1. Opening Hook
PG Electroplast walked into Q2 FY26 like a factory boss caught in the rain—literally. Early monsoons drowned AC demand, GST cuts confused buyers, and inventories piled up like unsold coolers in October. Naturally, the quarter disappointed.
But instead of panic, management showed up with spreadsheets, patience, and a “measured year” sermon. Revenues dipped, profits collapsed, but the long-term story apparently remains untouched, unbothered, and fully funded by ₹630 crore of cash.
ACs may have sulked, but washing machines went on a shopping spree, joint ventures behaved well, and capex plans kept growing like summer expectations in November.
Read on—because beneath the soft quarter lies a management team quietly betting that FY26 pain is just prep work for FY27 glory 😏
2. At a Glance
- Revenue ₹655 cr (↓2% YoY) – Weather and GST teamed up, ACs waved the white flag.
- EBITDA ₹45 cr – Operating leverage took a long monsoon break.
- Net Profit ₹2.4 cr – From double digits to pocket change, courtesy forex and volumes.
- AC revenue ↓45% YoY – Early monsoon: India’s most underrated disruptor.
- Washing machines ↑55% YoY – Someone, somewhere, was still buying appliances.
- Cash ₹630 cr – Comfortably rich, emotionally patient.
3. Management’s Key Commentary
“This quarter and H1 FY26 have been softer than expected.”
(Translation: Yes, we know the numbers hurt 😐)
“AC industry declined ~25%, but we grew 2.5% in H1.”
(Losing less than the industry is now called winning.)
“Washing machines grew 55% YoY.”
(Thank you diversification—finally useful.)
“FY26 will be a more measured year, and that is fine.”
(Please stop expecting fireworks every quarter 😏)
“We are maintaining our guidance.”
(Because changing it would look worse.)
“We will consolidate, focus on operational levers, and invest with discipline.”
(No heroics, just factory grind.)
“We remain confident in India’s consumer durable opportunity.”
(The long-term story never misses a concall.)
4. Numbers Decoded
Metric Q2 FY26 YoY Trend
