PG Electroplast Limited (PGEL) announced its unaudited financial results for the quarter ended June 30, 2026, as approved by the Board of Directors. The disclosure was made to BSE Limited and National Stock Exchange of India Limited under scrip code 533581 and symbol PGEL.

Financial Performance Highlights

Quarter ended June 30, 2026 (1QFY27):

  • Revenue: ₹2,034.0 crores, representing 35.2% year-over-year (YoY) growth
  • EBITDA: ₹156.2 crores, compared to ₹139.4 crores in 1QFY26, growth of 12.1%
  • Net Profit: ₹75.3 crores, compared to ₹66.7 crores in 1QFY26, growth of 12.9%

This quarter marked the first time in company history that consolidated quarterly revenues crossed ₹2,000 crores.

Segment-wise Performance Breakdown

Product Business: Contributed 80.2% of total revenues in 1QFY27, growing 40.7% YoY

  • AC Business: ₹1,401.4 crores, growing 38.1% YoY
  • Washing Machines Business: ₹210.8 crores, growing 67.2% YoY
  • Coolers: ₹18.9 crores, growing 3.4% YoY

Electronics Business: Grew 65.3% YoY and contributed 5.3% of total revenues

Plastic Moulding and Components: ₹294.55 crores, growing 7.5% YoY

Subsidiary and Joint Venture Performance

PG Technoplast (100% subsidiary): Reported revenue of ₹1,628.9 crores with a healthy order book across all product categories

Goodworth Electronics (50:50 JV): Posted revenues of ₹177.3 crores in 1QFY27 vs. ₹147.5 crores in 1QFY26, with EBITDA of ₹6.3 crores vs. ₹4.3 crores YoY

Operational and Strategic Updates

New Manufacturing Facility: The flagship Washing Machine manufacturing facility has become operational in a new campus in DMIC, Greater Noida, Uttar Pradesh. This state-of-the-art plant has capacity to manufacture 1.8 million washing machines per annum.

Margin Context: Gross contribution percentage softened YoY due to elevated commodity prices. The company noted that product pricing in the industry is typically structured on a per-unit rupee margin basis, meaning rising input costs mechanically lower the margin percentage even as per-unit economics stay stable. Raw material cost increases have been partially passed through to customers.

Balance Sheet Position: Cash & Bank Balances stood at ₹491.3 crores at the end of 1QFY27, and the company returned to a net cash position after a net debt position in 4QFY26.

Management Commentary

Vikas Gupta, Managing Director - Operations, stated: "This has been a landmark quarter for PGEL... The broader industry is now coming out of a difficult stretch marked by successive demand and supply shocks, and the underlying indicators point to a genuine recovery. Given the relatively low penetration levels in core categories like Room ACs and Washing Machines, we see significant long-term headroom for growth."

The company remains focused on product innovation, capital-efficient expansion, and deepening client partnerships, with investments in new platform development and capability enhancement across core product lines progressing as planned.

Future Outlook and Capacity Expansion

The management sees increased opportunities from both existing and new clients. Several capacity projects initiated over the past year are progressing toward commercialization and are expected to come online through FY27, including:

  • Refrigerator campus in Sri City, Andhra Pradesh
  • State-of-the-art room air conditioner compressor manufacturing plant in Supa, Maharashtra
  • Facility for plastic components, tooling, and coolers in Salarpur, Rajasthan

Strategic priorities include R&D, new product development, backward integration, and capability enhancement. The company aims to achieve industry-leading revenue growth, drive gradual margin expansion through operational efficiencies and operating leverage, and maintain best-in-class capital efficiency through improved cash flows and balance sheet optimization.

Company Background

PG Electroplast is a provider of Electronic Manufacturing Services (EMS) and contract manufacturing to leading consumer durable and electronics brands in India. The company has significant capacities in Plastic Injection moulding and capabilities across the value chain in OEM and ODM products including Washing Machines, Room ACs, Air-Coolers and LED TVs.