PIGL

Power & Instrumentation (Gujarat) financials

Market cap
₹216 Cr
Sector
Capital Goods
Calls analysed
3
Latest concall · Q3 FY26 · call held 17 Feb 2026

Power & Instrum. Q3 FY26

EBITDA ₹6.16 cr +38%EBITDA Margin 12.6% Net Profit ₹3.57 cr +12%EPS ₹1.69

What went well

  • Q3 FY26 total income of INR 48.89 crores, reflecting a year-on-year growth of 43.18%.
  • Q3 FY26 EBITDA of INR 6.16 crores, up 37.83% year-on-year with an EBITDA margin of 12.6%.
  • Q3 FY26 Net profit of INR 3.57 crores, registering a growth of 11.96% with a net profit margin of 7.31%.

What to watch

  • Manpower shortage due to rapid industry scale-up identified as a potential risk.
  • Q3 EBITDA margin of 12.6% and PAT margin of 7.31% are below the targeted 15% EBITDA and 9-10% PAT margins.
Read the full call →

What Power & Instrumentation (Gujarat) Limited does

Power & Instrumentation (Gujarat) Limited is an "A" Class electrical contractor that designs, supplies, installs, tests and commissions electrical infrastructure -- substations, transmission and distribution lines, DG/UPS backup power, distribution panels, lighting, fire-fighting, access control and building management systems -- for airports, telecom operators, industrial plants, distribution companies and government bodies. It earns as an EPC/turnkey contractor on government and private tenders (e.g., RDSS distribution electrification, airport electrification, substations for PSUs). Through its subsidiary Peaton Electrical Company Limited (PECL), it is also moving into manufacturing, producing busduct systems under the "Phibar" brand and, under a Siemens license, SIEPAN 8PU low-voltage switchboards.

Segments

  • Infra
  • Telecom
  • Industries
  • Govt & Public Sector Units
  • Distribution Company
  • Manufacturing (via subsidiary PECL)
Offices across India
8
Projects delivered
310+
Airport electrification projects completed
35+
HT & LT lines laid
20,000+ km
Households electrified
1,00,000+
Clients served
100+
Founded 1975Headquarters Ahmedabad, Gujarat, India Company website

Guidance record · Q3 FY26

what the last two calls moved 6 tracked 0 delivered 1 missed 5 open
  • Receivable / Working Capital Days missed said Q1 FY26 Promised: Reduce below 80 days Q3 FY26: Working capital cycle reported at 95-100 days. Management is now 'trying to keep it below 90 days'.
  • Revenue Growth YoY revised down said Q4 FY25 Promised: 50% revenue growth Q3 FY26: Management guided down: 'grow ourselves at the pace of about 30%, 35% year-on-year... next coming 4 years'.
  • Order Book Value on track said Q1 FY26 Promised: Double the closing amount by March 2026 Q3 FY26: Order book reached 450 cr. Management guided to close FY26 at '1.5x or 2x of the closing of FY26' revenue.

All 6 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue down 1.5%, net profit up 3.1% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue55 33 55 41 68 +24%45 +34%46 −16%41 −2%
EBITDA5 4 5 4 6 +20%5 +37%5 −5%4 +7%
Net profit4 3 3 3 5 +16%3 +14%3 −1%3 +3%
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 −32.8% 1Y

₹100₹120₹140₹160₹180Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q3 FY26 — 17 Feb 2026

1Y: ₹151.95 on 10 Sept 2025 → ₹102.1. High ₹180.86 (26 Sept 2025), low ₹90.18 (1 Jun 2026).

How the price took the results

close before → close after

Q3 FY26
+6.5%
17 Feb

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 28.6% a year over 3 years, FY23 to FY26. Operating margin widened to 10.1%.

