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PIGL - Power & Instrum.

📊 NSE: PIGL 🏢 Electric Equipment 📅 Last Updated: 12/14/2025 11:08

📢 Recent Corporate Announcements

PIGL Secures New Orders Worth ₹2.62 Cr; Total Udaipur Project Value Hits ₹60.51 Cr

🟢 POSITIVE ⭐ 7/10

ROUTINE 📅 29 Apr 2026, 06:44 PM

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.

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.

💡 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.

PIGL Submits Routine SEBI Regulation 74(5) Compliance Certificate for Q4 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 10 Apr 2026, 12:05 PM

Power & Instrumentation (Gujarat) Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by the Registrar and Share Transfer Agent (RTA), Skyline Financial Services Private Limited, covers the quarter ended March 31, 2026. It confirms that no physical share certificates were received for dematerialization during this period. This is a standard procedural filing required for all listed companies in India to ensure regulatory transparency regarding shareholding formats.

Compliance certificate submitted for the quarter ended March 31, 2026.
Issued under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.
RTA confirmed that zero physical share certificates were received for dematerialization during the quarter.
The filing confirms adherence to SEBI's reporting standards for listed entities.

💡 No action is required as this is a routine administrative filing. Investors should continue to monitor the company's upcoming financial results for material performance indicators.

PIGL to Close Trading Window from April 1, 2026 for FY26 Audited Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 25 Mar 2026, 01:13 PM

Power & Instrumentation (Gujarat) Limited (PIGL) has announced the closure of its trading window for all designated persons and their relatives starting April 1, 2026. This closure is a mandatory regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's financial reporting. The window will remain closed until 48 hours after the declaration of the audited financial results for the quarter and year ending March 31, 2026. The specific date for the board meeting to approve these results will be communicated at a later time.

Trading window closure commences on Wednesday, April 01, 2026.
Closure pertains to the Audited Financial Results for the quarter and year ended March 31, 2026.
The window will reopen 48 hours after the financial results are officially declared to the exchanges.
The restriction applies to all Designated Persons and their immediate relatives as per the Company's Code of Conduct.

💡 This is a routine regulatory announcement and does not impact the company's fundamentals. Investors should monitor for the upcoming board meeting date to review the company's full-year performance.

PIGL Bags ₹11.72 Crore Additional Order from Ajmer Vidyut Vitran Nigam

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 25 Mar 2026, 12:51 PM

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.

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.

💡 Investors should view this as a positive development for revenue visibility; monitor the company's ability to maintain margins on these turnkey government projects.

PIGL to Acquire Additional 8.94% Stake in Peaton Electrical for ₹3.13 Crore, Raising Stake to 60%

🟢 POSITIVE ⭐ 8/10

M&A 📅 18 Mar 2026, 10:40 PM

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.

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.

💡 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.

PIGL Allots 5.43 Lakh Equity Shares on Warrant Conversion at ₹83.75 Per Share

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 18 Mar 2026, 06:04 PM

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.

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.

💡 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.

PIGL Approves Allotment of 5.43 Lakh Equity Shares via Warrant Conversion

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 18 Mar 2026, 06:03 PM

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.

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.

💡 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.

PIGL Allots 3.54 Lakh Equity Shares on Warrant Conversion at Rs 83.75 Per Share

🟢 POSITIVE ⭐ 6/10

FUNDRAISE 📅 16 Mar 2026, 05:07 PM

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.

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

💡 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.

PIGL Allots 3.54 Lakh Equity Shares via Warrant Conversion at Rs 83.75

🟢 POSITIVE ⭐ 6/10

FUNDRAISE 📅 16 Mar 2026, 05:03 PM

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.

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

💡 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.

PIGL Allots 4.84 Lakh Equity Shares via Warrant Conversion at Rs 83.75/Share

🟢 POSITIVE ⭐ 6/10

FUNDRAISE 📅 10 Mar 2026, 11:38 AM

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.

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.

💡 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.

PIGL Allots 4.84 Lakh Equity Shares on Warrant Conversion at Rs 83.75 Per Share

🟢 POSITIVE ⭐ 6/10

FUNDRAISE 📅 10 Mar 2026, 11:34 AM

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.

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.

💡 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.

PIGL Q3 FY26 Net Profit Rises 12% to ₹3.57 Cr; Order Book Reaches ₹450 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 21 Feb 2026, 05:11 PM

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.

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.

💡 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.

PIGL Releases Audio Recording of Q3 and 9M FY26 Investor Earnings Call

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 17 Feb 2026, 06:35 PM

Power & Instrumentation (Gujarat) Limited has officially released the audio recording of its investor call held to discuss the financial results for the quarter and nine months ended December 31, 2025. The meeting featured key management personnel, including Managing Director Padmaraj Padmnabhan Pillai and Acting CFO Rohit Maheshwari. This disclosure is in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that no unpublished price sensitive information was shared during the interaction.

Audio recording of the Q3 and 9M FY26 earnings call is now available on the company's website.
Management attendees included the Managing Director and the Acting Chief Financial Officer.
The call focused on financial performance for the period ending December 31, 2025.
Company explicitly stated that no unpublished price sensitive information (UPSI) was discussed.
The filing follows the initial meeting notification dated February 12, 2026.

