PGEL
Small CapPG Electroplast Limited
Consumer
PGEL is a leading Indian Electronic Manufacturing Services provider, specializing in ODM, OEM, and Plastic Injection Moulding. It offers one-stop solutions to 70+ brands across 11 units, employing 10000+ people. The company pursues organic growth by ramping up capacities and capabilities in product verticals.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100Rev -10% YoY · PAT -55% YoY · margin compression · +22% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,717 Cr | -10.1% | +21.6% |
| EBITDA | ₹119 Cr | -43.9% | +1.7% |
| Operating margin | 7.0% | -400 bps | -100 bps |
| PAT | ₹65 Cr | -55.2% | +4.8% |
| PAT margin | 3.8% | -380 bps | -60 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 PAT plunged 56.1% YoY and EBITDA fell 43.2% YoY, despite full-year revenue growing 8.6% to INR 5288 Cr. Full-year PAT declined 33.5% and EBITDA 14.9%, primarily due to cost inflation, higher commodity prices, and negative operating leverage.
While full-year revenue growth was decent, the significant decline in Q4 and full-year profitability raises concerns. Margin pressure from cost inflation and negative operating leverage indicates operational challenges. The robust order book and new capacity are positive, but sustained margin recovery is critical.
Operating Revenue Breakup Across Verticals (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Product business
Robust order book for product business, company hopes to post strong growth in FY2027.
Washing Machines business
Washing Machines business had a growth of 51.5% YoY in FY26.
New Product Development & Backward Integration
R&D, New Product Development and backward integration are the focus areas for future across product businesses.
ODM space
Company foresees large opportunities in the ODM space for products like Washing Machines, Room Air conditioner, Refrigerators, Ceiling Fans, Sanitaryware products, Air coolers.
Bhiwadi AC Unit
NGM’s Bhiwadi AC Unit became operational during the year and contributed to Production in 4QFY2026.
Cumulative Capital Expenditure
Over the past 10 years, the company has done a cumulative Capital Expenditure of over INR 1900 Crores, significantly raising its growth potentials.
Capex FY26
Capex has been at INR 785 crores in FY26.
Government reforms
Government reforms such as Digital India, Make in India, Power for all and Jan Dhan-Aadhar-Mobile Trinity are providing fresh impetus to the Consumer appliance and durable Industry.
Urbanization & rising income levels
Rapid rate of urbanization, growth of young population with rising income levels is leading to large emerging middle class in India, implying huge potential demand.
Low penetration levels & falling prices
Low penetration levels, falling prices of durables and electronics and changing lifestyle are expected to remain big demand drivers.
Government initiatives for electronic manufacturing
Government’s initiatives of promoting electronic manufacturing and treating the industry as one of the key pillars of the Digital India Program, opens new opportunities.
Cost inflation & higher commodity prices
Operating margins were under pressure due to cost inflation, higher commodity prices during 4QFY2026 and Financial year.
Negative operating leverage
Operating margins were under pressure due to negative operating leverage during 4QFY2026 and Financial year.
Softer demand for Room AC business
FY2026 has been an exceptionally challenging period for the industry as Room AC business faced multiple challenges from softer demand.
Supply disruption
Room AC business faced supply disruption during the peak production period in FY2026.
Commodity price volatility
Higher commodity prices impacted operating margins in FY26.
Operational efficiency
Negative operating leverage and rising CoRM % indicate potential challenges in cost management.
Working capital management
Cash conversion cycle increased from 50.0 to 65.7 days, and working capital optimisation remains key focus area.
Demand fluctuations
Softer demand for Room AC business in FY26 highlights sensitivity to market conditions.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Q4 results are crucial for understanding recent performance and sequential momentum, especially with new capacity coming online. However, for consumer durables like ACs and Coolers, full-year (YoY) comparison is essential to account for seasonality and assess overall market trends and the impact of new capacities over a longer period.
Gross Contribution % of Sales
Q4 FY26: 15.7% (vs 18.5% Q4 FY25); FY26: 17.6% (vs 18.8% FY25).
EBITDA Margin
Q4 FY26: 7.7% (vs 12.1% Q4 FY25); FY26: 8.4% (vs 10.7% FY25).
Cost of Raw Material (CoRM) % of Operating Revenues
Q4 FY26: 84.3% (vs 81.5% Q4 FY25); FY26: 82.4% (vs 81.2% FY25).
Room AC business growth
Grew 9.3% YoY for FY26 to INR 3,288 crores.
Strong product business growth
Order book for product business remains robust and the company hopes to post strong product business growth in FY2027.
Priorities for FY27
For FY27, Accelerating the building blocks for next level of growth and improving capital efficiency will be the major priorities.
Focus areas
R&D, New Product Development and backward integration are the focus areas for future across product businesses.
Improving profitability and cash flows
Improving profitability and higher cash-flows, will lead to better capital efficiency and stronger balance sheet.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA Margin | 8.4% (FY26) | Gradual improvement due to operational efficiencies and higher operating leverage. |
| Cash Conversion Cycle | 65.7 days (FY26) | Optimization of working capital, a key focus area. |
| Product Business Growth | 14.3% YoY (FY26) | Strong growth in FY27, driven by order book and new offerings. |
| Fixed Asset Turns | 4.0 (FY26) | Improvement in capital efficiency. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
42NeutralSMA20 -11.6% / mo · near 52W low
Technical chart
PGELweekly · 6M-15.4%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 46. Wait for confirmation.
- SMA20 falling (~13.1% over last month) — short-term momentum negative.
- RSI(14) at 46 — sideways, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 26% off 52W high · 10% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 10.7%.
- Growth contributes 17/25 to the score.
Main drags
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
- Valuation is weaker at 8/30; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +3 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 19th percentile of the scored universe and 18th percentile within Consumer. Main check: results consistency is weak at 27/100.
Mixed Trust Lite: Promoter pledge is zero. Key concern: 2 latest quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Consumer: 18th pctile, median 67 · Small: 23rd pctile, median 65
141 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸Only 1 years of positive FCF.
- ▸ROE is low at 6.7%.
- ▸ROCE trend is -5.7%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 69.70
- P/B
- 4.49
- EV/EBITDA
- 30.09
- Market Cap
- 13694.00Cr
Profitability
- ROE
- 6.69%
- ROCE
- 10.30%
- ROA
- 3.31%
- Dividend Y
- 0.05%
Growth (CAGR)
- Revenue 5Y
- 50.00%
- EPS 5Y
- 75.00%
- Revenue 3Y
- 35.00%
- EPS 3Y
- 36.00%
Balance Sheet
- Debt/Equity
- 0.20
- Interest Coverage
- 3.79×
- Altman Z
- 4.83
- Book Value
- 107.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- 66.00 Cr
- EPS TTM
- 6.89
Shareholding
- Promoter Hold
- 43.41%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 11%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.