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PIGL - Power & Instrum.

📊 NSE: PIGL 🏢 Electric Equipment 📅 Last Updated: 12/14/2025 11:08

📢 Recent Corporate Announcements

PIGL Allots 3.54 Lakh Equity Shares on Warrant Conversion at Rs 83.75 Per Share

🟢 POSITIVE ⭐ 6/10

FUNDRAISE 📅 16 Mar 2026, 05:07 PM

Power & Instrumentation (Gujarat) Limited (PIGL) has allotted 3,54,339 equity shares following the conversion of warrants issued on a preferential basis. The shares were issued at a price of Rs. 83.75 each, including a premium of Rs. 73.75, to both promoter and non-promoter entities. This conversion has increased the company's paid-up equity capital from Rs. 19.97 crore to approximately Rs. 20.33 crore. The promoter group's participation through Padmaraj P Pillai HUF signifies continued commitment to the company's capital structure.

Allotment of 3,54,339 fully paid-up equity shares upon warrant conversion
Conversion price fixed at Rs. 83.75 per share, including a premium of Rs. 73.75
Total paid-up equity capital increased to 2,03,25,369 shares of Rs. 10 each
Promoter entity Padmaraj P Pillai HUF allotted 3,00,000 shares upon conversion
Remaining warrants pending for conversion for these allottees stand at 2,81,061

💡 Investors should note the promoter's exercise of warrants as a positive sign of internal confidence. Monitor how the infused capital is utilized for the company's expansion or operational improvements.

PIGL Allots 3.54 Lakh Equity Shares via Warrant Conversion at Rs 83.75

🟢 POSITIVE ⭐ 6/10

FUNDRAISE 📅 16 Mar 2026, 05:03 PM

Power & Instrumentation (Gujarat) Limited (PIGL) has approved the allotment of 3,54,339 equity shares following the conversion of warrants issued in September 2024. The shares were issued at a total price of Rs 83.75 per share, which includes a premium of Rs 73.75. This allotment has increased the company's total paid-up equity capital from Rs 19.97 crore to Rs 20.33 crore. The conversion involves both promoter and non-promoter entities, signaling continued stakeholder commitment and capital infusion.

Allotment of 3,54,339 equity shares upon conversion of an equal number of warrants
Issue price set at Rs 83.75 per share, including a premium of Rs 73.75
Total paid-up equity capital increased to Rs 20,32,53,690 from Rs 19,97,10,300
Warrants were part of a larger issuance of 50.96 lakh warrants from September 2024
Allotment made on a preferential basis to both Promoter and Non-promoter groups

💡 The conversion indicates investor confidence and strengthens the company's capital base; however, shareholders should monitor the impact of equity dilution on future earnings per share.

PIGL Allots 4.84 Lakh Equity Shares via Warrant Conversion at Rs 83.75/Share

🟢 POSITIVE ⭐ 6/10

FUNDRAISE 📅 10 Mar 2026, 11:38 AM

Power & Instrumentation (Gujarat) Limited has allotted 4,84,600 equity shares following the conversion of warrants by promoter and non-promoter groups. The shares were issued at a price of Rs. 83.75 each, including a premium of Rs. 73.75. This conversion has increased the company's paid-up equity capital from Rs. 19.48 crore to Rs. 19.97 crore. The allotment includes 2.85 lakh shares to the promoter group, indicating sustained commitment from the leadership.

Allotment of 4,84,600 equity shares at an issue price of Rs. 83.75 per share.
Promoter group (Padmaraj P Pillai HUF) acquired 2,85,000 shares through this conversion.
Total paid-up equity capital increased to 1,99,71,030 shares of Rs. 10 each.
6,35,400 warrants remain pending for conversion from the current allotment batch.

💡 Investors should view the promoter's warrant conversion as a sign of confidence in the company's future growth. However, be mindful of the slight equity dilution resulting from the increased share count.

