Power & Instrumentation (Gujarat) Limited has completed the allotment of 6,78,000 equity shares upon conversion of warrants to promoter group entities, as disclosed in a regulatory filing on January 31, 2026. The allotment was approved by the Board of Directors during their meeting held on Saturday, January 31, 2026, which commenced at 11:50 A.M. and concluded at 12:20 P.M.

Allotment Details

The company allotted 6,78,000 fully paid-up equity shares upon conversion of an equal number of convertible warrants at a price of Rs. 83.75 per share, including a premium of Rs. 73.75. The allotment was made on a preferential basis to promoter group entities in accordance with Chapter V of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018.

Impact on Share Capital

Consequent to this allotment, the company's paid-up equity capital has increased significantly. The capital structure transformation reflects the successful conversion of warrants into equity shares.

Allottee Details and Holdings

The warrant conversion involved two promoter group entities with varying conversion amounts and resulting shareholding changes.

Warrant Conversion Status

The company had originally allotted 50,96,000 warrants to promoter group and non-promoter entities. Prior to this conversion, 19,50,000 warrants had already been converted into equity shares. With the current conversion of 6,78,000 warrants, a total of 26,28,000 warrants have now been converted.

Regulatory Compliance

The allotment was conducted in compliance with Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure was made in accordance with SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. The preferential allotment mechanism ensures compliance with applicable securities regulations while providing flexibility for warrant holders to convert their instruments into equity shares.

Power & Instrumentation (Gujarat) Limited (PIGL), a leading player in the electrical contracting and equipment industry, has reported robust financial performance for the second quarter of fiscal year 2026, along with significant new order wins and a strategic acquisition.

Financial Highlights

PIGL posted impressive consolidated results for Q2FY26:

The company's total income for Q2FY26 grew by 27.20% year-on-year to ₹70.91 crores, while net profit surged by 21.11% to ₹4.71 crores. EBITDA also saw a healthy increase of 19.80% to ₹7.24 crores.

For the first half of FY26, PIGL's performance was even more impressive:

New Order Wins

PIGL secured three significant contracts during the quarter, totaling ₹133.67 crores:

1. A ₹102.78 crore turnkey contract from Ajmer Vidyut Vitran Nigam Limited for rural electrification under the Dharti Aaba Janjatiya Gram Utkarsh Abhiyan (DA-JGUA) scheme, covering nine circles in Rajasthan.

2. A ₹9.50 crore order from Sadashiv Projects India Private Limited for a 5 MWp ground-mounted solar project across multiple sites in Gujarat.

3. A ₹21.39 crore order from ATS Techno Limited for designing, supplying, installing, and commissioning a factory shed at Star Platinum Industrial Park, Ahmedabad.

Strategic Acquisition

In a move to strengthen its backward integration in electrical infrastructure components, PIGL acquired an additional 35.82% stake in Peaton Electrical Company Limited (PECL). This acquisition increased PIGL's total shareholding in PECL to 51.06%, making it a subsidiary of the company.

Management Commentary

Padmaraj Padmnabhan Pillai, Managing Director of PIGL, commented on the results: "We are pleased to report a good performance in Q2 & H1 FY26, reflecting the company's focus on execution excellence, operational discipline, and sustained growth across key business segments. The quarter delivered healthy improvement in both revenue and profitability, supported by a strong order inflow and efficient project management."

He added, "Looking ahead, the company remains confident of leveraging India's continued emphasis on power distribution modernization and renewable energy expansion. With a strong order book, deep domain expertise, and a growing presence across power, infrastructure, and renewable segments, PIGL is well positioned to sustain its growth trajectory and deliver long-term value to all stakeholders."

Outlook

With its strong order book and strategic moves in the electrical contracting and equipment sector, Power & Instrumentation (Gujarat) Limited appears well-positioned to capitalize on India's growing focus on power distribution modernization and renewable energy expansion. The company's performance in the coming quarters will be closely watched by investors and industry observers alike.