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PG Electroplast Limited
NSE: PGELTechnologyElectronic Components
- Last close
- ₹530.05
- Day change
- −₹8.10 (−1.51%)vs
- Market cap
- ₹13,467 crIndian rupees
- Research updated
- 2 reports
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About PG Electroplast
PG Electroplast Ltd. is a prominent company involved in the electronics manufacturing services (EMS) industry. The company specializes in the manufacturing of consumer electronic products, encompassing a wide range of services such as component designing and end-to-end product manufacturing. With expertise in plastic molding, PG Electroplast Ltd. has a significant presence in the production of plastic components, which are integral to the consumer electronics sector. The company serves various industries, including automotive, white goods, and lighting, providing a comprehensive suite of services that cover everything from designing and prototyping to mass production and assembly. Headquartered in India, PG Electroplast Ltd. operates multiple manufacturing facilities equipped with advanced technologies to meet diverse client requirements efficiently. In the financial markets, PG Electroplast Ltd. plays a critical role as a supplier partner to some of the leading consumer electronics brands, thereby influencing production capabilities both domestically and internationally. The company's commitment to quality and innovation makes it a pivotal player in the EMS sector, contributing significantly to the value chain of major electronic products distributed worldwide.
- Sector
- Technology
- Industry
- Electronic Components
- Listing
- NSE: PGEL
- Employees
- 2,202
- Headquarters
- Greater Noida, India
- ISIN
- INE457L01029
- Website
- pgel.in
Public research · Report of
Business model & financial foundation
PG Electroplast (NSE: PGEL), Electronics manufacturing services / ODM for room ACs, washing machines and plastic moulded components: revenue of ₹5,288 crore in FY26 (+8.6% on FY25), an EBITDA margin of 7.3%, net profit of ₹196.6 crore and net debt of ₹110.3 crore.
- Revenue, FY26 (₹ crore)
- 5,288
- consolidated
- Revenue growth, FY26
- +8.6%
- on FY25
- EBITDA margin, FY26
- 7.3%
- EBITDA excluding other income / revenue
- Net profit, FY26 (₹ crore)
- 196.6
- to owners
- Return on equity, FY26
- 6.7%
- on average equity
- Net debt, FY26 (₹ crore)
- 110.3
- Net debt (negative = net cash), excluding leases
- Market capitalisation (₹ crore)
- 14,928
- at the close of 24 Oct 2026
Company profile
PG Electroplast is an Indian electronics manufacturing services (EMS) and original design manufacturing (ODM) company for consumer durable brands. About four-fifths of revenue is its own-design product business — room air conditioners, washing machines and coolers built for brands — with the rest from plastic moulding and components and an electronics (PCBA) business; LED TVs are made through the Goodworth joint venture. FY26 annual report states 11 manufacturing units, 4.5 million units a year of RAC capacity and 3.0 million of washing machines.
| Item | Value |
|---|---|
| Legal name | PG Electroplast Limited |
| Exchange and ticker | NSE: PGEL; BSE: 533581 |
| ISIN | INE457L01029 |
| Sector | Consumer Durables |
| Industry | Electronics manufacturing services / ODM for room ACs, washing machines and plastic moulded components |
| Headquarters | Greater Noida, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S.S. Kothari Mehta & Co LLP (FY26); B S R & Co. LLP proposed from the FY26 AGM (29 Sep 2026) |
| Market capitalisation | ₹14,928 crore (24 Oct 2026) |
| Shares outstanding | 28.82 crore shares (FY26) |
| Price | ₹470.0 (close, 24 Oct 2026) |
| 52-week range | ₹436.5 - ₹644.4 (to 24 Oct 2026) |
| Website | https://pgel.in |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| PG Technoplast Private Limited | 100% | Material subsidiary; ODM manufacturer of room air conditioners, washing machines and coolers |
| Next Generation Manufacturers Private Limited | 100% | Step-down wholly owned subsidiary via PG Technoplast |
| PG Plastronics Private Limited | 100% | Wholly owned subsidiary |
| Goodworth Electronics Private Limited | 50% | 50:50 joint venture with the Jaina Group; LED television manufacturing; equity-accounted |
Goodworth Innovations, Gadgets, Optima and Appliances are non-operational wholly owned subsidiaries of the Goodworth JV (FY26 annual report).
