PG Electroplast Limited – Investor Presentation Summary

Key Operational Highlights

  • Consolidated Half-yearly revenues crossed ₹2,950 crores for the first time in company's history at ₹2,967.83 crores for H1 FY2027
  • 100% subsidiary PG Technoplast reported ₹2,130.5 crores in revenue
  • Order book remains healthy for all products
  • 10,000+ employees across 11 manufacturing units in Greater Noida, Ahmednagar, Bhiwadi and Roorkee
  • Company has grown more than 20x in 10 years from revenue of ₹263 crores in FY2016 to ₹5,343 crores in FY2026 at 35.1% CAGR

Key drivers of operational performance: Capacity expansion, strong order book across product verticals, and market share growth in customer outsourcing wallet.

Segment-wise Performance

  • Product business contributed 70.3% of total revenues in H1 FY2027, growing 41.1% YoY
  • AC business grew 36.2% YoY to ₹1,561.1 crores for H1 FY2027
  • Washing Machines business grew 60.7% to ₹504.8 crores
  • Coolers grew 4.8% YoY to ₹19.2 crores
  • Electronics business grew 90.3% YoY and contributed 12.1% of total revenues
  • Plastic Moulding and components contributed ₹520.7 crores and grew 7.3% YoY
  • 50:50 JV Goodworth Electronics posted revenues of ₹623.8 crores in H1 FY2027 vs. ₹483.4 crores in H1 FY2026

Explanation of significant changes in segment performance: Strong growth in washing machines (60.7%) and electronics (90.3%) driven by market demand and capacity expansion, while cooler segment showed marginal growth.

Financial Highlights

Revenue: ₹933.88 crores (Q2 FY2027)

EBITDA: ₹69.14 crores (Q2 FY2027)

PAT: ₹13.67 crores (Q2 FY2027)

Margins: EBITDA Margin 7.4% (Q2 FY2027), PAT Margin 1.5% (Q2 FY2027)

YoY/QoQ comparison: Q2 FY2027 vs Q2 FY2026 - Revenue up 42.5%, EBITDA up 54.8%, PAT up 395.2%; H1 FY2027 vs H1 FY2026 - Revenue up 37.4%, EBITDA up 22.4%, PAT up 28.9%

Drivers of financial performance: Revenue growth across segments, expense control measures, and profit from joint venture which increased 1094.0% in Q2 FY2027

Key Risks: Elevated commodity prices impacting margin percentages, though raw material cost increases have been fully passed through to customers

Expenditure Analysis (as % of Operating Revenues)

  • Cost of Raw Material: 82.26% in Q2 FY2027 (78.36% in Q2 FY2026)
  • Employee Expenses: 6.54% in Q2 FY2027 (8.61% in Q2 FY2026)
  • Finance Cost: 2.79% in Q2 FY2027 (2.55% in Q2 FY2026)
  • Depreciation & Amortisation: 3.01% in Q2 FY2027 (3.30% in Q2 FY2026)
  • Other Expenses: 4.81% in Q2 FY2027 (8.44% in Q2 FY2026)

Balance Sheet Snapshot (as of September 30, 2026)

Net Fixed Assets: ₹1,499.92 crores

Right-of-use-Assets: ₹276.79 crores

Other Non-current Asset: ₹636.78 crores

Cash & Bank Balance: ₹422.54 crores

Trade Receivables: ₹800.72 crores

Inventories: ₹1,353.07 crores

Other current Assets: ₹544.83 crores

Total Current Assets: ₹2,698.62 crores

Current Liabilities & Provisions: ₹1,505.87 crores

Net Current Assets: ₹1,192.75 crores

Total Assets: ₹4,028.78 crores

Equity Share Capital: ₹28.68 crores

Other Equity: ₹3,118.92 crores

Total Equity: ₹3,147.60 crores

Short term Debt: ₹492.01 crores

Long term Debt: ₹221.66 crores

Total Debt: ₹713.67 crores

Other Non-current Liabilities: ₹167.51 crores

Net Debt: ₹291.13 crores (Net Cash of ₹146.48 crores in previous year)

Net Debt/Equity: 0.09

Net Debt/EBITDA: 0.60

Financial Health Insights: Increased debt utilization for expansion, maintained strong equity base of ₹3,147.60 crores

Key Ratios (as of September 30, 2026)

Fixed Asset Turns: 4.09 (5.04 previous year)

Average Receivables Days: 42.33 days (39.28 days previous year)

Average Inventory Days: 97.03 days (87.32 days previous year)

Average Payable Days: 71.69 days (50.48 days previous year)

Cash conversion cycle: 67.68 days (63.93 days previous year)

RoCE (TTM): 12.4% (20.8% previous year)

RoE (TTM): 7.2% (12.6% previous year)

Capex & Cash Flow Health

  • Cumulative Capital Expenditure of over ₹1,900 Crores over past 10 years
  • Two new facilities scheduled to start commercial production in Q4 FY2027
  • Flagship Washing Machine manufacturing facility in DMIC, Greater Noida with capacity of 1.8 million washing machines per annum
  • New plastic component & Coolers facility at Salarpur, Bhiwadi operational and will start contributing from Q3 FY2027

Investment Rationale: Focus on capacity expansion, capability enhancement, and backward integration to achieve higher value addition and better economies of scale

Strategic & R&D Initiatives

Investments in Innovation: Pursuing organic growth strategy by ramping up capacities & capabilities in each product vertical

Expected impact on growth: New product offerings in focus segments to be launched in coming quarters

Strategic Rationale: Building long-term resilience, enhancing capital efficiency, and growing market share in customer outsourcing wallet

Industry Trends & Business Environment

Macro/Industry Trends: Government reforms (Digital India, Make in India, Power for all, Jan Dhan-Aadhar-Mobile Trinity), rapid urbanization, growth of young population with rising income levels, low penetration levels, falling prices of durables and electronics, changing lifestyle of Indian consumer

Impact on Company: Management is enthused about overall opportunity size and anticipates high growth rates in industry segments where company has presence

Management Commentary & Growth Outlook

Strategic Outlook: "Company foresees large opportunities in plastic moulding and in consumer durables", "Company is uniquely positioned in the consumer durable & plastics space in India"

FY Guidance: Gradual improvement in margins due to better operational efficiencies and higher operating leverage; Improving profitability and higher cashflows expected to lead to better capital efficiency and stronger balance sheet

Risks and Opportunities: Elevated commodity prices impacting margin percentages (though fully passed through to customers), exciting times ahead for all business segments

ESG Updates

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Digital Transformation

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