PG Electroplast Challenges HDFC Securities Report, Asserts Strong Financial Health

PG Electroplast has formally contested a December 5, 2025 report by HDFC Securities that questioned its financial health, calling the claims "factually inaccurate and unsubstantiated." The EMS major has demanded a review, correction, and public clarification within seven working days, reserving the right to escalate the matter to SEBI or pursue legal action. In defense, PG Electroplast emphasized its strong balance sheet, citing a net cash position—with cash exceeding debt for the past 12 months—and reaffirmed its full-year guidance of ₹5,700–5,800 crore revenue and ₹300–310 crore profit. Balance sheet data supports this stance, showing robust growth: Total equity up 172.4% to ₹2,828.2 crore Reserves & surplus surged 176.6% to ₹2,799.9 crore Current assets up 167% to ₹3,753.7 crore Healthy liquidity and leverage ratios compared to sector peers The dispute underscores the impact of analyst reports on market sentiment. Investors are advised to rely on audited disclosures and official communications while awaiting resolution. The outcome could influence both investor confidence and regulatory scrutiny around research accuracy.