PG Electroplast LimitedQ2 FY27 Results & Financial Update
PG Electroplast Limited: Q2 FY27 consolidated results and company financials – revenue ₹933.88 Cr, PAT ₹13.67 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 Q2 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 second quarter of fiscal 2027, PG Electroplast recorded total consolidated revenue from operations of INR 933.88 crore, accompanied by total income of INR 943.25 crore.
Profit before tax for the quarter stood at INR 14.94 crore, while net profit after tax reached INR 13.66 crore, translating to basic and diluted earnings per share of INR 0.47.
s in the investor presentation, consolidated sales grew by 42.5 percent compared with the corresponding quarter of the previous financial year, driven by broad-based expansion across key product lines.
The air conditioner and washing machine segments remained primary growth engines during the first half of fiscal 2027, while the electronics business recorded substantial year-over-year gains.
Gross contribution margins as a percentage of sales softened due to elevated commodity prices. Because industry pricing is structured around per-unit rupee margins, rising input costs mechanically lower the percentage margin even though per-unit economics and absolute rupee realizations remain stable.
Finance costs for the quarter were recorded at INR 26.06 crore, reflecting the capital-intensive nature of ongoing facility expansion and working capital requirements.
Depreciation and amortization expenses stood at INR 28.15 crore, while tax expenses for the period amounted to INR 5.83 crore.
01 · Business model
What does PG Electroplast do?
PG Electroplast Limited is a prominent Indian Electronic Manufacturing Services (EMS) provider specializing in Original Design Manufacturing (ODM), Original Equipment Manufacturing (OEM), and plastic injection moulding solutions.
The company caters to more than 70 leading Indian and global brands across consumer durables and electronics industries, offering product assemblies, sheet metal components, PCB assemblies, specialized AC components, tool manufacturing, and paintshops.
Operating through 11 manufacturing units located in Greater Noida, Ahmednagar, Bhiwadi, and Roorkee, the enterprise employs over 10,000 personnel to drive its manufacturing and assembly operations.
PG Electroplast pursues an organic growth strategy centered on capacity expansion, vertical integration, and broadening its presence across high-growth consumer appliance verticals.
02 · Historical context
What shaped the business before this quarter
The company deployed over INR 1,900 crore in cumulative capital expenditure across the ten-year span ending in FY2026 to strengthen its manufacturing infrastructure and backward integration capabilities.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹933.88 Cr | ₹2,033.96 Cr |
| Total income | ₹943.25 Cr | ₹2,041.99 Cr |
| Profit before tax | ₹14.94 Cr | ₹94.42 Cr |
| Profit after tax | ₹13.67 Cr | ₹76.22 Cr |
| EPS | ₹0.47 | ₹2.67 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
The AC business reported revenue growth of 36.2 percent year-over-year to INR 1,561.1 crore for the first half of FY27.
Washing machine revenues expanded by 60.7 percent year-over-year to INR 504.8 crore for the half-year period.
The electronics vertical grew by 90.3 percent year-over-year in 1H FY27, contributing 12.1 percent of total consolidated revenues.
What drove margins
Cost of raw materials consumed represented 82.26 percent of operating revenues in Q2 FY27 compared with 78.36 percent in Q2 FY26, driven by elevated commodity price pressures.
Employee expenses moderated as a percentage of operating revenue from 8.61 percent in Q2 FY26 to 6.54 percent in Q2 FY27, while other expenses decreased from 8.44 percent to 4.81 percent over the same comparative periods.
05 · Demand, customers & order book
Where demand is coming from
Management stated that the order book remains healthy across all product categories, driven by expanding outsourcing relationships with over 70 leading brands.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The 100 percent subsidiary PG Technoplast generated INR 2,130.5 crore in revenue during the first half of fiscal 2027.
The 50:50 joint venture Goodworth Electronics posted revenues of INR 623.8 crore in 1H FY27 compared with INR 483.4 crore in 1H FY26, alongside an EBITDA of INR 22.7 crore versus INR 10.3 crore previously.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
PGEL's flagship washing machine manufacturing facility has come online within a new campus at DMIC, Greater Noida, Uttar Pradesh, with an installed capacity to manufacture 1.8 million units per annum.
A new plastic component and air coolers facility located at Salarpur, Bhiwadi, is operational and scheduled to commence commercial contribution from the third quarter of fiscal 2027.
Projects, capex and execution
All ongoing expansion projects are tracking their respective completion timelines, with commercial production from two new facilities anticipated to start in Q4 FY27.
08 · Strategy & new businesses
How the company is trying to change its growth mix
The company continues to pursue exhaustive backward integration to enhance value addition, achieve better economies of scale, and strengthen operational resilience.
Key focus areas include research and development, new product development, and capability enhancement across core consumer durable verticals.
09 · Reported developments
What changed operationally
Consolidated half-yearly revenues crossed INR 2,950 crore for the first time in the company's history during 1H FY27.
Strong revenue expansion was reported across subsidiaries and joint ventures, notably Goodworth Electronics.
10 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Capital allocation & funding
Gross debt stood at INR 713.67 crore as of September 30, 2026, compared with INR 483.53 crore as of September 30, 2025. Net debt was recorded at INR 291.13 crore as of September 30, 2026.
11 · Beyond the numbers
What changed beyond the numbers
Reported update
Industry Tailwinds
Management highlighted that low penetration levels, urbanization, and government initiatives such as Make in India continue to support secular demand growth in consumer appliances and electronics.
12 · Previous-quarter changes
What changed since the previous quarter
Operating revenue moved from INR 43.76 crore in Q1 FY27 to INR 933.88 crore in Q2 FY27.
13 · Key Q&A
The quarter, answered directly
What does PG Electroplast do?
PG Electroplast Limited is a prominent Indian Electronic Manufacturing Services (EMS) provider specializing in Original Design Manufacturing (ODM), Original Equipment Manufacturing (OEM), and plastic injection moulding solutions.
What is the clearest takeaway from Q2 FY27?
During the second quarter of fiscal 2027, PG Electroplast recorded total consolidated revenue from operations of INR 933.88 crore, accompanied by total income of INR 943.25 crore.
What drove revenue or demand?
The AC business reported revenue growth of 36.2 percent year-over-year to INR 1,561.1 crore for the first half of FY27.
What mattered most for margins or profitability?
Cost of raw materials consumed represented 82.26 percent of operating revenues in Q2 FY27 compared with 78.36 percent in Q2 FY26, driven by elevated commodity price pressures.
What changed operationally beyond the headline numbers?
PGEL's flagship washing machine manufacturing facility has come online within a new campus at DMIC, Greater Noida, Uttar Pradesh, with an installed capacity to manufacture 1.8 million units per annum.
What should the next disclosure help confirm?
Monitor the commercial contribution of the new Salarpur facility in Bhiwadi starting in Q3 FY27 and the progress of upcoming facilities slated for Q4 FY27.
14 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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15 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Facility Commercialization: Monitor the commercial contribution of the new Salarpur facility in Bhiwadi starting in Q3 FY27 and the progress of upcoming facilities slated for Q4 FY27.
- 02
Margin Progression: Observe gross contribution and EBITDA margin trajectories against ongoing commodity price fluctuations and raw material pass-through mechanisms.
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