PG Electroplast Ltd(PGEL)

NSE: PGELBSE: 533581

₹ 475+0.64%refreshed 26 Oct, 01:45 pm ISTMarket cap: ₹ 13,621 crNext results: 27 Oct 2026Website: www.pgel.inUpdated: 24 Oct 2026

About

PG Electroplast Ltd (PGEL) is an Indian original design and contract manufacturer (ODM/EMS) of consumer appliances, mainly room air conditioners and washing machines, with televisions made through a JV. It reported revenue of 5288.02 (Rs crore) in FY26. Its product business, covering own-brand and outsourced manufacturing, made up 80% of sales in Q1 FY27, and room ACs were the largest segment at 60 - 65% of revenue.^[1]

Business segments

Room AC (RAC) contributed ₹1,401 crores or ~60 - 65% of consolidated revenue in Q1 FY27, growing 38.1% YoY, driven by ~20 - 22% volume growth and ~10 - 12% ASP increase.^[2]
Washing machines contributed ₹211 crores in Q1 FY27, up 67.2% YoY; for full-year FY26, washing machine revenue grew 51.5% YoY.^[2]
Product business (own-brand + outsourced manufacturing) contributed 80% of consolidated sales, growing 40.7% YoY in Q1 FY27.^[2]
The TV business sits in Goodworth, a 50:50 JV (FY25 annual report).^[3]
TV JV Goodworth Electronics posted ₹670 crores revenue in 9M FY26 with EBITDA of ~₹16.7 crores, against full-year FY26 guidance of ₹850 crores.^[4]
The company planned to keep capital allocation to plastic moulding limited because of lower returns (FY25 annual report).^[3]

Manufacturing capacity

Split AC capacity stood at 425,000 units/month (plus 50,000 window AC/month) as of Q3 FY26, following expansions at Supa and Bhiwadi.^[4]
AC production volume was ~1.75 million sets in FY26 at ~45 - 50% capacity utilisation.^[5]
Washing machine capacity reached ~3 million units/year after the DMIC Greater Noida plant (1.8 million units/year) came online in Q1 FY27; 70 - 80% utilisation targeted by FY28.^[2]
Refrigerator plant at Sri City, Andhra Pradesh (1.2 million unit capacity) targets commercial production in Q4 FY27; anchor customer has committed ~30 - 35% of capacity (as of Q1 FY27).^[2]
Rotary compressor plant at Supa (Phase 1: 2 million units/year, expandable to 4 million) targets mass production start in December - January FY27.^[2]

Manufacturing footprint

Three multi-product hubs are being built: North India (existing), West India (72-acre land in Ahmednagar, Maharashtra) and South India (52-acre campus at Sri City, Andhra Pradesh), as of Q3 FY26.^[4]
Supa (West India) hosts AC manufacturing and the new rotary compressor facility; DMIC Greater Noida (North India) hosts the flagship washing machine campus (Q1 FY27).^[2]

Key operating numbers

RAC industry primary volume grew ~15% YoY in Q1 FY27 after declining ~15% in FY26 due to early monsoon, GST rate cut announcement and BEE rating transition.^[2]
Fully automatic washing machine revenue grew 150% YoY in Q1 FY27; an 18 - 20 kg washing machine platform is being launched.^[2]
Average inventory days improved to 99.5 days in Q1 FY27 from 122.3 days in FY26; cash conversion cycle was 62.6 days in Q1 FY27.^[2]
Fixed asset turns were 4.3x (TTM) in Q1 FY27, down from 6.03x as of December 2025, as the FY26 capex base came onto the books.^[2]
Gross contribution margin was 14.5% in Q1 FY27 vs 15.9% in Q1 FY26, with copper above $14,000/tonne, the rupee at ₹95.5 - 96 and higher plastic resin prices.^[2]

Own-brand vs contract-manufacturing mix

Washing machine growth comes mainly from brands outsourcing semi-automatic models to EMS/ODM makers; fully automatic is also ramping through outsourcing agreements (Q3 FY26).^[4]
A manufacturing agreement with PAX Global for POS devices adds a new EMS category; models were under customer evaluation as of Q3 FY26.^[4]

Expansion and capex

FY26 capex was ₹785 crores: ~₹500 crores on land and buildings (Greater Noida, Sri City, Supa compressor building, Ahmednagar, Salarpur) and ~₹285 crores on plant and machinery.^[5]
FY27 capex is guided at ~₹400 crores, to complete the compressor plant, refrigerator plant and Salarpur plastic-moulding consolidation campus.^[2]
Sri City refrigerator plant first-phase capex is ~₹350 crores; side-by-side refrigerator production to start October - November 2026, ahead of full production in Q4 FY27.^[2]
The Ahmednagar (72 acres) and Sri City campuses each have ₹1,000 crores of planned capex over 4 - 5 years, covering several product categories (Q2 FY26).^[6]

Recent developments

FY26 annual report: a special resolution seeks authority for loans, guarantees or security to subsidiaries, JVs, associates or group entities up to Rs 1,000 crore in aggregate.^[7]
Q1 FY27: cash and bank balances of ₹491.3 crores vs gross debt of ₹417.4 crores, a net cash position of ₹73.9 crores vs net debt of ₹110.3 crores at March 2026.^[2]
Q4 FY26: a commercial LPG shortage linked to the Gulf conflict and a truck shortage shut plants for nearly two weeks in March, an estimated ₹420 crores revenue loss.^[5]
FY26: SAP migration completed and a company-wide cost management programme launched.^[5]
FY26: PLI incentive of ₹71 crores for FY26 achievement, including NGM PLI, is to be recognised in FY27.^[5]
Q2 FY26: EV bike manufacturing with Spiro Mobility was delayed after the partner could not obtain ARAI approval in India and shifted focus to Africa.^[6]

Market Cap

₹13,621 Cr

High / Low

₹645 / 437

Stock P/E

65.5

Price / Book

4.4

Book Value

₹107

EPS

₹6.9

No. of Shares

28.53 Cr

ROCE

10.4%

ROE

6.7%

OPM

6.6%

Debt / Equity

0.20

Sales

₹5,288 Cr

Net Profit

₹197 Cr

Promoter holding

43.2%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials