PGEL Q4FY26 Revenue Declines 10.1% to ₹1,716.68 Cr Amidst Industry Challenges
PGEL reported Q4FY26 revenue of ₹1,716.68 crore, down 10.1% YoY, with net profit at ₹64.20 crore, down 56.1%. For FY26, revenue grew 8.6% to ₹5,288.02 crore, but net profit declined 33.5% to ₹193.60 crore. The company cited industry challenges impacting performance and highlighted investments in new plants.
The decline in quarterly profits and EBITDA, coupled with the explanation of industry-wide challenges, suggests a noticeable but not catastrophic impact on the company's immediate financial standing and future outlook. The company's ongoing investments and future outlook provide some mitigating factors.
The company reported a significant decline in quarterly net profit and EBITDA, along with lower quarterly revenue, indicating a negative financial performance for the period, despite some year-on-year growth in full-year revenue.
PG Electroplast Ltd. (PGEL) announced its unaudited financial results for the quarter and year ended March 31, 2026. The company reported a revenue of ₹1,716.68 crore for the quarter, a year-on-year decline of 10.1%. EBITDA for the quarter stood at ₹131.54 crore, a significant drop of 43.2% from ₹231.72 crore in the same period last year, and net profit decreased to ₹64.20 crore from ₹146.39 crore in 4QFY25.
For the full financial year ended March 31, 2026, revenue grew by 8.6% to ₹5,288.02 crore. However, EBITDA declined by 14.9% to ₹441.76 crore from ₹519.16 crore in FY25, and net profit fell by 33.5% to ₹193.60 crore from ₹290.92 crore in FY25.
The company attributed the challenging performance in FY26, particularly for the Room AC industry, to several factors including early monsoon disruptions, deferred purchases due to GST rate changes, channel inventory adjustments, LPG constraints, and elevated raw material inflation. Vishal Gupta, Managing Director – Finance, stated that despite these headwinds, the company remained focused on product innovation, capacity enhancement, and customer partnerships, with an uncompromising approach to capital allocation for long-term value creation.
The business performance in 4QFY26 was impacted by weak Room AC demand and supply-side disruptions, leading to an estimated revenue loss of approximately ₹420 crore and reduced profit before tax (PBT) by nearly ₹60 crore. The company also faced a forex loss of ₹38.77 crore in FY26 due to currency depreciation.
Consolidated revenue for the quarter comprised ₹1,412 crore from the product business (82.2% of total revenue), with Room AC revenue declining 12% year-on-year to ₹1,210 crore, while washing machines grew 70% and coolers declined 10.8%. The electronics business contributed 6.8% of quarterly revenue. The joint venture, Goodworth Electronics, reported improved revenue and EBITDA.
PGEL is investing in future growth with a new refrigerator manufacturing plant in Sri City, targeted for commissioning by 4QFY27, and a rotary compressor manufacturing facility at Supa, also expected to commence operations by 4QFY27.
The management anticipates increased opportunities and aims for industry-leading revenue growth, gradual margin expansion through operational efficiencies, and best-in-class capital efficiency.
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