PG Electroplast Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript PG Electroplast Ltd filed with BSE on 30 May 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 Q4 FY26 consolidated revenue of INR1,717 crores, down 10.1% year-on-year, with EBITDA of INR131.5 crores and net profit of INR64.2 crores, both declining sharply due to LPG shortages, truck shortages, and forex losses. Management attributed the disruptions to a Gulf conflict-driven LPG shortage that halted production in Supa, a truck shortage that delayed dispatches, and a roughly 250 basis point gross margin impact from commodity inflation and rupee depreciation. For the full year, revenue grew to INR5,288 crores from INR4,869 crores, while EBITDA and profit after tax declined compared to the prior year.
Numbers mentioned
Consolidated revenue: INR1,717 crores (Q4 FY26)
p. 4
“consolidated revenues for the quarter were INR1,717 crores and a decline of about 10.1% Y-o-Y”
Pramod Gupta, page 4 of the filed PDF · View the filing
EBITDA: INR131.5 crores (Q4 FY26)
p. 4
“EBITDA came in at INR131.5 crores compared to INR231.72 crores last year, which was a”
Pramod Gupta, page 4 of the filed PDF · View the filing
Net profit: INR64.2 crores (Q4 FY26)
p. 5
“Net profit for the quarter was INR64.2 crores versus INR146.39 crores and a decline of 56% for the quarter.”
Pramod Gupta, page 5 of the filed PDF · View the filing
Full year consolidated revenue: INR5,288 crores (FY26)
p. 5
“Full year consolidated revenues are INR5,288 crores versus INR4,869 crores in the last financial year.”
Pramod Gupta, page 5 of the filed PDF · View the filing
Full year EBITDA: INR441.76 crores (FY26)
p. 5
“EBITDA stood at INR441.76 crores versus INR519.16 crores and profit after tax stood at INR193.61 crores versus INR290.92”
Pramod Gupta, page 5 of the filed PDF · View the filing
Room AC revenue: INR1,210 crores (Q4 FY26)
p. 5
“room AC revenue declined 12% Y-o-Y to INR1,210 crores”
Pramod Gupta, page 5 of the filed PDF · View the filing
Washing machine business growth: 52% (FY26)
p. 5
“The washing machine business grew phenomenally 52% on a full year basis.”
Pramod Gupta, page 5 of the filed PDF · View the filing
Forex loss: INR38.77 crores (FY26)
p. 5
“For the full year FY26, our forex loss was INR38.77 crores versus a forex gain of about INR17.99”
Pramod Gupta, page 5 of the filed PDF · View the filing
Goodworth Electronics revenue: INR155.1 crores (Q4 FY26)
p. 5
“Goodworth Electronics, our JV entity, reported revenues of INR155.1 crores in Q4 versus INR107.6 crores in the same quarter last year.”
Pramod Gupta, page 5 of the filed PDF · View the filing
FY26 capex spend: INR785 crores (FY26)
p. 14
“out of the total INR785 crores that we have spent this year in the capex, almost close to INR500 crores has actually gone into the land and building piece”
Pramod Gupta, page 14 of the filed PDF · View the filing
Total inventory at end of March: INR1,600 crores (as of end of Q4 FY26)
p. 15
“We had an inventory of close to INR1,600 crores at the end of March quarter, out of which the AC business alone was having close to INR1,300 crores of inventory”
Pramod Gupta, page 15 of the filed PDF · View the filing
Industry overall manufacturing: 13 million to 14 million units (FY26)
p. 9
“the industry overall manufacturing FY26 would be anything between 13 million to 14 million -- and we -- I think we are operating around 13 million to 14 million.”
Vishal Gupta, page 9 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.
EBITDA margin — towards 8% · FY27
stated conditionally by Vishal Gupta
p. 7
“We expect EBITDA margins to improve towards 8% as operating leverage returns, input cost pressures moderate and our cost discipline initiatives take effect.”
Vishal Gupta, page 7 of the filed PDF · View the filing
Revenue growth — better than industry revenue growth · FY27
stated as an aspiration by Vishal Gupta
p. 7
“For FY27, we are targeting better than industry revenue growth.”
Vishal Gupta, page 7 of the filed PDF · View the filing
Refrigerant facility commercial production — Q4 FY27
stated firmly by Vishal Gupta
p. 6
“We plan to start commercial production by quarter 4 of FY27, and this will become a meaningful revenue stream in FY28.”
Vishal Gupta, page 6 of the filed PDF · View the filing
Rotary compressor facility installation — August 2026 start, operations by Q4 FY27
stated firmly by Vishal Gupta
p. 6
“Installation is planned to begin in August 2026 and operations are expected to commence by quarter 4 of FY27.”
Vishal Gupta, page 6 of the filed PDF · View the filing
Compressor capacity — 2 million compressors expandable to 4 million
stated firmly by Vishal Gupta
p. 6
“We will have a capacity of 2 million compressors in the first phase, which can be expanded to 4 million compressors in the second phase.”
Vishal Gupta, page 6 of the filed PDF · View the filing
Washing machine business growth — upwards of 30%, 35% · FY27
stated as an aspiration by Pramod Gupta
p. 15
“upwards of 30%, 35% is what we think we should be able to do in washing machine.”
Pramod Gupta, page 15 of the filed PDF · View the filing
Total inventory reduction — less than INR900 crores · by June end
stated as an aspiration by Pramod Gupta
p. 16
“Total inventory, total inventory should -- which is INR1,601 crores as of -- thing should be less than INR900 crores in our opinion by June end.”
