PG Electroplast Q4 FY26 profit slides 55% on disruptions

Key takeaway from the March-quarter results

PG Electroplast Limited has reported a weaker March 2026 quarter, with consolidated profitability falling sharply year-on-year even as the company pointed to operational disruptions during what is typically its peak production month. The company said March was affected by a shortage of commercial LPG linked to the Gulf conflict, and later by trucking constraints that impacted dispatches.

The results matter because the disruptions were tied to production and logistics rather than a single one-off accounting item, and the company also reported foreign exchange volatility during the year. PG Electroplast operates as an electronic manufacturing services (EMS) provider for consumer electronics OEMs in India, with manufacturing and assembly spanning products and sub-assemblies such as colour television (CTV) sets and components and air conditioner (AC) sub-assemblies.

Consolidated Q4 FY26: profit down 55.34%, revenue down 10.11%

For Q4 FY26 (quarter ended March 2026), PG Electroplast reported consolidated net profit attributable to owners of ₹64.86 crore, down 55.34% from ₹145.23 crore in Q4 FY25 (quarter ended March 2025). Consolidated revenue from operations stood at ₹1,716.68 crore, down 10.11% from ₹1,909.86 crore in the year-ago quarter.

A separate consolidated snapshot in the filings also showed total revenue for the quarter at ₹1,729.46 crore versus ₹1,929.72 crore a year ago, and operating profit at ₹118.75 crore versus ₹211.85 crore. The same table placed quarterly EPS (adjusted) at 2.27 compared with 5.09 in the year-ago quarter.

Another earnings summary stated that for the fourth quarter, sales were ₹1,716.68 crore (₹17,166.75 million) compared with ₹1,909.86 crore (₹19,098.59 million) a year ago, while net income was ₹64.86 crore (₹648.64 million) compared with ₹145.23 crore (₹1,452.30 million).

What disrupted March production and dispatches

PG Electroplast said March, typically the company’s peak production month, was disrupted by a shortage of commercial LPG arising from the Gulf conflict. The company said this affected Room AC production to the extent of nearly ₹300 crore.

As production started to normalize in late March, the company said it faced truck availability challenges, resulting in an estimated sales loss of nearly ₹120 crore. Together, the company said these factors led to an aggregate revenue loss of approximately ₹420 crore during the quarter.

The operational impact also flowed into profitability. The company said PBT was reduced by nearly ₹60 crore in the quarter as it continued to incur most fixed and operating costs despite impaired production.

Forex volatility added pressure in FY26

In addition to operational disruptions, PG Electroplast highlighted currency movement during the year. It said the sharp depreciation of the rupee in March led to mark-to-market losses on foreign currency liabilities.

As a result, the company reported a forex loss of ₹38.77 crore in FY26, compared with a forex gain of ₹17.99 crore in the corresponding year last year.

FY26 consolidated picture: sales up, profit down

For the full year ended March 2026, the article data reported consolidated net profit of ₹196.57 crore, down 31.70% from ₹287.80 crore in FY25. Consolidated sales rose 8.59% to ₹5,288.02 crore in FY26 from ₹4,869.53 crore in FY25.

Separately, another summary in the same provided material described FY26 net profit as ₹193.60 crore versus ₹290.92 crore in the previous year, citing weak Room AC demand, supply chain disruptions, and forex losses as key factors.

Standalone Q4 FY26: revenue up slightly, profit down modestly

On a standalone basis for the March 2026 quarter, PG Electroplast reported net sales (revenue from operations) of ₹355.90 crore, up 1.59% from ₹350.33 crore in March 2025. Standalone net profit for the quarter was ₹21.60 crore, down 5.31% from ₹22.81 crore.

The company also published a standalone quarterly table showing operating profit of ₹26.95 crore in March 2026, with total expenditure at ₹328.95 crore and other income at ₹12.32 crore.

Dividend, share price and promoter holding

PG Electroplast reported its audited financial results for the quarter and year ended March 31, 2026. The company announced a final dividend of ₹0.25 per equity share.

The provided material also stated a current share price of ₹476.05. Promoter holding was reported as unchanged at 43.41% in the March 2026 quarter.

Snapshot table: key reported numbers

Standalone quarterly trend provided by the company

Market impact: what investors will track

The reported quarter combined three measurable pressures: lower consolidated revenue year-on-year, an estimated revenue loss tied to production and logistics constraints, and a meaningful forex drag at the full-year level. Investors typically watch whether such disruption-led shortfalls reverse in the next quarter and whether the company can avoid repeat constraints during peak months.

In the near term, the contrast between standalone and consolidated performance is also notable in the numbers provided. Standalone revenue grew marginally in the March quarter, while consolidated revenue declined year-on-year, indicating that performance at the group level reflected broader business mix and the disruption’s impact during the peak season.

Why the story matters for the EMS and consumer durables supply chain

As an EMS player serving OEMs, PG Electroplast sits inside supply chains where component availability, fuel supply, and logistics reliability can directly influence delivery schedules and invoicing. The company’s own estimate of nearly ₹300 crore of affected Room AC production and nearly ₹120 crore of sales loss from truck shortages shows how quickly operational bottlenecks can translate into reported revenue and profit outcomes.

The year’s forex loss figure also highlights how currency movement can affect companies carrying foreign currency liabilities, particularly when depreciation triggers mark-to-market losses.

Conclusion

PG Electroplast’s Q4 FY26 results showed a sharp year-on-year decline in consolidated profit and revenue, with the company attributing a large part of the quarter’s stress to LPG shortages, logistics constraints, and fixed-cost absorption. For FY26, consolidated sales increased year-on-year in the figures provided, but profit declined, alongside a reported forex loss compared with a gain in the prior year. The next set of quarterly results will be watched for evidence of normalized production, smoother dispatch execution, and any change in forex-related impacts.