PG Electroplast Limited has scheduled its 24th Annual General Meeting (AGM) for Tuesday, September 29, 2026, at 2:30 pm, to be held through video conferencing or other audio-visual means (VC/OAVM).

The AGM notice was issued on September 5, 2026, by Company Secretary Deepesh Kedia from the company's corporate office in Greater Noida. The cut-off date for remote e-voting eligibility has been fixed as Friday, September 18, 2026, with the remote e-voting window open from Saturday, September 26, 2026, to Monday, September 28, 2026.

Key agenda items

The AGM will take up both ordinary and special business. The following table summarises the agenda:

Dividend declaration

The board has recommended a dividend of 25%, i.e., ₹0.25 per equity share, for the financial year ended March 31, 2026, subject to member approval at the AGM. The record date for dividend eligibility is Friday, September 18, 2026. If approved, the dividend will be paid on or before Wednesday, October 28, 2026.

Statutory auditor change

The incumbent statutory auditors, M/s S.S. Kothari Mehta & Company, Chartered Accountants (Firm Registration No. 000756N), will complete their tenure at the conclusion of the 24th AGM. The board, on the recommendation of the Audit Committee, has proposed the appointment of M/s B S R & Co. LLP, Chartered Accountants (ICAI Firm Registration No. 101248W/W-100022) as the new statutory auditors for a term of five years, from the conclusion of the 24th AGM to the conclusion of the 29th AGM. The proposed audit fee for B S R & Co. LLP, covering the company and its subsidiaries, is around ₹75,00,000 (Rupees Seventy Five Lakhs only), plus applicable expenses and taxes.

B S R & Co. LLP was constituted on March 27, 1990, and converted into a limited liability partnership on October 14, 2013. The firm has over 4,000 staff and 140+ partners, with offices across multiple cities in India.

Cost auditor ratification

The board appointed M/s Dhananjay V. Joshi & Associates, Cost Accountants, Pune (Firm Registration No. 000030) as cost auditors for FY27 at its meeting held on September 4, 2026. Members are being asked to ratify the remuneration of ₹4,80,000 (Rupees Four Lakhs Eighty Thousand only) payable to the cost auditors for the financial year ending March 31, 2027.

Loan and guarantee approval

Members will vote on a special resolution authorising the board to extend loans, guarantees, or securities to subsidiary, joint venture, associate, or group entities in which any director is deemed interested, up to an aggregate limit of ₹1,000 crore (Rupees One Thousand Crores only). This specifically covers Goodworth Electronics Private Limited (GEPL), a joint venture in which PG Electroplast holds a 50% stake. The approval will also cover guarantees already extended by the company on behalf of such entities.

Director seeking re-appointment

Annexure-A of the AGM notice provides details of Anurag Gupta, who retires by rotation and is eligible for re-appointment:

Annual Report 2025-26 and the AGM notice are being sent electronically to members whose email addresses are registered with depositories or the company's registrar and share transfer agent, KFin Technologies Limited. Members requiring hard copies may request the same separately.

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 — 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. Consolidated EBITDA came in at ₹156.2 crore, up 12.1% year-on-year, though the margin stood at 7.7% (reported as 7.3% in statutory filings) against 8.1% in the prior year quarter. Net profit after tax (PAT) rose to ₹75.3 crore from ₹66.7 crore year-on-year.

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. During the earnings conference call held on August 07, 2026, 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.

Capacity Expansion and New Product Lines

Management provided detailed updates on upcoming capacity additions. The compressor project at Supa is on track for mass production in this financial year, with a target start date of December or January. The first line has a capacity of 2 million units. Management noted that the industry currently imports around 50% to 60% of its compressor requirements, but government restrictions limiting imports to 25% of FY25 volumes create a supply constraint that favors domestic players. PG Electroplast plans to evaluate adding a second line immediately after stabilizing the first.

The refrigerator facility at Sri City in South India is progressing well, targeting commercial production by Q4FY27. With a total capacity of 1.2 million units, the company has secured an anchor customer commitment for 30% to 35% of this capacity. Initial production will focus on direct cool and side-by-side refrigerators, expanding to frost-free and multi-door categories in subsequent phases. Additionally, the washing machine business saw fully automatic models grow 150% year-on-year, with new high-capacity platforms launching to address higher value segments.

Financial Metrics and Balance Sheet

Consolidated EBITDA came in at 1.48b rupees against 1.21b rupees in the year-ago quarter, with the EBITDA margin contracting to 7.3% from 8.1% year-on-year, reflecting 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 profit growth underscores the impact of input cost inflation on margins. While PG Electroplast 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 — reflected in the EBITDA margin declining to 7.3% from 8.1% year-on-year. However, 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. 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. Management’s guidance of an 8% operating EBITDA margin for FY27 suggests confidence in better price pass-through capabilities as commodity prices stabilize and competitive dynamics normalize.