PIGL Allots 4.84 Lakh Equity Shares on Warrant Conversion at Rs 83.75 Per Share

🟢 POSITIVE ⭐ 6/10

FUNDRAISE 📅 10 Mar 2026, 11:34 AM

Power & Instrumentation (Gujarat) Limited (PIGL) has approved the allotment of 4,84,600 equity shares following the conversion of warrants issued in September 2024. The shares were allotted at a price of Rs 83.75 each, which includes a premium of Rs 73.75 per share. This conversion has increased the company's paid-up equity capital from Rs 19.48 crore to Rs 19.97 crore. The allotment was made on a preferential basis to both Promoter and Non-promoter groups, signaling continued stakeholder commitment.

Allotment of 4,84,600 equity shares upon conversion of an equal number of warrants.
Issue price fixed at Rs 83.75 per share, including a premium of Rs 73.75.
Total paid-up equity shares increased from 1,94,86,430 to 1,99,71,030.
Warrants were part of a larger tranche of 50,96,000 warrants issued in September 2024.
Allotment includes participation from both Promoter and Non-promoter categories.

💡 Investors should view this as a positive sign of capital infusion and promoter confidence. Monitor the company's upcoming quarterly results to see how this additional capital is being deployed for business expansion.

PIGL Q3 FY26 Net Profit Rises 12% to ₹3.57 Cr; Order Book Reaches ₹450 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 21 Feb 2026, 05:11 PM

Power & Instrumentation (Gujarat) Limited reported a strong Q3 FY26 with total income growing 43.18% YoY to ₹48.89 crores and a net profit of ₹3.57 crores. The company's order book remains robust at approximately ₹450 crores, with significant new wins totaling ₹124.17 crores during the quarter. Management has guided for a 30-35% annual growth rate over the next five years, supported by a bid pipeline exceeding ₹400 crores. The company also received CPRI approval for its 'Phibar' busduct system, targeting high-growth segments like data centers and airports.

Q3 FY26 consolidated total income grew 43.18% YoY to ₹48.89 crores with an EBITDA margin of 12.6%.
Current executable order book stands at ₹450 crores, with 60-65% coming from the RDSS and distribution segment.
Secured new contracts worth ₹124.17 crores in Q3, including a major ₹102.78 crore turnkey project in Rajasthan.
Management targets a 30-35% CAGR over the next five years, backed by a ₹400 crore+ bidding pipeline.
Subsidiary Peaton Electrical received CPRI approval for its 'Phibar' busduct system for high-load environments.

💡 Investors should monitor the execution efficiency of the ₹450 crore order book and the market adoption of the new 'Phibar' product line. The company's alignment with the RDSS framework and infrastructure expansion provides strong long-term visibility.

PIGL Releases Audio Recording of Q3 and 9M FY26 Investor Earnings Call

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 17 Feb 2026, 06:35 PM

Power & Instrumentation (Gujarat) Limited has officially released the audio recording of its investor call held to discuss the financial results for the quarter and nine months ended December 31, 2025. The meeting featured key management personnel, including Managing Director Padmaraj Padmnabhan Pillai and Acting CFO Rohit Maheshwari. This disclosure is in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that no unpublished price sensitive information was shared during the interaction.

Audio recording of the Q3 and 9M FY26 earnings call is now available on the company's website.
Management attendees included the Managing Director and the Acting Chief Financial Officer.
The call focused on financial performance for the period ending December 31, 2025.
Company explicitly stated that no unpublished price sensitive information (UPSI) was discussed.
The filing follows the initial meeting notification dated February 12, 2026.

💡 Investors should access the audio recording via the provided link to gain insights into management's commentary on recent financial performance and future outlook. This is a routine regulatory update and does not necessitate immediate portfolio changes.

PIGL Reports Robust Q3 FY26: Income Jumps 43% YoY to ₹48.89 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 13 Feb 2026, 08:10 PM

Power & Instrumentation (Gujarat) Limited reported a strong 43.18% YoY increase in consolidated total income to ₹48.89 crore for Q3 FY26. EBITDA grew significantly by 37.83% to ₹6.16 crore, while net profit rose 11.96% to ₹3.57 crore. The company bolstered its growth outlook by securing major orders worth over ₹124 crore, including a ₹102.78 crore electrification project in Rajasthan. Additionally, its subsidiary received a key technical approval from CPRI, enhancing its product portfolio in the electrical equipment space.

