PG Electroplast Limited (PGEL) is the flagship company of PG Group. While the PG Group had started its journey in 1977, PG Electroplast was formally set up in 2003 and is a leading, diversified Indian Electronic Manufacturing Service provider. It specializes in Original Design Manufacturing (ODM), Original Equipment Manufacturing (OEM) and Plastic Injection Molding, catering to 50+ leading Indian and Global brands.[1]
OverviewThe company specializes in original design manufacturing (ODM), original equipment manufacturing (OEM), and plastic injection moulding. Its WOS, PG Technoplast Pvt Ltd manufactures air conditioners, coolers, and components for various consumer durables. In FY24, it forged a new JV partnership with Goodworth Electronics Ltd, to augment its TV and hardware business.[1]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Havells India | 1496.20 | 64.21 | 93928.35 | 0.67 | 318.28 | 18.93 | 4779.33 | 5.29 | 25.32 | 21667.22 | 9.87 | 1462.85 | 319.00 | 10.82 | 11.29 | 0.03 |
| 2. | Dixon Technolog. | 11770.00 | 55.20 | 71360.48 | 0.07 | 745.70 | 184.68 | 14855.04 | 28.79 | 39.95 | 48436.92 | 3.88 | 1292.76 | 670.00 | 17.52 | 7.32 | 0.34 |
| 3. | PG Electroplast | 622.40 | 151.43 | 17761.07 | 0.04 | 38.68 | 97.75 | 376.27 | -1.79 | 6.83 | 1423.33 | 8.04 | 117.29 | 38.68 | 6.77 | 4.10 | 0.02 |
| 4. | IKIO Tech | 180.18 | 78.82 | 1394.25 | 0.00 | 10.89 | -22.79 | 164.22 | 31.33 | 8.22 | 518.17 | 9.79 | 17.69 | 10.03 | 2.42 | 4.85 | 0.10 |
| 5. | MIRC Electronics | 34.69 | – | 1276.30 | 0.00 | -1.78 | -1754.81 | 163.31 | 7.89 | 5.35 | 671.69 | -4.10 | -41.15 | -22.34 | 6.21 | -0.42 | 0.31 |
| 6. | CWD | 409.50 | 105.62 | 899.87 | 0.00 | 4.19 | 328.96 | 41.15 | 490.39 | 9.51 | 67.49 | 23.08 | 8.52 | 4.19 | 8.55 | 3.81 | 0.59 |
| 7. | Cellecor Gadgets | 28.40 | 17.50 | 626.72 | 0.00 | 19.53 | 33.58 | 641.49 | 50.69 | 24.21 | 1241.72 | 5.07 | 35.81 | 19.53 | 3.40 | 11.85 | 0.80 |
| – | Median: 19 Co. | 116.0 | 26.92 | 268.27 | 0.0 | 4.35 | 18.93 | 52.34 | 23.75 | 11.12 | 129.38 | 9.41 | 8.77 | 4.35 | 2.55 | 6.89 | 0.11 |
Standalone figures in ₹ crores
| Dec 2022 | Dec 2023 | Dec 2024 | Jun 2023 | Jun 2024 | Jun 2025 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 282 | 339 | 362 | 307 | 391 | 335 | 296 | 380 | 350 | 338 | 392 | 383 | 376 |
Expenses | 260 | 309 | 332 | 281 | 363 | 303 | 276 | 348 | 337 | 306 | 359 | 353 | 337 |
Operating Profit | 22 | 30 | 30 | 26 | 28 | 32 | 20 | 31 | 13 | 32 | 33 | 30 | 39 |
Other Income | 1 | 7 | 11 | 1 | 5 | 20 | 2 | 11 | 26 | 1 | 4 | 6 | 20 |
Profit before tax | 13 | 29 | 31 | 16 | 24 | 42 | 10 | 33 | 30 | 23 | 26 | 25 | 49 |
Tax % | 24% | 24% | 24% | 24% | 24% | 24% | 17% | 26% | 23% | 24% | 24% | 23% | 22% |
Net Profit | 10 | 22 | 24 | 12 | 18 | 32 | 9 | 24 | 23 | 18 | 20 | 20 | 39 |
EPS in Rs | 0.42 | 0.83 | 0.85 | 0.54 | 0.70 | 1.12 | 0.38 | 0.94 | 0.81 | 0.82 | 0.76 | 0.75 | 1.36 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 218 | 239 | 260 | 366 | 399 | 508 | 639 | 703 | 1,036 | 1,331 | 1,418 | 1,487 | 1,423 |
Expenses | 221 | 227 | 242 | 346 | 375 | 478 | 600 | 653 | 959 | 1,237 | 1,297 | 1,386 | 1,309 |
