PG Electroplast
PG Electroplast
Consumer Goods F&OKey Fundamentals
MicrocapElectronicsConsumer GoodsTapetide Score
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Key Insights
Strengths
1- Company has delivered good profit growth of 75.2% CAGR over last 5 years
Weaknesses
2- Company has a low return on equity of 11.1% over last 3 years.
- Promoter holding has decreased over last 3 years: -10.2%
Growth Rate
AI Analysis — Bull vs Bear
PG Electroplast is a contract manufacturer with a market cap of about ₹14,675 crore. It has grown sales at a 50% CAGR and profit at a 75% CAGR over 5 years, but TTM sales growth has slowed to 15% and TTM profit is down 24%. The stock trades at a P/E of 71.7x and P/B of 4.84x. Return on equity is 7% for the last year and 11% over 3 years.
- Profit has compounded at a 75% CAGR over 5 years, and sales at a 50% CAGR over the same period. This shows how fast the company has grown in the Indian consumer durables contract manufacturing segment.
- Growth stayed high over the medium term, with a 3-year sales CAGR of 35% and a 3-year profit CAGR of 36%. This indicates the expansion was not a one-off.
- In FY25, operating revenue rose about 77% and net profit about 112%. Product business revenue reached about ₹3,525 crore (+111% YoY), and room AC revenue was about ₹3,009 crore (+128% YoY).
- The product mix is diversifying. Washing machine revenue grew about 43% YoY to roughly ₹448 crore in FY25 and was reported up 36% YoY in Q1 FY26. This reduces reliance on the seasonal room AC segment.
- Sales are still growing at 15% on a TTM basis despite the profit decline. Management's FY26 guidance of ₹5,700–5,800 crore revenue implies growth over FY25 revenue of about ₹4,870 crore.
- Part of the FY26 earnings pressure came from non-operating items. The company reported a forex loss of about ₹38.8 crore in FY26 versus a forex gain of about ₹18 crore in FY25, a swing of roughly ₹57 crore.
- The stock has returned 66% CAGR over 5 years and 43% CAGR over 3 years. Its long-term record is also strong, at 41% CAGR over 10 years.
- TTM profit has declined 24% while TTM sales grew only 15%. This is a sharp slowdown from the 5-year profit CAGR of 75% and shows margins are under pressure.
- The stock trades at a P/E of 71.7x even though TTM earnings are falling. That valuation assumes growth will recover strongly, which leaves little room for further earnings misses.
- Return on equity is low: 7% for the last year, 11% over 3 years and 12% over 5 years. Against a P/B of 4.84x, capital efficiency looks weak relative to valuation.
- Promoter holding has fallen 17.8% over the last 3 years, reducing insider ownership.
- Quarterly earnings have been volatile. Q2 FY26 net profit was about ₹3 crore, down 86% from ₹19.3 crore a year earlier, as room AC revenue declined.
- FY26 profit guidance of ₹300–310 crore implies only modest growth over FY25 net profit of roughly ₹290 crore. The earlier FY26 outlook targeted about 39% net profit growth.
- Room ACs made up about ₹3,009 crore of the ₹3,525 crore product business in FY25, or roughly 85%. That concentration exposes earnings to weather, seasonal demand and inventory swings in one category.
- The dividend yield is just 0.05%, so shareholder returns depend almost entirely on share price gains. The stock's 1-year return has been only 1%.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- 24th AGM held, ₹0.25 dividend Sep 29
PG Electroplast held its 24th AGM on September 29, 2026 via VC/OAVM, as announced on Sep 5. The agenda covered adopting FY26 financials, declaring a ₹0.25 per share dividend and appointing a new statutory auditor.
- Nuvama CEO Forum investor meet Sep 21
The company will join the Nuvama Emerging India CEO Forum on September 28, 2026, at Hotel Grand Hyatt, Mumbai. This is a physical meeting where company representatives will talk with investors.
- FY26 BRSR report filed Sep 5
PG Electroplast filed its FY26 Business Responsibility and Sustainability Report with the stock exchanges. It covers environmental targets, workforce data and governance metrics.