Consolidated Total Income for Q3 FY26 increased by 43.18% YoY to ₹48.89 crore.
EBITDA grew by 37.83% YoY to ₹6.16 crore, reflecting improved operational efficiency.
Secured a major turnkey contract worth ₹102.78 crore from Ajmer Vidyut Vitran Nigam Limited.
9M FY26 consolidated net profit reached ₹10.91 crore, up 21.85% compared to the previous year.
Subsidiary Peaton Electricals received CPRI approval for 11 kV, 3000 Amp segregated phase busduct systems.

💡 Investors should view the strong revenue growth and substantial order book as positive indicators for future performance. Monitor the company's execution timelines and margin management as it scales up these large-scale infrastructure projects.

PIGL Q3 Standalone Net Profit Rises 14% YoY to ₹3.28 Cr; Revenue Up 34%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 13 Feb 2026, 06:53 PM

Power & Instrumentation (Gujarat) Ltd reported a healthy year-on-year performance for Q3 FY26, with standalone revenue increasing 33.6% to ₹44.60 crore. Standalone Net Profit grew 13.9% YoY to ₹3.28 crore, although it saw a sequential decline from the previous quarter. A key strategic highlight is the successful consolidation of Peaton Electrical Company Limited, in which the company increased its stake to 51.06%, making it a subsidiary. The nine-month performance remains strong with standalone PAT reaching ₹10.38 crore compared to ₹8.64 crore in the previous year.

Standalone Revenue from Operations grew 33.6% YoY to ₹4,459.73 lakhs from ₹3,336.60 lakhs.
Standalone Net Profit for the quarter increased to ₹327.92 lakhs versus ₹287.85 lakhs in Q3 FY25.
Consolidated Revenue for the quarter stood at ₹4,865.54 lakhs, incorporating the new subsidiary PECL.
The company completed the acquisition of an additional 35.82% stake in Peaton Electrical Company Limited for ₹12.54 crore.
Finance costs increased significantly to ₹117.31 lakhs in Q3 FY26 from ₹56.34 lakhs in Q3 FY25.

💡 Investors should view the YoY growth and the strategic acquisition of Peaton Electrical as positive indicators of expansion. However, keep a watch on the rising finance costs and the sequential dip in margins to ensure long-term profitability remains intact.

PIGL Allots 6.12 Lakh Equity Shares to Promoter Group via Warrant Conversion at Rs 83.75

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 12 Feb 2026, 03:05 PM

Power & Instrumentation (Gujarat) Limited (PIGL) has successfully converted 6,12,000 warrants into equity shares for its promoter group entity, M/S Padmavir Hospitality LLP. The conversion was executed at a price of Rs. 83.75 per share, which includes a premium of Rs. 73.75. This transaction has increased the company's paid-up equity capital from Rs. 18.70 crore to Rs. 19.31 crore. The specific promoter entity's stake has notably increased from 4.21% to 7.25% following this allotment.

Allotment of 6,12,000 equity shares to Promoter Group at Rs. 83.75 per share
Paid-up equity capital increased to Rs. 19,31,29,000 consisting of 1,93,12,900 shares
Promoter entity Padmavir Hospitality LLP increased its holding from 4.21% to 7.25%
Total of 32,40,000 warrants converted to date out of 50,96,000 initially issued
The conversion price represents a significant premium of Rs. 73.75 over the face value of Rs. 10

💡 The increase in promoter stake through warrant conversion at a premium is a positive signal of management's confidence in the company's future. Investors should monitor how the company utilizes the capital raised for its expansion or operational needs.