💡 Investors should access the audio recording via the provided link to gain insights into management's commentary on recent financial performance and future outlook. This is a routine regulatory update and does not necessitate immediate portfolio changes.

PIGL Reports Robust Q3 FY26: Income Jumps 43% YoY to ₹48.89 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 13 Feb 2026, 08:10 PM

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.

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.

💡 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.

PIGL Q3 Standalone Net Profit Rises 14% YoY to ₹3.28 Cr; Revenue Up 34%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 13 Feb 2026, 06:53 PM

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.

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.

💡 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.

View All PIGL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total revenue grew by 73.2% YoY, reaching approximately INR 171.28 Cr in FY25 compared to INR 98.89 Cr in FY24. Segment-specific percentage growth for Solar EPC and BESS is not explicitly disclosed, but the company anticipates a 50% overall YoY revenue growth driven by these new segments.

Profitability Margins

Net profit margin improved from 5.95% in FY24 to 6.86% in FY25. Profit before tax (PBT) margin was 9.31% in FY25, up from 7.82% in FY24, reflecting improved operational efficiency despite a 70.4% increase in total expenses.

EBITDA Margin

EBITDA margin is estimated at 11.4% for FY25 (INR 19.52 Cr) compared to 12.5% in FY24 (INR 12.36 Cr). While absolute EBITDA grew by 57.9%, the margin slightly compressed due to the rapid scale-up in execution capacity and higher finance costs which rose 28.7% YoY.

Capital Expenditure

Net cash outflow from investing activities was INR 11.84 Cr in FY25, a significant increase from INR 0.16 Cr in FY24. This includes INR 0.31 Cr for Property, Plant, and Equipment and a net investment of INR 1.08 Cr (after redemptions) to support the expansion into Solar EPC and BESS manufacturing.

Credit Rating & Borrowing

Not disclosed in available documents. However, finance costs were INR 3.38 Cr in FY25 on total borrowings of INR 18.09 Cr, suggesting an effective interest rate of approximately 18.7%.

⚙️ Operational Drivers

Raw Materials

Specific raw materials include electrical components, copper, and steel (required for electrical panels and compact substations). The exact percentage of total cost for each is not disclosed.

Capacity Expansion

PIGL is currently scaling operations to qualify for high-value contracts of INR 300-350 Cr by 2025. The acquisition of Peaton Electrical has expanded manufacturing capacity for electrical panels and compact substations to support this growth.

Raw Material Costs

Total expenses, which include raw material consumption, rose 70.4% to INR 155.33 Cr in FY25. The company is focusing on operational excellence to manage these costs as it scales.

📈 Strategic Growth

Expected Growth Rate

50%

Growth Strategy

The 50% CAGR will be achieved through a phased growth strategy: entering the Solar EPC and BESS (Battery Energy Storage Systems) markets, acquiring Peaton Electrical to internalize panel manufacturing, and qualifying for larger-scale contracts valued between INR 300-350 Cr.

Products & Services

Solar EPC services, Battery Energy Storage Systems (BESS), Electrical Panels, and Compact Substations.

Brand Portfolio

PIGL, Peaton Electrical.

New Products/Services

New launches include Solar EPC and BESS solutions, which are expected to be the primary drivers of the 50% revenue growth forecast.

Market Expansion

PIGL is expanding its market presence by entering the renewable energy and storage sectors, targeting larger infrastructure projects by 2025.

Strategic Alliances

The company operates a 50% joint venture named PIGL GEPL JV, which contributed INR 1.135 Lacs to consolidated profits in FY25.

🌍 External Factors

Industry Trends

The industry is shifting toward renewable energy and energy storage. PIGL is positioning itself as a technical player in Solar EPC and BESS to capitalize on the Indian government's green energy targets.

Competitive Landscape

The company competes in the highly technical electrical instrumentation and renewable EPC sector, where qualification for high-value contracts (INR 300 Cr+) is a significant barrier to entry.

Competitive Moat

PIGL's moat is built on its integrated model—combining technical EPC services with in-house manufacturing of electrical panels (via Peaton). This reduces third-party dependency and improves project execution timelines.

Macro Economic Sensitivity

The business is sensitive to government infrastructure spending and renewable energy policies, which drive the demand for Solar EPC and BESS.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by Ind AS 115 for revenue recognition on an 'over the time' basis and SEBI (Listing Obligations and Disclosure Requirements) Regulations for corporate governance.

Taxation Policy Impact

The company's effective tax rate for FY25 was 26.3%, with a total tax expense of INR 4.20 Cr on a PBT of INR 15.95 Cr.

Legal Contingencies

The company reported zero pending litigations that would impact its financial position as of March 31, 2025.

⚠️ Risk Analysis

Key Uncertainties

Working capital management is a critical risk; cash flow from operations turned negative at INR -39.89 Cr in FY25, primarily due to a 96.7% increase in trade receivables.

Third Party Dependencies

The company is reducing third-party dependency for critical components by acquiring Peaton Electrical for in-house panel manufacturing.

Technology Obsolescence Risk

The pivot to BESS and Solar EPC is a proactive measure to address the transition from traditional power instrumentation to renewable energy technologies.

Credit & Counterparty Risk

Trade receivables rose to INR 60.45 Cr in FY25, representing 35.3% of total revenue, which indicates a high concentration of credit risk and potential impact on liquidity if collections are delayed.