PG Electroplast Limited Company Overview
Business Profile
PG Electroplast Limited (PGEL) is the flagship company of the PG Group, set up in 2003. It is an Electronic Manufacturing Services (EMS) company that designs and builds products for other brands (ODM and OEM) and runs large plastic injection moulding operations for 50+ Indian and global brands. Its wholly owned subsidiary PG Technoplast makes room air conditioners, coolers and components, while washing machines are its fastest-growing line.
Listing Details
- NSE: PGEL | BSE: 533581
- ISIN: INE457L01029
- Face Value: ₹1 per share (split from ₹10 in July 2024)
- Market Cap: ₹14,550 crore
- CMP: ₹507 (28 Sep 2026)
Source: Screener.in, company filings.
PG Electroplast Limited Financial Analysis FY2026
FY2026 was a year where sales grew but profits shrank sharply. Consolidated figures from the audited results filed on 27 May 2026:
| Metric (₹ crore) | FY2026 | FY2025 | Change |
|---|---|---|---|
| Revenue from operations | 5,288.02 | 4,869.53 | +8.59% |
| EBITDA (excl. other income) | 386.97 | 484.05 | -20.06% |
| EBITDA margin | 7.32% | 9.94% | -262 bps |
| Net profit (PAT) | 196.57 | 287.80 | -31.70% |
| Basic EPS (₹) | 6.91 | 10.74 | -35.66% |
Over five years (FY21 to FY26), revenue grew at a 49.72% CAGR, but FY26 broke the profit trend.
EBITDA computed as PBT + finance cost + depreciation - other income.
PG Electroplast Limited Dividend History Table
| Financial Year | Type | Dividend/Share (split-adjusted) | Record Date | Payout Ratio |
|---|---|---|---|---|
| FY2026 | Final | ₹0.25 (25%) | 18-09-2026 | 3.63% |
| FY2025 | Final | ₹0.25 (25%) | 19-09-2025 | 2.47% |
| FY2024 | Final | ₹0.20 (declared as ₹2 on ₹10 FV) | 23-09-2024 | 3.87% |
| FY2012 to FY2023 | None | No dividend recorded | NA | 0% |
The FY2025 and FY2024 amounts match the "dividend paid" lines in the cash flow statements (₹7.10 crore and ₹5.23 crore).
FY2024 amount restated for the 1:10 split (record date 10 July 2024) under Ind AS 33. Payout = dividend cash outflow / consolidated PAT. Sources: company filings, cash flow statements, Screener.in, TipRanks.
Expert Commentary on PG Electroplast Limited Dividend
Management View
On the Q4 FY26 call, Managing Director Vishal Gupta described FY2026 as a complex year in which the challenges were external and largely simultaneous. The March 2026 peak season was hit by commercial LPG shortages and truck availability issues, which management blamed for the profit fall.
Source: Q4 FY26 earnings call transcript (Investing.com).
ShareBazaar Online View
The dividend is symbolic. At ₹7.13 crore, it equals 0.91% of FY26 capex. The real story sits in the cash flow statement: free cash flow was -₹716.94 crore, and the group moved from net cash of ₹677.73 crore to net debt of ₹110.34 crore in one year.
PG Electroplast Limited Future Outlook
Q1 FY27 Rebound
Q1 FY27 consolidated revenue crossed ₹2,034 crore (+35.2% YoY), the first quarter above ₹2,000 crore. Net profit rose only 12.9% to ₹75.3 crore as higher commodity costs squeezed margins, so profit is still lagging sales.
Source: Q1 FY27 results coverage (InvestyWise, August 2026).
Capacity Pipeline
- FY27 EBITDA margin target of 8% excluding PLI incentives
- New 1.8 million-unit washing machine plant at Greater Noida
- Rotary compressor plant and Sri City refrigerator campus targeted for Q4 FY27
Heavy capex means dividends are likely to stay small while this build-out continues.
