Consolidated Financial Performance (₹ Crore)

Q2 FY27 vs Q2 FY26:

  • Total Income: ₹77.15 (⬆9.78% from ₹70.27)
  • EBITDA: ₹9.52 (⬆44.76% from ₹6.58)
  • EBITDA Margin: 12.34% (⬆298 bps from 9.36%)
  • Net Profit: ₹6.22 (⬆31.91% from ₹4.71)
  • Net Profit Margin: 8.06% (⬆135 bps from 6.71%)
  • EPS: ₹2.80 (⬆5.26% from ₹2.66)

H1 FY27 vs H1 FY26:

  • Total Income: ₹126.04 (⬆12.96% from ₹111.58)
  • EBITDA: ₹14.54 (⬆36.58% from ₹10.65)
  • EBITDA Margin: 11.54% (⬆199 bps from 9.54%)
  • Net Profit: ₹9.26 (⬆26.36% from ₹7.33)
  • Net Profit Margin: 7.35% (⬆78 bps from 6.57%)
  • EPS: ₹4.17 (⬆0.24% from ₹4.16)

Standalone Financial Performance (₹ Crore)

Q2 FY27 vs Q2 FY26:

  • Total Income: ₹69.60 (⬆2.56% from ₹67.87)
  • EBITDA: ₹8.45 (⬆35.48% from ₹6.24)
  • EBITDA Margin: 12.14% (⬆295 bps from 9.19%)
  • Net Profit: ₹5.50 (⬆21.66% from ₹4.52)
  • Net Profit Margin: 7.90% (⬆124 bps from 6.66%)
  • EPS: ₹2.60 (⬆1.96% from ₹2.55)

H1 FY27 vs H1 FY26:

  • Total Income: ₹110.28 (⬆1.01% from ₹109.17)
  • EBITDA: ₹12.77 (⬆24.34% from ₹10.27)
  • EBITDA Margin: 11.58% (⬆217 bps from 9.41%)
  • Net Profit: ₹8.16 (⬆14.81% from ₹7.10)
  • Net Profit Margin: 7.40% (⬆89 bps from 6.51%)
  • EPS: ₹3.85 (▼3.75% from ₹4.00)

Management Commentary

Mr. Padmaraj Padmanabhan Pillai, Chairman & Managing Director, stated that Q2 FY27 performance showed revenue growth of 9.78%, EBITDA growth of 44.76%, and net profit growth of 31.91% year-on-year. The EBITDA margin expansion to 12.34% reflects benefits of backward integration through subsidiary Peaton Electrical and focus on operational efficiency. Growth was driven by execution and diversification across segments.

Operational Highlights

Order Book: ₹320+ crore as of September 30, 2026 (including ₹95 crore of royalty orders), executable over 12-15 months. Power distribution (RDSS) constitutes 90% of order book, with state utilities accounting for 93%.

Work in Hand: 8 projects as of September 2026, to be completed in 12-15 months.

Bid Pipeline: Active pipeline of ₹500+ crore under evaluation.

Backward Integration through Peaton Electrical (PECL):

  • PIGL's stake in PECL raised to 60% in March 2026
  • PECL's turnover grew to ₹57.3 crore in FY26 from ₹36.0 crore in FY25
  • PECL order book stands at ₹12+ crore as of September 30, 2026
  • PECL licensed to manufacture Siemens SIEPAN 8PU low-voltage switchboards
  • Eligible to assemble, test and sell Schneider compliant PrismaSeT I switchboards
  • Holds CPRI approval for 11 kV, 3000A busduct system

FY27 Outlook

Management targets approximately 30% revenue growth in FY27 with margin expansion driven by backward integration.

Company Background

Founded in 1975, Power & Instrumentation (Gujarat) Limited specializes in Engineering, Procurement, and Construction (EPC) solutions in electrical contracting. The company has delivered 310+ projects for 100+ clients, including 35+ airport projects, electrified more than 100,000 BPL households, and laid over 20,000 km of HT and LT lines. Services include substations, backup power solutions, and advanced electrical systems for industrial, commercial and government clients across power utilities, airports, PSUs, defence and telecom.

FY26 Performance: Consolidated Revenue from Operations ₹218.76 crore, EBITDA ₹22.97 crore, Net Profit ₹14.84 crore.

Disclaimer

Document contains forward-looking statements subject to risks and uncertainties including government actions, economic developments, and technological risks. Company undertakes no obligation to update these statements.