Power & Instrumentation Gujarat Posts Strong Q2FY26 Results, Secures ₹133.67 Cr New Orders

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:

Particulars (₹ Cr)	Q2 FY26	Q2 FY25	YoY Growth
Total Income	70.91	55.75	27.20%
EBITDA	7.24	6.04	19.80%
Net Profit	4.71	3.89	21.11%
EPS (₹)	2.66	2.69	-1.12%

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:

Particulars (₹ Cr)	H1 FY26	H1 FY25	YoY Growth
Total Income	112.46	81.75	37.57%
EBITDA	11.52	9.70	18.86%
Net Profit	7.33	5.76	27.29%
EPS (₹)	4.16	3.99	4.26%

New Order Wins

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

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

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+2.81%	+6.09%	-6.33%	+3.65%	-37.58%	+76.69%

Power & Instrumentation (Gujarat) Limited has announced that Power Infra Cons Private Limited, a promoter group entity, has acquired convertible warrants through a preferential allotment. This move could potentially increase Power Infra Cons' stake in the company.

Key Details of the Transaction

Aspect	Details
Acquirer	Power Infra Cons Private Limited
Target Company	Power & Instrumentation (Gujarat) Limited
Instrument	Fully Convertible Warrants
Number of Warrants	1,40,000
Price per Warrant	Rs. 83.75
Conversion Ratio	1:1 (One warrant to one equity share)
Face Value of Equity Share	Rs. 10.00
Conversion Period	Within 18 months from November 6, 2025

Impact on Shareholding

The acquisition of these warrants has implications for both the acquirer's holding and the company's share capital structure:

Metric	Post-Acquisition
Acquirer's Total Holding	16,50,000 shares and warrants
% of Total Share Capital	9.16%
% of Diluted Share Capital	7.79%

Company's Share Capital Structure

Capital Type	Amount (Rs.)	Number of Shares
Current Equity Share Capital	17,77,29,000.00	1,77,72,900
Total Diluted Share Capital*	21,16,89,000.00	Not specified

*After considering warrant conversions

Significance of the Transaction

This preferential allotment of convertible warrants to Power Infra Cons Private Limited, a promoter group entity, may indicate a strategic move to increase promoter stake in Power & Instrumentation. The transaction provides the acquirer with the option to increase its shareholding over the next 18 months, potentially strengthening its position within the company.

Investors and market watchers may want to monitor any future warrant conversions, as they could impact the company's shareholding pattern and potentially influence its strategic direction. The preferential allotment also brings in additional capital to the company, which could be used for various corporate purposes, though specific details on the use of proceeds have not been provided in the available information.

Stakeholders should consider the broader context of the company's performance, industry trends, and overall market conditions when interpreting the implications of such corporate actions.