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 43.41% | 43.41% | 43.37% | 43.20% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 10.59% | 9.75% | 9.95% | 8.72% |
| Domestic institutions | 22.66% | 24.49% | 23.88% | 26.58% |
| of which mutual funds | 18.68% | 19.42% | 18.65% | 21.43% |
| Retail | 23.10% | 22.40% | 22.70% | 21.40% |
| Other | 0.30% | 0.00% | 0.10% | 0.10% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Peer | Why the dossier compares them |
|---|---|
| Amber Enterprises India (AMBER) | Largest Indian room-AC ODM/EMS; direct competitor for the same brand customers |
| Epack Durable (EPACK) | Room-AC and small-appliance ODM; direct competitor in RAC outsourcing |
| Dixon Technologies (DIXON) | Largest Indian consumer EMS; competes in washing machines and LED TVs |
| Kaynes Technology India (KAYNES) | |
| Syrma SGS Technology (SYRMA) | |
| Voltas (VOLTAS) | Largest RAC brand; customer-side read on room-AC demand |
| Blue Star (BLUESTAR) | RAC brand with in-house manufacturing; demand and margin read-across |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 1,094 | 2,133 | 2,747 | 4,870 | 5,288 |
| Cost of revenue (vendor classification) * | 890.6 | 1,785 | 2,234 | 3,972 | 4,373 |
| Other operating costs (vendor classification) * | 49.1 | 65.8 | 85.4 | 150.0 | 177.2 |
| EBITDA (vendor classification) * | 90.5 | 167.6 | 260.8 | 470.2 | 382.1 |
| EBIT * | 64.2 | 126.6 | 210.2 | 402.2 | 293.0 |
| Finance costs | 15.2 | 29.1 | 51.7 | 88.9 | 101.6 |
| Profit before tax and JV share | 49.0 | 97.5 | 176.5 | 364.7 | 251.9 |
| Total tax expense | 11.6 | 20.1 | 39.5 | 73.8 | 58.3 |
| Profit for the year after JV share | 37.4 | 77.5 | 134.9 | 287.8 | 196.6 |
| Diluted EPS, face value Re 1 (₹) | 1.70 | 3.38 | 5.41 | 10.55 | 6.82 |
| Materials + traded goods purchases + inventory change | 2,206 | 3,892 | 4,355 | ||
| Employee benefits expense | 166.3 | 272.9 | 297.2 | ||
| Other expenses | 112.2 | 220.4 | 248.6 | ||
| EBITDA excluding other income | 261.8 | 484.1 | 387.0 | ||
| Other income | 13.0 | 35.1 | 54.8 | ||
| Depreciation and amortisation | 46.6 | 65.6 | 88.2 | ||
| Exceptional items | 0.00 | 0.00 | 0.00 | ||
| Goodworth JV share of profit/(loss), net of tax, below PBT | -2.11 | -3.12 | 2.97 | ||
| Profit attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | ||
| Profit attributable to owners of parent | 134.9 | 287.8 | 196.6 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 312.3 | 395.9 | 1,038 | 2,828 | 3,049 |
| Current + non-current borrowings, excluding leases | 398.6 | 577.0 | 360.6 | 301.9 | 499.7 |
| Cash + other bank balances + liquid current investments | 23.9 | 8.67 | 182.4 | 979.7 | 389.4 |
| Trade receivables | 213.3 | 437.9 | 553.0 | 980.4 | 1,184 |
| Inventories | 286.0 | 353.4 | 543.4 | 1,316 | 1,601 |
| Trade payables (MSME + other) | 269.2 | 390.0 | 646.4 | 1,374 | 1,757 |
| Net property, plant and equipment * | 12.9 | 17.1 | 20.1 | 28.6 | 48.7 |
| Capital work in progress | 4.89 | 8.56 | 90.4 | 73.6 | 312.4 |
| Total assets * | 1,069 | 1,508 | 2,308 | 5,121 | 5,947 |
| Net debt (negative = net cash), excluding leases | 178.2 | -677.7 | 110.3 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operating activities | -217.9 | -104.5 | 188.5 | -76.6 | 69.9 |
| Free cash flow (vendor definition) * | -235.9 | -108.8 | -40.5 | -564.8 | -718.7 |
| Dividends paid (the provider's sign: an outflow is negative) * | -5.23 | -7.10 | |||
| Cash capex payments (negative outflow) | -151.3 | -154.2 | -226.8 | -488.2 | -784.9 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| EPS-implied diluted weighted-average shares | 20.69 | 21.65 | 24.94 | 27.28 | 28.82 |
