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PG Electroplast (533581) investor relations material
PG Electroplast Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q2 FY26 revenue declined 2.4% year-over-year to INR 655 crore, mainly due to a sharp drop in Room AC demand, while H1 FY26 sales grew 8.4% year-over-year to INR 2,159 crore.
Washing machine business grew 55% in Q2, with capacity expansion underway in RACs, washing machines, and coolers.
Operating margins softened due to negative leverage in Room AC and higher supply costs.
Cash and equivalents at quarter-end were INR 630 crore; higher inventory levels affected operating cash flows.
Strategic focus remains on expense control, R&D, new product development, backward integration, and capacity expansion.
Financial highlights
Q2 consolidated revenue was INR 655 crore, down 2.4% year-over-year; product revenues were INR 319 crore (49% of total).
AC business revenue was INR 131 crore, down nearly 45% year-over-year, accounting for 20% of total revenue.
Washing machines contributed INR 188 crore, up 55% year-over-year.
EBITDA for Q2 was INR 44.68 crore, down 26.2% YoY; net profit was INR 2.4 crore, impacted by lower operating leverage and INR 8.4 crore forex loss.
Cash and equivalents at Q2 end were INR 630 crore; company remains net cash positive.
Outlook and guidance
FY26 revenue guidance maintained at INR 5,700–5,800 crore, with net profit expected between INR 300–310 crore.
Group-level consolidated sales (including JV) expected to cross INR 6,550–6,650 crore.
FY26 CapEx planned at INR 700–750 crore, with investments in Greater Noida, Supa, Rajasthan, and South India.
Product business expected to grow 17–21% to INR 4,140–4,280 crore; electronics segment to grow 29%.
Second half expected to show improved operating and free cash flow as inventory normalizes and GST rationalization benefits working capital.
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