PG Electroplast Ltd logo

PG Electroplast Ltd

PGEL NSE

Key Fundamentals

SmallcapElectronicsConsumer Goods
Market Cap
₹17,149 Cr
Volatility
Moderate
P/E Ratio
82.8
EBITDA
₹387 Cr
Return on Equity
10.29%
Debt to Equity
0.2
Book Value
₹106.43
EPS
₹7.08
52W High
₹644.4
52W Low
₹436.55

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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53 extracted metrics + investor summaries across FY11–FY26.

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Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

Key Insights

Strengths

1
  • Company has delivered good profit growth of 75.1% 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: -17.8%

Growth Rate

Revenue Growth
7.82% ↘
Net Income Growth
-30.90% ↘
Cash Flow Change
-140.64% ↘
ROE
-22.05% ↘
ROCE
-15.03% ↘
EBITDA Margin (Avg.)
-31.63% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 5d ago
AI opinion · based on fundamentals
Risk high

PG Electroplast is a fast-growing EMS/ODM company with FY25 revenue of ₹4,869 crore (+77% YoY) and net profit of ₹291 crore (+112% YoY), trading at a market cap of ~₹17,363 crore with a PE of 83.6x. While growth rates are exceptional, profitability metrics like ROE (3-year average ~11%) remain modest relative to the premium valuation, and promoter holding has declined by 17.8% over three years.

Bull Case 8
  • FY25 revenue surged 77% YoY to ₹4,869 crore, demonstrating strong demand for RACs and washing machines in the Indian consumer electronics EMS space
  • FY25 net profit grew 112% YoY to ₹291 crore, with PAT margin improving to ~6%, showing operating leverage kicking in at scale
  • FY25 EBITDA rose 81% YoY to ₹519 crore with EBITDA margin at 11.1% in Q4 FY25, indicating improving unit economics
  • 5-year compounded profit CAGR of 75% and 5-year sales CAGR of 50% reflect a sustained high-growth trajectory, not a one-off spike
  • Mutual fund holdings rose from 3.56% in June 2024 to 13.31% in June 2025, signaling strong institutional confidence in the business model
  • Debt-to-equity ratio at approximately 0.20x indicates a conservatively financed balance sheet even amid aggressive capacity expansion
  • Expansion into South India with a 50-acre Sri City facility and upcoming refrigerator plant broadens the addressable market and diversifies geography
  • Stock price CAGR of 78% over 5 years and 56% over 3 years reflects sustained market re-rating aligned with earnings delivery
Bear Case 8
  • PE ratio of 83.6x is extremely elevated for a manufacturing/EMS business, leaving little margin of safety if growth slows
  • Promoter holding has declined by 17.8% over three years (now ~43.4%), including a recent ₹1,177 crore block deal to sell 5.62% stake in May 2025
  • 3-year average ROE of only 11% is modest for a stock commanding 83x earnings, suggesting capital is not being deployed at high incremental returns
  • TTM profit growth has turned negative at -24%, indicating a sharp sequential deceleration from the 112% annual growth in FY25
  • TTM sales growth has slowed to 15% from 77% in FY25, raising questions about whether the hyper-growth phase is plateauing
  • Total expenses grew 75.8% YoY in FY25, nearly matching revenue growth, meaning margin expansion is narrow and cost discipline is critical
  • Dividend yield of just 0.04% offers negligible cash return to shareholders at current valuations
  • Heavy dependence on RAC and washing machine OEM contracts means revenue concentration risk if key clients shift sourcing

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 19h ago
Positives 2
  • Q1 revenue up 12.7% YoY Aug 6

    Consolidated revenue grew 12.7% YoY to ₹2,034 crore in Q1FY26. Board approved new plants in Rajasthan and DMIC, signaling capacity expansion.

  • Targets 25-30% revenue growth Aug 10

    Management targets 25-30% revenue growth by FY27-28 and aspires to 8% operating margin (excl. PLI). Q1 EBITDA margin stood at 7%, expected to exceed 8% with PLI benefits.

Neutral 2
  • Axis Capital Singapore investor meet Aug 11

    PGEL will participate in Axis Capital's India Corporate Day on August 19, 2026 in Singapore for physical group meetings with investors.

  • Q1FY27 earnings call held Aug 7 Aug 7

    Earnings conference call for the quarter ended June 30, 2026 was held on August 7 at 10:00 AM IST, organized by Axis Capital. Audio recording uploaded same day.

