New Delhi, India November 14, 2025: PG Electroplast Ltd. (PGEL), one of India’s pioneers and leading players in Electronic Manufacturing Services (EMS) and Plastic Molding, announced its unaudited financial results for the quarter ended September 30, 2025, as approved by its Board of Directors.
Quarter ended Sep 30th, 2025
- Revenues stood at INR 655.37 crores, down 2.4% YoY
- EBITDA stood at INR 44.68 crores vs. INR 60.54 crores in 2QFY25 – down 26.2%
- Net Profit for the quarter stood at INR 2.38 crores, vs. INR 19.47 crores in 2QFY25
Half-year ended Sep. 30, 2025
- Net Sales for the period were INR 2159.22 crores – growth of 8.4% YoY.
- EBITDA stood at INR 184.10 crores versus INR 195.08 crores in 1HFY2025 .
- Net Profits stood at INR 69.09 crores versus INR 104.40 crores in 1HFY2025.
Other Highlights
1HFY26 was a challenging period for PGEL’s summer product portfolio, as early monsoons and subsequent GST cut announcement sharply moderated sales growth in Room AC business:
- Consolidated revenues crossed INR 2,150 crores, with the Product business contributing INR 1,478 crores. PGEL’s 100% subsidiary, PG Technoplast, reported revenues of INR 1,507 crores.
- The Product business contributed 68.4% of overall revenues, growing 9.2% YoY.
Within this, Room ACs grew 2.5% YoY, Washing Machines grew 46.9% YoY, and Coolers declined by 19.7% YoY.
The Electronics business contributed 8.8% of total revenues in 1H2026. Goodworth Electronics (JV) posted revenues of INR 483.4 crores in 1HFY26 vs. INR 285.9 crores in 1HFY25, with EBITDA of INR 10.33 crores vs. INR 3.30 crores YoY.
Capital efficiency on Trailing twelve month for PGEL remains strong:
- RoCE: 20.8%
- RoE: 12.6%
- Net Fixed Asset Turnover: 5.04x
The company plans to continue investing in capacity expansion for RACs and Washing Machines to support future growth.
Future Outlook
The management sees increased opportunities from both existing and new clients. With enhanced capacities and technological capabilities, PGEL is well-positioned in India’s consumer durables and plastics ecosystem.
In the coming years, the company aims to:
- Achieve industry-leading revenue growth
- Drive gradual margin expansion through operational efficiencies and operational leverage
- Maintain best-in-class capital efficiency through improved cash flows and balance sheet optimization
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