PGEL · Consumer Durables
PG Electroplast Ltd. reported revenue of ₹934 cr for July to September 2026, +42.6% on the year and −54.1% on the quarter. That is faster than this quarter has grown in recent years (+21.7% on average), so the year-on-year number is not just the season. Over the last four quarters revenue comes to ₹6,097 cr, +21.0% on the four before.
Operating profit (EBITDA) was ₹60.0 cr, a margin of 6.4%, +184 bps on the year and −85 bps on the quarter. Over the last 8 quarters the margin has ranged from 4.6% to 11.1%, averaging 7.7%. Operating costs grew +39.8% against revenue growth of +42.6%, so more of each rupee of sales reached operating profit.
Net profit was ₹14.0 cr, +366.7% on the year and −81.6% on the quarter, with earnings per share of ₹0.48. The tax rate of 30% is in line with its recent average. Profit over the last four quarters totals ₹217 cr, −14.9% on the four before.
Of the 3 companies in Consumer discretionary and retail that have reported Q2 FY27 so far, PG Electroplast Ltd. ranks 1st on revenue growth; the sector median is +26.8%. Its margin moved +184 bps on the year against a sector median of +309 bps.
Retail growth comes from new stores and from sales at existing stores; the statements show the total, the filing shows how much each contributed. The quarterly statements do not carry same-store sales, stores added and revenue per square foot; those come with the filing read.
On earnings per share of ₹7.59 over the last four quarters, the stock at ₹521.05 trades at 68.6 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Other income was 70% of profit before tax, against 214% a year earlier.
Source: Quarterly statements
Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
Finance cost ₹26.0 cr, +52.9% on the year; 43% of EBITDA.
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹532 cr | ₹1,077 cr | ₹1,321 cr | ₹671 cr | ₹968 cr | ₹1,910 cr | ₹1,504 cr | ₹655 cr | ₹1,412 cr | ₹1,717 cr | ₹2,034 cr | ₹934 cr |
| YoY | — | — | +95% | +46% | +82% | +77% | +14% | −2% | +46% | −10% | +35% | +43% |
| EBITDA margin | 7.9% | 10.8% | 9.9% | 8.3% | 8.8% | 11.1% | 8.0% | 4.6% | 8.3% | 6.9% | 7.3% | 6.4% |
| Other income, % of PBT | 19% | 3% | 4% | 13% | 13% | 11% | 21% | 214% | 11% | 16% | 9% | 70% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 21% | 16% | 35% | 25% | 19% | 21% | 59% | 24% | 22% | 20% | 30% |
| Net profit | ₹19.0 cr | ₹70.0 cr | ₹84.0 cr | ₹19.0 cr | ₹40.0 cr | ₹145 cr | ₹67.0 cr | ₹3.0 cr | ₹62.0 cr | ₹65.0 cr | ₹76.0 cr | ₹14.0 cr |
| YoY | — | — | +147% | +58% | +111% | +107% | −20% | −84% | +55% | −55% | +13% | +367% |
| Core profit YoY | — | — | +137% | +73% | +124% | +82% | −31% | −131% | +49% | −57% | +28% | — |
| EPS | ₹0.74 | ₹2.67 | ₹3.21 | ₹0.74 | ₹1.40 | ₹5.13 | ₹2.36 | ₹0.10 | ₹2.17 | ₹2.27 | ₹2.67 | ₹0.48 |
| Flags | · | · | ✓ | ✓ | 1 | 2 | 1 | 2 | ✓ | 1 | 1 | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
PG Electroplast Ltd. reported revenue of ₹934 cr (+42.6% on the year) and net profit of ₹14.0 cr (+366.7% on the year) for July to September 2026.
2 checks raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.