PGEL · Consumer Durables
PG Electroplast Ltd. reported revenue of ₹968 cr for October to December 2024, +82.0% on the year and +44.3% on the quarter.
Operating profit (EBITDA) was ₹85.0 cr, a margin of 8.8%, +89 bps on the year and +44 bps on the quarter. Over the last 7 quarters the margin has ranged from 7.9% to 10.8%, averaging 9.1%. Operating costs grew +80.2% against revenue growth of +82.0%, so more of each rupee of sales reached operating profit.
Net profit was ₹40.0 cr, +110.5% on the year and +110.5% on the quarter, with earnings per share of ₹1.40. Profit before other income, one-offs and tax grew faster, at +123.8%; other income, one-offs or tax held the headline back. The tax rate of 25% is in line with its recent average.
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 ₹8.02 over the last four quarters, the stock at ₹521.05 trades at 65.0 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
Finance cost ₹22.0 cr, +120.0% on the year; 26% of EBITDA.
Source: Quarterly statements
Could not run on this quarter: 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, When the results were filed. 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.
| 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 ₹968 cr (+82.0% on the year) and net profit of ₹40.0 cr (+110.5% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved +123.8% on the year, against +110.5% for reported profit.
1 check raised a question: Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
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