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PG ElectroplastCompany Update1Q FY2026, Aug 2025
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DisclaimerThis presentation has been prepared for informational purposes only. This Presentation doesnot constitute a prospectus, Offering circular or offering memorandum and is not an offer orinitiation to buy or sell any securities, nor shall part or all of this presentation from the basis of,or to be relied on in connection with any contract or investment decision in relation to anysecurities.This Presentation contains forward looking statements based on the currently held beliefs ofthe management of the company which are expressed in good faith and in management’sopinion are reasonable. The forward looking statements may involve known and unknown risksuncertainty and other factors which may cause the actual results, financial condition,performance or achievements of the Company or industry to differ materially from those inforward-looking statements.These forward-looking statements represent only the Company’s current intentions, beliefs orexpectations, and any forward-looking statement speaks only as of the date on which it wasmade. The Company assumes no obligation to revise or update any forward lookingstatements.2
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Agenda Introduction Quarterly and Annual Financials Key Financial Metrics Strategy & Outlook Historical Financials3
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About PG ElectroplastPG Electroplast Limited (PGEL)is the flagship company of PG Group, which hadstarted its journey in 1977.PG Electroplast, formally set up in 2003, and is aleading, diversified IndianElectronic Manufacturing Services provider.PGEL specializes inOriginal Design Manufacturing (ODM),Original EquipmentManufacturing (OEM)andPlastic Injection Moulding, providingOne StopSolutionsto70+leading Indian and Global brands.PG has10,000+ employeesacross11 manufacturing unitsinGreater Noida,Ahmednagar, Bhiwadi and Roorkee.The company ispursuing an organic growth strategyby ramping up capacities& capabilities in each product vertical to achievehigher value addition,bettereconomies of scalethrough exhaustivebackward integration.KeyManufacturing Capabilities Product Assemblies Plastic MouldingSheet Metal Components PCB Assemblies Specialized AC Components PU & Powder Paintshops Tool Manufacturing 4
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Industries Served Air Conditioners Washing Machines LED Televisions Air Coolers Automotive Components Bathroom Fittings Consumer Electronics 5
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6 2633694055126427061116216427604905 010002000300040005000REVENUES(Figures in INR Crores) 21243034425294180275519 0100200300400500600EBITDA(Figures in INR Crores) Key Financials•The Company hasgrown more than 18x in Nine yearsfrom a revenue ofINR 263crores in 2015-16, toINR 4905 crores in 2024-2025at a38.5% CAGRwith theEBITDAincreasing at a42.6% CAGR.•Over thepastNine years, the company has done a cumulativeCapital Expenditureof overINR 1200 Crores, that has now significantly raised its growth potentials.
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Our Business Verticals •Indoor Units•Outdoor Units•Window UnitsRoom Air Conditioners•Semi-Automatic Top-Load•Fully-Automatic Top-LoadWashing Machines•Window•Desert•PersonalAir Coolers ProductsConsumer DurablesSanitarywareAutomotiveConsumer ElectronicsOthersPlastic Moulding and Others ElectronicsTelevisionsPCB AssembliesConsumer DurablesSanitarywareAutomotive& moreTool Manufacturing150234492134716683526441428546642694985 433670161373349 6.44.63.810.111.6 9.7 010002000300040005000 FY20 FY21 FY22 FY23 FY24 FY25 ProductsPlastic & OthersElectronicsMouldsOperating Revenue Breakup Across VerticalsFigures in INR Crores 639216070311112747 7 4870
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Key Clients 8
