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. Presenting below are its Q1 FY26 earnings results.
Q1 FY26 Earnings Results
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Total Income: ₹1,504 crores, up 13.8% YoY (Q1 FY25: ₹1,324.59 crores), and up 40.9% QoQ (Q4 FY25: ₹1,079.96 crores).
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Total Expenses: ₹1,437.34 crores, up 17.5% YoY and 45.3% QoQ.
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EBITDA: ₹139.42 crores, up 3.6% YoY (Q1 FY25: ₹134.54 crores).
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Profit Before Tax (PBT): ₹84.68 crores, down 16.3% YoY (Q1 FY25: ₹101.13 crores), and down 6.5% QoQ (Q4 FY25: ₹90.52 crores).
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Profit After Tax (PAT): ₹66.98 crores, down 20% YoY (Q1 FY25: ₹83.70 crores), and down 3.7% QoQ (Q4 FY25: ₹69.55 crores).
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Earnings Per Share (EPS): ₹2.36, down 26.4% YoY (Q1 FY25: ₹31.60), and down 91.2% QoQ (Q4 FY25: ₹27.40)*.
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Revenue from Products: ₹1,159 crores, 77% of total, up 16.7% YoY.
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Room AC Sales: Up 15.1% YoY.
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Washing Machines: Up 36.1% YoY.
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Coolers: Down 3.9% YoY.
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Joint Venture (Goodworth Electronics): JV revenue up to ₹147.53 crores (Q1 FY25: ₹75.47 crores), EBITDA up to ₹4.27 crores.
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Capex Plan: ₹700–750 crores for FY26 across new plants for washing machines, refrigerators, coolers, and components.
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Subsidiary PG Technoplast: Reported revenue of ₹1,211 crores in Q1.
Key Management Commentary & Strategic Highlights
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Q1 was challenging due to early monsoon, dampening summer product demand (coolers, ACs).
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Growth was driven by strong performance in Room ACs and Washing Machines, while Coolers saw a slight decline.
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Margin pressure continued as cost inflation and subdued demand for select seasonal products took effect, despite revenue growth.
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Continued strategic investments in new plants and capacity expansion to support core categories.
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Management remains optimistic about medium-term prospects, highlighting recovery expected as monsoon effect dissipates and new capacities come online.
Q4 FY25 Earnings Results
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Total Income: ₹1,079.96 crores.
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Profit After Tax (PAT): ₹69.55 crores.
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EPS: ₹27.40.
To view the company’s previous earnings and latest concall transcripts, click here to visit the Alphastreet India news channel.