PG Electroplast Q4 PAT slumps 55% YoY to Rs 65 cr

Revenue from operations dropped 10.11% YoY to Rs 1,716.67 crore in Q4 FY26.

Profit before tax (PBT) stood at Rs 81.81 crore in Q4 FY26, down 54.53% YoY. EBITDA tumbled 43.2% YoY to Rs 131.54 crore duing the quarter, compared with Rs 231.72 crore posted in Q4 FY25.

On segmental front, product business contributed Rs 1,412 crore, accounting for 82.2% of total revenue. Within the product portfolio, Room AC revenue declined 12% year-on-year to Rs 1,210 crore, while washing machines grew 70% year-on-year and coolers declined 10.8% year-on-year during the quarter.

The electronics business contributed 6.8% of total quarterly revenue. Goodworth Electronics, the company's joint venture, reported revenue of Rs 155.1 crore in 4QFY26 compared with Rs 107.6 crore in 4QFY25, while EBITDA improved to Rs 6.19 crore from Rs 0.94 crore in the corresponding quarter last year.

The company said that 4QFY26 was a highly challenging quarter, with weak Room AC demand and multiple supplyside disruptions materially affecting operating performance. January and February 2026 remained soft for the Room AC business due to elevated channel inventory following channel filling in December 2025 ahead of the BEE rating transition.

This excess inventory weakened pricing power, while the full impact of commodity inflation and rupee depreciation could not be passed through, during the quarter, resulting in an estimated gross margin impact of nearly 250 basis points. March, typically the company's peak production month, was further disrupted by a shortage of commercial LPG arising from the Gulf conflict, affecting Room AC production to the extent of nearly Rs 300 crore.

As production normalized in late March, the company also faced truck availability challenges, which resulted in an estimated sales loss of nearly Rs 120 crore. Taken together, these factors led to an aggregate revenue loss of approximately Rs 420 crore and reduced PBT by nearly Rs 60 crore during the quarter, as the company continued to incur most fixed and operating costs despite impaired production. The sales shortfall caused by truck unavailability also led to higher finished goods inventory and deferred certain dispatches into April. In addition, the sharp depreciation of the rupee in March led to mark-tomarket losses on foreign currency liabilities, resulting in a forex loss of Rs 38.77 crore in FY26, compared with a forex gain of Rs 17.99 crore in the corresponding year last year.

On outlook front, the company aims to achieve industry-leading revenue growth, drive gradual margin expansion through operational efficiencies and operational leverage and maintain best-in-class capital efficiency through improved cash flows and balance sheet optimization

PG Electroplast is one-stop solution provider for Electronic Manufacturing Services (EMS) and contract manufacturing to most leading consumer durable and electronics brands in India.

The scrip rose 1.88% to end at Rs 476.05 on the BSE on Wednesday. The stock market remained closed today on account of Bakri Id.

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