PG Electroplast achieved a historic milestone in Q1FY27 by crossing the ₹2,000 crore consolidated revenue mark for the first time, reporting ₹2,034.00 crore. This represents a 35.20% year-on-year increase from ₹1,503.90 crore in Q1FY26. The growth was primarily fueled by its product business, which contributed 80.2% of total revenues, with the air conditioner segment growing 38.1% to ₹1,401.40 crore and washing machines surging 67.2% to ₹210.80 crore. Despite the top-line surge, net profit after tax (PAT) rose 12.9% to ₹75.30 crore, as elevated commodity prices compressed gross contribution margins from 15.9% to 14.5%. The company remains in a net cash position with ₹491.30 crore in bank balances.

The Board of Directors approved the unaudited financial results on August 06, 2026. Statutory auditors SS Kothari Mehta & Co. LLP issued limited review reports confirming compliance with Ind AS and SEBI Listing Regulations. Managing Director – Operations Vikas Gupta stated that the industry is emerging from demand and supply shocks, pointing to genuine recovery. He highlighted that product pricing is structured on a per-unit rupee margin basis, meaning rising input costs mechanically lower margin percentages even if per-unit economics remain stable. Raw material cost increases have been partially passed through to customers.

Segment Performance and Operational Updates

The product vertical continues to be the primary growth engine. PG Technoplast Private Limited (PGTL), a wholly-owned subsidiary, reported revenue of ₹1,628.90 crore in Q1FY27. The electronics business grew 65.3% year-on-year, contributing 5.3% of total revenues, while plastic moulding and components grew 7.5% to ₹294.55 crore. Goodworth Electronics, a 50:50 joint venture, posted revenues of ₹177.30 crore with an EBITDA of ₹6.30 crore, up from ₹147.50 crore and ₹4.30 crore respectively in the previous year's quarter.

Operationally, the company commissioned its flagship washing machine manufacturing facility in the Delhi Mumbai Industrial Corridor (DMIC), Greater Noida. This state-of-the-art plant adds capacity for 1.8 million washing machines per annum. Concurrently, the company is relocating assets from its older Greater Noida unit (Unit 5) to optimize costs, with closure expected by September 2026. The Salarpur unit in Rajasthan commenced operations in September 2026, adding capacity for air coolers, moulds, and wash basins.

Financial Metrics and Balance Sheet

Consolidated EBITDA rose 12.1% to ₹156.20 crore, but EBITDA margin contracted from 9.3% to 7.7% due to higher cost of raw materials (CoRM), which increased from 84.1% to 85.5% of sales. Profit before tax (PBT) grew 11.5% to ₹94.40 crore. The balance sheet shows total assets at ₹3,749.20 crore as of June 30, 2026, up from ₹3,464.70 crore a year earlier. Net fixed assets increased to ₹1,365.20 crore. Trade receivables rose to ₹1,051.20 crore, extending average receivables days from 45.1 to 58.6. Inventory days also increased from 72.0 to 99.5, though payable days extended significantly from 67.0 to 95.5, helping manage the cash conversion cycle.

The following table summarises the key consolidated financial metrics for the quarter:

What the Numbers Show

The divergence between revenue growth (35.20%) and PAT growth (12.9%) underscores the impact of input cost inflation on margins. While the company successfully leveraged scale to grow volumes, particularly in high-demand categories like ACs and washing machines, the inability to fully pass on raw material costs led to margin compression. However, the improvement in employee expense ratios and stable finance costs indicate effective operational management. The shift to a net cash position, despite heavy capital expenditure on new plants in DMIC and Rajasthan, demonstrates strong liquidity management. The rising receivable and inventory days suggest working capital intensity is increasing alongside volume growth, a common challenge in consumer durables manufacturing during periods of rapid expansion.

PG Electroplast Limited will host an earnings conference call on August 07, 2026, at 10:00 AM IST to discuss its financial performance for the quarter ended June 30, 2026. The event provides investors and analysts with a direct channel to review the company's Q1FY27 results and ask questions regarding operational metrics and future outlook. This scheduled interaction ensures transparency in reporting and allows stakeholders to assess the company's strategic direction following the release of its quarterly financial statements.

The conference call is being organized by Axis Capital Limited, which will facilitate the session as a group meet. Pursuant to Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015, PG Electroplast has informed the Bombay Stock Exchange and the National Stock Exchange of India Limited about the schedule. The company emphasized that no Unpublished Price Sensitive Information (UPSI) is intended to be discussed during the interactions, ensuring compliance with market disclosure norms.

Management Participation

Senior leadership from PG Electroplast will represent the company during the discussion. The management team includes Vishal Gupta, Managing Director (Finance), Vikas Gupta, Managing Director (Operations), and Pramod Gupta, Chief Financial Officer. Their presence indicates a comprehensive review of both financial and operational aspects of the business for the period.

Conference Call Details

The session will begin with a brief management discussion on earnings performance, followed by an interactive Question & Answer session. Deepak Agarwal of Axis Capital will lead the call. Participants can dial in using the provided numbers for India and international locations.

Investors are advised to pre-register to avoid wait times. The schedule is subject to change due to exigencies on the part of analysts, investors, or the company. For further information, Axis Capital’s Executive Director – Midcaps, Deepak Agarwal, and Manager – Midcaps, Nikhil Kandoi, are available for contact.