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 product business contributing 73% of total revenues.

• Subsidiary PG Technoplast crossed INR 2,573 crores in revenue for 9MFY2026.

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

• Management remains optimistic about medium-term growth, maintaining previous guidance and focusing on operational efficiency and capacity expansion.

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.

• Q3 FY2026 EBITDA increased 36.5% YoY to INR 126.1 crores; net profit stood at INR 60.3 crore.

• 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 a provision of INR 1.35 crore for new labor code impacted EBITDA.

• Over 9 years, revenue grew at 38.5% CAGR and EBITDA at 42.6% CAGR.

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.

• Management expects strong Q4 due to seasonality and operating leverage, with optimism for medium-term growth in AC and washing machines.

• Refrigerator capacity of 1.2 million units to be operational by Q4 FY27, with initial loading of 30%-40%.

• Impact of new Indian labour codes recognized as a non-material increase in employee benefit expense; further impact to be evaluated as rules are notified.