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PGEL's Q2 revenue was Rs. 655 Cr (2% decline), with AC sales down 45% to Rs. 131 Cr, while washing machines surged 55% to Rs. 188 Cr. Net profit hit Rs. 2.4 Cr, impacted by an Rs. 8.4 Cr FOREX loss. H1 JV sales were Rs. 483 Cr (EBITDA Rs. 10.33 Cr). Management maintained FY26 revenue guidance of Rs. 5,700-5,800 Cr and net profit of Rs. 300-310 Cr for PGEL. FY26 CAPEX of Rs. 700-750 Cr will fund capacity expansion in ACs, washing machines, and a new refrigerator plant in Andhra Pradesh (Q4 FY27). The second half is expected to improve, driven by inventory normalization and BEE rating changes. Focus remains on long-term diversification and capital efficiency.