PG Electroplast LimitedQ1 FY27 Results & Financial Update
PG Electroplast Limited: Q1 FY27 consolidated results and company financials – revenue ₹2,033.96 Cr, PAT ₹76.22 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore PG Electroplast Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
During the quarter ended June 30, 2026, PG Electroplast crossed a significant milestone by recording consolidated quarterly revenues in excess of INR 2,000 crores for the first time in its corporate history, reaching INR 2,033.96 crores.
The wholly-owned subsidiary, PG Technoplast, delivered a robust performance with revenues of INR 1,628.9 crores, backed by healthy order books across all product lines.
The product business represented 80.2% of total revenues in Q1 FY27, advancing 40.7% year-over-year. Within this segment, the air conditioner business expanded by 38.1% to INR 1,401.4 crores, the washing machine business surged 67.2% to INR 210.8 crores, and air coolers grew modestly by 3.4% to INR 18.9 crores.
Electronics manufacturing grew 65.3% year-over-year to account for 5.3% of total revenues, while plastic moulding and components contributed INR 294.55 crores, registering a 7.5% year-over-year growth rate.
The 50:50 joint venture, Goodworth Electronics, reported revenues of INR 177.3 crores compared with INR 147.5 crores in the corresponding quarter of the previous fiscal year, alongside an EBITDA of INR 6.3 crores versus INR 4.3 crores previously.
Gross contribution as a percentage of sales softened year-over-year due to elevated commodity prices. Because industry product pricing is generally structured on a per-unit rupee margin basis, rising input costs mechanically reduce the percentage margin even though per-unit economics remain stable.
The company strengthened its balance sheet, ending Q1 FY27 with cash and bank balances of INR 491.3 crores and returning to a net cash position.
Management highlighted that expense-control initiatives implemented for FY27 are bearing fruit, reinforcing long-term operational resilience and capital efficiency while prioritizing R&D, backward integration, and capability enhancement.
01 · Business model
What does PG Electroplast do?
PG Electroplast Limited is a prominent diversified Indian Electronic Manufacturing Services (EMS) provider and the flagship company of the PG Group, which commenced its operations in 1977 and was formally incorporated in 2003.
The company specializes in Original Design Manufacturing (ODM), Original Equipment Manufacturing (OEM), and Plastic Injection Moulding, delivering comprehensive manufacturing solutions to over 70 leading Indian and global brands across consumer durables and electronics.
PGEL operates 11 manufacturing facilities dispersed across Greater Noida, Ahmednagar, Bhiwadi, and Roorkee, supporting a workforce of more than 10,000 employees.
The business model relies on exhaustive backward integration and continuous capacity expansion across product verticals, including air conditioners, washing machines, air coolers, televisions, and automotive components, to capture a larger share of customer outsourcing wallets.
02 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹2,033.96 Cr |
| Total income | ₹2,041.99 Cr |
| Profit before tax | ₹94.42 Cr |
| Profit after tax | ₹76.22 Cr |
| EPS | ₹2.67 |
03 · Why it moved
Why the quarter looked the way it did
What drove revenue
The AC business grew by 38.1% year-over-year to reach INR 1,401.4 crores in Q1 FY27, serving as the primary engine for the overall product segment expansion.
Washing machine revenues expanded by 67.2% year-over-year to INR 210.8 crores, supported by robust demand and the commissioning of a new flagship facility.
Goodworth Electronics, the 50:50 joint venture, generated revenues of INR 177.3 crores compared to INR 147.5 crores in Q1 FY26.
What drove margins
Management noted that ongoing expense-control measures implemented for FY27 are bearing fruit, aiding operating cost containment across administrative and overhead functions.
Scaling revenues past INR 2,000 crores in a single quarter helped absorb fixed overheads, supporting overall profitability and earnings expansion.
04 · Demand, customers & order book
Where demand is coming from
Management reported that the order book remains healthy across all product categories for the subsidiary PG Technoplast and the broader enterprise.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The product business accounted for 80.2% of total revenues in Q1 FY27, achieving a 40.7% year-over-year increase.
Air cooler revenues registered a marginal 3.4% year-over-year growth, closing Q1 FY27 at INR 18.9 crores.
06 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
PGEL's flagship washing machine manufacturing facility commenced operations in a new campus within the Delhi-Mumbai Industrial Corridor (DMIC) in Greater Noida, Uttar Pradesh, featuring a state-of-the-art design with an annual manufacturing capacity of 1.8 million units.
Projects, capex and execution
The company continues its organic growth strategy by scaling up capacities and capabilities across product verticals to achieve higher value addition and economies of scale.
07 · Strategy & new businesses
How the company is trying to change its growth mix
Strategic focus areas for FY27 include research and development (R&D), new product development, exhaustive backward integration, and overall capability enhancement.
08 · Reported developments
What changed operationally
Consolidated quarterly revenues crossed INR 2,000 crores for the first time in the company's history.
100% subsidiary PG Technoplast posted revenues of INR 1,628.9 crores for Q1 FY27.
09 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Cash and bank balances stood at INR 491.3 crores at the end of Q1 FY27, enabling the company to return to a net cash position.
Capital allocation & funding
Total debt stood at INR 417.4 crores as of June 30, 2026, comprising short-term debt of INR 210.7 crores and long-term debt of INR 206.7 crores, down from INR 499.7 crores as of March 31, 2026.
10 · Management guidance & targets
What management is targeting from here
Management expressed enthusiasm regarding the overall industry opportunity size and anticipated high growth rates across segments where the company maintains a presence, driven by rising outsourcing wallet shares and new product introductions.
11 · Beyond the numbers
What changed beyond the numbers
Reported update
Subsidiary and JV Scale
Subsidiary PG Technoplast and 50:50 JV Goodworth Electronics contributed significantly to the consolidated revenue base of INR 2,033.96 crores during the quarter.
12 · Key Q&A
The quarter, answered directly
What does PG Electroplast do?
PG Electroplast Limited is a prominent diversified Indian Electronic Manufacturing Services (EMS) provider and the flagship company of the PG Group, which commenced its operations in 1977 and was formally incorporated in 2003.
What is the clearest takeaway from Q1 FY27?
During the quarter ended June 30, 2026, PG Electroplast crossed a significant milestone by recording consolidated quarterly revenues in excess of INR 2,000 crores for the first time in its corporate history, reaching INR 2,033.96 crores.
What drove revenue or demand?
The AC business grew by 38.1% year-over-year to reach INR 1,401.4 crores in Q1 FY27, serving as the primary engine for the overall product segment expansion.
What mattered most for margins or profitability?
Management noted that ongoing expense-control measures implemented for FY27 are bearing fruit, aiding operating cost containment across administrative and overhead functions.
What changed operationally beyond the headline numbers?
PGEL's flagship washing machine manufacturing facility commenced operations in a new campus within the Delhi-Mumbai Industrial Corridor (DMIC) in Greater Noida, Uttar Pradesh, featuring a state-of-the-art design with an annual manufacturing capacity of 1.8 million units.
What is management guiding or targeting from here?
Management expressed enthusiasm regarding the overall industry opportunity size and anticipated high growth rates across segments where the company maintains a presence, driven by rising outsourcing wallet shares and new product introductions.
13 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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14 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Plant Ramp-up: Ramp-up and utilization rates at the newly commissioned washing machine manufacturing facility in DMIC, Greater Noida.
- 02
Margin Realization: Progress on passing through raw material cost increases and stabilizing gross margins amidst commodity price fluctuations.
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