PG Electroplast Limited (PGEL) is a leading, diversified Indian Electronic Manufacturing Service provider that formally set up in 2003 and specializes in Original Design Manufacturing (ODM), Original Equipment Manufacturing (OEM), and Plastic Injection Molding, catering to 50+ leading Indian and Global brands. The company was incorporated on March 17, 2003, as a Private Limited Company and was subsequently converted into a Public Limited Company in July 2010.
PG Electroplast operates through its wholly-owned subsidiary, PG Technoplast Pvt Ltd, which manufactures air conditioners, coolers, and components for various consumer durables. In FY24, the company forged a new joint venture partnership with Goodworth Electronics Ltd, to augment its TV and hardware business.
PG Electroplast operates into four business verticals: plastic molding, product business, consumer electronics, and tool manufacturing. The product business encompasses ODM capabilities for Room Air Conditioners (RAC), washing machines, and air coolers, contributing 61% of FY24 revenues, with RAC alone making ₹1,317 Crore representing 48% of total revenues.
The company operates 10 manufacturing units with over 3,500 employees and has served 107 clients as of FY24, including notable brands like Astral, Blue Star, Godrej, and Whirlpool. PGEL has 5000+ employees across its 11 manufacturing units in Greater Noida (UP), Ahmednagar (MH), Bhiwadi (RJ), and Roorkee (UK).
The company's manufacturing capabilities span across multiple product categories:
* Products division includes RAC (indoor units, outdoor units), window air conditioners, washing machines, air coolers & televisions.
* Plastics division offers plastic molding solutions for sanitaryware, consumer durables, automotive, consumer electronics.
* Electronics division comprises electronics manufacturing including televisions and PCB assemblies.
* Tool manufacturing division serves consumer durables, sanitaryware, automotive sectors.
PG Electroplast has a market capitalization of ₹21,380 Crore as of July 2025, with revenue of ₹4,870 Crore and profit of ₹288 Crore. For the full year, net profit rose 113.34% to ₹287.80 Crore in the year ended March 2025, as against ₹134.90 Crore during the previous year ended March 2024, while sales rose 77.30% to ₹4,869.53 Crore in the year ended March 2025, as against ₹2,746.50 Crore during the previous year ended March 2024.
The company demonstrated exceptional quarterly performance: PG Electroplast's net profit jumped 108.81% to ₹145.23 Crore in Q4 FY2024-2025 compared to the same period last year. Net profit of PG Electroplast rose 108.81% to ₹145.23 Crore in the quarter ended March 2025, as against ₹69.55 Crore during the previous quarter ended March 2024, while sales rose 77.40% to ₹1,909.86 Crore in the quarter ended March 2025, as against ₹1,076.57 Crore during the previous quarter ended March 2024.
* Revenue: ₹4,869.53 Crore (FY25)
* Net Profit: ₹287.80 Crore (FY25)
* Market Cap: ₹21,380 Crore (as of July 2025)
* EPS: ₹10.30 (FY25)
* P/E Ratio: 74.66
* P/B Ratio: 7.68
* Promoter Holding: 49.37% (as of March 2025)
PG Electroplast began operations at a new AC manufacturing facility in Rajasthan, with an annual capacity of 360,000 split ACs and 250,000 window ACs, making it the second-largest ODM for RACs in India. The company plans to further expand AC capacity and is setting up a new integrated unit, alongside a greenfield washing machine facility in Greater Noida.
PG Electroplast aims for a 30-35% revenue increase in FY26, driven by demand in air conditioners and washing machines, with the company planning a capex of ₹800-900 Crore, focusing on new plants and expanding its footprint.
PG Technoplast, a wholly-owned subsidiary of PGEL, is a beneficiary of the PLI scheme for white goods, with PGEL anticipating adding ₹30 Crore to PAT through the PLI initiative and an additional ₹6 Crore from state incentives in FY25.
The company has been actively forging strategic partnerships to expand its market presence. PG Electroplast Limited has signed a definitive agreement with Whirlpool of India Limited for contract manufacturing of select models of Whirlpool-branded semi-automatic washing machines. Additionally, PG Electroplast's wholly-owned subsidiary, PG Technoplast, has signed a definitive agreement with Spiro Mobility to manufacture electric vehicles (EVs) of Spiro Mobility in India.
The Indian appliances and consumer electronics industry was estimated to be approximately ₹76,000 Crore in 2022 and is expected to more than double to ₹1.48 lakh Crore by 2025. The Indian Room Air Conditioner (RAC) and Washing Machine (WM) market is projected to reach approximately ₹50,000 Crore and ₹45,000 Crore respectively by FY29.
The government projects the Indian electronics manufacturing sector to reach US$500 billion by 2030, with the air conditioner market size expected to grow from 65 lakh units in 2019 to 165 lakh units by 2025, and the Indian washing appliances market projected to grow from US$3.76 billion to US$5.43 billion by 2029, with a CAGR of 7.65%.
85.71% of analysts recommend a 'BUY' rating for PG Electroplast with an average target price of ₹1,036.43. Analysts recommend a Buy with a target price of ₹988, indicating a 27% upside, supported by the company's impressive financial growth with 108.81% PAT increase and 77.3% sales growth.
PG Electroplast Limited stands as a prominent player in India's electronics manufacturing services sector, demonstrating strong financial performance, strategic expansion plans, and well-positioned to capitalize on the growing demand for consumer electronics and appliances in the Indian market.