Dividend Snapshot – PG Electroplast Limited
- Dividend Type: Final Dividend, FY2025-26
- Dividend per Share: ₹0.25
- Dividend %: 25% of ₹1 face value
- Total Outflow: ₹7.13 crore
- Shares Outstanding: 28.53 crore
- Yield at CMP ₹507: 0.05%
- Payout Ratio (consolidated): 3.63%
- EPS Coverage: 27.6x
- AGM Approval: Required (AGM on 29-09-2026)
- Headline vs Real Yield Gap: 25% vs 0.05%
The "25% dividend" headline describes the payout as a share of the ₹1 face value. An investor buying at ₹507 earns a real yield of about 0.05%, roughly 500 times smaller than the headline figure.
PG Electroplast Limited Dividend Announcement Summary
At its meeting on Wednesday, 27 May 2026 (4:45 PM to 6:30 PM), the Board of PG Electroplast Limited approved audited standalone and consolidated results for FY2026 and recommended a final dividend of ₹0.25 per equity share (25%). The payout needs shareholder approval at the 24th AGM.
Audit Status
Statutory auditor S S Kothari Mehta and Co. LLP issued an unmodified opinion on both sets of results.
Other Disclosures
Of the ₹1,477.56 crore QIP net proceeds, ₹162.21 crore remained unspent in FDs and bank accounts. The parent invested ₹823.00 crore in PG Technoplast during the year.
PG Electroplast Limited Dividend Record Date and Key Dates Timeline
| Event | Date | Source |
|---|---|---|
| Board recommends dividend | 27-05-2026 | BSE/NSE filing |
| Record date | 18-09-2026 (Friday) | Board outcome, Sep 2026 |
| Ex-dividend date | 18-09-2026 | Market data (T+1 settlement) |
| 24th AGM (approval) | 29-09-2026, 2:30 PM, via VC | AGM notice |
| Payment date | 29-10-2026 (expected) | Market data aggregators |
Under India's T+1 settlement cycle, the ex-date and record date fall on the same day. Shareholders who held PG Electroplast shares in their demat account at the end of 18 September 2026 were eligible. The ex-date and payment date come from market data and should be checked against the NSE/BSE corporate action records.
PG Electroplast Limited Dividend Yield Analysis
Yield Calculations
- Current yield: ₹0.25 / ₹507 = 0.049%
- Post-announcement yield: ₹0.25 / ₹485.40 (29 May 2026 close) = 0.052%
- Face-value "yield": 25%
- Yield at 52-week low ₹437: 0.057%
Announcement-day (27 May) close not independently verified; nearest verified close used. Sources: Screener.in, MarketsMojo.
Yield Reality Check
The low yield is not caused by a price spike. The stock is 21.4% below its 52-week high of ₹645. The yield is tiny because management keeps 96%+ of profits for expansion. Even at the 52-week low, the yield stays below 0.06%. This is a growth stock that pays a token dividend, not an income stock.
PG Electroplast Limited Dividend Growth Over the Years
Pattern
PG Electroplast paid no dividend for more than a decade after its 2011 listing. Payouts began in FY2024 with ₹0.20 (split-adjusted), rose 25% to ₹0.25 in FY2025 and stayed flat at ₹0.25 in FY2026, even though PAT fell 31.70%.
Classification
Consistent Payer, but with only a three-year record. There have been no cuts, suspensions or special dividends so far. A common error in other coverage is comparing the FY24 "20%" (on ₹10 face value, ₹2 per share) with today's "25%" (on ₹1) without adjusting for the split. The real per-share increase is ₹0.20 to ₹0.25.
PG Electroplast Limited Dividend vs Profit Growth: Financial Performance
Negative Operating Leverage
Revenue grew 8.59%, but EBITDA fell 20.06% and PAT fell 31.70%. Q4 was the weakest period, with revenue down 10.12% and PAT down 55.34% YoY.
Where the Margin Went
- Materials rose from 81.18% to 82.36% of revenue
- Other expenses jumped 55.84% (3.28% to 4.70% of revenue)
- Depreciation rose 34.38% as new plants came online
- Finance costs rose 14.40%
Hidden divergence: standalone PAT rose 46% to ₹123.67 crore while consolidated PAT fell. Interest income of ₹67.36 crore, mostly from QIP money parked in deposits, made up 43.59% of standalone PBT. The parent's profit rise came from treasury income, not stronger operations.
