Power and Instrumentation (Gujarat) Ltd (BSE: 543912 / NSE: PIGL) reported higher revenue and profitability in the quarter ended December 31, 2025, driven by execution of electrical EPC projects and new infrastructure contracts, according to its Q3 FY26 disclosures.
For Q3 FY26, consolidated total income rose 43.2% year-on-year to ₹48.89 crore, while EBITDA increased 37.8% to ₹6.16 crore. Reported net profit rose 12% to ₹3.57 crore.
Business overview
Power and Instrumentation (Gujarat) Ltd is an electrical EPC contractor established in 1975, specialising in engineering, procurement and construction solutions across power distribution, substations, transmission, lighting and backup power systems.
The company serves government and private clients across sectors including infrastructure, airports, telecom, industrial facilities and public utilities. It has completed more than 35 airport projects, electrified over 100,000 households and laid over 20,000 km of HT and LT lines.
Financial performance — Q3 FY26
Consolidated net sales increased to ₹48.66 crore in Q3 FY26 from ₹33.37 crore in Q3 FY25. Total expenditure rose to ₹42.73 crore, resulting in EBITDA of ₹6.16 crore compared with ₹4.47 crore a year earlier.
EBITDA margin stood at 12.6%, compared with 13.1% in the prior-year quarter. Profit before tax rose to ₹4.53 crore, while net profit stood at ₹3.57 crore versus ₹3.19 crore in Q3 FY25.
Nine-month performance (9M FY26)
For the nine months ended December 31, 2025, consolidated total income increased 39.2% year-on-year to ₹161.35 crore. EBITDA rose 24.9% to ₹17.68 crore, while net profit increased 21.9% to ₹10.91 crore.
Net profit margin for 9M FY26 stood at 6.76%, compared with 7.72% in the corresponding period last year.
Operational highlights and order inflows
During Q3 FY26, the company secured contracts totaling ₹124.17 crore.
Key orders include:
- ₹102.78 crore turnkey electrification project from Ajmer Vidyut Vitran Nigam Ltd under the RDSS scheme in Rajasthan, with a 15-month execution timeline.
- ₹21.39 crore industrial development contract from ATS Techno Ltd for design, supply, installation and commissioning works at an industrial park in Ahmedabad.
The company stated that these contracts strengthen revenue visibility over the next 12–15 months.
Technology and product developments
The company’s subsidiary, Peaton Electricals Company Ltd, received approval from the Central Power Research Institute (CPRI) for 11 kV, 3000 Amp segregated phase busduct systems.
Management highlighted busduct systems as an emerging opportunity, driven by infrastructure, data centers, commercial buildings and industrial electrification projects.
Business footprint and execution
PIGL currently operates across multiple Indian states including Gujarat, Rajasthan, Maharashtra, Kerala, Assam, Goa, Madhya Pradesh and Jharkhand, serving clients such as airports, utilities and industrial companies.
As of February 2026, the company reported ongoing work worth over ₹450 crore and bids totaling more than ₹200 crore.
Risks and constraints
Company disclosures indicate that performance remains dependent on EPC execution timelines, infrastructure spending cycles, cost management, and sector demand trends. The company also noted that forward-looking statements are subject to economic and regulatory uncertainties.
Outlook
Management stated that continued order inflows, improved execution capabilities and expanding technical offerings are expected to support growth momentum and long-term value creation.