Pramod Gupta, page 16 of the filed PDF · View the filing
Asset turn — 4x plus · by 2029
stated as an aspiration by Pramod Gupta
p. 15
“We should be able to utilize these assets and get to an asset turn of 4x plus by 2029.”
Pramod Gupta, page 15 of the filed PDF · View the filing
Net profit — cross FY25 PAT of around INR270 crores · FY27
stated conditionally by Pramod Gupta
p. 12
“But we are very hopeful that if situation normalizes sometime this year, then we should be able to at least have a -- we can probably cross the profit which we delivered in 2025.”
Pramod Gupta, page 12 of the filed PDF · View the filing
Compressor facility capacity utilization — more than 70% · FY28
stated as an aspiration by Pramod Gupta
p. 16
“We are hoping to at least run the capacity at something like more than 70% capacity utilization.”
Pramod Gupta, page 16 of the filed PDF · View the filing
Refrigerator facility capacity utilization — 50%, 55% · FY28
stated as an aspiration by Pramod Gupta
p. 17
“we think that we should be able to reach something like in the very first year of production, that is FY28, something like 50%, 55% capacity utilization we should hit in the very first year.”
Pramod Gupta, page 17 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 explained that most cheap inventory was used up in the strong December quarter, leaving little cheap stock for Jan-March, and price increases in April have been only partially effective given continued rupee depreciation.
Answered by Pramod Gupta
Asked by Achal Lohade: Why didn't cheaper inventory help offset copper price inflation, and has pricing normalized in April/May?
p. 7
“So whatever cheaper inventory we had, most of it was actually utilized in the December quarter.”
Pramod Gupta, page 7 of the filed PDF · View the filing
Management said they took a price increase of 10-12% but rupee depreciation payments have not been fully priced in, and the AC gross margin percentage is likely to remain lower even though absolute gross contribution per piece should return to historical averages.
Answered by Pramod Gupta
Asked by Tanay Shah: Can you quantify the price hikes taken versus the gap remaining, and how will gross margin normalize into FY27?
p. 10
“we would have also taken a price increase of anywhere between 10% to 12% till now.”
Pramod Gupta, page 10 of the filed PDF · View the filing
Management said they are hopeful of crossing that PAT level if the situation normalizes, but flagged uncertainties around the Middle East situation, El Nino, and rupee depreciation.
Answered by Pramod Gupta
Asked by Jitendra Arora: When does the company expect to cross the FY25 PAT of around INR270 crores?
p. 12
“If the normal situation is there, then yes, we very much hope that we should be able to cross that PAT.”
Pramod Gupta, page 12 of the filed PDF · View the filing
Management stated total production was around 1.75 million sets with average AC utilization around 45-50%.
Answered by Vishal Gupta
Asked by Saumil Mehta: What was total production in units for FY26 and capacity utilization?
p. 13
“our overall production in FY26 was around 1.75 million sets, okay?”
Vishal Gupta, page 13 of the filed PDF · View the filing
Management detailed roughly INR500 crores into land and building, INR70 crores for washing machine plant, INR165 crores for RAC plant expansion, INR35 crores for molding and electronics, and INR10 crores refrigerator advance.
Answered by Pramod Gupta
Asked by Neil Mehta: How was the INR800 crores capex allocated across new initiatives?
p. 14
“almost close to INR500 crores has actually gone into the land and building piece”
Pramod Gupta, page 14 of the filed PDF · View the filing
Management said internal targets are to restore EBITDA to FY24/FY25 levels, contingent on the industry not facing the same supply-side and inventory pressures as last year.
Answered by Pramod Gupta
Asked by Keyur Pandya: How should EBITDA per unit trend given industry growth and market share gains?
p. 17
“internal targets are to basically restore the EBITDA to original figures, which was there in '24, '25 numbers.”
Pramod Gupta, page 17 of the filed PDF · View the filing
Risks flagged
Rupee depreciation against the US dollar substantially inflating input costs and causing forex losses
p. 4
“Most significantly, the Indian rupee depreciated approximately 20% against the U.S. dollar on a Y-o-Y basis, substantially inflating our input costs.”
Vishal Gupta, page 4 of the filed PDF · View the filing
LPG shortage from the Gulf conflict causing plant shutdowns and production loss
p. 4
“Then in March, which is historically our single largest production month of the year, we were hit by a shortage of commercial LPG arising from the Gulf conflict.”
Vishal Gupta, page 4 of the filed PDF · View the filing
Truck shortage causing stranded finished goods and deferred dispatches
p. 5
“The truck shortage, which resulted in an estimated sales loss of close to INR120 crores for the quarter as finished goods were stranded at our plant and dispatches were deferred into April.”
Pramod Gupta, page 5 of the filed PDF · View the filing
Weak consumer confidence and cautious savings behavior reducing disposable income for discretionary spending
p. 4
“Indian consumers adopted a more cautious savings-oriented behavior throughout much of the year.”
Vishal Gupta, page 4 of the filed PDF · View the filing
Ongoing rupee volatility making cost pass-through unpredictable
p. 8
“Rupee keeps on depreciating and some of the key commodities are still continuing to go higher up, especially on the aluminum and copper side.”
Pramod Gupta, page 8 of the filed PDF · View the filing
Labor shortages and new Labour Code disrupting production across the industry
p. 9
“In some geographies, there has been this new Labour Code, which has caused some disruption temporarily.”
Pramod Gupta, page 9 of the filed PDF · View the filing
Industry-wide desperation to hit PLI targets in the last eligible year creating competitive pressure
p. 17
“There is a lot of desperation with certain people. Why? Because they want to -- they are not able to achieve their PLI targets.”
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.