Synopsis:
PG Electroplast Limited, an EMS Stock, reports 14% YoY revenue growth and a 54% QoQ net profit drop in Q1 FY26 results.
This EMS stock, engaged in electronic manufacturing services, produces plastic components, air conditioners, washing machines, and consumer durables for leading Indian and global brands, and breaches its 20 percent lower circuit band after the company reported June quarterly results with a 54.43 percent QoQ decrease in net profit.
With a market capitalization of Rs. 16,727.37 crores, the shares of PG Electroplast Limited hit a 20 percent lower circuit of Rs. 589.50 per share on Friday, down from its previous closing price of Rs. 736.85 per share. Since then, the stock has retreated and is currently trading at Rs. 574.80 per equity share (23 percent down)
Q1 FY26 Result Walkthrough
Coming into the quarterly results of PG Electroplast Limited, the company’s consolidated revenue from operations increased by 13.87 percent YOY, from Rs. 1,320.68 crore in Q1 FY25 to Rs. 1,503.85 crore in Q1 FY26, and decreased by 21.26 percent QoQ from Rs. 1,909.85 crore in Q4 FY25.
In Q1 FY26, PG Electroplast Limited’s consolidated net profit decreased by 21.44 percent YOY, reaching Rs. 66.71 crore compared to Rs. 84.92 crore during the same period last year. As compared to Q4 FY25, the net profit has decreased by 54.43 percent, from Rs. 146.38 crore. The basic earnings per share decreased by 26.17 percent and stood at Rs. 2.37 as against Rs. 3.21 recorded in the same quarter in the previous year, 2025.
Financial Highlights: PG Electroplast Limited’s revenue has increased from Rs. 2,746 crore in FY24 to Rs. 4,870 crore in FY25, which is a growth of 77.35 percent. The net profit has also grown by 113.33 percent, from Rs. 135 crore in FY24 to Rs. 288 crore in FY25.
PG Electroplast Limited’s revenue and net profit have grown at a CAGR of 63.61 percent and 98.18 percent, respectively, over the last three years. In terms of return ratios, the company’s ROCE and ROE stand at 19.4 percent and 14.9 percent, respectively. PG Electroplast Limited has an earnings per share (EPS) of Rs. 10.2, and its debt-to-equity ratio is 0.14x.
Guidance for FY26
For the financial year 2026, PG Electroplast expects to earn between Rs. 5,700-5,800 crores in sales, showing a growth of 17-19 percent compared to last year. Their joint venture, Goodworth Electronics, is expected to grow by 56 percent and earn Rs. 850 crores.
Overall, the total group revenue is likely to reach between Rs. 6,550 and Rs. 6,650 crores. PGEL’s profit is expected to be between Rs. 300 to Rs. 310 crores, which is a 3-7 percent increase from last year. The product business (like washing machines, coolers, and air conditioners) is also expected to grow by 17-21 percent.
PGEL plans to invest Rs. 700–750 crores on new projects like setting up a refrigerator plant in South India, a washing machine unit in Greater Noida, expanding AC capacity in West India, and a new facility in Rajasthan for making coolers and plastic parts.
Company Overview
PG Electroplast Limited (PGEL) is the main company of the PG Group, which began its journey in 1977. PGEL was formally established in 2003 and has grown to become one of India’s leading electronic manufacturing service providers. The company works with both Indian and international brands, offering a wide range of manufacturing services.
PGEL specializes in Original Design Manufacturing (ODM), Original Equipment Manufacturing (OEM), and Plastic Injection Moulding. This means they help design, build, and assemble electronic products for over 70 well-known brands. They offer complete end-to-end solutions, acting as a one-stop shop for companies looking to develop and manufacture their electronics.
With over 10,000 employees working across 11 factories located in Greater Noida, Ahmednagar, Bhiwadi, and Roorkee, PGEL is focused on growing organically. The company is increasing its production capacity and improving its processes to deliver better quality, reduce costs, and provide more value to its customers through backward integration.
Written By – Nikhil Naik
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