PG Electroplast Limited — Earnings Release 2026

May 27, 2026

PG

PG ELECTROPLAST LIMITED

CIN-L32109DL2003PLC119416

Corporate Office :
P-4/2, 4/3, 4/4, 4/5, 4/6, Site-B, UPSIDC Industrial Area, Surajpur
Greater Noida-201306, Distt. Gautam Budh Nagar (U.P.) India
Phones # 91-120-2569323, Fax # 91-120-2569131
E-mail # info@pgel.in Website # www.pgel.in

May 27, 2026

To,
The Manager (Listing)
BSE Limited,
Phiroze Jeejeebhoy Towers,
Dalal Street,
Mumbai – 400 001

Scrip Code: 533581

To,
The Manager (Listing)
National Stock Exchange of India Limited,
Exchange Plaza, Bandra Kurla Complex,
Bandra (East),
Mumbai - 400 051

Scrip Symbol: PGEL

Sub: Press Release

Dear Sir/Madam,

We enclose a copy of Press Release titled "Several Challenges Impact the quarterly performance" on the Audited Financial Results of the Company for the quarter and year ended on March 31, 2026.

This is for your information and record please.

Thanking you,

For PG Electroplast Limited
DEEPES
H KEDIA
Digitally signed by
DEEPESH KEDIA
Date: 2026.05.27
20:11:13 +05'30'

Deepesh Kedia
Company Secretary

AN IATF 16949/18001/14001 COMPANY

Registered Office
DTJ-209, Second Floor
DLF Tower-B, Jasola
New Delhi-110025
Tele-Fax # 011-41421439

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PG

Several Challenges Impact the quarterly performance

New Delhi, India – May 27, 2026: PG Electroplast Ltd. (PGEL), one of India's pioneers and leading companies providing electronic manufacturing services (EMS) and original design manufacturing (ODM), announced its unaudited financial results for the quarter ended March 31, 2026, as approved by its Board of Directors.

“FY26 was an exceptionally difficult year for the Room AC industry. The early monsoon disrupted peak-season demand, the August GST cut announcement deferred purchases until formal notification, and the BEE rating transition triggered channel inventory adjustments that weighed on sales even through January and February. LPG constraints and elevated raw material inflation further intensified pressure on production and profitability across the year.

Despite these headwinds, we stayed firmly focused on execution. We continued to invest in product innovation, capacity enhancement, and new platform development, while deepening customer partnerships across our core product lines.

Our capital allocation discipline remains uncompromising. Every capex decision is being driven by capital efficiency, sustainable profitability, and long-term value creation.

While near-term growth may moderate, our confidence in the medium- and long-term opportunity remains strong. We are building a more resilient, higher-performing organization with the clear objective of delivering industry-leading capital efficiency and durable growth.”

— Vishal Gupta, Managing Director – Finance

Quarter and Year Ended March 31, 2026

Financial highlights

Quarter ended March 31, 2026

• Revenue stood at INR 1,716.68 crore, down 10.1% year-on-year.
• EBITDA stood at INR 131.54 crore, compared with INR 231.72 crore in 4QFY25, a decline of 43.2% year-on-year.
• Net profit stood at INR 64.20 crore, compared with INR 146.39 crore in 4QFY25.

Financial year ended March 31, 2026

• Revenue stood at INR 5,288.02 crore, up 8.6% year-on-year.
• EBITDA stood at INR 441.76 crore, compared with INR 519.16 crore in FY25, a decline of 14.9% year-on-year.
• Net profit stood at INR 193.60 crore, compared with INR 290.92 crore in FY25, a decline of 33.5% year-on-year.

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PG

Business performance

4QFY26 was a highly challenging quarter for PGEL, with weak Room AC demand and multiple supply-side 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 INR 300 crore.

As production normalized in late March, the company also faced truck availability challenges, which resulted in an estimated sales loss of nearly INR 120 crore. Taken together, these factors led to an aggregate revenue loss of approximately INR 420 crore and reduced PBT by nearly INR 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-to-market losses on foreign currency liabilities, resulting in a forex loss of INR 38.77 crore in FY26, compared with a forex gain of INR 17.99 crore in the corresponding year last year.

Overall, these combined factors resulted in an estimated PBT impact of approximately INR 120 crore in the quarter and adversely affected the company's profitability and guidance delivery for the period.

Segment highlights

Consolidated revenue for the quarter stood at INR 1,717 crore, of which the product business contributed INR 1,412 crore, accounting for 82.2% of total revenue. Within the product portfolio, Room AC revenue declined 12% year-on-year to INR 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 INR 155.1 crore in 4QFY26 compared with INR 107.6 crore in 4QFY25, while EBITDA improved to INR 6.19 crore from INR 0.94 crore in the corresponding quarter last year.

Capacity expansion & Backward Integration

The company continues to invest in future growth and backward integration across key product categories. It is developing a new refrigerator manufacturing plant in Sri City, targeted for commissioning by 4QFY27, and is also setting up a rotary compressor manufacturing facility at Supa to strengthen backward integration in the Room AC business, with operations expected to commence by 4QFY27

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PG

Future Outlook

The management sees increased opportunities from both existing and new clients. With enhanced capacities and technological capabilities, PGEL is well-positioned in India's consumer durables and plastics ecosystem.

In the coming years, the company aims to:

• Achieve industry-leading revenue growth
• Drive gradual margin expansion through operational efficiencies and operational leverage
• Maintain best-in-class capital efficiency through improved cash flows and balance sheet optimization

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About PG Electroplast Limited (PGEL) (BSE: 533581; NSE: PGEL)

PG Electroplast is a trusted one-stop solution provider for Electronic Manufacturing Services (EMS) and contract manufacturing to most leading consumer durable and electronics brands in India. The company has one of the biggest capacities in Plastic Injection moulding and has capabilities across the value chain in Original Equipment Manufacturing (OEM) and Original Design Manufacturing (ODM) products like Washing Machines, Room ACs, Air-Coolers and LED TVs.

For more information on the Company, please log on to www.pgel.in or contact:

Mr. Deepesh Kedia, Company Secretary- PGEL

Address: P-4/2 to 4/6, Site-B, UPSIDC Industrial Area, Surajpur, Greater Noida, District Gautam Budh Nagar, Uttar Pradesh 201306

Contact No: +91-120-2569323

Email: investors@pgel.in

Safe Harbor

Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause our actual results to differ materially from those in such forward-looking statements. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.