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Swing Capital

PG Electroplast Ltd

NSE: PGEL BSE: 533581

PG Electroplast Limited (PGEL) is the flagship company of PG Group. While the PG Group had started its journey in 1977, PG Electroplast was formally set up in 2003 and is a leading, diversified Indian Electronic Manufacturing Service provider. It specializes in Original Design Manufacturing (ODM), Original Equipment Manufacturing (OEM) and Plastic Injection Molding, catering to 50+ leading Indian and Global brands.[1]

₹460
52W: ₹437 — ₹836
PE 105 · Book ₹91.5 · +403% vs book
Market Cap₹13,129 Cr
Stock P/E105Price to Earnings
ROCE6.83%Return on Capital
ROE4.87%Return on Equity
Div. Yield0.05%Face Value ₹1

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company has delivered good profit growth of 93.0% CAGR over last 5 years
  • +Company's median sales growth is 17.9% of last 10 years

Weaknesses

  • −Stock is trading at 5.07 times its book value
  • −Company has a low return on equity of 7.62% over last 3 years.
  • −Earnings include an other income of Rs.84.4 Cr.
  • −Debtor days have increased from 48.6 to 64.8 days.
  • −Promoter holding has decreased over last 3 years: -17.9%
  • −Working capital days have increased from 55.2 days to 84.9 days

Shareholding Pattern

Promoters43.41%
FIIs9.75%
DIIs24.49%
Public22.35%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters53.56%53.42%▼0.149.37%▼4.149.37%43.72%▼5.643.6%▼0.143.41%▼0.243.41%
FIIs11.07%10.69%▼0.410.29%▼0.410.45%▲0.213.02%▲2.611.45%▼1.610.59%▼0.99.75%▼0.8
DIIs9.89%9.8%▼0.116.22%▲6.416.37%▲0.218.09%▲1.718.83%▲0.722.66%▲3.824.49%▲1.8
Public25.22%25.91%▲0.724.11%▼1.823.8%▼0.325.11%▲1.326.1%▲1.023.06%▼3.022.35%▼0.7

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales392339380391383362350335376367
Expenses359309348363353332337303337334
Operating Profit33303128303013323934
OPM %8%9%8%7%8%8%4%9%10%9%
Net Profit20222418202423323932
EPS ₹0.760.830.940.70.750.850.811.121.361.11

AI Insights

Revenue Trend

TTM revenue at ₹1,429Cr, down 3.9% YoY. OPM at 8%.

Debt Position

Borrowings at ₹54Cr. Debt-to-equity ratio: 0.02x. Healthy balance sheet.

Capex Cycle

CWIP at ₹6Cr (2% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 24.49% (+17.36pp change). FIIs: 9.75% (+6.62pp change). Promoters hold 43.41%.

Margin & Efficiency

ROCE improving from -4% (Mar 2014) to 7% (Mar 2025). Working capital days: 85.

Valuation

PE 105x with 6.83% ROCE. Price is 403% above book value of ₹91.5. Dividend yield: 0.05%.

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