PG Electroplast Limited (PGEL)
Small CapConsumer stocks · Small cap · NSE
PG Electroplast Limited (PGEL), established in 2003, is a leading, diversified Indian Electronic Manufacturing Services provider. It specializes in ODM, OEM, and Plastic Injection Moulding, offering One Stop Solutions to 70+ brands across 11 manufacturing units. The company pursues organic growth by ramping up capacities and capabilities.
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 is neutral, 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 30 Jun 2026
Average · 52/100margin compression · Rev +35% YoY · PAT +13% YoY · +18% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,034 Cr | +35.2% | +18.5% |
| EBITDA | ₹148 Cr | +22.3% | +24.4% |
| Operating margin | 7.0% | -100 bps | +0 bps |
| PAT | ₹76 Cr | +13.4% | +16.9% |
| PAT margin | 3.7% | -71 bps | -5 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Q4 FY26 operating revenues declined 10.1% YoY to INR 1,716.7 Cr, with EBITDA down 43.2% YoY to INR 131.5 Cr and PAT down 56.1% YoY to INR 64.2 Cr. For FY26, operating revenues grew 8.6% YoY to INR 5,288.0 Cr, but EBITDA fell 14.9% YoY to INR 441.8 Cr and PAT declined 33.5% YoY to INR 193.6 Cr.
While full-year revenue growth was positive, Q4 and FY26 profitability deteriorated significantly due to cost inflation, negative operating leverage, and softer demand. Working capital metrics worsened, leading to a higher cash conversion cycle and a shift to net debt. RoCE and RoE declined sharply, indicating stress on capital efficiency despite management's stated focus on improvement.
Operating Revenue by Vertical (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Product Business Growth
INTACTProduct business crossed INR 4,000 Cr, grew 14.3% YoY, contributing 76.2% of total revenues in FY26.
Washing Machines Segment
INTACTWashing Machines business had a growth of 51.5% YoY in FY26.
Room Air Conditioner Segment
INTACTRoom AC business grew 9.3% for full year to INR 3,288 Cr in FY26 despite challenges.
Opportunities in Consumer Durables
INTACTCompany foresees large opportunities in plastic moulding and consumer durables like Washing Machines, Room AC, Refrigerators, Ceiling Fans, Sanitaryware, Air coolers.
Bhiwadi AC Unit Operational
INTACTNGM’s Bhiwadi AC Unit became operational during FY26 and contributed to production in 4QFY2026.
Government Reforms
Government reforms like Digital India, Make in India, Power for all, and Jan Dhan-Aadhar-Mobile Trinity provide impetus to the Consumer appliance and durable Industry.
Demographic & Economic Trends
Rapid urbanization, growth of young population with rising income levels, and an emerging middle class imply huge potential demand for consumer durables.
Low Penetration & Changing Lifestyles
Low penetration levels, falling prices of durables/electronics, and changing Indian consumer lifestyles are expected to remain big demand drivers.
Margin Pressure
UNDER_STRESSOperating margins were under pressure due to cost inflation, higher commodity prices, and negative operating leverage in FY26.
Room AC Business Challenges
UNDER_STRESSFY2026 was challenging for the Room AC business due to softer demand, high commodity inflation, and supply disruption during the peak production period.
Commodity Price Volatility
UNDER_STRESSOperating margins were under pressure due to cost inflation and higher commodity prices.
Working Capital Management
UNDER_STRESSAverage Receivables Days increased to 74.7 and Average Inventory Days to 122.3 in FY26, worsening the Cash Conversion Cycle to 65.7 days.
Demand Fluctuations
UNDER_STRESSThe Room AC business faced challenges from softer demand in FY26.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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 show significant sequential and YoY pressure, indicating immediate challenges. Full-year results provide a broader view of growth and profitability trends, which are crucial for a seasonal consumer durables business.
Operating Revenues (FY26)
INR 5,288.0 Cr (8.6% YoY growth)
Operating Revenues (Q4 FY26)
INR 1,716.7 Cr (-10.1% YoY decline)
EBITDA Margin (FY26)
UNDER_STRESS8.4% (vs 10.7% in FY25)
EBITDA Margin (Q4 FY26)
UNDER_STRESS7.7% (vs 12.1% in Q4 FY25)
Robust Product Order Book
Order book for product business remains robust, and the company hopes to post strong product business growth in FY2027.
FY27 Priorities
Accelerating building blocks for next level of growth and improving capital efficiency will be major priorities for FY27.
Focus Areas
R&D, New Product Development, and backward integration are focus areas for future across product businesses.
Margin Improvement Outlook
Management expects gradual improvement in margins due to better operational efficiencies and higher operating leverage.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA Margin | 8.4% (FY26) | Improvement towards previous levels (10.7% in FY25) driven by operational efficiencies and operating leverage. |
| Cash Conversion Cycle | 65.7 days (FY26) | Reduction through working capital optimisation, as identified by management as a key focus area. |
| Net Debt/EBITDA | 0.3x (FY26) | Decline, indicating improved capital efficiency and stronger balance sheet, aligning with management's priorities. |
| Product Business Growth | 14.3% YoY (FY26) | Continued strong growth in FY27, supported by robust order book and new product development. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
47NeutralSMA20 -1.6% / mo · MACD −
Technical chart
PGELdaily · 1Y · AUTO-8.5%Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 38.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~1.6% over last month) — short-term momentum negative.
- RSI(14) at 38 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 13% off 52W high · 29% 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.
Relative Strength & Trend Stage
- Price is 2.2% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +0.9%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 30 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 30 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Growth contributes 17/25 to the score.
- Balance sheet contributes 7/15 to the score.
Main drags
- Fair-value margin of safety is negative at -123.2%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; 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: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
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 25th percentile of the scored universe and 26th percentile within Consumer. Main check: results consistency is weak at 41/100.
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: 26th pctile, median 66 · Small: 28th pctile, median 66
129 documents have extracted text, 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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 78.40
- P/B
- 5.25
- EV/EBITDA
- 32.92
- Market Cap
- 16124.00Cr
Profitability
- ROE
- 6.69%
- ROCE
- 10.30%
- ROA
- 3.46%
- Dividend Y
- 0.04%
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
- 4.02×
- Altman Z
- 5.44
- Book Value
- 107.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- 66.00 Cr
- EPS TTM
- 7.21
Shareholding
- Promoter Hold
- 43.37%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 60%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable names in Consumer, ranked by similarity
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.