PG Electroplast Ltd logo

PG Electroplast Ltd

PGEL NSE

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]

AI Verdict: HOLD Confidence: 5%

PG Electroplast has delivered exceptional long-term growth (75% profit CAGR over 5 years, 50% sales CAGR) and enjoys strong analyst consensus with 89% buy ratings. However, the stock trades at a steep 82x PE with deteriorating near-term fundamentals — TTM profit declining 32% and ROE dropping to 7% — warranting caution at current levels.

Key Fundamentals

SmallcapElectronicsConsumer Goods
Market Cap
₹15,787 Cr
Volatility
Moderate
P/E Ratio
79.12
EBITDA
₹387 Cr
Return on Equity
19.57%
Debt to Equity
0.21
Book Value
₹106.75
EPS
₹7.08
52W High
₹836.45
52W Low
₹436.55

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: -17.9%

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 3d ago
HOLD
Risk high

PG Electroplast has delivered exceptional long-term growth (75% profit CAGR over 5 years, 50% sales CAGR) and enjoys strong analyst consensus with 89% buy ratings. However, the stock trades at a steep 82x PE with deteriorating near-term fundamentals — TTM profit declining 32% and ROE dropping to 7% — warranting caution at current levels.

Bull Case 7
  • Exceptional 5-year compounded profit growth of 75% CAGR demonstrates strong earnings scalability
  • 5-year compounded sales CAGR of 50% indicates robust revenue momentum and market share gains
  • Overwhelming analyst consensus with 88.89% buy ratings (8 out of 9 analysts) signals institutional confidence
  • 5-year stock CAGR of 67% reflects sustained wealth creation for long-term shareholders
  • 3-year stock CAGR of 52% shows strong medium-term price appreciation despite recent correction
  • Market cap of Rs 16,021 crore provides reasonable scale for institutional participation in the EMS/consumer electronics space
  • 3-year compounded sales growth of 35% suggests consistent order book expansion and client additions
Bear Case 8
  • PE ratio of 82x is extremely elevated, pricing in perfection with minimal margin of safety
  • TTM profit has declined 32%, signaling sharp near-term earnings deterioration
  • ROE has dropped from 11% (3-year average) to just 7% last year, indicating declining capital efficiency
  • Promoter holding has decreased by 17.9% over last 3 years, raising governance and alignment concerns
  • 1-year stock return of -24% reflects significant de-rating and loss of market confidence
  • Low 3-year average ROE of just 11.1% is subpar for a stock commanding 82x earnings
  • Dividend yield of only 0.04% offers virtually no downside protection or income cushion
  • TTM sales growth has decelerated sharply to 9% from 35% three-year CAGR, suggesting demand slowdown

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

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Headwinds 6
  • FY26 guidance badly missed May 28

    Full-year revenue grew only 9% vs 17-19% guidance; net profit fell 32% vs guided growth of 3-7%. EBITDA margins compressed to 6.9% from 11.1% in Q4, with gross margins down 300bps to 15.7%.

  • Q4 revenue loss of ₹420Cr May 28

    Q4 topline declined 10% to ₹1,717Cr, missing estimates, with ₹420Cr revenue lost due to LPG crisis and truck shortages linked to Iran war disruptions.

  • Forex losses and commodity pressure May 28

    Forex losses of ₹38.77Cr in FY26 vs gain of ₹17.99Cr in FY25; commodity inflation and currency weakness eroded margins by 250bps.

  • Working capital deterioration May 28

    Cash conversion cycle stretched to 66 days from 50; inventory days rose to 82 from 56; cash on books fell to ₹389Cr from ₹979Cr.

  • RAC industry declined ~15% in FY26 May 28

    Room AC industry hit by three demand shocks: early monsoon in Q1, GST rate cut impact in Aug-Sep, and BEE rating transition anticipation in Dec 2025.

  • Stock down 39% over past year May 28

    Shares declined 19% over six months and nearly 39% over the past year, trading near the bottom of its 52-week range of ₹436.55-₹836.45.

Positives 5
  • Washing machines grew 52% in FY26 May 28

    Washing machines segment grew 52% last year with management expecting upwards of 30-35% growth in FY27, backed by strong client visibility.

  • New plants on track for Q4 FY27 May 29

    Refrigerator plant at Sri City and rotary compressor facility at Supa set to begin production in Q4 FY27, with 50-55% capacity utilization expected in FY28.

