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Swing Capital

Power & Instrumentation (Gujarat) Ltd

NSE: PIGL BSE: 543912Energy

Incorporated in 1975, Power & Instrumentation (Gujarat) Ltd is in the business of Electrical Contract Work and deals in electrical equipment[1]

₹105
52W: ₹90.6 — ₹196
PE 16.4 · Book ₹65.5 · +60% vs book
Market Cap₹223 Cr
Stock P/E16.4Price to Earnings
ROCE19.8%Return on Capital
ROE14.5%Return on Equity
Div. Yield0.19%Face Value ₹10

Strengths

  • +Company is expected to give good quarter
  • +Company has delivered good profit growth of 25.7% CAGR over last 5 years
  • +Promoter holding has increased by 4.41% over last quarter.

Weaknesses

  • −Company has a low return on equity of 12.5% over last 3 years.
  • −Promoter holding has decreased over last 3 years: -9.19%

Shareholding Pattern

Promoters50.7%
FIIs0.01%
DIIs0.75%
Public48.54%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters52.09%40.95%▼11.140.95%45.72%▲4.845.72%46.09%▲0.446.29%▲0.250.7%▲4.4
FIIs0%0%0%0%0%0%0%0.01%▲0.0
DIIs0%0%0%0%0.08%▲0.10%▼0.10%0.75%▲0.8
Public47.91%59.06%▲11.259.05%▼0.054.29%▼4.854.22%▼0.153.91%▼0.353.71%▼0.248.54%▼5.2

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales24.3314.8236.9225.4754.9333.3755.0941.367.8744.6
Expenses21.621333.0322.3549.7129.6949.9537.2761.6339.57
Operating Profit2.711.823.893.125.223.685.144.036.245.03
OPM %11.14%12.28%10.54%12.25%9.5%11.03%9.33%9.76%9.19%11.28%
Net Profit1.390.822.671.873.892.883.112.584.523.28
EPS ₹1.10.652.111.482.421.791.781.482.541.82

AI Insights

Revenue Trend

TTM revenue at ₹209Cr, up 23.7% YoY. OPM at 10%.

Debt Position

Borrowings at ₹22Cr. Debt-to-equity ratio: 0.22x. Healthy balance sheet.

Capex Cycle

CWIP at ₹1Cr (100% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 0.75% (+0.75pp change). FIIs: 0.01% (+0.01pp change). Promoters hold 50.7%.

Margin & Efficiency

ROCE improving from 0% (Mar 2017) to 20% (Mar 2025). Working capital days: 176.

Valuation

PE 16.4x with 19.8% ROCE. Price is 60% above book value of ₹65.5. Dividend yield: 0.19%.

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