MarketFriction

Power & Instrumentation (Gujarat) Ltd

NSE PIGL · BSE 543912 · Other Electrical Equipment
₹93.87 -2.56%
NSE close2026-10-01
52 week range88.05 - 184.80
Market cap₹206 Cr.
P/E15.2
IPO 2018 · +184% since Price band 20% Delivery 46.6%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Standalone, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales24.3314.8236.9225.4754.9333.3755.0941.3067.8744.6046.2740.68
Expenses21.6213.0033.0322.3549.7129.6949.9637.2761.6339.5741.3836.37
Operating Profit2.711.823.893.125.223.685.134.036.245.034.894.31
OPM %11.14%12.28%10.54%12.25%9.50%11.03%9.31%9.76%9.19%11.28%10.57%10.59%
Other Income0.190.370.690.530.820.780.300.250.630.180.400.40
Interest1.000.981.141.090.780.560.950.730.721.171.441.08
Depreciation0.060.050.050.060.060.060.070.050.080.090.170.13
Profit before tax1.841.163.392.505.203.844.413.506.073.953.683.50
Tax %24.46%29.31%20.94%24.80%25.19%25.26%29.25%26.00%25.37%16.71%16.58%24.29%
Net Profit1.390.822.671.873.892.883.112.584.523.283.072.66
EPS in Rs1.100.652.111.482.421.791.781.482.541.821.451.26
Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales6072888985919397169200199
Expenses5566808178848687152180179
Operating Profit567877811172020
OPM %9%8%8%10%9%7%8%11%10%10%10%
Other Income11001011212
Interest33343334344
Depreciation00000000000
Profit before tax23445458161717
Tax %33%33%26%28%26%31%27%24%26%22%
Net Profit22333346121314
EPS in Rs15.913.824.364.264.913.362.864.666.726.357.07
Dividend Payout %0%13%0%0%0%0%7%4%3%0%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth%19%29%8%
Compounded Profit Growth%31%55%9%
Stock Price CAGR%8%30%-44%
Return on Equity12%11%12%10%
Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital0.985777913131721
Reserves11917192328333993126
Borrowings18171511222932151824
Other Liabilities21183420123230424548
Total Liabilities515073576497107107173219
Fixed Assets1111111112
CWIP0000001110
Investments00000000013
Other Assets494872566395105106172204
Total Assets515073576497107107173219
Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity-1-203-1-318-40-8
Cash from Investing Activity-10-0001-4-0-12-13
Cash from Financing Activity313-4124-85224
Net Cash Flow1-13-11-000-03
Free Cash Flow-2-2-13-1-318-40-8
CFO/OP-6%-15%14%47%7%-38%12%86%-228%-16%
Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days1031131339815822115111513169
Inventory Days13990101401580161190124141
Days Payable1189413984461321071537969
Cash Conversion Cycle1241089554127168204152176141
Working Capital Days4254575776103114129176141
ROCE %20%21%24%18%12%12%17%20%14%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters52.09%52.09%52.09%52.09%40.95%40.95%45.72%45.72%46.09%46.29%50.70%50.70%
FIIs0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.01%0.00%
DIIs0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.08%0.00%0.00%0.75%0.82%
Public47.91%47.91%47.90%47.91%59.06%59.05%54.29%54.22%53.91%53.71%48.54%48.49%
No. of Shareholders2,1672,5674,1744,5614,2326,4427,4988,2199,33310,26810,44810,812

