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PG Electroplast reported mixed Q2 FY26 results: sales dipped 2.4% YoY to ₹655 Cr, while H1 sales rose 8.4% to ₹2159 Cr. Net profit for Q2 plummeted 87.8% to ₹2.38 Cr, and H1 profit fell 33.8% to ₹69.09 Cr. The Q2 decline was mainly due to softer Room AC demand (-45% YoY), though Washing Machines grew robustly by 55%. Operating margins softened from negative operating leverage.
Strategically, the company is ramping up capacities, focusing on R&D, new product development, and backward integration across its product verticals to enhance operational efficiency and profitability. Capacity expansion for Room ACs at Bhiwadi and Supa is progressing, and the order book remains healthy. The company holds ₹630 Cr in cash, with a net cash position of ₹146 Cr.
Looking ahead, management forecasts strong FY26 consolidated sales of ₹5700-5800 Cr (17-19% growth) and net profit of ₹300-310 Cr (3-7% growth). They plan significant Capex of ₹700-750 Cr for new campuses for refrigerators, washing machines, and expanded AC capacity, confident in long-term growth.