PG Electroplast Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript PG Electroplast Ltd filed with BSE on 12 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
PG Electroplast reported consolidated revenues of INR2,034 crores for Q1 FY'27, up 35.2% year-on-year, crossing INR2,000 crores for the first time, with EBITDA of INR156.2 crores and net profit of INR75.3 crores. Management said the Room AC and Washing Machine verticals posted their highest-ever quarter sales, with growth coming from a combination of double-digit volume growth and ASP increases as commodity costs and rupee depreciation were passed through to customers. Management also described progress on new washing machine, refrigerator and compressor capacity coming online through the year.
Numbers mentioned
Consolidated revenue: INR2,034 crores (Q1 FY27)
p. 3
“consolidated revenues for the quarter was INR2,034 crores, up 35.2% Y-o-Y”
Pramod Gupta, page 3 of the filed PDF · View the filing
EBITDA: INR156.2 crores (Q1 FY27)
p. 3
“EBITDA came in at INR156.2 crores versus INR139.4 crores last year with a growth of 12.1% and EBITDA”
Pramod Gupta, page 3 of the filed PDF · View the filing
EBITDA margin: 7.7% (Q1 FY27)
p. 4
“margin of 7.7%”
Pramod Gupta, page 4 of the filed PDF · View the filing
Net profit: INR75.3 crores (Q1 FY27)
p. 4
“Net profit was INR75.3 crores versus INR66.7 crores, which was up 12.9% Y-o-Y”
Pramod Gupta, page 4 of the filed PDF · View the filing
Product business share of sales: 80% (Q1 FY27)
p. 4
“Product business was a key contributor for the growth, and it contributed 80% of sales, growing 40.7% Y-o-Y”
Pramod Gupta, page 4 of the filed PDF · View the filing
AC revenue: INR1,401 crores (Q1 FY27)
p. 4
“Within that, AC grew 38.1% to INR1,401 crores, washing machine grew 67.2% to INR211”
Pramod Gupta, page 4 of the filed PDF · View the filing
Washing machine revenue: INR211 crores (Q1 FY27)
p. 4
“washing machine grew 67.2% to INR211”
Pramod Gupta, page 4 of the filed PDF · View the filing
Cooler revenue: almost INR19 crores (Q1 FY27)
p. 4
“coolers grew 3.4% to almost INR19 crores”
Pramod Gupta, page 4 of the filed PDF · View the filing
Electronic business growth: 65.3% (Q1 FY27)
p. 4
“Electronic business has grown 65.3% Y-o-Y and contributed 5.3% of the revenues”
Pramod Gupta, page 4 of the filed PDF · View the filing
Plastic moulding and component revenue: INR294.6 crores (Q1 FY27)
p. 4
“Plastic moulding and component contributed INR294.6 crores and was up 7% Y-o-Y”
Pramod Gupta, page 4 of the filed PDF · View the filing
Goodworth Electronics JV sales: INR177.3 crores (Q1 FY27)
p. 4
“Our JV, Goodworth Electronics posted sales of INR177.3 crores versus INR147.5 crores last year”
Pramod Gupta, page 4 of the filed PDF · View the filing
PG Technoplast sales: INR1,600 crores (Q1 FY27)
p. 4
“Our subsidiary, wholly-owned subsidiary, PG Technoplast, reported strong sales of INR1,600 crores for the quarter”
Pramod Gupta, page 4 of the filed PDF · View the filing
Cash and bank balance: INR491.3 crores (Q1 FY27)
p. 4
“Cash and bank balance stood at INR491.3 crores, and we have a modest debt at the end of 1Q 2027”
Pramod Gupta, page 4 of the filed PDF · View the filing
Washing machine manufacturing capacity: 1.8 million units annually
p. 4
“one of the best in the industry with a capacity of 1.8 million washing machines annually”
Vishal Gupta, page 4 of the filed PDF · View the filing
Fully automatic washing machine growth: 150% (Q1 FY27)
p. 4
“Our fully automatic washing machines business has grown 150% on a Y-o-Y basis in this quarter”
Vishal Gupta, page 4 of the filed PDF · View the filing
Refrigerator facility capacity: 1.2 million units
p. 4
“This facility will have a capacity of 1.2 million units”
Vishal Gupta, page 4 of the filed PDF · View the filing
RAC volume growth: around 20%, 22% (Q1 FY27)
p. 7
“RAC at a volume level has grown around 20%, 22% for us in this quarter”
Vishal Gupta, page 7 of the filed PDF · View the filing
RAC ASP increase: 10% to 12% (Q1 FY27)
p. 7
“ASP has increased by around 10% to 12%”
Vishal Gupta, page 7 of the filed PDF · View the filing
Total capex for the year: about INR400 crores (FY27)
p. 22
“This year, the total capex that we have is about INR400 crores, which is going to actually be utilized in completing the ongoing projects of compressor and refrigerator”
Pramod Gupta, page 22 of the filed PDF · View the filing
Compressor price in India: INR2,800 to INR3,000
p. 16
“Today, the compressor price in India is roughly around INR2,800 to INR3,000”
Pramod Gupta, page 16 of the filed PDF · View the filing
RAC average realization: close to INR21,000
p. 16
“RAC realization average will be probably close to INR21,000 now”
Pramod Gupta, page 16 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Compressor mass production start — December, January
stated firmly by Vishal Gupta
p. 7
“That is the target for us to start the mass production in December, January.”