Year endingFY23FY24FY25FY26
Revenue₹94 Cr₹98 Cr₹169 Cr₹200 Cr
Operating profit₹8 Cr₹11 Cr₹17 Cr₹20 Cr
Operating margin8.1%11.2%10.2%10.1%
Interest₹3 Cr₹4 Cr₹3 Cr₹4 Cr
Depreciation₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Net profit₹4 Cr₹6 Cr₹12 Cr₹13 Cr
Net margin4.0%6.0%7.0%6.7%
Cash from operations₹1 Cr₹8 Cr₹-40 Cr₹-8 Cr
Free cash flow₹1 Cr₹8 Cr₹-40 Cr₹-8 Cr
ROCE12.0%17.0%20.0%14.0%
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₹7 Cr₹9 Cr₹13 Cr₹16 Cr₹18 Cr₹21 Cr
Reserves₹23 Cr₹28 Cr₹33 Cr₹80 Cr₹100 Cr₹126 Cr
Borrowings₹22 Cr₹29 Cr₹32 Cr₹17 Cr₹22 Cr₹24 Cr
Other liabilities₹12 Cr₹32 Cr₹30 Cr₹39 Cr₹47 Cr₹48 Cr
Total liabilities₹64 Cr₹97 Cr₹107 Cr₹152 Cr₹187 Cr₹219 Cr
Fixed assets₹1 Cr₹1 Cr₹1 Cr₹1 Cr₹1 Cr₹2 Cr
Capital work in progress₹0 Cr₹0 Cr₹1 Cr₹1 Cr₹1 Cr₹0 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹13 Cr₹13 Cr
Other assets₹63 Cr₹95 Cr₹105 Cr₹150 Cr₹172 Cr₹204 Cr
Total assets₹64 Cr₹97 Cr₹107 Cr₹152 Cr₹187 Cr₹219 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, the public trimmed −5.73 pp while promoters added +4.98 pp. The shareholder count grew 32% to 10,812.

Promoters
50.7%
DIIs
0.8%
Public
48.5%

Since Jun 2025

  • Public −5.73 pp
  • Promoters +4.98 pp
  • DIIs +0.74 pp

How it drifted, 12 quarters

Over this window promoters fell from 52.1% to 50.7% — −1.4 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 52.1%, Public 47.9%.Dec '23: Promoters 52.1%, Public 47.9%.Mar '24: Promoters 52.1%, Public 47.9%.Jun '24: Promoters 52.1%, Public 47.9%.Sep '24: Promoters 41.0%, Public 59.1%.Dec '24: Promoters 41.0%, Public 59.0%.Mar '25: Promoters 45.7%, Public 54.3%.Jun '25: Promoters 45.7%, DIIs 0.1%, Public 54.2%.Sep '25: Promoters 46.1%, Public 53.9%.Dec '25: Promoters 46.3%, Public 53.7%.Mar '26: Promoters 50.7%, FIIs 0.0%, DIIs 0.8%, Public 48.5%.Jun '26: Promoters 50.7%, DIIs 0.8%, Public 48.5%.

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 0 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Power & Instrumentation (Gujarat) Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Padmaraj Padmnabhan Pillai 15.40%unchanged
Padmavir Hospitality Llp 8.03%unchanged
Padmavati Padmanabhan Pillai 7.99%unchanged
Power Infra Cons Private Limited 7.79%unchanged
Kavita Padmaraj Pillai 5.50%unchanged
Padmaraj P Pillai Huf 3.78%unchanged
Kashee Innovation 1.89%unchanged
Sumitkumar Ramesh Gupta 1.39%+0.10 pp
Shreekala Padmanabhan Pillai 1.35%unchanged
Padmaraj Padmanabh Pillai 0.85%unchanged
Sreelatha Padmanabhan Nair 0.00%unchanged
Sriram Padmanabhan Nair 0.00%unchanged

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.

What the price assumes

Attractive

To justify its price of ₹102, this stock must grow earnings at 9% every year for 7 years. Our analysis caps realistic growth at ~53%. At that growth it is worth ₹875 — upside of 757%.

Growth the price implies
8.8% a year
for 7 years, fading to 4%
It has actually compounded at
52.9% a year
net profit, FY23–FY26
The gap
-0.4 pp
757% downside if it only repeats history
Price today ₹102.1 Value at the reference growth ₹875.09

Change the assumptions yourself →

All earnings calls (3)

Read the Q3 FY26 call →

Learn to analyse Power & Instrumentation (Gujarat) Limited

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