PG ELECTROPLAST: POWERING INDIA’S DURABLES BOOM ⚡

PGEL The next big manufacturing opportunity in India may not be limited to mobile phones or semiconductors. Consumer durables are another massive opportunity — and PG Electroplast is positioning itself to capture it. PG Electroplast (PGEL) is an electronics manufacturing services (EMS) and contract manufacturing company with capabilities across air conditioners, washing machines, air coolers, LED TVs and plastic components. It manufactures products and components for several leading consumer durable brands, while expanding its own manufacturing capabilities. And the latest numbers show strong growth. Q2 FY27 performance: Revenue: ₹934 crore, up 42.5% YoY. EBITDA: ₹69.14 crore, up 54.8% YoY. Net profit: ₹13.67 crore, compared with ₹2.76 crore a year ago. H1 FY27 revenue crossed ₹2,968 crore, growing 37.4% YoY, while net profit increased to ₹89.88 crore. But the bigger story is capacity expansion. PG Electroplast is investing in new manufacturing facilities and backward integration: A new washing machine facility at Greater Noida, with planned annual capacity of 1.8 million units. Refrigerator manufacturing expansion at Sri City. A new AC compressor manufacturing plant at Supa. Additional plastic components and cooler capacity at Salarpur. The company is targeting a larger share of India's growing consumer durables manufacturing market. The business flywheel is attractive: Rising consumption → More outsourcing → Higher manufacturing volumes → Better capacity utilisation → Operating leverage. The company also reported over ₹422 crore in cash and cash equivalents at the end of H1 FY27, supporting its expansion plans. The September quarter is seasonally weaker than the summer-driven June quarter. EBITDA margin was around 6.4%, and commodity costs and product mix can affect profitability. New facilities must ramp up efficiently, while working capital, customer concentration and competition remain important risks.