PIGL Allots 6.12 Lakh Equity Shares to Promoters via Warrant Conversion

🟢 POSITIVE ⭐ 6/10

FUNDRAISE 📅 12 Feb 2026, 03:03 PM

Power & Instrumentation (Gujarat) Limited (PIGL) has approved the allotment of 6,12,000 equity shares to its promoter group following the conversion of warrants. These warrants were part of a larger issuance of 50.96 lakh warrants originally allotted in September 2024. The conversion was executed at a price of Rs. 83.75 per share, including a premium of Rs. 73.75. This transaction increases the company's total paid-up equity capital to Rs. 19.31 crore, representing 1,93,12,900 shares.

Allotment of 6,12,000 equity shares of Rs. 10 each at a premium of Rs. 73.75 per share
Conversion of 6,12,000 warrants out of the 50,96,000 warrants issued on September 21, 2024
Paid-up equity capital increased from Rs. 18.70 crore to Rs. 19.31 crore
Shares allotted on a preferential basis specifically to the Promoter group
Total number of equity shares increased from 1,87,00,900 to 1,93,12,900

💡 Investors should note the promoter group's decision to increase their stake as a sign of confidence in the company's future. Monitor the conversion of the remaining warrants for further equity dilution and capital infusion.

PIGL to Host Q3 & 9M FY26 Earnings Conference Call on February 17, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 12 Feb 2026, 01:28 PM

Power & Instrumentation (Gujarat) Limited (PIGL) has scheduled its earnings conference call for the third quarter and nine-month period of FY26 on February 17, 2026, at 1:00 PM IST. The call will be hosted by Kirin Advisors and will feature the company's Managing Director, Padmaraj Pillai, and CFO, Rohit Maheshwari. This interaction provides a platform for management to discuss financial performance and answer shareholder queries regarding the company's growth trajectory. Investors can access the call via universal dial-in numbers or a pre-registration Diamond Pass.

Earnings conference call scheduled for February 17, 2026, at 1:00 PM IST
Focus on financial results for Q3 FY26 and the nine-month period (9M FY26)
Management representation includes MD Padmaraj Pillai and CFO Rohit Maheshwari
Universal dial-in numbers provided: +91 22 6280 1239 and +91 22 7115 8140

💡 Investors should attend the call to gain clarity on the company's execution capabilities and order book status. Monitor management's commentary for any shifts in margin guidance or expansion plans.

PIGL Schedules Q3 & 9M FY26 Earnings Conference Call for February 17, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 12 Feb 2026, 01:05 PM

Power & Instrumentation (Gujarat) Limited (PIGL) has announced its earnings conference call to discuss results for the third quarter and nine months of FY26. The call is scheduled for February 17, 2026, at 1:00 PM IST and will be hosted by Kirin Advisors. Key management personnel, including the Managing Director and CFO, will be present to discuss financial performance and answer investor queries. This event is a routine but essential part of corporate transparency for shareholders.

Conference call scheduled for February 17, 2026, at 1:00 PM IST
Discussion will cover financial results for Q3 and 9M FY26
Management participants include MD Padmaraj Pillai and CFO Rohit Maheshwari
Universal dial-in numbers provided: +91 22 6280 1239 and +91 22 7115 8140

💡 Investors should attend the call to understand the company's growth trajectory and project execution status. Pay close attention to management commentary on the order pipeline and revenue guidance.

PIGL Clarifies Clerical Error in Results; H1 FY26 Net Profit Rises 23% to ₹7.10 Crore

🟡 NEUTRAL ⭐ 6/10

REGULATORY 📅 04 Feb 2026, 04:35 PM

Power & Instrumentation (Gujarat) Limited (PIGL) clarified to the NSE that a date error in its consolidated balance sheet was a clerical mistake and not a material discrepancy. For the half-year ended September 30, 2025, the company reported standalone revenue of ₹109.17 crore, a significant jump from ₹80.39 crore in the previous year. Standalone net profit for H1 FY26 grew to ₹7.10 crore from ₹5.76 crore YoY. Additionally, the company successfully completed the acquisition of Peaton Electrical Company Limited, increasing its stake to 51.06%.