Vishal Gupta, page 7 of the filed PDF · View the filing
Refrigerator commercial production — Q4 FY27
stated firmly by Vishal Gupta
p. 4
“We are targeting commercial production by quarter 4 of this financial year and with this becoming a meaningful revenue stream for FY '28 onwards.”
Vishal Gupta, page 4 of the filed PDF · View the filing
Compressor line capacity — 2 million capacity line · this financial year
stated firmly by Vishal Gupta
p. 5
“We expect our 2 million capacity line to come online in this financial year as already planned and conveyed.”
Vishal Gupta, page 5 of the filed PDF · View the filing
Full year volume growth — close to 20% plus · FY27
stated conditionally by Pramod Gupta
p. 12
“So we think that we should be having close to 20% plus kind of a volume growth for the full year.”
Pramod Gupta, page 12 of the filed PDF · View the filing
FY27 earnings versus FY25 — surpass FY25 numbers · FY27
stated conditionally by Pramod Gupta
p. 12
“We are hopeful that we -- coming to the earnings, we are very hopeful that we should be able to surpass the '25 numbers this year.”
Pramod Gupta, page 12 of the filed PDF · View the filing
Volume growth relative to industry — 4-5% better than industry
stated conditionally by Pramod Gupta
p. 12
“If industry grows at 20%, we should be able to do about 4%, 5% better than that.”
Pramod Gupta, page 12 of the filed PDF · View the filing
Growth for FY28 — 25%, 30% growth · FY28
stated as an aspiration by Pramod Gupta
p. 13
“So even if, say, '27, '28, I don't see any reason why we will not have 25%, 30% growth for us.”
Pramod Gupta, page 13 of the filed PDF · View the filing
Full year EBITDA margin — 8% · FY27
stated as an aspiration by Pramod Gupta
p. 21
“This is an aspiration which we have that I have told you that 8% kind of a margin is what we want to reach for the full year.”
Pramod Gupta, page 21 of the filed PDF · View the filing
AC contribution to sales — closer to 50% to 55% · next 2 to 3 years
stated as an aspiration by Pramod Gupta
p. 21
“Today, AC contributes almost 60% to 65% of the sales in the company, which we want to bring down closer to 50% to 55% over the next 2 to 3 years”
Pramod Gupta, page 21 of the filed PDF · View the filing
Fixed asset turn target — more than 4x
stated as an aspiration by Pramod Gupta
p. 20
“Overall, on a company basis, we all the time target that fixed asset turn should be more than 4x.”
Pramod Gupta, page 20 of the filed PDF · View the filing
Compressor second line commissioning — April, May
stated conditionally by Vishal Gupta
p. 17
“In April, May, we might take a decision adding one more line for 2 million compressor capacity in our existing plant in Supa.”
Vishal Gupta, page 17 of the filed PDF · View the filing
Washing machine capacity utilization — 70% to 80% of total capacity · FY28
stated conditionally by Vikas Gupta
p. 19
“we are hopeful that in next 1 or -- maybe by -- not by end of this year, maybe by the FY '28, we should have almost around 70% to 80% utilization of our total capacity”
Vikas Gupta, page 19 of the filed PDF · View the filing
Price increase for RAC — December quarter
stated conditionally by Vishal Gupta
p. 6
“I think the price increase will happen from the -- in the December quarter only with our clients.”
Vishal Gupta, page 6 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said RAC outsourcing is definitely increasing at the industry level.
Answered by Vishal Gupta
Asked by Achal Lohade: Has RAC outsourcing percentage increased compared to last year?
p. 6
“RAC outsourcing percentage is definitely going up. It is definitely going up, if you see the number.”
Vishal Gupta, page 6 of the filed PDF · View the filing
Management said cost increases have only been partially passed through, with more pass-through expected later.
Answered by Vishal Gupta
Asked by Tanay Shah: What percentage of commodity cost increases has been passed on to customers?
p. 6
“cost increase has been partially passed through to the clients. I cannot be -- I cannot give very specific numbers on that, and it varies from customer to customer.”
Vishal Gupta, page 6 of the filed PDF · View the filing
Management said brands facing margin pressure are increasingly choosing to outsource, particularly for entry-level models.
