PG Electroplast (533581) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 saw strong growth in room AC and washing machine sales, with AC business up 80% year-over-year and washing machines up 45%.

• Consolidated revenues for 9MFY2026 grew 20.7% year-over-year to INR 3,571.4 crores, with strong growth in product business segments, especially room AC and washing machines.

• TV joint venture posted INR 670 crore revenue and INR 16.7 crore EBITDA in nine months.

• Board approved unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025.

• Focus remains on profitable scaling, capital efficiency, R&D, and stakeholder value.

Financial highlights

• Consolidated Q3 revenue reached INR 1,412 crore, up 46% year-over-year; 9M FY2026 sales up 20.7% YoY to INR 3,571.4 crores.

• Product business contributed INR 1,140 crore (80.7% of revenue); AC business at INR 932.5 crore (66% of revenue), up 80.5% year-over-year.

• Q3 FY2026 EBITDA increased 36.5% YoY to INR 126.1 crores; Q3 PAT grew 50.3% YoY to INR 60.3 crores.

• Gross margin for Q3 FY2026 was 18.2%, down from 21.5% YoY; EBITDA margin at 8.9%.

• Forex loss of INR 8.2 crore and INR 1.35 crore provision for new labor code impacted EBITDA.

Outlook and guidance

• Full-year sales guidance maintained at INR 5,700–5,800 crore and profit at INR 300–310 crore.

• CapEx guidance of INR 700–750 crore, with major investments in Greater Noida, Supa, Rajasthan, and Sri City.

• Product business expected to grow 17–21% to INR 4,140–4,280 crores.

• Confident in medium-term growth for ACs due to GST rationalization and increased penetration.

• Expecting strong Q4 due to seasonality and operating leverage, with historical Q4 contributing significantly to annual PAT.