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PG ElectroplastCompany Update2Q FY2026, Nov 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 Half Year 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 Half year Financials Key Financial Metrics Strategy & Outlook Historical Financials9
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Summary of Consolidated Results 10 % ChangeH1 FY2026H1 FY2025% ChangeQ2FY2026Q2FY2025Particulars (INR Crores)8.4%2159.221991.98-2.4%655.37671.30Sales9.1%1752.321605.48-1.9%513.57523.46CORM81.2%80.6%78.4%78.0%% of Sales5.3%406.90386.49-4.0%141.80147.74Gross Contribution18.8%19.4%21.6%22.0%% of Sales-5.6%184.10195.08-26.2%44.6860.54EBITDA8.5%9.8%6.8%9.0%EBITDA Margin39.2%42.4830.5240.1%21.6515.45Depreciation-13.9%141.62164.55-48.9%23.0345.09PBIT6.6%8.3%3.5%6.7%PBIT Margin51.7%50.6233.3611.2%16.7115.03Finance Cost-30.6%91.00131.20-79.0%6.3230.06PBT 4.2%6.59%1.0%4.5%PBT Margin-18.2%21.9126.80-62.8%3.9410.60Tax -33.8%69.09104.40-87.8%2.3819.47PAT3.2%5.2%0.4%3.1%PAT Margin
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Expenditure Analysis 11 Change %H1 FY2026H1 FY2025Change %Q2FY2026Q2FY2025Particulars (As a % of Operating Revenues)0.56%81.16%80.60%0.37%78.36%77.99%Cost of Raw Material (CoRM)0.60%6.25%5.65%1.07%8.61%7.53%Employee Expenses0.67%2.34%1.67%0.31%2.55%2.24%Finance Cost0.44%1.97%1.53%1.00%3.30%2.30%Depreciation & Amortisation1.22%5.58%4.36%2.37%8.44%6.07%Other Expenses
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Balance Sheet30th Sep’2530th Sep’24Particulars (INR Crores)1,127.60 724.10 ANet Fixed Assets78.96 68.01 BRight-of-use-Assets514.20 263.55 COther Non-current Asset630.01 147.08 DCash & Bank BalanceCurrent Assets613.27 470.84 iTrade Receivables1,363.76 595.30 iiInventories337.34 208.34 iiiOther current Assets2,314.37 1,274.48 Total Current Assets (i+ ii + iii)1,117.70 827.87 Less Current Liabilities & Provisions1,196.68 446.61 ENet Current Assets3,547.44 1,649.35 Total Assets (A+B+C+D+E)28.41 26.16 Equity Share Capital2,873.73 1,119.46 Other Equity2,902.14 1,145.62 ATotal Equity311.00 198.86 Short term Debt172.54 184.93 Long term Debt483.53 383.79 BTotal Debt161.77119.94 COther Non-current Liabilities3,547.44 1,649.35 Total Liabilities (A+B+C) 30th Sep’2530th Sep’24Particulars (INR Cr.)483.53 383.79Gross Debt630.01 147.08Cash & Bank Balance(146.48)236.71Net DebtNA0.21Net Debt/EquityNA 1.21Net Debt/EBITDA 12
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Agenda Introduction Quarterly and Half Year Financials Key Financial Metrics Strategy & Outlook Historical Financials13
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30th Sep’2530th Sep’24Particulars 1206.56792.11Net Fixed Assets5.045.23Fixed Asset Turns613.27470.84Receivables39.2833.51Average Receivables Days1363.76595.30Inventories88.5259.85Average Inventory Days780.88632.62Payables63.8756.64Average Payable Days63.9336.72Cash conversion cycle2902.141145.62Net Worth (A)483.53383.79Gross Debt630.01147.08Cash & Bank Balances-146.48236.71Net Debt (B)2755.661382.33Capital Employed (A+B)20.8%27.2%RoCE (TTM)12.6%18.7%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)14
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Major Highlights of 2QFY26 •2QFY26 was again a challenging quartermarked bysofter RAC demandas anearly monsoonand then GST rate cut expectations curtailed the Room AC demand, leading to lower thanexpected performancefor AC business.Despite business pressurefor the Room AC category,consolidated revenues were down just 2.3% YoY to INR 655 crores.•Product businesscontributed48.6% of total revenues in 2QFY26, withAC business declining45% YoY to INR 131 croresfor 2QFY26 while theWashing Machines business grew 55% to 188crores.•Our 100% subsidiary,PG Technoplast,reported INR 296 crores in revenuedue tosoft RACbusiness. The capacity expansion at Bhiwadi and Supa plant is on Track for Room AC business.•Theorder book remains healthy for all products.we areclosely monitoring the demand trendsfor Air Conditioners andadjusting dynamically.•Operating margins have softened QoQ and YoYdriven bynegative operating leverage in RoomAC businessandsupply cost increases.•Cash & Equivalents stood at INR 630 crores at the end of 2QFY26.Operating cash flows wereimpacted by higher inventory levels in 1H2026, howeverworking capital efficiencyremains akey focus going 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 Half Year 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!