Fundamentals

Market Cap₹ 206 Cr.
Current Price₹ 96.9
Stock P/E15.2
Book Value₹ 69.4
ROCE14.2 %
ROE10.5 %
Dividend Yield0.21 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)8%
Compounded Profit Growth (TTM)9%
Standalone figures.
Valuation
Market capRs 199 Cr
Enterprise valueRs 220 Cr
P/E (TTM)14.73x
Price to book1.36x
Price to sales1.00x
EV / EBITDA9.95x
EV / EBIT10.17x
EV / sales1.10x
Earnings yield6.79%
P/E, 3-year average19.90x
P/B, 3-year average2.18x
P/E, 5-year average18.29x
P/B, 5-year average1.75x
Profitability
Operating margin (excl. other income)10.09%
Operating margin (incl. other income)10.82%
EBITDA margin11.07%
Pre-tax margin8.62%
Net profit margin6.78%
Net margin, latest quarter6.54%
ROE10.45%
ROCE14.18%
ROA6.85%
ROE, 3-year average12.40%
ROCE, 3-year average17.00%
ROA, 3-year average6.91%
ROE, 5-year average10.95%
ROCE, 5-year average14.89%
ROA, 5-year average5.57%
ROIC (approx.)10.12%
Tax rate21.71%
Other income / net worth0.99%
Growth
Sales growth (latest year)18.48%
Profit growth (latest year)14.47%
Sales CAGR, 3 years29.04%
Sales CAGR, 5 years18.55%
Profit CAGR, 3 years55.03%
Profit CAGR, 5 years31.20%
Sales growth QoQ-12.08%
Profit growth QoQ-13.36%
Sales growth YoY (latest quarter)-1.50%
Profit growth YoY (latest quarter)3.10%
Per share
EPS (TTM)Rs 6.37
EPS (latest quarter)Rs 1.25
EPS, 3-year averageRs 5.69
EPS, 5-year averageRs 4.40
Book value per shareRs 69.15
Sales per shareRs 93.91
Cash flow per shareRs -3.60
Free cash flow per shareRs -3.77
Dividend per share, 3-year averageRs 0.20
Dividend per share, 5-year averageRs 0.20
Dividends
Dividend payout, 3-year average3.61%
Dividend payout, 5-year average4.72%
Efficiency
Asset turnover0.91x
Fixed asset turnover111.75x
Inventory turnover2.58x
Inventory days141 days
Debtor days69 days
Debtors turnover5.29x
Creditor days69 days
Cash conversion cycle141 days
Working capital days141 days
Leverage
Total debtRs 24 Cr
Cash and bankRs 4 Cr
Net debtRs 20 Cr
Debt to equity0.16x
Net debt / EBITDA0.92x
Interest coverage4.90x
Owners' fund to total sources67.04%
Debt to assets10.94%
Cash flow
Cash from Operating Activity (latest year)Rs -8 Cr
Cash from Investing Activity (latest year)Rs -13 Cr
Cash from Financing Activity (latest year)Rs 24 Cr
Net Cash Flow (latest year)Rs 3 Cr
Free cash flow (latest year)Rs -8 Cr
FCFE (approx.: FCF + change in debt)Rs -2 Cr
Cash from ops / profit, 5 years-1.11x
Statement figures
Net sales (TTM)Rs 199 Cr
Net sales (latest year)Rs 200 Cr
Sales (latest quarter)Rs 41 Cr
Operating profit excl. other income (latest year)Rs 20 Cr
Operating profit (latest quarter)Rs 4 Cr
Other income (TTM)Rs 2 Cr
EBITDA (TTM)Rs 22 Cr
PBDT (TTM)Rs 18 Cr
Profit before tax (TTM)Rs 17 Cr
Tax (latest year)Rs 4 Cr
Net profit (TTM)Rs 14 Cr
Net profit (latest year)Rs 13 Cr
Net profit (latest quarter)Rs 3 Cr
Depreciation (TTM)Rs 0 Cr
Depreciation (latest quarter)Rs 0 Cr
Interest (TTM)Rs 4 Cr
Cost of goods sold (latest year)Rs 170 Cr
Total expenditure (latest year)Rs 180 Cr
Total income (latest year)Rs 201 Cr
Share capitalRs 21 Cr
ReservesRs 126 Cr
Shareholders' fundsRs 147 Cr
Total assetsRs 219 Cr
Net blockRs 2 Cr
InvestmentsRs 13 Cr
ReceivablesRs 38 Cr
InventoryRs 66 Cr
Other liabilitiesRs 48 Cr
Shares outstanding (crore)2.12
Ownership
Promoter holding50.70% (+4.98 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 12.1 is at the 22th percentile of its own 8.2-year range (median 21.0, low 4.4, high 98.9).
P/B 1.12 is at the 17th percentile (median 2.18).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodPIGLNifty 50Difference
1 week-8.5%-2.8% -5.8 pts
1 month-5.8%-6.8% +1.0 pts
3 months-20.4%-7.6% -12.8 pts
6 months-3.6%+0.4% -4.0 pts
1 year-45.5%-9.9% -35.6 pts
2 years-43.6%-13.6% -30.0 pts
3 years+112.9%+14.2% +98.7 pts
5 years+44.5%+27.9% +16.6 pts