Answered by Vishal Gupta
Asked by Dhruv Jain: Will outsourcing rise industry-wide over the next few years given PLI is ending?
p. 8
“lower-end models, entry-level models are largely outsourced where the competition intensity is very high and premium level models, they try to make in-house.”
Vishal Gupta, page 8 of the filed PDF · View the filing
Management said margins improved significantly quarter-on-quarter once PLI incentives are excluded from both periods.
Answered by Pramod Gupta
Asked by Achal Lohade: How have AC margins trended quarter-on-quarter excluding PLI incentives?
p. 9
“There has been a quite sharp improvement in the margins in the AC business on quarter-on-quarter basis ex of PLI.”
Pramod Gupta, page 9 of the filed PDF · View the filing
Management said they expect close to 20% plus volume growth for the full year given the low base and normalizing channel inventory.
Answered by Pramod Gupta
Asked by Keyur Pandya: Is 20%+ volume growth achievable for the full year given a low base?
p. 12
“We think that should be a possibility for us, given the fact that for us, for the next 9 months, barring December, base is pretty low.”
Pramod Gupta, page 12 of the filed PDF · View the filing
Management said percentage margin is not the right metric because the business is priced on a per-unit basis, and it will not commit to a specific percentage target.
Answered by Pramod Gupta
Asked by Bhavya Gandhi: Can the company expect to return to a 10% historical EBITDA margin within a year?
p. 15
“Percentage is something which I will not commit to, but I think we will be going back on a per piece basis to the normalized level soon, both in AC and washing machines”
Pramod Gupta, page 15 of the filed PDF · View the filing
Management reiterated an operating margin aspiration of about 8% for the full year and said reported margins should be slightly better than last year.
Answered by Pramod Gupta
Asked by Mohit Jain: What absolute EBITDA growth or margin can be expected for the year?
p. 16
“at the beginning of this year, we had guided that we should be probably close to 8% kind of a margin for the whole year, at least at the operating level”
Pramod Gupta, page 16 of the filed PDF · View the filing
Management said around 50-60% of compressor requirement is currently imported, with a government quota restricting future imports to 25% of FY25 levels.
Answered by Vishal Gupta
Asked by Santhosh Seshadri: How much of compressor requirement is currently imported and could capacity be insufficient?
p. 17
“we are still importing around 60% of our compressor requirements in India right now, around 50% to 60% right now.”
Vishal Gupta, page 17 of the filed PDF · View the filing
Management attributed elevated inventory to rising commodity prices and supply constraints from QCO import restrictions, requiring higher strategic stock levels.
Answered by Pramod Gupta
Asked by Bala Murali Krishna: Why has inventory remained elevated and what is driving it?
p. 19
“keeping some strategic inventory level becomes very important to continue to -- the operation.”
Pramod Gupta, page 19 of the filed PDF · View the filing
Management estimated output of about 1.6-1.7 million compressors per line at 80% utilization, priced around INR2,850-2,900 each, with room to expand to four lines.
Answered by Pramod Gupta
Asked by Aditya Mehta: What peak revenue is expected from the compressor business at full utilization?
p. 21
“One line can give you roughly about 2 million kind of output at 80%, maybe about 1.6 million, 1.7 million compressor.”
Pramod Gupta, page 21 of the filed PDF · View the filing
Risks flagged
Elevated commodity prices, particularly copper and aluminum, and rupee depreciation pressuring margins
p. 4
“gross margin as a percentage softened both quarter-on-quarter and year-on-year, driven by elevated commodity prices, particularly copper and aluminum, along with the rupee depreciation”
Pramod Gupta, page 4 of the filed PDF · View the filing
Rising competitive intensity in the RAC and EMS industry
p. 6
“we cannot be very away from that. If you see our numbers closely, you can see in last few quarters, we have been trying to restructure our company”
Vishal Gupta, page 6 of the filed PDF · View the filing
Geopolitical and supply chain uncertainty affecting new capacity ramp-up
p. 17
“There can be a lot of geopolitical factors right now. See, we are living in such uncertain times.”
Vishal Gupta, page 17 of the filed PDF · View the filing
Supply chain constraints from import restrictions on components such as compressors and copper tubing
p. 19
“compressor import is not going to be allowed in India from 1st of April. But this year itself, the total compressor availability is constrained because only 25% of what you imported in '25 is being allowed to be imported.”
Pramod Gupta, page 19 of the filed PDF · View the filing
Resin price increases not fully passed through impacting washing machine margins
p. 9
“because of the fact that resin prices, plastic resin prices have risen very sharply the full pass on of the commodity prices has not happened in this quarter”
Pramod Gupta, page 9 of the filed PDF · View the filing
Potential tightening of compressor supply in India depending on demand
p. 17
“we might see some tightening of compressor availability in India from January, February onwards. This is all depends on the -- how is the demand playing outside.”
Vishal Gupta, page 17 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.