PG Electroplast (PGEL) reported strong Q3 FY’26 results with consolidated revenue reaching INR 1,412 crores, a 46% increase year-over-year. The room AC business grew by 80.5%, contributing INR 932.5 crores. Washing machine revenue increased by 45% to INR 194 crores. The company maintains its full-year revenue guidance of INR 5,700 crores to INR 5,800 crores and a profit of around INR 300 crores.
Financial Performance
In Q3 FY’26, PG Electroplast’s consolidated revenues reached INR 1,412 crores, representing a 46% growth compared to the same quarter last year. The product business contributed INR 1,140 crores, or 80.7% of the total revenue.
Segmental Highlights
The Air Conditioner (AC) business reported revenue of INR 932.5 crores, marking an impressive 80.5% increase compared to the previous year and contributing 66% of the total revenue. The washing machine business grew by 45%, with revenues reaching INR 194 crores for the quarter. Goodworth Electronics, the television joint venture, posted revenues of INR 670 crores in the first nine months of FY’26 with an EBITDA of about INR 16.7 crores.
Profitability
The company’s EBITDA for the quarter stood at INR 126 crores, while net profit was INR 60.3 crores. This EBITDA includes a forex loss of INR 8.2 crores and a provision of INR 1.35 crores for the impact of the New Labour Code.
Balance Sheet and Investments
PGEL maintains a healthy balance sheet with cash and equivalents of INR 483 crores. The return on capital employed is at 18.6%. The company is continuing investments in facilities located in Greater Noida, Supa, Rajasthan and Sricity, with capital expenditure around INR 700 crores to INR 750 crores.
Future Outlook and Guidance
PG Electroplast is maintaining its full-year guidance of INR 5,700 crores to INR 5,800 crores in sales, with a profit of approximately INR 300 crores. Expansion plans include increasing capacities for room air conditioners, washing machines, and air coolers.
Capacity Expansion
A new capacity of 1.2 million refrigerators is being set up at the Sricity factory and is expected to be operational by Q4 FY’27. The company anticipates approximately 30%-40% capacity utilization in the first year.
AC Market Dynamics
PGEL anticipates increased growth in the room AC business, driven by deeper penetration and the recent GST rationalization. The company holds an 11-12% share of the overall AC manufacturing market in India and a 20% share of the outsourced market.
Source: BSE
