PG ELECTROPLAST Results Analysis-Q3FY26

Operating Revenue for Q3FY26 is Rs. 1,412 Crs., 45.93% growth YoY, Total Income is Rs. 1,421 Crs., 45.8% growth YoY, Gross Profit is Rs. 256 Crs., 23% growth YoY, EBITDA is Rs. 126 Crs., 36.54% growth YoY, EBITDA Margin is 8.87% declined by 60 Basis points YoY (Q3 margin softness was partly strategic (share support) and partly accounting (SAP reclass), PBT Rs. 79 Crs, 47.69% growth YoY (Contained forex loss of INR 8.2 cr. and INR 1.35 cr provision for New Labour Code impact), PAT Rs. 60 Crs, 50.25% growth YoY. Product business: INR 1,140 cr (80.7% of revenue). Room AC (RAC): INR 932.5 cr (+80.5% YoY), 66% of total revenue. Washing machines: INR 194 cr (+45% YoY). TV JV (Goodworth Electronics): INR 670 cr revenue in 9M FY26, EBITDA ~INR 16.7 cr. Subsidiary PG Technoplast: INR 1,067 cr revenue in Q3. On QoQ basis Op. Revenue is up by 115.47%, Total Income is up by 112.16%, Gross Profit is up by 80.78%, EBITDA is up by 182%, PBT is up by 1152% (which includes 1.35 Cr. one-time impact of New Labour Code), and PAT is also up by 2434%. Capex is heavily front-loaded for 700-750 Cr. which is into new categories (refrigerators) and capacity scaling (washers/RAC) with explicit multi-hub integration strategy. Management Vision: “create 3 large manufacturing hubs, one in North, one in West and the third one in South” as multi-product sites to improve asset utilization and logistics efficiency for customers. Refrigerator entry is positioned as a contract-manufacturing replication play (start DC, then frost-free), leveraging South-based logistics advantage.