  • 8% EBITDA margin target by FY27 May 29

    Company targeting stronger-than-industry revenue growth with 8% EBITDA margins and significant working capital improvements to drive better free cash flow.

  • Q4 EPS beat forecasts by 17% May 28

    EPS of ₹4.9 exceeded analyst forecasts by 16.67% despite revenue miss, demonstrating strong earnings management.

  • Industry price hikes of 10-15% May 28

    Cumulative price hikes of 10-15% implemented from Dec 2025 to Apr 2026 to counter commodity price increases, which should support margin recovery.

Neutral 3
  • Analyst meeting with Axis Capital Jun 8

    Physical meeting scheduled with Axis Capital analysts on June 11, 2026 in Pune; no unpublished price sensitive information to be discussed.

  • 8 lakh ESOPs granted at ₹400 May 30

    8,00,000 options granted at ₹400/share under ESOP Scheme 2020, vesting over 1-4 years.

  • Q4FY26 earnings call audio posted May 28

    Audio recording of Q4FY26 earnings conference call held May 28, 2026 made available on company website.

TL;DR: PG Electroplast delivered a disappointing FY26 with significant guidance misses on revenue (9% vs 17-19% guided) and profit (down 32% vs guided growth), driven by external disruptions, forex losses, and RAC industry weakness. The washing machines segment at 52% growth and upcoming new plants (refrigerator and compressor by Q4 FY27) provide medium-term catalysts. However, working capital deterioration and margin compression remain near-term concerns. The trend is stabilizing with industry price hikes and new capacity commissioning, but execution on FY27 targets needs proof after the FY26 miss.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
828
678
460
532
1,077
1,321
671
968
1,910
1,504
655
1,412
1,717
Expenses
752
612
423
490
960
1,190
615
883
1,698
1,383
625
1,295
1,598
Operating Profit
76
66
38
42
116
131
56
85
212
121
30
117
119
OPM %
9%
10%
8%
8%
11%
10%
8%
9%
11%
8%
5%
8%
7%
Other Income
1
1
3
5
3
4
4
7
20
18
15
9
13
Interest
18
14
12
10
16
18
15
22
33
34
17
25
26
Depreciation
10
11
11
11
14
15
15
16
19
21
22
22
24
PBT
49
42
18
26
91
101
30
54
180
85
6
79
82
Tax %
18%
20%
30%
26%
21%
16%
35%
25%
19%
21%
62%
24%
22%
Net Profit
40
34
12
19
70
84
19
40
145
67
3
62
65
EPS in Rs
1.77
1.49
0.48
0.74
2.67
3.21
0.74
1.4
5.13
2.36
0.1
2.17
2.27
Figures in ₹ Crores

Profit & Loss

  Mar 2011Mar 2012Mar 2013Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
424
222
303
703
1,112
2,160
2,746
4,870
5,288
Expenses
396
219
298
653
1,023
1,983
2,484
4,385
4,901
Operating Profit
28
3
5
50
89
177
262
484
387
OPM %
7%
1%
2%
7%
8%
8%
10%
10%
7%
Other Income
3
4
7
2
5
4
12
35
55
Interest
6
11
11
18
23
48
52
89
102
Depreciation
2
5
9
18
22
35
47
66
88
PBT
23
-9
-9
15
49
98
176
365
252
Tax %
23%
0%
-43%
23%
24%
21%
22%
20%
23%
Net Profit
18
-9
-5
12
37
77
135
288
197
EPS in Rs
—
-0.53
-0.3
0.59
1.74
3.41
5.18
10.17
6.89
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
256
112
234
1,329
82
Net Cash Flow
-5
6
—
-4
16
-15
22
51
-50
Free Cash Flow
-27
-91
—
15
-230
-108
-37
-564
-717
CFO/OP
99
-813
—
113
-86
31
83
-2
36
Figures in ₹ Crores

Ratios

  Mar 2011Mar 2012Mar 2013Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
28
29
43
76
70
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
77
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 Mar 2026
Promoters 43.41%
DIIs 24.48%
Public 18.03%
FIIs 9.74%
Others 4.34%
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 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%
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%
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%
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%
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%
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%
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

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 Discretionary sector within the Consumer Durables 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 ₹15786.58 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 79.12. 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 ₹836.45. 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 0.05%. 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 19.57%. 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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