Any current/future new fundraising through debt or equity?

PG Electroplast has an upper limit approval of up to Rs. 1,500 crore for a Qualified Institutional Placement (QIP) for fundraising. The company is looking to utilize the QIP proceeds largely for organic growth opportunities in PG Electroplast Limited, including CAPEX and working capital requirements. There are no current plans for inorganic acquisitions using the QIP proceeds. No specific mention of new debt fundraising plans; the company currently has about Rs. 240 crore of debt with no hurry to repay as long as leverage ratios remain within limits. For CAPEX funding, the company is partly us

Any current/future capex/capital investment/strategic investment?

CAPEX guidance for FY25 is around Rs. 370 to Rs. 380 crore. Approximately Rs. 165 crore is allocated to product business capacity expansion (plant and machinery). Around Rs. 185 crore will be used for acquisition of land and building infrastructure. About Rs. 20 crore is planned for maintenance CAPEX and small investments in plastic component business. Some amount of CAPEX has already been spent, with the rest to be disbursed as milestones are met. The company is focusing on sweating existing and new assets to improve capital efficiency and asset turns. Fundraising plans include a QIP with an

Future growth expectations in sales/revenue/volumes?

The company expects strong momentum in the AC segment with 143% growth in the first half of FY25 and revised full-year revenue guidance of at least Rs. 4,250 crore in PG Electroplast, plus Rs. 600 crore from JV Goodworth Electronics, totaling Rs. 4,850 crore, a 77% growth over FY24. Product businesses (washing machines, room ACs, air coolers) are expected to grow around 78% from Rs. 1,668 crore to Rs. 2,975 crore. Volume growth in AC and air cooler segments has been very strong (AC volumes higher than revenue growth due to lower ASP). Order book and visibility remains robust with capacity e

Future growth expectations in earnings/operating earnings/profits/EPS?

FY25 net profit guidance revised upward to at least Rs. 250 crore, an 83% growth over FY24 net profit of Rs. 137 crore. Operating revenue for FY25 expected at Rs. 4,250 crore for PG Electroplast and another Rs. 600 crore from JV Goodworth Electronics, totaling Rs. 4,850 crore – reflecting 77% growth over FY24. Strong growth momentum in product businesses (AC, washing machines, air coolers) with expected 78% growth from Rs. 1,668 crore to Rs. 2,975 crore in FY25. PLI incentives expected to grow from Rs. 30 crore in FY25 to Rs. 37.5 crore in FY26, supporting profitability. Margins expect

Current/ Expected Orderbook/ Pending Orders?

The company has seen extremely robust order book momentum, especially in the AC business. They have increased production capacity by almost 50% compared to the previous year. Despite this capacity increase, they anticipate being out of capacity during the peak season due to strong order inflows. The outlook remains strong, with good visibility up to March and beyond largely depends on external factors like the monsoon. There are indications of continual add-ons from existing clients alongside new client additions, which have ramped up well in the last 1.5 to 2 years. The company expects strong

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PG Electroplast LtdQ3 FY24Consumer Durables

PG Electroplast Ltd Q3 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹568P/E: 50.2Market Cap: ₹13.9K CrSector: Consumer Durables

Management growth scorecard

Revenue

Category 1

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

4 of 5 growth signals are positive — a strong management growth story.

Full analysis

Revenue guidance

Category 1

→The company expects strong momentum in the AC segment with 143% growth in the first half of FY25 and revised full-year revenue guidance of at least Rs. 4,250 crore in PG Electroplast, plus Rs. 600 crore from JV Goodworth Electronics, totaling Rs. 4,850 crore, a 77% growth over FY24.
→Product businesses (washing machines, room ACs, air coolers) are expected to grow around 78% from Rs. 1,668 crore to Rs. 2,975 crore.
→Volume growth in AC and air cooler segments has been very strong (AC volumes higher than revenue growth due to lower ASP).
→Order book and visibility remains robust with capacity expanded by 50%, indicating likely capacity utilization constraints.
→Growth is driven by gaining market share via new and existing client additions.
→The outlook remains robust despite some seasonal quarterly dips; major sales come in Q4.
→Export plans underway targeting Middle East and African markets, expected to start in 1-2 years.

Margin guidance

Category 3

→FY25 net profit guidance revised upward to at least Rs. 250 crore, an 83% growth over FY24 net profit of Rs. 137 crore.
→Operating revenue for FY25 expected at Rs. 4,250 crore for PG Electroplast and another Rs. 600 crore from JV Goodworth Electronics, totaling Rs. 4,850 crore – reflecting 77% growth over FY24.
→Strong growth momentum in product businesses (AC, washing machines, air coolers) with expected 78% growth from Rs. 1,668 crore to Rs. 2,975 crore in FY25.
→PLI incentives expected to grow from Rs. 30 crore in FY25 to Rs. 37.5 crore in FY26, supporting profitability.
→Margins expected to remain stable on a per unit basis despite commodity price fluctuations.
→Management expects continued industry-leading growth and improved capital efficiency with focus on asset turns and cost-product leadership.
→Export expansion planned, targeting Middle East and African markets within 1-2 years, potentially contributing to future top-line growth.

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Fundraise plans

Yes

→PG Electroplast has an upper limit approval of up to Rs. 1,500 crore for a Qualified Institutional Placement (QIP) for fundraising.
→The company is looking to utilize the QIP proceeds largely for organic growth opportunities in PG Electroplast Limited, including CAPEX and working capital requirements.
→There are no current plans for inorganic acquisitions using the QIP proceeds.
→No specific mention of new debt fundraising plans; the company currently has about Rs. 240 crore of debt with no hurry to repay as long as leverage ratios remain within limits.
→For CAPEX funding, the company is partly using funds raised from QIP last year, which have been deployed towards working capital.

Order book

Yes

→The company has seen extremely robust order book momentum, especially in the AC business.
→They have increased production capacity by almost 50% compared to the previous year.
→Despite this capacity increase, they anticipate being out of capacity during the peak season due to strong order inflows.
→The outlook remains strong, with good visibility up to March and beyond largely depends on external factors like the monsoon.
→There are indications of continual add-ons from existing clients alongside new client additions, which have ramped up well in the last 1.5 to 2 years.
→The company expects strong volume growth and demand traction continuing into the next year.

Capex plans

Yes

→CAPEX guidance for FY25 is around Rs. 370 to Rs. 380 crore.
→Approximately Rs. 165 crore is allocated to product business capacity expansion (plant and machinery).
→Around Rs. 185 crore will be used for acquisition of land and building infrastructure.
→About Rs. 20 crore is planned for maintenance CAPEX and small investments in plastic component business.
→Some amount of CAPEX has already been spent, with the rest to be disbursed as milestones are met.
→The company is focusing on sweating existing and new assets to improve capital efficiency and asset turns.
→Fundraising plans include a QIP with an upper limit of Rs. 1,500 crore aimed at financing organic growth—mainly CAPEX and working capital—for new growth opportunities.
→No inorganic acquisitions are currently planned; growth is geared towards organic expansion.
→Evaluating some backward integration and new consumer durable product lines within a similar industry scope.

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