PG Electroplast Limited (PGEL) AI Stock Analysis

• Market Cap: ₹141.14B
• Dividend Yield: 0.08%
• Average Volume (3M): 206.81K
• Price to Earnings (P/E): 65.7
• Beta (1Y): 2.32
• Revenue Growth: 39.89%
• EPS Growth: 22.90%
• Country: IN
• Employees: 1,462
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Hardware, Equipment & Parts
• EPS (TTM): 2.10
• Shares Outstanding: 285,342,650
• 10 Day Avg. Volume: 328,021
• 30 Day Avg. Volume: 206,814
• PEG Ratio: 0.89
• Price to Book (P/B): 8.70
• Price to Sales (P/S): 5.05
• P/FCF Ratio: -43.55
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹686.00
• Price Target Upside: 9.50% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 10.46
• Revenue Forecast (FY): ₹57.03B

• Rating: 64 Neutral
• Price Target: ₹559.00 ▼(-10.77% Downside)
• Action: Reiterated Date: 03/10/26
• Date: Action: Reiterated 03/10/26

The score is driven primarily by strong financial performance (profitability and balance sheet strength), but is held back by weak technicals (trading below major moving averages) and a demanding valuation (high P/E with a very low dividend yield).

Positive Factors

Revenue Growth

Sustained ~36% revenue growth reflects durable demand expansion or market-share gains in EMS/ODM. Coupled with reported improving margins and robust EBIT/EBITDA, this growth supports reinvestment capacity, scale advantages, and the potential to deepen customer relationships over multiple quarters.

Balance Sheet Strength

A healthy equity ratio and falling debt-to-equity indicate financial resilience and lower financing risk for capital expenditures. Strong ROE shows efficient capital use, enabling the company to finance growth internally and absorb cyclical swings in industrial end markets over the medium term.

Free Cash Flow Improvement

Recent improvement in free cash flow signals better conversion of earnings to liquidity, supporting capex, working-capital needs, and potential deleveraging. Improving cash generation strengthens the company’s ability to invest in tooling, capacity, and higher value-added assembly services sustainably.

Negative Factors

Cash Flow Volatility

Historic fluctuations and prior negative free cash flow point to inconsistent cash conversion, which can constrain capital investments and margin stabilization. If variability persists, it may limit the company’s ability to fund growth without external financing during downturns or capex cycles.

High Business Cyclicality

A beta above 2 indicates high sensitivity to market cycles; as an EMS/ODM provider, revenue and margins can swing with OEM order patterns. Elevated cyclicality increases earnings volatility, requiring stronger cash buffers and flexible cost structure to sustain operations across cycles.

Limited Contract Transparency

Lack of disclosed customer/contract details reduces visibility into revenue stability and potential concentration risk. Without clarity on long-term supply arrangements, the business remains exposed to order volatility, pricing pressure, and the loss of key OEM customers over the medium term.

PG Electroplast Limited Business Overview & Revenue Model

Company Description

PG Electroplast Limited provides electronic manufacturing and plastic injection moulding services for original equipment and design manufacturers in India and internationally. The company offers parts of air-conditioners, air coolers, washing machines, refrigerators, ceiling fan parts, automobile parts, sanitary ware products, etc.; printed circuit board assemblies for LED TVs, set top boxes, energy meters, etc.; assembly and manufacturing of set top boxes, washing machines, air conditioners, air-coolers and LED TVs, etc.; and AC components. It also provides small, medium, large sized, high-precision, and surface critical injection molded components; polymers for various hollow plastic products; moldings of thermoset polymers; and small and medium sized tools for applications in the automotive, white goods, home and kitchen appliances, lighting, and electrical equipment industries. In addition, the company offers assembly services for products, such as set top boxes, air conditioners, washing machines, air coolers, and UF toilet seats, as well as owns and operates PU paint shop. PG Electroplast Limited was incorporated in 2003 and is based in Greater Noida, India.

How the Company Makes Money

PG Electroplast Limited generates revenue through multiple streams, primarily by manufacturing and selling plastic components and electronic assemblies to various industries such as consumer electronics and automotive. The company's revenue model is based on contracts with both original equipment manufacturers (OEMs) and direct sales to customers. Key revenue streams include bulk orders for plastic parts, assembly services, and customized solutions for specific client needs. Strategic partnerships with major brands enhance PGEL's market presence and contribute to steady income. Additionally, the company invests in research and development to create innovative products that meet evolving market demands, further driving revenue growth.

PG Electroplast Limited Financial Statement Overview

Summary

Strong income statement performance (revenue growth, healthy margins, robust EBIT/EBITDA) and a solid balance sheet (healthy equity ratio, improving debt-to-equity, strong ROE) are partially offset by weaker cash flow quality, despite recent improvement in free cash flow.

