What Pg Electroplast does

PG Electroplast Limited (PGEL) is an Indian Electronics Manufacturing Services (EMS) provider headquartered in Noida and listed on BSE/NSE. Founded in 2003, the company operates as a B2B contract manufacturer for over 45 Indian and global brands across consumer durables, electronics, and automotive sectors. Its core capability is the manufacturing of room air conditioners (RACs), which contributed approximately 66% of Q3 FY26 revenue, serving major branded clients including Blue Star, Voltas, Lloyds, and Whirlpool of India. RAC manufacturing reported 80.5% year-over-year growth in Q3 FY26, with overall Q3 FY26 consolidated revenue reaching ₹1,412.1 crore (up 46% YoY).

The company manufactures finished consumer electronics products — room air conditioners, refrigerators, washing machines, and consumer electronics components — under OEM arrangements with branded clients. Its technology stack is centered on large-scale physical assembly rather than software or IP-based platforms. The company is pursuing vertical integration through a rotary compressor plant at Supa (targeted Q4 FY27) and is establishing new manufacturing facilities at Sri City (refrigerators) and Kamargaon, Maharashtra (₹1,000 crore consumer electronics plant). Strategic partnerships with Chinese technology providers HKC Corp (smartphone JV targeting 20 million units annually) and Shanghai Highly Group (AC component technology) extend the company's manufacturing scope, though these await Press Note 3 regulatory clearance.

PG Electroplast's revenue model is hardware sales through B2B OEM contracts with consumer durable brands. Pricing is negotiated via long-term supply contracts with no public pricing disclosed. The company reported FY26 consolidated revenue in the ₹5,700-5,800 crore range with actual growth of 9%, below its own 17-19% guidance. Q4 FY26 revenue declined 10.11% YoY to ₹1,716.7 crore due to LPG supply disruptions linked to the Gulf conflict and truck shortages, causing an estimated ₹420 crore revenue loss and 300 basis points of gross margin compression. The company describes itself as net-cash with gross debt of approximately ₹400 crore against more than ₹600 crore in cash and fixed deposits. Planned capex of ₹700-750 crore for FY26 funds multiple expansion initiatives, though margin pressures from commodity inflation, currency weakness, and regulatory delays on Chinese partnerships present near-term risks.

Name

Pg Electroplast

Legal name

PG Electroplast Limited

Website

https://pgel.in

Company type

Public

Founded year

2003

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

PG Electroplast is an Indian Electronics Manufacturing Services (EMS) company that contract-manufactures consumer durables — primarily room air conditioners (66% of revenue) — for 45+ Indian and global brands including Blue Star, Voltas, Lloyds, and Whirlpool.

Ownership category

akta.pro rank

Product category

Electronics Manufacturing Services (Contract Manufacturing)

NAICS

Electrical Equipment, Appliance, and Component Manufacturing (335), Electrical Equipment Manufacturing (3353)

SIC

Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip (3585), Electronic & Other Electrical Equipment (No Computer Equip) (3600)

akta.pro primary industry

Industrial Power & Energy Electronics Manufacturing Services (UPS, converters, inverters, chargers) (IMAGAGAI)

Keywords

• Electronics manufacturing services
• Contract manufacturing
• Room air conditioners
• Consumer durables manufacturing
• Plastic injection molding

Headquarters

HQ city

Noida

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Infrastructure, Personnel, Technology or R&D

Revenue model

1. EMS Contract Manufacturing: PG Electroplast generates revenue primarily by manufacturing consumer electronics and appliances on a contract/OEM basis for branded companies. Room air conditioners are the largest product category, contributing approximately 66% of total revenue as of Q3 FY26. The company is diversifying into refrigerators and washing machines to reduce dependence on the RAC segment. Revenue is derived from production volumes under multi-year supply agreements with consumer durable brands.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

PG Electroplast is an Electronics Manufacturing Services (EMS) and Plastic Injection Molding company that manufactures consumer electronic components and finished products on contract for over 45 Indian and global brands. Room air conditioners are the dominant product, accounting for approximately 66% of total revenue, with the company diversifying into refrigerators, washing machines, and rotary compressors. Revenue is generated through large-scale OEM production contracts with consumer durable brands across consumer durables, electronics, and automotive sectors.