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Agenda Introduction Quarterly and Annual Financials Key Financial Metrics Strategy & Outlook Historical Financials9
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Summary of Consolidated Results FY20254QFY2025% ChangeQ1FY2026Q1FY2025Particulars (INR Crores)4869.531909.8613.9%1503.851320.68Oper. Revenues3892.261527.4814.5%1238.751081.93CORM79.9%80.0%82.4%81.9%% of Sales977.28382.3811.0%265.10238.75Gross Contribution20.1%20.0%17.6%18.1%% of Sales519.16231.723.6%139.42134.54EBITDA10.7%12.1%9.3%10.2%EBITDA Margin65.6118.7038.2%20.8315.07Depreciation453.55213.01(0.7%)118.59119.46PBIT9.3%11.2%7.89%9.05%PBIT Margin88.8533.0985.0%33.9018.33Finance Cost364.69179.92(16.3%)84.68101.13PBT 7.5%9.4%5.6%7.66%PBT Margin73.7733.5410.9%17.9716.20Tax 290.92146.39(21.4%)66.7184.93PAT6.0%7.7%4.4%6.4%PAT Margin10
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Expenditure AnalysisFY20254QFY2025Change %Q1FY2026Q1FY2025Particulars (As a % of Operating Revenues)79.9%80.0%0.45%82.4%81.9%Cost of Raw Material (CoRM)5.60%4.90%0.53%5.23%4.70%Employee Expenses1.82%1.73%0.87%2.25%1.39%Finance Cost1.35%0.98%0.24%1.39%1.14%Depreciation & Amortisation4.53%4.03%0.85%4.35%3.49%Other Expenses11
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Balance Sheet30th Jun’2530th Jun’24Particulars (INR Crores)1,126.06 716.11ANet Fixed Assets70.9068.01BRight-of-use-Assets313. 31 168.47COther Non-current Asset910.57 201.23DCash & Bank BalanceCurrent Assets816.32 646.44iTrade Receivables1,356.30 368.84iiInventories292.47 164.86iiiOther current Assets2,465.081180.14Total Current Assets (i+ ii + iii)1,421.22812.00Less Current Liabilities & Provisions1043.86 368.14ENet Current Assets3,464.70 1521.96 Total Assets (A+B+C+D+E)28.34 26.10Equity Share Capital2,870.201099.66Other Equity2,898.54 1125.76ATotal Equity212.57 110.93Short term Debt196.84 165.11Long term Debt409.40 276.04BTotal Debt156.76 120.16COther Non-current Liabilities3,464.70 1521.96 Total Liabilities (A+B+C) 30th Jun’2530th Jun’24Particulars (INR Cr.)409.40276.04 Gross Debt910.57201.23 Cash & Bank Balance(501.17)74.81 Net DebtNA0.07 Net Debt/EquityNA0.27Net Debt/EBITDA 12
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30th Jun’2530th Jun’24Particulars 1196.96784.12Net Fixed Assets5.104.97Fixed Asset Turns816.32646.44Receivables52.8351.86Average Receivables Days1356.30368.84Inventories77.7643.01Average Inventory Days1018.98614.95Payables73.6458.62Average Payable Days56.9436.25Cash conversion cycle2898.541125.76Net Worth (A)409.40276.17Gross Debt910.57201.23Cash & Bank Balances(501.17)74.94Net Debt (B)2397.371200.76Capital Employed (A+B)25.2%28.0%RoCE (TTM)13.6%24.1%RoE (TTM) Key RatiosFixed Asset TurnsRevenues/Average Net Fixed AssetsAverage Receivables Days(Average Receivables/Op. Revenues) x 365Average Inventory Days(Average Inventories/CoRM) x 365Average Payable Days(Average Payables/CoRM) x 365Cash Conversion CycleAverage Inventory Days + Average Receivables Days - Average Payable DaysRoCE Profit Before Interest and Tax / (Average Net Debt + Average Net Worth)ROEProfit After Tax / (Average Networth)13
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Agenda Introduction Quarterly and Annual Financials Key Financial Metrics Strategy & Outlook Historical Financials14
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Major Highlights of 1QFY26 •1QFY26 was a challenging start to the yearmarked bysofter seasonal demandas anearlymonsoon curtailed the Room AC season, leading to lower than expected performancefor ACbusiness.Despite business pressurefor the Room AC category,consolidated revenues grew14% YoY to INR 1504 crores.•Product businesscontributed77% of total revenues in 1QFY26, withAC business growing 15%YoY to INR 1015 croresfor 1QFY26 while theWashing Machines business growing 36% to 126crores.•Our 100% subsidiary,PG Technoplast,reported INR 1211 crores in revenuewithfull ramp-up ofthe second Bhiwadi AC unit.