PG Electroplast Q1 FY27 Results (NSE: PGEL)
Signal: Growth reaccelerated
The read
The trajectory has inflected from the weak Q2-Q4FY26 period: Q1FY27 revenue grew 35.2% YoY to ₹2033.96 crore and PAT grew 13.8% to ₹76.22 crore, but EBITDA margin at 7.7% remains below Q1FY26's 8.0% because commodity inflation is only partially passed through. The key test is whether new capacity converts this revenue recovery into the promised gradual margin expansion.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,033.96 Cr | +35.2% | +18.5% |
| EBIT | ₹129.71 Cr | N/A | |
| Net profit | ₹76.22 Cr | +13.8% | |
| EPS | ₹2.67 | +13.1% | |
| EBIT margin | 7.7% |
P&L walk
Revenue rose to ₹2033.96 crore, +35.2% YoY and +18.5% QoQ, led by product manufacturing; EBITDA increased to ₹156.23 crore, +12.1% YoY, but margin fell 30bps YoY to 7.7% as elevated commodity prices softened gross contribution despite partial pass-through.
Segments
The consolidated result is being lifted by the product business, which contributed 80.2% of revenue and grew 40.7% YoY, particularly AC revenue of ₹1401.4 crore, while PG Technoplast contributed ₹1628.9 crore and Goodworth Electronics improved EBITDA 46.5% YoY to ₹6.3 crore.
Key positives
- Revenue reached ₹2033.96 crore, +35.2% YoY and +18.5% QoQ, crossing ₹2000 crore for the first time.
- Product business revenue grew 40.7% YoY, with AC revenue up 38.1% to ₹1401.4 crore and washing-machine revenue up 67.2% to ₹210.8 crore.
- Goodworth Electronics JV revenue rose 20.2% YoY to ₹177.3 crore and JV EBITDA rose 46.5% to ₹6.3 crore.
- The company returned to a net cash position with cash and bank balances of ₹491.3 crore, while the new washing-machine campus came online.
- EBITDA rose 12.1% YoY to ₹156.23 crore and PAT rose 13.8% to ₹76.22 crore, with other income only ₹8.03 crore or below 20% of consolidated PBT.
Key concerns
- EBITDA margin declined 30bps YoY to 7.7% as elevated commodity prices softened gross contribution; per-unit rupee margins were stable but margin percentage fell because input costs were only partially passed through.
- EBITDA growth of 12.1% trailed revenue growth of 35.2% by 23.1 percentage points, showing that the current revenue acceleration has not yet translated into operating-margin expansion.
- Plastic moulding and components grew only 7.5% YoY to ₹294.55 crore, materially below product-business growth of 40.7% YoY.
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