| Reported diluted weighted-average shares | 24.95 | 27.29 | 28.81 | ||
| Diluted/basic weighted-average shares (x) | 1.01x | 1.02x | 1.01x |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 671.3 | 967.7 | 1,910 | 1,504 | 655.4 | 1,412 | 1,717 | 2,034 |
| Cost of revenue (vendor classification) * | 523.6 | 759.3 | 1,607 | 1,239 | 513.6 | 1,156 | 1,447 | 1,740 |
| Other operating costs (vendor classification) * | 40.8 | 56.6 | -32.9 | 65.2 | 56.4 | 61.0 | 66.0 | 57.0 |
| EBITDA (vendor classification) * | 60.5 | 92.4 | 180.3 | 139.4 | 44.7 | 126.1 | 131.5 | 156.2 |
| EBIT * | 45.1 | 76.0 | 161.6 | 118.6 | 23.0 | 104.1 | 107.8 | 129.7 |
| Finance costs | 15.0 | 22.4 | 33.1 | 33.9 | 16.7 | 25.0 | 26.0 | 35.3 |
| Profit before tax (before share of JV) | 30.1 | 53.6 | 179.9 | 84.7 | 6.32 | 79.1 | 81.8 | 94.4 |
| Total tax expense | 10.6 | 13.4 | 33.5 | 18.0 | 3.94 | 18.8 | 17.6 | 19.1 |
| Profit for the period (after share of JV) | 19.3 | 39.5 | 145.2 | 67.0 | 2.76 | 62.0 | 64.9 | 76.2 |
| Materials consumed + traded goods purchased + inventory change | 523.6 | 759.3 | 1,527 | 1,239 | 513.6 | 1,156 | 1,447 | 1,740 |
| Employee benefits expense | 50.6 | 66.7 | 93.6 | 78.6 | 55.3 | 78.5 | 84.7 | 89.2 |
| Other expenses | 40.8 | 56.6 | 77.0 | 65.2 | 56.4 | 61.0 | 66.0 | 57.0 |
| EBITDA (excl. other income) | 56.4 | 85.2 | 211.9 | 121.2 | 30.1 | 116.9 | 118.8 | 148.2 |
| Other income | 4.14 | 7.20 | 19.9 | 18.2 | 14.6 | 9.23 | 12.8 | 8.03 |
| Depreciation and amortisation | 15.5 | 16.4 | 18.7 | 20.8 | 21.7 | 22.0 | 23.7 | 26.5 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of profit/(loss) of JV (Goodworth), net of tax, below PBT | -0.14 | -0.59 | -1.16 | 0.27 | 0.38 | 1.65 | 0.66 | 0.92 |
| Profit attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to owners of the parent | 19.3 | 39.5 | 145.2 | 67.0 | 2.76 | 62.0 | 64.9 | 76.2 |
| Diluted EPS, FV Re1, split-adjusted (₹) | 0.72 | 1.45 | 5.23 | 2.33 | 0.09 | 2.14 | 2.25 | 2.65 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 56.1% | 95.0% | 28.8% | 77.3% | 8.6% |
| EBITDA margin | 9.5% | 9.9% | 7.3% | ||
| Net margin | 4.9% | 5.9% | 3.7% | ||
| Return on equity | 18.8% | 14.9% | 6.7% | ||
| Return on capital employed | 11.8% | 15.0% | 17.7% | 17.8% | 8.8% |
| Return on assets | 7.1% | 7.7% | 3.6% | ||
| Net debt (₹ crore) | 178.2 | -677.7 | 110.3 | ||
| Net debt / EBITDA | 0.68x | -1.40x | 0.29x | ||
| Interest cover | 4.24x | 4.36x | 4.06x | 4.53x | 2.88x |
| Asset turnover | 1.33x | 1.66x | 1.44x | 1.31x | 0.96x |
| Receivable days | 71 | 75 | 73 | 73 | 82 |
| Inventory days (on revenue) | 95 | 60 | 72 | 99 | 111 |
| Payable days (on revenue) | 90 | 67 | 86 | 103 | 121 |
| Cash conversion | 1.40x | -0.27x | 0.36x | ||
| Capex intensity | 13.8% | 7.2% | 8.3% | 10.0% | 14.8% |
| Free cash flow (₹ crore) | -369.2 | -258.7 | -38.3 | -564.8 | -715.0 |
| Dividend payout | 1.8% | 3.6% | |||
| EPS, diluted (₹) | 1.70 | 3.38 | 5.41 | 10.55 | 6.82 |
| Book value per share (₹) | 15.09 | 18.29 | 41.63 | 103.7 | 105.8 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excluding other income / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (negative = net cash), excluding leases.
- Net debt / EBITDA: net debt / EBITDA excluding other income.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS, face value Re 1).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 24 Oct 2026); market data at the close of 24 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on PG Electroplast
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Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 24 Oct 2026; page updated 2 Nov 2026.
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