PG Electroplast (533581) Q4 24/25 earnings summary

Executive summary

• FY25 consolidated revenue rose 77% to ₹4,869 crore, with net profit up 112% to ₹291 crore, driven by capacity expansion and product business scale-up, especially in AC and washing machine segments.

• Product business contributed 72.4% of revenue, led by room AC (128% YoY growth) and washing machines (43% YoY).

• Operating margins improved due to cost control, softer commodity prices, and operating leverage.

• Cash and equivalents rose to ₹980 crore, with strong operating cash flow and working capital optimization.

• The company serves over 35 brands, diversifying risk and supporting robust order book visibility for FY26.

Financial highlights

• FY25 operating revenue: ₹4,869 crore (+77% YoY); EBITDA: ₹519 crore (+81% YoY); net profit: ₹291 crore (+112% YoY); PAT margin improved to 6%.

• Q4 FY25 revenue: ₹1,910 crore (+77% YoY); net profit: ₹146.4 crore (+105% YoY).

• Product business revenue: ₹3,525 crore (+111% YoY); room AC: ₹3,009 crore (+128% YoY); washing machines: ₹448 crore (+43% YoY).

• CapEx for FY25 was ₹488 crore; net fixed assets at ₹1,134 crore as of March 31, 2025.

• Final dividend of ₹0.25 per share approved.

Outlook and guidance

• FY26 group operating revenue guidance: ₹7,200 crore (+33% YoY); net profit guidance: ₹405 crore (+39% YoY); product business revenue expected to grow 35% to ₹4,770 crore.

• CapEx guidance for FY26: ₹800-₹900 crore, including new greenfield plants for RAC, washing machines, and refrigerators.

• Focus on R&D, new product development, backward integration, and capacity enhancement.

• Margins expected to remain flattish; focus on volume and value growth.

• 30%-35% annual growth targeted for the next 2-3 years.