Income Statement

PG Electroplast Limited has demonstrated strong revenue growth, with a significant increase from 2024 to 2025. Gross profit and net profit margins are healthy, indicating strong profitability. EBIT and EBITDA margins are robust, showcasing efficient operational management. The steady improvement in these metrics over the years highlights a solid upward trajectory in financial performance.

Balance Sheet

The company maintains a healthy equity ratio, indicating a solid financial foundation. The debt-to-equity ratio has improved, reflecting effective debt management. Return on equity is strong, showing efficient use of shareholders' capital. The consistent growth in stockholders' equity and assets over the years suggests financial stability and growth potential.

Cash Flow

While operating cash flow has fluctuated, there is a notable improvement in free cash flow generation over the past year. The negative free cash flow in prior years indicates historical cash flow challenges, but recent trends show progress. The operating cash flow to net income ratio suggests potential for future cash flow stabilization.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	50.37B	48.70B	27.46B	21.60B	11.12B	7.03B
Gross Profit	9.80B	9.60B	5.30B	3.95B	2.27B	1.46B
EBITDA	4.30B	4.56B	2.51B	1.75B	887.82M	487.44M
Net Income	2.55B	2.88B	1.35B	774.69M	374.15M	116.12M
Balance Sheet
Total Assets	46.65B	51.21B	23.08B	15.08B	10.69B	5.79B
Cash, Cash Equivalents and Short-Term Investments	6.68B	9.80B	1.55B	663.86M	425.10M	174.10M
Total Debt	5.90B	3.84B	4.35B	5.77B	3.99B	1.88B
Total Liabilities	17.63B	22.93B	12.70B	11.12B	7.56B	3.87B
Stockholders Equity	29.02B	28.28B	10.38B	3.96B	3.12B	1.92B
Cash Flow
Free Cash Flow	-4.94B	-5.65B	-404.67M	-1.09B	-2.37B	130.90M
Operating Cash Flow	-1.53B	-765.86M	1.86B	457.38M	-794.29M	569.78M
Investing Cash Flow	66.76M	-12.01B	-4.01B	-1.73B	-1.61B	-434.16M
Financing Cash Flow	1.10B	13.29B	2.34B	1.12B	2.57B	-174.32M

PG Electroplast Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 626.50
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:PGEL, the sentiment is Negative. The current price of 626.5 is above the 20-day moving average (MA) of 568.86, above the 50-day MA of 576.40, and above the 200-day MA of 615.66, indicating a bearish trend. The MACD of -22.37 indicates Positive momentum. The RSI at 38.68 is Neutral, neither overbought nor oversold. The STOCH value of 29.37 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:PGEL.

PG Electroplast Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VGUARD	67 Neutral	₹140.24B	62.71	―	0.45%	6.34%	-2.25%
ZYDUSWELL	66 Neutral	₹131.91B	-90.62	―	0.28%	14.55%	-20.61%
PGEL	64 Neutral	₹141.14B	65.71	―	0.08%	39.89%	22.90%
EMAMILTD	64 Neutral	₹176.73B	18.06	―	1.91%	0.84%	-2.44%
WELSPUNLIV	64 Neutral	₹105.31B	14,854.71	―	1.25%	-5.37%	-49.71%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
CROMPTON	57 Neutral	₹150.16B	41.30	―	1.16%	0.73%	-5.88%

PG Electroplast Limited Corporate Events

PG Electroplast Faces LPG Supply Constraints Amid Middle East Shipping Disruptions

PG Electroplast Limited has disclosed that its gas suppliers have reported a shortage of LPG under an existing gas sale and purchase agreement, stemming from maritime navigation restrictions linked to the ongoing conflict in the Middle East that have severely constrained gas availability. As a result, LPG allocations to the company have been reduced from March 9, 2026, and PG Electroplast is evaluating possible supply curtailments to its downstream customers while simultaneously exploring alternative sources to keep production running, though it has yet to quantify the potential impact and has pledged to keep exchanges informed as the situation evolves.

PG Electroplast to Engage Investors at Nuvama India Conference 2026

PG Electroplast Limited has informed the stock exchanges that its representatives will participate in the Nuvama India Conference 2026, a physical group investor and analyst meeting organized by Nuvama Institutional Equities at the Grand Hyatt, Mumbai, on February 9, 2026, between 9:00 a.m. and 5:30 p.m. The company clarified that no unpublished price-sensitive information is intended to be discussed during these interactions, and noted that the meeting schedule may be subject to change, underscoring its compliance with disclosure regulations and its ongoing efforts to maintain transparent engagement with the investment community.

PG Electroplast to Join Axis Capital’s Advantage India Investor Conference

PG Electroplast Limited has notified the stock exchanges that its representatives will participate in Axis Capital’s flagship “Advantage India” conference, a group, in‑person meeting scheduled for 10 February 2026 at Hotel Trident, BKC, Mumbai. The company has clarified that no unpublished price-sensitive information is intended to be shared during these analyst and investor interactions, and that the meeting schedule may change due to exigencies on the part of participants, underscoring its focus on regulatory compliance and transparent investor engagement.