PG Electroplast Limited Cash Flow Analysis
Profit vs Cash
- Operating cash flow: ₹66.22 crore
- OCF / PAT: 0.34x
- Capex: ₹784.86 crore
- Free cash flow: -₹716.94 crore
Working Capital Drag
Receivables grew 20.76% and inventory 21.66%, more than twice the 8.59% revenue growth. Only 34 paise of every rupee of profit turned into operating cash.
How the dividend is funded: operating cash covers the ₹7.13 crore outflow 9.28 times. At group level, however, FCF is deeply negative and borrowings rose. In practice, the dividend comes from current operating cash and existing reserves, while debt and QIP money fund expansion.
PG Electroplast Limited Balance Sheet Strength
| ₹ crore (consolidated) | 31 Mar 2026 | 31 Mar 2025 |
|---|---|---|
| Borrowings (excl. leases) | 499.71 | 301.94 |
| Cash and bank balances | 389.37 | 979.66 |
| Net debt / (net cash) | 110.34 | (677.73) |
| Total equity | 3,048.59 | 2,828.21 |
| Debt / equity | 0.16x | 0.11x |
Leverage is still low and interest cover is 3.48x. But the ₹788 crore swing from net cash to net debt in one year shows how fast capex is using up the QIP cushion. Computed ROE was 6.69% and ROCE 10.59%, down from a ROCE of 19% in FY2025 (Screener.in).
PG Electroplast Limited Dividend Sustainability
| Test | Result | Verdict |
|---|---|---|
| Earnings coverage (EPS / DPS) | 27.6x | Pass |
| OCF coverage | 9.28x | Pass |
| FCF coverage | Negative (FCF -₹716.94 cr) | Fail |
| Cash coverage | 54.6x | Pass |
Verdict: Moderately Sustainable. The dividend is so small that PG Electroplast can keep paying it even in a weak year. Its affordability comes from the tiny amount, not from surplus cash. Debt rose 65.50% while the dividend was held steady, so meaningful growth in the payout is unlikely until free cash flow turns positive. Management could have used the ₹7.13 crore to cut debt, but that would have reduced the FY26 borrowing increase by only 3.61%.
PG Electroplast Limited vs EMS Peers: Dividend Comparison
| Company | Yield | FY26 Payout | ROE | ROCE | FY26 OCF (₹ cr) |
|---|---|---|---|---|---|
| PG Electroplast | 0.05% | 4% | 6.70% | 10.3% | 66 |
| Dixon Technologies | 0.07% | 4% | 18.9% | 29.2% | 1,782 |
| Syrma SGS Technology | 0.09% | 9% | 14.0% | 16.8% | 290 |
| Amber Enterprises | 0.00% | 0% | 5.99% | 10.3% | 240 |
Indian EMS companies rarely pay meaningful dividends. PG Electroplast's yield is in line with the group, but its returns and cash generation trail Dixon and Syrma. It is closest to Amber, its direct room-AC rival, which pays nothing.
Source: Screener.in consolidated data, prices as of 25 to 28 Sep 2026.
PG Electroplast Limited Promoter Dividend Impact
Who Receives the ₹7.13 Crore
- Promoters (43.37%): ₹3.09 crore
- DIIs (23.88%): ₹1.70 crore
- Public (22.71%): ₹1.62 crore
- FIIs (9.95%): ₹0.71 crore
June 2026 shareholding (Screener.in).
Distribution Impact
Promoter holding fell from 53.70% (March 2024) to 43.37%. A reported promoter block deal in May 2025 was worth about ₹1,177 crore, around 380 times this year's promoter dividend. For promoters, the dividend is not a meaningful way to take money out of the company, so the policy does not favour insiders over minority holders.