Operating Profit | -2 | 12 | 18 | 21 | 25 | 31 | 40 | 50 | 77 | 94 | 121 | 101 | 114 |
Other Income | 5 | 3 | 3 | 3 | 5 | 3 | 0 | 2 | 6 | 4 | 23 | 47 | 76 |
Interest | 12 | 10 | 10 | 10 | 11 | 10 | 15 | 18 | 19 | 21 | 17 | 13 | 13 |
Depreciation | 11 | 9 | 10 | 11 | 12 | 13 | 16 | 18 | 20 | 21 | 23 | 25 | 26 |
Profit before tax | -20 | -5 | 2 | 3 | 7 | 10 | 9 | 15 | 44 | 57 | 104 | 111 | 152 |
Net Profit | -20 | -5 | 2 | 3 | 7 | 10 | 3 | 12 | 33 | 44 | 78 | 85 | 117 |
EPS in Rs | -1.24 | -0.28 | 0.12 | 0.20 | 0.46 | 0.53 | 0.13 | 0.59 | 1.55 | 1.94 | 3.00 | 2.99 | 4.14 |
Dividend Payout % | -0% | -0% | -0% | -0% | -0% | -0% | -0% | -0% | -0% | -0% | 7% | 8% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 16 | 16 | 16 | 16 | 16 | 19 | 20 | 20 | 21 | 23 | 26 | 28 | 28 |
Reserves | 106 | 101 | 103 | 107 | 114 | 150 | 157 | 173 | 287 | 336 | 918 | 2,503 | 2,583 |
Borrowings | 88 | 90 | 83 | 112 | 129 | 130 | 188 | 185 | 265 | 182 | 87 | 45 | 54 |
Other Liabilities | 73 | 59 | 82 | 95 | 89 | 114 | 136 | 203 | 251 | 185 | 253 | 274 | 326 |
Total Liabilities | 283 | 267 | 284 | 330 | 348 | 413 | 500 | 580 | 824 | 725 | 1,284 | 2,850 | 2,992 |
Fixed Assets | 138 | 141 | 146 | 163 | 179 | 193 | 254 | 273 | 274 | 292 | 312 | 326 | 343 |
Gross Block | 169.33 | 181.86 | 196.87 | 173.30 | 201.46 | 228.03 | 305.17 | 340.22 | 358.30 | 393.84 | 430.24 | 468.28 | – |
Accumulated Depreciation | 31.71 | 41.05 | 50.51 | 10.57 | 22.20 | 35.38 | 51.39 | 67.09 | 83.98 | 101.42 | 118.34 | 142.12 | – |
CWIP | 2 | 6 | 1 | 3 | 23 | 34 | 5 | 6 | 1 | 2 | 4 | 2 | 6 |
Investments | 25 | -0 | -0 | -0 | -0 | -0 | -0 | 0 | 76 | 78 | 340 | 1,084 | 1,090 |
Other Assets | 118 | 120 | 137 | 164 | 146 | 187 | 241 | 301 | 473 | 352 | 628 | 1,437 | 1,553 |
Total Assets | 283 | 267 | 284 | 330 | 348 | 413 | 500 | 580 | 824 | 725 | 1,284 | 2,850 | 2,992 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 16 | -10 | 21 | 6 | 42 | 19 | 28 | 57 | -38 | 142 | 85 | 47 |
Cash from Investing Activity | -2 | 19 | -4 | -23 | -50 | -36 | -63 | -44 | -95 | -51 | -453 | -1,451 |
Cash from Financing Activity | -15 | -8 | -16 | 19 | 6 | 19 | 43 | -17 | 139 | -101 | 370 | 1,428 |
Net Cash Flow | -0 | -0 | 0 | 2 | -1 | 2 | 8 | -4 | 7 | -10 | 2 | 24 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 83 | 68 | 76 | 67 | 46 | 61 | 58 | 76 | 61 | 36 | 45 | 65 |
Inventory Days | 33 | 66 | 88 | 82 | 70 | 62 | 61 | 61 | 89 | 41 | 51 | 41 |
Days Payable | 125 | 84 | 119 | 97 | 77 | 84 | 77 | 101 | 86 | 40 | 59 | 62 |
Cash Conversion Cycle | -9 | 50 | 44 | 53 | 40 | 40 | 42 | 37 | 64 | 37 | 38 | 44 |
Working Capital Days | -14 | -5 | 1 | -3 | -2 | -13 | -19 | -10 | 12 | 20 | 61 | 85 |
ROCE % | -4% | 3% | 6% | 6% | 7% | 7% | 8% | 9% | 13% | 14% | 15% | 7% |
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Stock Analysis
PG Electroplast Limited is a prominent Indian Electronic Manufacturing Service (EMS) provider specializing in ODM, OEM, and plastic injection molding, serving leading brands across various sectors.
Corporate Announcements