Product overview

PG Electroplast is an Indian Electronic Manufacturing Services (EMS) company that operates as a single-platform contract manufacturer producing consumer electronics and appliances. The core offering centers on Room Air Conditioners (RACs), which account for approximately 66% of revenue and represent the company's dominant product line. The company is pursuing aggressive diversification through expansion into refrigerators and washing machines, with planned manufacturing facilities at Sri City and Supa (for rotary compressors). The EMS portfolio also includes consumer electronic components and finished products serving over 45 Indian and global brands across consumer durables, electronics, and automotive sectors.

Differentiator

Problem solved

Functional benefit

Products and services

• Room Air Conditioners (RACs)

Quantifiable outcome

• 45% YoY revenue growth in Q3 FY26 (INR 1,412 crore)
• +3 more outcomes

Named customers5 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core and minor.

• HKC Corp (China)coreStrategic or Co-development Partner · 9 February 2026PG Electroplast partnered with Chinese company HKC Corp for a joint venture smartphone manufacturing project. The project involves construction of manufacturing facilities, with expected production of 20 million smartphones per year. The JV is awaiting Press Note 3 regulatory clearance from the Indian government, with approvals delayed between 3 to 12 months. The company has indicated it may proceed alone or scout non-Chinese partners if delays persist.
• Shanghai Highly Group (China)coreTechnology or Integration · 9 February 2026PG Electroplast partnered with Shanghai Highly Group for AC component technology and manufacturing, coinciding with the company's expansion into backward integration including compressor production at its Supa facility. This partnership supports PG Electroplast's strategy to move up the value chain in room AC manufacturing. The project also awaits Press Note 3 approval, with companies proceeding with construction despite pending regulatory clearance.
• HDFC SecuritiesminorOthersHDFC Securities published a critical report questioning PG Electroplast's financial health (debt growth, weakening cash flows). The company refuted the report as 'factually inaccurate' and stated it reserves the right to pursue legal and regulatory action. The CFO clarified the company is net-cash with gross debt of ₹400 crore against more than ₹600 crore in cash and fixed deposits.

Scale indicators22 records

Recent moves11 records

Expansion highlights5 records

Direct peers

• Dixon Technologies (India): India's largest listed EMS company, manufacturing consumer electronics, smartphones, lighting, appliances and IoT products for global and Indian OEMs. Most direct comparable business model to PG Electroplast on the EMS side, with similar customer-base and product mix.
• Amber Enterprises India: India's leading RAC OEM/ODM, manufacturing air conditioners and components for major brands including Voltas, Daikin and LG. Directly comparable to PGEL on the room air conditioner manufacturing side and competes for the same OEM customer wallet.
• Syrma SGS Technology: Indian EMS provider serving consumer electronics, automotive, industrial and medical OEMs with PCB assembly and box-build services. Comparable contract-manufacturing business model targeting similar end-market segments as PGEL.
• Avalon Technologies: India-headquartered EMS and ODM company providing PCB assembly, cable harnesses and box-build across industrial, automotive and consumer segments. Closely comparable as an India-based EMS competitor with multi-vertical exposure.
• Cyient DLM: Listed Indian EMS subsidiary of Cyient, focused on high-reliability electronic manufacturing for aerospace, medical and industrial customers. Comparable listed-Indian EMS profile, though skewed to industrial verticals rather than consumer durables.

Broad incumbents

• Havells India: Large Indian electrical equipment and consumer durables manufacturer with own-brand products across fans, lighting, appliances and water heaters. Overlaps with PGEL in the consumer durables ecosystem and as a potential customer/competitor at scale.

Emerging players

• Crompton Greaves Consumer Electricals: Indian consumer durables company focused on fans, pumps, lighting and small appliances. Adjacent player in the consumer-durables value chain where PGEL operates as EMS; could converge as a customer or competitor.
• V-Guard Industries: Indian consumer electricals brand in voltage stabilizers, water heaters, fans and small appliances. Comparable in scale and end-market exposure to PGEL's appliance manufacturing footprint.

Regional players

• Symphony Limited: Indian air cooler and consumer appliance brand/manufacturer with strong domestic market position. Comparable as a regional appliance manufacturer with overlapping cooling-product category where PGEL has RAC presence.

Others

• Bajaj Electricals: Indian consumer durables and lighting major with appliances, fans and EPC businesses. Adjacent player in the same consumer durables ecosystem, occasionally sourcing from contract manufacturers like PGEL.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/pg_electroplast
• LinkedInlinkedin.com/company/pg-electroplast

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pg Electroplast