PG Electroplast Limited Dividend Taxation Analysis
Rules for FY2026-27
- Dividend is taxed at your slab rate as income from other sources
- 10% TDS applies only if dividends from the company exceed ₹10,000 in the year, under Section 393(1) of the Income-tax Act, 2025 (formerly Section 194)
- Form 121 replaces Forms 15G/15H for nil-TDS declarations
- Non-residents: 20% subject to the tax treaty (DTAA)
A holder needs 40,000 PGEL shares (about ₹2.03 crore) to cross the TDS threshold.
Worked Example (Illustrative)
1,000 shares x ₹10 dividend, 30% slab plus 4% cess:
- Gross dividend: ₹10,000
- TDS: Nil (does not exceed ₹10,000)
- Tax at 31.2%: ₹3,120
- Net dividend: ₹6,880
- Effective yield at ₹507: 1.97% gross, 1.36% post-tax
Actual PGEL case: 1,000 shares earn ₹250 gross, or ₹172 after tax.
Key Risks for PG Electroplast Limited Shareholders
- Room AC concentration: Room ACs brought in ₹1,210 crore of Q4 FY26's ₹1,717 crore revenue, so an early monsoon or a cool summer can hit results hard.
- Margin squeeze: EBITDA margin fell 262 bps in FY26, and Q1 FY27 gross contribution margin fell further, from 15.9% to 14.5%, on commodity costs.
- Cash burn: FCF was -₹716.94 crore, and more capex is planned for the compressor and refrigerator plants.
- Supply disruption: LPG and logistics shortages in March 2026 showed how exposed the peak season is.
- Valuation: A P/E of 70.7 leaves little room for earnings disappointment.
- Governance watch: SEBI issued a warning letter on insider-trading compliance in May 2026, and the statutory auditor changes after the AGM.
What to Monitor at PG Electroplast Limited
- AGM outcome on 29 September 2026: dividend approval and the appointment of B S R and Co. LLP as auditor.
- Q2 FY27 results: the trading window closes from 1 October. Watch whether the EBITDA margin moves toward the 8% target.
- Operating cash flow vs PAT: a ratio back above 0.8x would signal better cash quality.
- Receivable days: they rose from 45.1 to 58.6 in Q1 FY27, per results coverage.
- Net debt trend: whether the group returns to net cash as capex peaks.
- Plant commissioning: compressor and Sri City refrigerator timelines for Q4 FY27.
PG Electroplast Limited Dividend: Conclusion
Positives
- Third consecutive year of dividends, with no cut despite a 31.70% profit fall
- 27.6x earnings cover and 9.28x OCF cover
- Record Q1 FY27 revenue of ₹2,034 crore
Negatives
- Real yield of 0.05% against a 25% headline
- FCF of -₹716.94 crore and a swing to net debt
- OCF only 0.34x PAT
The PG Electroplast Limited dividend of ₹0.25 is a goodwill payment from a capex-heavy growth company, not a source of income. What happens to shareholders' money depends on whether the new plants turn revenue into cash.
Frequently Asked Questions About PG Electroplast Limited Dividend
What dividend has PG Electroplast Limited announced for FY2026?
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What was the PG Electroplast dividend record date?
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When will the PG Electroplast dividend be paid?
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How is the PG Electroplast dividend taxed?
Is the PG Electroplast dividend sustainable?
What is the PG Electroplast dividend history?
Did the 2024 stock split change the dividend comparison?
Why did PG Electroplast profit fall in FY2026?
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PG Electroplast Limited Dividend Article Disclaimer
This article is for educational and informational purposes only. It is not investment advice or a recommendation to buy, sell or hold any security. ShareBazaar Online is not registered with SEBI as an investment adviser or research analyst. Figures come from PG Electroplast Limited's filings dated 27 May 2026 and public market sources as of 28 September 2026, and may change. Market data such as ex-date, payment date and prices should be checked against NSE/BSE records. Tax information is general and not a substitute for advice from a qualified tax professional. Investing in equities involves risk, including loss of capital. Please do your own research or consult a SEBI-registered adviser before investing.