PG Electroplast Reports Q4 FY26 Financials

Q4 FY26 Net Profit: ₹64.2 crore
Full Year FY26 Revenue: ₹5,288 crore

Reader Takeaway: Supply chain disruptions and cost pressures hit Q4 profits, with FY27 recovery eyed through expansion.

What just happened

PG Electroplast Limited announced its financial results for the fourth quarter and full year ended March 31, 2026. The company reported a consolidated net profit of ₹64.2 crore for Q4 FY26, a substantial decrease from ₹146.39 crore in Q4 FY25. Full-year FY26 net profit stood at ₹193.61 crore, down from ₹290.92 crore in FY25.

Revenue for Q4 FY26 was ₹1,717 crore, while full-year revenue grew to ₹5,288 crore from ₹4,869 crore in FY25. EBITDA saw a sharp decline in Q4 FY26 to ₹131.5 crore from ₹231.72 crore in the prior year's comparable quarter.

Why this matters

The significant drop in quarterly profit highlights the impact of external challenges on the company's performance. Supply chain disruptions, particularly related to LPG and truck availability, are estimated to have caused a revenue loss of approximately ₹420 crore in Q4 FY26. Commodity inflation and forex losses also contributed to margin contraction.

The backstory

In the previous fiscal year (FY25), PG Electroplast had reported a net profit of ₹290.92 crore on revenues of ₹4,869 crore. The company has been pursuing strategies for backward integration, including setting up facilities for compressors and refrigerants. PLI incentives are also a factor in their financial planning.

What changes now

Management is focused on recovery in FY27. Key initiatives include normalizing inventory levels, which are expected to drop by June, and commencing commercial production at new backward integration facilities in Q4 FY27. The company anticipates PLI incentives of ₹37.5 crore for FY26 and ₹71 crore for FY27.

Risks to watch

Supply chain volatility remains a key risk, as evidenced by the Q4 disruptions. Forex volatility also poses a challenge, with the company reporting a full-year forex loss of ₹38.77 crore in FY26. High inventory accumulation in FY26 has also led to increased finance costs.

Peer comparison

While specific peer data is not provided in the filing, the challenges faced by PG Electroplast regarding supply chain disruptions and commodity inflation are likely industry-wide issues affecting consumer durables and component manufacturers in India.

Context metrics (time-bound)

• Revenue Growth (FY26 vs FY25): 8.6% increase.
• Net Profit Decline (Q4 FY26 vs Q4 FY25): 56.1% decrease.
• Net Profit Decline (FY26 vs FY25): 33.4% decrease.
• Forex Loss (FY26): ₹38.77 crore (vs gain of ₹17.99 crore in FY25).
• PLI Incentives (Expected FY27): ₹71 crore.

What to track next

Investors will be closely watching the company's progress in normalizing inventory levels, the impact of new backward integration projects on margins, and the stability of EBITDA and net profit in the coming quarters. The company aims to cross FY25 PAT levels in FY27.