PG Electroplast : Challenging Environment, Long-Term Confidence Intact

 

  • PG Electroplast : Challenging Environment, Long-Term Confidence Intact


  • Quarter ended June 30th, 2025
  • Revenues stood at INR 1,503.85 crores, up 13.9% YoY
  • EBITDA stood at INR 139.42 crores vs. INR 134.54 crores in 1QFY25 – growth of 3.6%
  • Net Profit for the quarter stood at INR 66.71 crores, vs. INR 84.93 crores in 1QFY25
  • Consolidated revenues crossed INR 1,500 crores, with the Product business contributing INR 1,159 crores. PGEL’s 100% subsidiary, PG Technoplast, reported revenues of INR 1,211 crores.
  • New product launches during the quarter received encouraging customer response. 
  • The company is also investing in new platform development for Room ACs and Washing Machines, and plans to expand capacity across Room AC, Washing Machine, and Cooler segments during the year.
  • The Product business contributed 77.1% of overall revenues, growing 16.7% YoY. Within this, Room ACs grew 15.1% YoY, Washing Machines grew 36.1% YoY, and Coolers declined marginally by 3.9% YoY.  
  • The Electronics business contributed 4.3% of total revenues. In 1QFY25, the TV business was transitioned to a 50% JV. Goodworth Electronics (JV) posted revenues of INR 147.53 crores in 1QFY26 vs. INR 75.47 crores in 1QFY25, with EBITDA of INR 4.27 crores vs. INR 0.69 crores YoY. 
  • Specific guidance for FY2026
  • PGEL Consolidated Revenues expected at INR 5,700–5,800 crores, implying growth of 17% to 19% over FY25
  • Net Profit Guidance: INR 300–310 crores, a growth of 3%–7% over FY25 net profit of INR 291 crores
  • Goodworth Electronics Revenue Guidance: INR 850 crores, implying Total Group Revenues of INR 6,550–6,650 crores
  • Product business (Washing Machines, Room ACs, Coolers) expected to grow 17%–21%, reaching INR 4,140–4,280 crores, up from INR 3,526 crores in FY25
  • FY26 Capex expected to be INR 700–750 crores, to fund new projects including:
  • Facility for plastic components and coolers in Rajasthan
  • Campus in Greater Noida for washing machines
  • Refrigerator campus in South India 
  • Campus in West India with expanded AC capacity in Supa

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