•Theorder book remains healthy for all products.However,for the next few quarterswe areclosely monitoring the demand trends for Air Conditioners, andadjusting dynamically.•Operating margins have softened QoQ and YoYdriven bysupply cost increasesandnegativeoperating leverage.•Cash & Equivalents stood at INR 911 crores at the end of 1QFY26.Operating cash flows wereimpacted by higher inventory levels, howeverworking capital efficiencyremains akey focusgoing forward.•For FY26, our focus remains oncontrolling expenses,building long-term resilienceandenhancing capital efficiency.Strategic priorities include R&D,new product development,backward integration, andcapacity enhancement. We continue to invest instrengtheningproduct offeringsacrossACandWMsegments.•We continue to seestrong engagement from both existing and new clients. While wenavigatenear-term headwinds, weremain confident in the long-term growth trajectoryof the business.15
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Agenda Introduction Quarterly and Annual Financials Key Financial Metrics Strategy & Outlook Historical Financials16
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Industry OutlookGovernment reforms such as Digital India, Make in India, Power for all and Jan Dhan-Aadhar-Mobile Trinity are providing fresh impetus to the Consumer appliance and durable IndustryThe Rapid rate of urbanization, growth of young population with rising income levels is leading to large emerging middle class in India. Implying huge potential demand for the consumer appliance and durable market in coming years.Low penetration levels, falling prices of durables and electronics and changing lifestyle of the Indian consumer are expected to remain big demand drivers for the consumer durable and electronics Industry in India in near future.Further the Government’s initiatives of promoting electronic manufacturing and treating the industry as one of the key pillars of the Digital India Program, opens new and exciting opportunities for the IndustryThe Management is enthused about the overall opportunity size and anticipates high growth rates in the industry segments where, company has presence.17
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Future Growth Strategy OPPORTUNITIES & CHALLENGESOPPORTUNITIES & CHALLENGES Company foresees large opportunities in plastic moulding and in consumer durables like: Opportunities in the ODM space for products like: Improving operational efficiencies leading to: •Washing Machines•Room Air conditioner•Refrigerators•Ceiling Fans•Sanitaryware products• Air coolers• Washing machines• Room Air Conditioners• Better profitability & higher cash flows• Reinvesting to improve strategic capabilities to reap future benefits 18
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Future Outlook Company is uniquely positioned in the consumer durable & plastics space in India and would derive higher revenue growth by growing its market share in the customer outsourcing wallet. Improving profitability and higher cash-flows, will lead to better capital efficiency and stronger balance sheet. Gradual improvement in margins due to better operational efficiencies and higher operatingleverage•Product business to drivegrowthfor the company •Company is developing new offerings in focus segments and will be launching the same in coming quarters•Company’s management see exciting times ahead for all its business segments. 19
