PGEL

PG Electroplast share price & financials

Price
₹617.65
Market cap
₹17.6k Cr
Sector
Consumer Durables
Calls analysed
7
Latest concall · Q1 FY27 · call held 07 Aug 2026

PG Electroplast Limited Q1 FY27

Consolidated Revenue ₹2,034 cr +35%EBITDA ₹156.2 cr +12%EBITDA Margin 7.7% Net Profit ₹75.3 cr +13%

What went well

  • Consolidated revenues of ₹2,034 crores, up 35.2% YoY, marking the first time crossing ₹2,000 crores.
  • EBITDA grew 12.1% to ₹156.2 crores, with net profit up 12.9% to ₹75.3 crores.
  • Product business contributed 80% of sales, growing 40.7% YoY, with AC sales up 38.1% and Washing Machine sales up 67.2%.

What to watch

  • Gross margin softened both QoQ and YoY, driven by elevated commodity prices (copper, aluminum) and rupee depreciation.
  • Commodity cost increases have been only partially passed through to customers, with full pass-through expected by the December quarter.
Read the full call →

What PG Electroplast Limited does

PG Electroplast Limited (PGEL) is the flagship company of the PG Group, which began as a small electronic-components unit in Delhi in 1977; PGEL itself was incorporated in 2003. It operates as a diversified Electronic Manufacturing Services (EMS) provider, offering Original Design Manufacturing (ODM), Original Equipment Manufacturing (OEM) and plastic injection moulding as a one-stop solution to over 70 leading Indian and global brands. Its manufacturing capabilities span product assembly, plastic moulding, sheet-metal components, PCB assemblies, specialised AC components, PU/powder paint-shops and tool manufacturing, serving industries including air conditioners, washing machines, televisions, air coolers, automotive components, bathroom fittings and consumer electronics. It also operates a wholly-owned manufacturing subsidiary, PG Technoplast, and a 50:50 joint venture, Goodworth Electronics, for television manufacturing.

Segments

  • Products (Room ACs, Washing Machines, Air Coolers)
  • Plastic Moulding & Other Components
Manufacturing facilities
11
Manufacturing locations
Greater Noida (Uttar Pradesh), Ahmednagar (Maharashtra), Bhiwadi (Rajasthan) and Roorkee (Uttarakhand)
Client brands served
70+ leading Indian and global brands
Room AC production capacity
350,000 units/month
Washing machine production capacity
150,000 units/month
Air cooler production capacity
50,000 units/month
Founded 2003Headquarters New Delhi, India Company website

Guidance record · Q1 FY27

what the last two calls moved 21 tracked 3 delivered 8 missed 10 open
  • EV Assembly Sales went quiet said Q3 FY25 Promised: ₹500 crores by Year 2 Q1 FY27: The EV assembly business was not mentioned again in the earnings call or presentation.
  • Refrigerator Annual Capacity on track said Q3 FY26 Promised: 1.2 million units by Q4 FY27 Q1 FY27: Management confirmed the refrigerator facility at Sri City is progressing well and is on track for commercial production by Q4 FY27.

All 21 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 35.2%, net profit up 13.4% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue671 968 1,910 1,504 655 −2%1,412 +46%1,717 −10%2,034 +35%
EBITDA56 85 212 121 30 −46%117 +38%119 −44%148 +22%
Net profit19 40 145 67 3 −84%62 +55%65 −55%76 +13%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −4.8% 1Y

₹450₹500₹550₹600Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 13 Nov 2025Q3 FY26 — 3 Feb 2026Q4 FY26 — 27 May 2026Q1 FY27 — 7 Aug 2026

1Y: ₹572.3 on 10 Sept 2025 → ₹545. High ₹630.65 (7 Aug 2026), low ₹440.65 (7 Apr 2026).

How the price took the results

close before → close after

Q1 FY27
+3.4%
7 Aug
Q4 FY26
+1.4%
28 May
Q3 FY26
−0.1%
3 Feb
Q2 FY26
+6.0%
13 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 34.8% a year over 3 years, FY23 to FY26. Operating margin narrowed to 7.3%.

Year endingFY23FY24FY25FY26
Revenue₹2.2k Cr₹2.7k Cr₹4.9k Cr₹5.3k Cr
Operating profit₹176 Cr₹262 Cr₹484 Cr₹387 Cr
Operating margin8.1%9.5%9.9%7.3%
Interest₹48 Cr₹52 Cr₹88 Cr₹102 Cr
Depreciation₹35 Cr₹47 Cr₹65 Cr₹89 Cr
Net profit₹77 Cr₹135 Cr₹288 Cr₹197 Cr
Net margin3.6%4.9%5.9%3.7%
Cash from operations₹46 Cr₹188 Cr₹-77 Cr₹66 Cr
Free cash flow₹-108 Cr₹-37 Cr₹-564 Cr₹-717 Cr
ROCE17.0%19.0%19.0%10.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹20 Cr₹21 Cr₹23 Cr₹26 Cr₹28 Cr₹29 Cr
Reserves₹173 Cr₹291 Cr₹373 Cr₹1.0k Cr₹2.9k Cr₹3.0k Cr
Borrowings₹185 Cr₹399 Cr₹577 Cr₹435 Cr₹590 Cr₹597 Cr
Other liabilities₹203 Cr₹358 Cr₹536 Cr₹837 Cr₹1.2k Cr₹2.3k Cr
Total liabilities₹580 Cr₹1.1k Cr₹1.5k Cr₹2.3k Cr₹4.7k Cr₹5.9k Cr
Fixed assets₹273 Cr₹441 Cr₹578 Cr₹783 Cr₹1.2k Cr₹1.5k Cr
Capital work in progress₹6 Cr₹5 Cr₹2 Cr₹65 Cr₹225 Cr₹312 Cr
Investments₹0 Cr₹1 Cr₹2 Cr₹6 Cr₹9 Cr₹11 Cr
Other assets₹301 Cr₹623 Cr₹927 Cr₹1.5k Cr₹3.2k Cr₹4.1k Cr
Total assets₹580 Cr₹1.1k Cr₹1.5k Cr₹2.3k Cr₹4.7k Cr₹5.9k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs added +5.79 pp while FIIs trimmed −3.07 pp.