H1 FY26 standalone revenue increased by 35.8% YoY to ₹10,917.09 lakhs.
Standalone Net Profit for the half-year rose to ₹710.38 lakhs from ₹576.21 lakhs in the previous year.
Acquired a controlling 51.06% stake in Peaton Electrical Company Limited as of September 11, 2025.
Clarified that the incorrect date in the balance sheet was an inadvertent clerical error and will not recur.
Auditors issued an 'Emphasis of Matter' regarding inventory valuation, which is management-certified due to its technical nature.

💡 The clarification resolves a minor regulatory query, and the underlying financial growth remains healthy. Investors should monitor the integration of the new subsidiary, Peaton Electrical, and its impact on consolidated margins in upcoming quarters.

PIGL Allots 6.78 Lakh Equity Shares to Promoters at Rs 83.75 via Warrant Conversion

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 31 Jan 2026, 12:44 PM

Power & Instrumentation (Gujarat) Limited (PIGL) has approved the allotment of 6,78,000 equity shares following the conversion of warrants by promoter group entities. The shares were issued at a price of Rs. 83.75 each, including a premium of Rs. 73.75, resulting in a total capital infusion. This conversion has increased the company's paid-up equity capital from Rs. 18.02 crore to Rs. 18.70 crore. The move signifies strong promoter commitment and provides the company with additional equity capital for its operations.

Allotment of 6,78,000 equity shares to promoter group entities upon warrant conversion.
Issue price fixed at Rs. 83.75 per share, including a premium of Rs. 73.75.
Paid-up equity capital increased from Rs. 18.02 crore to Rs. 18.70 crore.
Promoter group entities involved include Power Infra-Cons Private Limited and Padmavir Hospitality LLP.
9,12,000 warrants remain pending for conversion by Padmavir Hospitality LLP.

💡 Investors should view the promoter's decision to convert warrants at a premium as a sign of confidence in the company's future growth. Monitor the company's upcoming quarterly results to see how the additional capital is being utilized to drive business expansion.

PIGL Allots 6.78 Lakh Equity Shares via Warrant Conversion at Rs 83.75

🟢 POSITIVE ⭐ 6/10

FUNDRAISE 📅 31 Jan 2026, 12:43 PM

Power & Instrumentation (Gujarat) Limited (PIGL) has approved the allotment of 6,78,000 equity shares following the conversion of warrants issued in September 2024. The shares were allotted at an issue price of Rs. 83.75 each, which includes a premium of Rs. 73.75 per share. This move has increased the company's total paid-up equity capital from Rs. 18.02 crore to Rs. 18.70 crore. The allotment was made to both Promoter and Non-Promoter groups, reflecting continued stakeholder confidence in the company's growth.

Allotment of 6,78,000 equity shares of face value Rs. 10 each.
Shares issued at a premium of Rs. 73.75, totaling Rs. 83.75 per share.
Paid-up equity capital increased to Rs. 18,70,09,000 consisting of 1,87,00,900 shares.
Conversion is part of a larger 50,96,000 warrant issue approved in September 2024.
Allotment includes participants from both Promoter and Non-Promoter groups.

💡 Investors should view the promoter participation in warrant conversion as a positive signal of internal confidence, while remaining aware of potential future dilution from the remaining 44.18 lakh warrants.

View All PIGL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total revenue grew by 73.2% YoY, reaching approximately INR 171.28 Cr in FY25 compared to INR 98.89 Cr in FY24. Segment-specific percentage growth for Solar EPC and BESS is not explicitly disclosed, but the company anticipates a 50% overall YoY revenue growth driven by these new segments.

Profitability Margins

Net profit margin improved from 5.95% in FY24 to 6.86% in FY25. Profit before tax (PBT) margin was 9.31% in FY25, up from 7.82% in FY24, reflecting improved operational efficiency despite a 70.4% increase in total expenses.

EBITDA Margin

EBITDA margin is estimated at 11.4% for FY25 (INR 19.52 Cr) compared to 12.5% in FY24 (INR 12.36 Cr). While absolute EBITDA grew by 57.9%, the margin slightly compressed due to the rapid scale-up in execution capacity and higher finance costs which rose 28.7% YoY.