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Guidance for FY26ForPGEL, consolidated sales guidance is of INR 5700-5800croreswhich is agrowth of 17-19%over FY25 Sales of INR 4870crores.ForGoodworth,revenues we expect at INR 850 crores,which isgrowth of56%.TotalGroup Revenuesare therefore projected to be in the range of6550-6650 crores.PGEL’snet profit guidance isto be in the range ofINR 300-310crores,representing agrowth of 3-7%over FY25’s net profit of INR291 crores.Product business (WM, RAC, Coolers)is projected to grow 17–21%, to over INR 4140-4280 crores from INR 3526 crores in FY25.•Capex for FY2026 in the range of 700-750 crores, with new projectsincluding:•Refrigerator campusin South India•Campusin Greater Noida for washing machines•Campusin West India with expanded AC capacity in Supa•Facilityfor plastic components and coolersin Rajasthan20 % ChangeFY26EFY25Revenues (In ₹Crores)17%-21%4140-42803526Products29%450349Electronics17%-19%5700-58004870PGEL Total57%850544Goodworth Electronics*21%-23%6550-66505414Total Group Revenues* Goodworth Electronics is a 50-50 JV between PG Electroplast and Jaina India
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Agenda Introduction Quarterly and Annual Financials Key Financial Metrics Strategy & Outlook Historical Financials21
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Profit & Loss StatementFY25FY24FY23FY22FY21FY20FY19FY18Figures in INR Crores4869.52746.52159.91111.6703.2639.4508.4399.4Operating Revenues77.3%27.2%94.3%58.1%10.0%25.8%27.3%9.0%Growth (%)Expenditure-215.9-72.7-28.3-29.13.2-7.0-4.1-10.9Increase/Decrease in Stock4108.22279.01792.8913.1553.3510.8403.2320.0Raw Material Consumed49.931.928.720.616.116.614.411.7Power & Fuel Cost31.212.08.87.13.96.86.25.5Selling and Distribution Expenses110.145.135.016.312.68.57.97.1Manufacturing Expenses272.8166.3122.977.955.053.940.134.9Personnel Costs29.117.814.710.16.15.44.44.2Administrative Expenses0.05.59.45.73.24.55.62.5Miscellaneous Expenses484.1261.8176.090.049.839.930.724.6Operating Profit9.9%9.5%8.2%8.1%7.1%6.2%6.0%6.1%OPM (%)84.9%48.7%95.7%80.8%24.7%30.1%24.9%18.6%Growth (%)35.113.04.44.32.62.53.25.3(+) Other income519.2274.8180.494.352.442.433.929.9EBDITA 65.646.635.022.118.016.313.411.7( - ) Depreciation453.5228.2145.572.234.426.120.518.1EBIT 88.951.747.923.118.414.810.310.6( - ) Interest & Finance charges0.00.00.00.0-0.8-2.00.00.0( - ) Exceptional Expenses364.7176.597.549.016.813.310.27.5PBT 290.9137.0 77.5 37.4 11.6 2.6 10.0 7.5 PAT 22
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Balance Sheet As on 31stMarch B. ASSETSAs on 31stMarch A. EQUITY AND LIABILITIES2025202420232022202120202019201820252024202320222021202020192018 1,138.6784.7577.8441.0273.1253.2192.1178.5(a) Fixed assets28.326.0 22.7 21.2 19.7 19.5 18.7 16.4 (a) Share capital 73.663.22.04.96.06.134.123.7(b) Capital Work in Progress2799.91,012.1 373.2 291.1 172.8 156.7 150.4 114.4 (b) Reserves and surplus30.625.812.19.13.32.42.32.3(c) Other Financial Assets2828.21,038.1 395.9 312.3 192.5 176.2 169.0 130.8 Sub-Total -Shareholders' Funds 124.428.57.85.513.97.86.77.0(d) Other non-current assets180.6187.0 225.0 171.8 87.1 69.4 50.1 79.6 (a) Long-term borrowings1,367.1902.2599.7460.5296.4269.5235.3211.4Sub-Total - Non-Current Assets136.1119.573.6 36.2 13.5 8.4 4.0 3.3 (b) Long-term provisions1,316.2543.4353.4286.092.684.668.359.3(a) Inventories316.7306.5 298.6 208.0 100.6 77.8 54.1 82.9 Sub-Total - Non-Current Liabilities980.4553.00.4213.3147.3101.284.750.7(b) Trade receivables121.3173.5 317.6 212.1 96.2 103.9 68.1 35.6 (a) Short-term borrowings979.7182.439.639.217.418.06.44.1(c) Cash and cash equivalents1374.4646.4 390.0 269.2 153.4 106.3 91.5 65.0 (b) Trade payables7.36.40.52.80.321.316.118.0(d) Short-term loans and advances176.968.5 53.2 44.5 20.2 28.9 22.4 24.8 (c )Other current liabilities470.1120.577.166.825.45.52.04.3(e) Other current assets303.375.0 53.0 22.4 16.6 6.9 7.7 9.0 (d) Short-term provisions3,753.71,405.8908.4608.1283.0230.7177.6136.6Sub-Total - Current Assets1975.9963.4 824.6 548.2 286.3 246.1 189.8 134.3 Sub-Total - Current Liabilities5,120.82,308.01,508.21,068.5579.4500.1412.9348.1TOTAL-ASSETS5120.82,308.0 1,508.2 1,068.5 579.4 500.1 412.9 348.1 TOTAL - EQUITY AND LIABILITIES (Figures in INR crores) 23
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Thank You! We look forward to working with you!