Power & Instrumentation (Gujarat) Ltd. (PIGL) AI Stock Analysis

• Market Cap: ₹1.77B
• Dividend Yield: 0.15%
• Average Volume (3M): 90.03K
• Price to Earnings (P/E): 17.1
• Beta (1Y): 0.37
• Revenue Growth: 48.46%
• EPS Growth: 11.68%
• Country: IN
• Employees: 75
• Sector: Industrials
• Sector Strength: 72
• Industry: Engineering & Construction
• EPS (TTM): 1.84
• Shares Outstanding: 17,832,900
• 10 Day Avg. Volume: 102,174
• 30 Day Avg. Volume: 90,026
• PEG Ratio: 0.53
• Price to Book (P/B): 2.44
• Price to Sales (P/S): 1.60
• P/FCF Ratio: -6.81
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 59 Neutral
• Price Target: ₹102.00 ▼(-12.24% Downside)
• Action: Reiterated Date: 01/13/26
• Date: Action: Reiterated 01/13/26

The score is primarily driven by solid financial performance (rapid growth and improving margins, with a robust balance sheet) but is held back by negative operating cash flow and clearly bearish technicals (price below major DMAs, negative MACD, weak momentum). Valuation is a positive offset with a reasonable P/E and supportive dividend yield.

Positive Factors

Strong revenue growth

A 73% YoY revenue jump signals durable market traction and expanding commercial scale. Sustained top-line growth over months supports fixed-cost absorption, funds reinvestment in capacity or products, and creates a stronger base for medium-term margin improvement and competitive positioning.

Improving profitability and margins

Rising EBIT/EBITDA and a 7% net margin reflect structural gains in operational efficiency rather than one-off items. If sustained, these margin improvements increase free cash generation potential, improve return on invested capital, and strengthen the firm's ability to fund growth without eroding equity.

Healthy balance sheet and low leverage

A 64% equity ratio and 0.17 debt/equity indicate substantial financial flexibility and low leverage, enabling the company to withstand cyclical stress and pursue selective investment. Improved ROE shows capital is being used more effectively, supporting sustainable growth strategies.

Negative Factors

Negative operating cash flow

Negative operating cash flow driven by working-capital build is a structural concern: it can persist across quarters and erode liquidity. Over a 2-6 month horizon this pressures the firm's ability to self-fund capex, pay dividends, and reduces buffer against revenue or margin shocks.

Dependence on financing to sustain operations

Routinely relying on financing to cover operational shortfalls raises structural risks: higher interest or refinancing requirements, potential covenant constraints, and reduced strategic optionality. Over months this dependence can increase cost of capital and limit flexibility in downturns.

Earnings per share recent decline

A negative EPS growth rate signals recent deterioration in per-share profitability despite revenue gains, implying margin pressure, dilutive effects, or non-recurring costs. If EPS contraction persists, it undermines long-term shareholder returns and limits retained-earnings reinvestment capacity.

Power & Instrumentation (Gujarat) Ltd. Business Overview & Revenue Model

Company Description

Power & Instrumental (Gujarat) Limited engages in electrical contract work business and deals in electrical equipment in India. The company provides contracting based, industrial electrical, and power backup and standby services; and services for electrical and commercial electrical contractors. It also offers design, installation, maintenance, and repair services for energy efficient power and distribution transformers, generators, compressors, load banks, and others. Power & Instrumental (Gujarat) Limited was founded in 1975 and is based in Ahmedabad, India.

How the Company Makes Money

Power & Instrumentation (Gujarat) Ltd. Financial Statement Overview

Summary

Strong revenue growth (+73% YoY) and improving profitability (net margin up to 7% with better EBIT/EBITDA margins) support the score, but negative operating cash flow in 2025 driven by working-capital needs is a meaningful risk despite a healthy equity ratio (64%) and manageable leverage (debt-to-equity 0.17).

Income Statement

Power & Instrumentation (Gujarat) Ltd. has shown a strong revenue growth with a 73% increase from 2024 to 2025. The gross profit margin is stable at around 14%, with a notable improvement in net profit margin to 7% in 2025. The EBIT and EBITDA margins have also improved, indicating effective cost management and operational efficiency.

Balance Sheet

The company's balance sheet shows a strong equity position with an equity ratio of 64%. However, the debt-to-equity ratio is moderate at 0.17, suggesting manageable leverage. Return on equity has improved significantly to 10.64% in 2025, reflecting better profitability.

Cash Flow

The cash flow statement indicates challenges with negative operating cash flow in 2025, primarily due to increased working capital requirements. Despite this, the company has managed to sustain its operations through effective financing activities, as seen in the positive financing cash flow.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	1.85B	1.69B	974.90M	930.90M	912.80M	854.38M
Gross Profit	267.31M	236.47M	188.40M	145.80M	136.40M	150.07M
EBITDA	202.28M	195.87M	109.10M	86.10M	73.50M	78.60M
Net Income	124.42M	117.64M	59.00M	36.38M	29.00M	34.60M
Balance Sheet
Total Assets	0.00	1.73B	1.07B	1.07B	977.90M	638.74M
Cash, Cash Equivalents and Short-Term Investments	3.47M	41.91M	3.60M	2.70M	700.00K	62.62M
Total Debt	0.00	183.68M	146.80M	318.80M	286.70M	221.42M
Total Liabilities	-1.11B	629.18M	562.40M	613.98M	601.30M	341.08M
Stockholders Equity	1.11B	1.11B	512.26M	453.30M	364.50M	297.66M
Cash Flow
Free Cash Flow	0.00	-395.72M	83.60M	9.91M	-48.30M	-11.55M
Operating Cash Flow	0.00	-392.59M	84.80M	12.56M	-44.70M	-7.77M
Investing Cash Flow	0.00	-124.70M	-1.60M	-43.70M	-4.50M	195.00K
Financing Cash Flow	0.00	517.16M	-82.00M	36.62M	20.80M	14.21M

Power & Instrumentation (Gujarat) Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 116.23
• 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:PIGL, the sentiment is Negative. The current price of 116.23 is above the 20-day moving average (MA) of 111.11, above the 50-day MA of 112.64, and below the 200-day MA of 139.15, indicating a bearish trend. The MACD of -4.61 indicates Positive momentum. The RSI at 39.78 is Neutral, neither overbought nor oversold. The STOCH value of 34.35 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:PIGL.

Power & Instrumentation (Gujarat) Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
INDOTECH	68 Neutral	₹14.00B	16.63	―	―	34.48%	40.61%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
KALYANIFRG	62 Neutral	₹2.08B	-483.49	―	0.62%	0.76%	17.16%
GENCON	61 Neutral	₹2.46B	24.31	―	―	4.10%	4.86%
PIGL	59 Neutral	₹1.77B	17.13	―	0.15%	48.46%	11.68%

Power & Instrumentation (Gujarat) Ltd. Corporate Events

Power & Instrumentation Engages with Analysts and Investors

Power & Instrumentation (Gujarat) Ltd. held a meeting with analysts and institutional investors on December 13, 2025, to discuss company matters. The meeting, conducted virtually, involved a Q&A session without any presentations or sharing of unpublished price-sensitive information, indicating the company’s commitment to transparency and regulatory compliance.