Capital Expenditure

Net cash outflow from investing activities was INR 11.84 Cr in FY25, a significant increase from INR 0.16 Cr in FY24. This includes INR 0.31 Cr for Property, Plant, and Equipment and a net investment of INR 1.08 Cr (after redemptions) to support the expansion into Solar EPC and BESS manufacturing.

Credit Rating & Borrowing

Not disclosed in available documents. However, finance costs were INR 3.38 Cr in FY25 on total borrowings of INR 18.09 Cr, suggesting an effective interest rate of approximately 18.7%.

⚙️ Operational Drivers

Raw Materials

Specific raw materials include electrical components, copper, and steel (required for electrical panels and compact substations). The exact percentage of total cost for each is not disclosed.

Capacity Expansion

PIGL is currently scaling operations to qualify for high-value contracts of INR 300-350 Cr by 2025. The acquisition of Peaton Electrical has expanded manufacturing capacity for electrical panels and compact substations to support this growth.

Raw Material Costs

Total expenses, which include raw material consumption, rose 70.4% to INR 155.33 Cr in FY25. The company is focusing on operational excellence to manage these costs as it scales.

📈 Strategic Growth

Expected Growth Rate

50%

Growth Strategy

The 50% CAGR will be achieved through a phased growth strategy: entering the Solar EPC and BESS (Battery Energy Storage Systems) markets, acquiring Peaton Electrical to internalize panel manufacturing, and qualifying for larger-scale contracts valued between INR 300-350 Cr.

Products & Services

Solar EPC services, Battery Energy Storage Systems (BESS), Electrical Panels, and Compact Substations.

Brand Portfolio

PIGL, Peaton Electrical.

New Products/Services

New launches include Solar EPC and BESS solutions, which are expected to be the primary drivers of the 50% revenue growth forecast.

Market Expansion

PIGL is expanding its market presence by entering the renewable energy and storage sectors, targeting larger infrastructure projects by 2025.

Strategic Alliances

The company operates a 50% joint venture named PIGL GEPL JV, which contributed INR 1.135 Lacs to consolidated profits in FY25.

🌍 External Factors

Industry Trends

The industry is shifting toward renewable energy and energy storage. PIGL is positioning itself as a technical player in Solar EPC and BESS to capitalize on the Indian government's green energy targets.

Competitive Landscape

The company competes in the highly technical electrical instrumentation and renewable EPC sector, where qualification for high-value contracts (INR 300 Cr+) is a significant barrier to entry.

Competitive Moat

PIGL's moat is built on its integrated model—combining technical EPC services with in-house manufacturing of electrical panels (via Peaton). This reduces third-party dependency and improves project execution timelines.

Macro Economic Sensitivity

The business is sensitive to government infrastructure spending and renewable energy policies, which drive the demand for Solar EPC and BESS.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by Ind AS 115 for revenue recognition on an 'over the time' basis and SEBI (Listing Obligations and Disclosure Requirements) Regulations for corporate governance.

Taxation Policy Impact

The company's effective tax rate for FY25 was 26.3%, with a total tax expense of INR 4.20 Cr on a PBT of INR 15.95 Cr.

Legal Contingencies

The company reported zero pending litigations that would impact its financial position as of March 31, 2025.

⚠️ Risk Analysis

Key Uncertainties

Working capital management is a critical risk; cash flow from operations turned negative at INR -39.89 Cr in FY25, primarily due to a 96.7% increase in trade receivables.

Third Party Dependencies

The company is reducing third-party dependency for critical components by acquiring Peaton Electrical for in-house panel manufacturing.

Technology Obsolescence Risk

The pivot to BESS and Solar EPC is a proactive measure to address the transition from traditional power instrumentation to renewable energy technologies.

Credit & Counterparty Risk

Trade receivables rose to INR 60.45 Cr in FY25, representing 35.3% of total revenue, which indicates a high concentration of credit risk and potential impact on liquidity if collections are delayed.