Promoters
43.4%
FIIs
9.9%
DIIs
23.9%
Public
22.7%
Others
0.1%

Since Jun 2025

  • DIIs +5.79 pp
  • FIIs −3.07 pp
  • Public −2.40 pp

How it drifted, 12 quarters

Over this window DIIs went from 12.6% to 23.9% — +11.3 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 53.6%, FIIs 9.0%, DIIs 12.6%, Public 24.6%, Others 0.2%.Dec '23: Promoters 53.6%, FIIs 10.8%, DIIs 12.4%, Public 23.3%, Others 0.0%.Mar '24: Promoters 53.7%, FIIs 11.0%, DIIs 10.9%, Public 24.3%.Jun '24: Promoters 53.6%, FIIs 11.1%, DIIs 9.9%, Public 25.2%, Others 0.3%.Sep '24: Promoters 53.4%, FIIs 10.7%, DIIs 9.8%, Public 25.9%, Others 0.2%.Dec '24: Promoters 49.4%, FIIs 10.3%, DIIs 16.2%, Public 24.1%.Mar '25: Promoters 49.4%, FIIs 10.4%, DIIs 16.4%, Public 23.8%.Jun '25: Promoters 43.7%, FIIs 13.0%, DIIs 18.1%, Public 25.1%, Others 0.1%.Sep '25: Promoters 43.6%, FIIs 11.4%, DIIs 18.8%, Public 26.1%.Dec '25: Promoters 43.4%, FIIs 10.6%, DIIs 22.7%, Public 23.1%, Others 0.3%.Mar '26: Promoters 43.4%, FIIs 9.8%, DIIs 24.5%, Public 22.4%, Others 0.0%.Jun '26: Promoters 43.4%, FIIs 9.9%, DIIs 23.9%, Public 22.7%, Others 0.1%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 3 holders trimming and 2 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of PG Electroplast Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Vishal Gupta 16.04%unchanged
Vikas Gupta 15.91%unchanged
Anurag Gupta 8.62%unchanged
ICICI Prudential Manufacturing Fund Mutual fund5.40%newly disclosed
Motilal Oswal BSE 1000 Index Fund Mutual fund3.51%newly disclosed
Nippon Life India Trustee Ltd-A/C Nippon India Nif Mutual fund2.63%+0.12 pp
Franklin India Flexi Cap Fund Mutual fund2.26%−1.11 pp
Neelu Gupta 1.80%unchanged
BNP Paribas Financial Markets Global fund house1.55%newly disclosed
ICICI Prudential Life Insurance Company Limited Insurer1.19%newly disclosed
Government Pension Fund Global Sovereign1.18%−0.08 pp
Axis Mutual Fund Trustee Limited A/C Axis Mutual F Mutual fund1.12%−0.41 pp

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in PGEL

Filings to Aug 2026

0 new, 7 added, 2 trimmed, 2 sold out — net −6.00 L shares (−7.7%).

Held by funds
₹420 Cr
10 schemes
Biggest holder
Nippon India Small Cap Fund
₹201 Cr · 0.2% of that fund
SchemeHoldingLast month
Nippon India Small Cap Fund Nippon India Mutual Fund₹201 Crheld
Nippon India Value Fund Nippon India Mutual Fund₹148 Cr−1.00 L
Nippon India Arbitrage Fund Nippon India Mutual Fund₹18 Cr+3.03 L
SBI Arbitrage Fund SBI Mutual Fund₹16 Cr+0.91 L
Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund₹15 Cr+0.03 L
HDFC Arbitrage Fund HDFC Mutual Fund₹13 Cr+0.31 L
SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund₹8 Cr+0.01 L
Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund₹1 Cr+0.00 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

7 added, 2 trimmed — net −6.00 L shares (−7.7%)

Funds are sitting on
+17%
vs est. average cost
Held by funds
₹420 Cr
10 schemes · ≈ 2.5% of the company
Biggest holder
Nippon India Small Cap Fund
₹201 Cr · 0.2% of that fund

Shares held by these funds +7%

Sep '23 78.43 L shares Jul '26

What the price assumes

Expensive

To justify its price of ₹545, this stock must grow earnings at 43% every year for 7 years. Our analysis caps realistic growth at ~28%. At that growth it is worth ₹276 — downside of 49%.

Growth the price implies
42.6% a year
for 7 years, fading to 4%
It has actually compounded at
28.3% a year
net profit, FY23–FY26
The gap
0.1 pp
-49% downside if it only repeats history
Price today ₹545 Value at the reference growth ₹276.14

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse PG Electroplast Limited

Guides on how to read this kind of business and the numbers that matter.