TL;DR: PG Electroplast is delivering steady top-line growth with Q1 revenue up 12.7% YoY and management guiding toward 25-30% revenue growth over the next two years alongside margin expansion. No material headwinds surfaced this week. Capacity additions in Rajasthan and DMIC plus active investor engagement suggest confidence in the forward trajectory, though the 8% margin aspiration remains an ambition rather than formal guidance.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

  Mar 2011Mar 2012Mar 2013Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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
55
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%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2011Mar 2012Mar 2013Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
2,302
Total Liabilities
160
288
288
580
1,069
1,509
2,310
5,123
5,947
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
4,083
Total Assets
160
288
288
580
1,069
1,509
2,310
5,123
5,947
Figures in ₹ Crores

Cash Flow

  Mar 2011Mar 2012Mar 2013Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
23
-23
—
57
-79
46
188
-77
66
Investing
-50
-97
—
-44
-161
-173
-401
-1,201
-198
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
-717
CFO/OP
99
-813
—
113
-103
31
83
-2
36
Figures in ₹ Crores

Ratios

  Mar 2011Mar 2012Mar 2013Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
28
29
43
76
71
74
74
73
82
Inventory Days
16
45
39
61
118
73
90
124
134
Days Payable
33
67
63
101
111
81
107
129
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%

Shareholding Pattern

As of Jun 2026
Promoters 43.37%
DIIs 23.89%
Public 17.91%
FIIs 9.95%
Others 4.88%
Total 100.00%
  Mar 2021Jun 2021Jul 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Jul 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
69.83%
69.83%
65.83%
65.83%
65.71%
65.71%
65.71%
65.24%
61.33%
61.33%
61.20%
53.59%
53.59%
53.70%
53.56%
53.56%
53.42%
49.37%
49.37%
43.72%
43.60%
43.41%
43.41%
43.37%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
8.96%
0.00%
11.02%
11.07%
10.78%
10.68%
10.29%
10.45%
13.02%
11.46%
10.59%
9.74%
9.95%
DIIs
0.00%
0.15%
0.14%
0.00%
0.00%
0.00%
0.00%
1.56%
6.47%
7.17%
7.13%
12.62%
5.55%
10.94%
9.90%
10.25%
9.80%
16.22%
16.38%
18.10%
18.83%
22.66%
24.48%
23.89%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
24.03%
23.79%
28.16%
28.56%
29.26%
29.73%
29.02%
25.88%
24.29%
23.40%
22.49%
19.58%
18.49%
18.96%
20.64%
20.62%
21.09%
19.55%
19.45%
20.09%
21.17%
18.66%
18.03%
17.91%
Others
6.14%
6.22%
5.87%
5.61%
5.03%
4.56%
5.27%
7.32%
7.91%
8.10%
9.18%
5.24%
22.37%
5.37%
4.85%
4.79%
5.01%
4.57%
4.35%
5.08%
4.94%
4.68%
4.34%
4.88%
No. of Shareholders
7,134
8,231
8,239
8,446
10,889
11,273
13,002
12,280
12,918
12,848
13,936
14,930
17,837
20,678
35,492
46,789
1,03,595
1,21,472
1,58,667
2,18,384
2,55,336
2,26,944
2,23,484
2,20,368

Documents

1
Concall - Dec 2017 Dec 2017
2
Concall - May 2018 May 2018
3
Concall - Aug 2018 Aug 2018
4
Concall - Nov 2018 Nov 2018
5
Concall - Feb 2019 Feb 2019

Frequently Asked Questions about PG Electroplast Ltd

What does PG Electroplast Ltd do?
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)...
Where is PG Electroplast Ltd (PGEL) listed?
PG Electroplast Ltd is listed on the Indian stock exchanges. It is listed on NSE: PGEL and BSE: 533581. You can view its live share price, financials, and ratios on Tapetide.
Which sector does PG Electroplast Ltd belong to?
PG Electroplast Ltd operates in the Consumer Goods sector within the Electronics industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of PG Electroplast Ltd?
PG Electroplast Ltd has a market capitalisation of approximately ₹17149.09 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of PG Electroplast Ltd?
The Price-to-Earnings (PE) ratio of PG Electroplast Ltd is 82.80. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of PG Electroplast Ltd?
Over the past 52 weeks, PG Electroplast Ltd has traded between a low of ₹436.55 and a high of ₹644.4. This range helps investors understand the stock's price volatility and recent trading levels.
Does PG Electroplast Ltd pay dividends?
Yes, PG Electroplast Ltd has a dividend yield of 0.04%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of PG Electroplast Ltd?
PG Electroplast Ltd has a Return on Equity (ROE) of 10.29%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research PG Electroplast Ltd on Tapetide?
On Tapetide, you can view PG Electroplast Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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]

Website pgel.in
CEO Mr. Anurag Gupta
Employees 1,844
Listed 2011-09-26
Face Value ₹ 1
Issued Size 28,53,18,658

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