TL;DR: All recent news for PGEL is routine compliance and investor relations: the AGM, a ₹0.25 per share dividend, the FY26 BRSR filing and a Nuvama investor forum. None of these items reveal new risks, and none should move the stock much. The statutory auditor change is normal governance, but it is worth confirming it was a routine rotation. Look to upcoming quarterly results and any guidance from the investor meet for clearer signals on demand and margins.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 678 | 460 | 532 | 1,077 | 1,321 | 671 | 968 | 1,910 | 1,504 | 655 | 1,412 | 1,717 | 2,034 |
| Expenses | 612 | 423 | 490 | 960 | 1,190 | 615 | 883 | 1,698 | 1,383 | 625 | 1,295 | 1,598 | 1,886 |
| Operating Profit | 66 | 38 | 42 | 116 | 131 | 56 | 85 | 212 | 121 | 30 | 117 | 119 | 148 |
| OPM % | 10% | 8% | 8% | 11% | 10% | 8% | 9% | 11% | 8% | 4.6% | 8% | 7% | 7% |
| Other Income | 1 | 3 | 5 | 3 | 4 | 4 | 7 | 20 | 18 | 15 | 9 | 13 | 8 |
| Interest | 14 | 12 | 10 | 16 | 18 | 15 | 22 | 33 | 34 | 17 | 25 | 26 | 35 |
| Depreciation | 11 | 11 | 11 | 14 | 15 | 15 | 16 | 19 | 21 | 22 | 22 | 24 | 27 |
| PBT | 42 | 18 | 26 | 91 | 101 | 30 | 54 | 180 | 85 | 6 | 79 | 82 | 94 |
| Tax % | 20% | 30% | 26% | 21% | 16% | 35% | 25% | 19% | 21% | 62% | 24% | 22% | 20% |
| Net Profit | 34 | 12 | 19 | 70 | 84 | 19 | 40 | 145 | 67 | 3 | 62 | 65 | 76 |
| EPS in Rs | 1.49 | 0.48 | 0.74 | 2.67 | 3.21 | 0.74 | 1.4 | 5.13 | 2.36 | 0.1 | 2.17 | 2.27 | 2.67 |
Profit & Loss
| Particulars | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 424 | 222 | 303 | 703 | 1,098 | 2,160 | 2,746 | 4,870 | 5,288 | 5,818 |
| Expenses | 396 | 219 | 298 | 653 | 1,023 | 1,983 | 2,484 | 4,385 | 4,901 | 5,404 |
| Operating Profit | 28 | 3 | 5 | 50 | 75 | 177 | 262 | 484 | 387 | 414 |
| OPM % | 7% | 1.2% | 1.6% | 7% | 7% | 8% | 10% | 10% | 7% | 7% |
| Other Income | 3 | 4 | 7 | 2 | 19 | 4 | 12 | 35 | 54 | 45 |
| Interest | 6 | 11 | 11 | 18 | 22 | 48 | 52 | 89 | 102 | 103 |
| Depreciation | 2 | 5 | 9 | 18 | 22 | 35 | 47 | 66 | 88 | 94 |
| PBT | 23 | -9 | -9 | 15 | 49 | 98 | 176 | 365 | 252 | 262 |
| Tax % | 23% | 0% | -43% | 23% | 24% | 21% | 22% | 20% | 23% | — |
| Net Profit | 18 | -9 | -5 | 12 | 37 | 77 | 135 | 288 | 197 | 206 |
| EPS in Rs | — | -0.53 | -0.3 | 0.59 | 1.76 | 3.41 | 5.18 | 10.17 | 6.89 | 7.21 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 4% | 2% | 4% | — |
Balance Sheet
| Particulars | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 11 | 16 | 16 | 20 | 21 | 23 | 26 | 28 | 29 |
| Reserves | 35 | 131 | 126 | 173 | 291 | 373 | 1,012 | 2,800 | 3,020 |
| Borrowings | 68 | 78 | 80 | 185 | 399 | 577 | 435 | 384 | 597 |
| Other Liabilities | 46 | 62 | 65 | 203 | 358 | 536 | 837 | 1,910 | 2,303 |
| Total Liabilities | 160 | 288 | 288 | 580 | 1,069 | 1,509 | 2,310 | 5,123 | 5,948 |
| Fixed Assets | 62 | 122 | 123 | 273 | 441 | 578 | 783 | 1,136 | 1,540 |
| CWIP | 17 | 21 | 22 | 6 | 5 | 2 | 65 | 76 | 312 |
| Investments | 0 | 30 | 26 | 0 | 1 | 2 | 6 | 8 | 11 |
| Other Assets | 80 | 115 | 117 | 301 | 623 | 927 | 1,456 | 3,902 | 4,084 |
| Total Assets | 160 | 288 | 288 | 580 | 1,069 | 1,509 | 2,310 | 5,123 | 5,948 |
Cash Flow
| Particulars | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Operating | 23 | -23 | — | 57 | -79 | 46 | 188 | -77 | 70 |
| Investing | -50 | -97 | — | -44 | -161 | -173 | -401 | -1,201 | -201 |
| Financing | 22 | 126 | — | -17 | 257 | 112 | 234 | 1,329 | 82 |
| Net Cash Flow | -5 | 6 | — | -4 | 16 | -15 | 22 | 51 | -50 |
| Free Cash Flow | -27 | -91 | — | 15 | -231 | -108 | -37 | -564 | -713 |
| CFO/OP | 99 | -813 | — | 113 | -103 | 31 | 83 | -2 | 37 |
Ratios
| Particulars | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 28 | 29 | 43 | 76 | 71 | 74 | 74 | 73 | 82 |
| Inventory Days | 16 | 45 | 39 | 61 | 118 | 73 | 90 | 122 | 134 |
| Days Payable | 33 | 67 | 63 | 101 | 111 | 81 | 107 | 127 | 147 |
| Cash Conversion Cycle | 12 | 7 | 18 | 37 | 78 | 67 | 57 | 68 | 69 |
| Working Capital Days | -15 | -60 | 34 | -10 | 7 | 9 | 35 | 60 | 56 |
| ROCE % | — | 1% | 1% | — | 13% | 17% | 19% | 19% | 10% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Company Information
PG Electroplast Limited (PGEL) is the flagship company of PG Group. While the PG Group had started its journey in 1977, PG Electroplast was formally set up in 2003 and is a leading, diversified Indian Electronic Manufacturing Service provider. It specializes in Original Design Manufacturing (ODM), Original Equipment Manufacturing (OEM) and Plastic Injection Molding, catering to 50+ leading Indian and Global brands.[1]
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