PG Electroplast Ltd.46% Revenue Growth Despite Industry Decline

PG Electroplast delivered robust Q3 FY26 performance with consolidated revenue of ₹1,412 crore, up 46% year-on-year, despite the room air conditioner industry declining 15-20%.

The AC business, now 66% of total revenue, surged 80.5% to ₹932.5 crore, while washing machines grew 45% to ₹194 crore. EBITDA stood at ₹126 crore with net profit of ₹60.3 crore. Management maintained full-year guidance of ₹5,700-5,800 crore revenue and ₹300 crore profit, supported by expected ₹37.5 crore PLI benefit in Q4. The company continues aggressive expansion with ₹700-750 crore capex planned for FY26, including a new 1.2 million unit refrigerator capacity starting Q4 FY27.

Despite near-term concerns over elevated channel inventory of 5 million AC units and delayed summer, management expressed confidence citing Q4's historical strength and strong order visibility. The company maintains zero client loss over five years while expanding wallet share, demonstrating strong positioning in India's low-penetration consumer durables market.