PG Electroplast Q1 FY27: Growth crosses INR 2,000 crore, margins face commodity headwinds

Operating revenues were INR 2,034.0 crores, EBITDA was INR 156.2 crores (7.7% margin), and PAT was INR 75.3 crores (3.7% margin).

The product business contributed 80.2% of Q1 FY27 revenues, led by Room Air Conditioners at INR 1,401.4 crores.

Management attributed the decline mainly to elevated commodity prices (notably copper and aluminium) and rupee depreciation, with pass-through being partial and pricing structured on per-unit margins.

Management stated the flagship washing machine manufacturing facility at DMIC, Greater Noida has come online, with capacity to manufacture 1.8 million washing machines per annum.

Management said the Sri City refrigerator facility is targeted for commercial production by Q4 FY27 (Dec/Jan), and is expected to become meaningful for revenues from FY28 onwards.

Management indicated mass production is targeted by Dec/Jan. One line can produce about 1.6 to 1.7 million compressors at 80% utilization, with expected pricing around INR 2,850 to INR 2,900 per compressor.

Management stated total capex for FY27 is about INR 400 crores, aimed at completing ongoing compressor and refrigerator projects and consolidation efforts at Salarpur.