI) will be shared

💡 No immediate action is required as this is a routine investor interaction. Investors may look for any post-event presentations or transcripts if released by the company for insights into management's outlook.

PGEL Q3 FY26 Revenue Jumps 46% to ₹1,412 Cr; Maintains ₹300 Cr PAT Guidance

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 05:32 PM

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.

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.

💡 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.

PG Electroplast to Participate in Nuvama India Conference 2026 on February 9

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 03 Feb 2026, 04:05 PM

PG Electroplast Limited (PGEL) has announced its participation in the Nuvama India Conference 2026, scheduled for February 9, 2026. The event will involve group meetings with various analysts and institutional investors at the Grand Hyatt, Mumbai. The sessions are scheduled to take place between 09:00 AM and 05:30 PM. The company has explicitly stated that no unpublished price-sensitive information (UPSI) will be shared during these interactions.

Participation in the Nuvama India Conference 2026 scheduled for February 9, 2026.
Physical group meetings with institutional investors and analysts in Mumbai.
Interaction window set from 09:00 AM to 05:30 PM.
Company confirmed that no unpublished price-sensitive information (UPSI) will be discussed.

💡 Investors should monitor for any investor presentations or post-event transcripts that may be released following the conference for insights into the company's growth strategy. No immediate action is required as this is a routine disclosure.

PG Electroplast to Attend Nuvama India Conference 2026 on February 9

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 03 Feb 2026, 04:02 PM

PG Electroplast Limited (PGEL) has announced its participation in the Nuvama India Conference 2026, scheduled for February 9, 2026. The event will be a physical group meeting held at the Grand Hyatt, Mumbai, from 9:00 AM to 5:30 PM. Organized by Nuvama Institutional Equities, the meeting aims to facilitate interaction between the company management and institutional investors. The company has clarified that no unpublished price sensitive information (UPSI) will be shared during these interactions.

Participation in Nuvama India Conference 2026 on February 9, 2026
Full-day physical group meeting scheduled from 09:00 AM to 05:30 PM
Organized by Nuvama Institutional Equities at Grand Hyatt, Mumbai
Company confirms no Unpublished Price Sensitive Information (UPSI) will be disclosed

💡 No immediate action is required as this is a routine investor engagement event. Investors may look for any post-conference research notes from participating brokerages for qualitative insights into management's outlook.

PG Electroplast Releases Audio Recording for Q3 & 9M FY26 Earnings Call

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 03 Feb 2026, 03:38 PM

PG Electroplast Limited has released the audio recording of its earnings conference call held on February 03, 2026. The call addressed the company's financial performance for the third quarter and the nine-month period ending December 31, 2025. This disclosure is part of the company's regulatory compliance following its interaction with analysts and institutional investors. The recording provides insights into management's commentary on operational results and future guidance.

Earnings conference call conducted on February 03, 2026, following Q3 FY26 results.
Discussion covered financial performance for the nine-month period ended December 31, 2025.
Audio recording link made available on the official company website for public access.
Compliance filing submitted to both BSE and NSE as per listing regulations.

💡 Investors should listen to the recording to understand management's outlook on the electronics manufacturing services (EMS) sector and specific growth drivers for PGEL. No immediate action is required as this is a routine procedural update.

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.