Red flags

F-score 1 of 8
explainWeak cash conversion Cash from operations was -126% of net profit over the last 3 years
explainShare dilution Share count up 21% in a year, 68% in three
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹41 Cr -1.5% vs Jun 2025. Net profit ₹3 Cr +3.1%.

Activity

Compare
CompanyMcap (Cr)P/EROCE
Apar Industries Ltd74,54561.831.8 %
Waaree Energies Ltd68,46117.038.4 %
Premier Energies Ltd39,49423.732.7 %
MTAR Technologies Ltd22,84216615.2 %
Emmvee Photovoltaic Power Ltd21,77817.144.6 %
Diamond Power Infrastructure Ltd21,05511424.2 %
Avalon Technologies Ltd15,39611519.3 %
Fujiyama Power Systems Ltd12,51229.935.1 %
Genus Power Infrastructures Ltd8,93413.725.3 %
Waaree Renewable Technologies Ltd8,57416.885.0 %
Vikram Solar Ltd5,80116.130.6 %
Ram Ratna Wires Ltd5,45042.123.6 %
Saatvik Green Energy Ltd5,24921.132.9 %
Shilchar Technologies Ltd4,61333.550.7 %
Yash Highvoltage Ltd3,29384.628.6 %
No bulk or block deals on record.
Ex-dateActionFactor
2025-09-19Dividend - Re 0.20 Per Share
2024-09-23Dividend - Rs 0.20 Per Share
2024-09-23Annual General Meeting
2023-09-22Dividend - Re 0.20 Per Share
2023-09-22Annual General Meeting
DateTypeWhat it says
2026-09-25Shareholder meetingShareholders meeting
2026-09-19Order winBagging/Receiving of orders/contracts
2026-09-11General UpdatesGeneral Updates
2026-09-02General UpdatesGeneral Updates
2026-09-02Shareholder meetingNotice of Annual General Meeting to be held on September 25, 2026
2026-08-25Board meeting outcomeOutcome of Board Meeting held on 25 august 2026
2026-08-14Board meeting outcomePower & Instrumentation (Gujarat) Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-15Reply to Clarification- FinaThe Exchange had sought clarification from Power & Instrumentation (Gujarat) Limited for the quarter ended 31-Mar-2026 with respect to Regulation 33 o...
2026-06-25Clarification - Financial ReThe Exchange has sought clarification from Power & Instrumentation (Gujarat) Limited for the quarter ended 31-Mar-2026 with respect to Regulation 33 o...
2026-06-23Order winBagging/Receiving of orders/contracts
2026-06-22Disclosure under SEBI TakeovPadmaraj Padmnabhan Pillai has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Su...
2026-05-30Board meeting outcomePower & Instrumentation (Gujarat) Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
2026-05-28Order winBagging/Receiving of orders/contracts
2026-05-20General UpdatesGeneral Updates
2026-04-29Awarding of order(s)/contracAwarding of order(s)/contract(s)
2026-04-03AppointmentAppointment of Ms Daisy Mehta as Company Secretary & Compliance Officer of the company w.e.f. April 03, 2026.
2026-04-03Change in Company Secretary/Change in Company Secretary/Compliance Officer
2026-03-25Order winBagging/Receiving of orders/contracts
2026-03-19Disclosure of material issuePower & Instrumentation (Gujarat) Limited has informed regarding Disclosure of material issue
2026-03-19Board meeting outcomeOutcome of Board Meeting held on March 19, 2026.
2026-03-18Disclosure of material issuePower & Instrumentation (Gujarat) Limited has informed regarding Disclosure of material issue
2026-03-18Disclosure of material issuePower & Instrumentation (Gujarat) Limited has informed regarding Disclosure of material issue
2026-03-18Board meeting outcomeOutcome of Board Meeting held on March 18, 2026.
2026-03-16Disclosure of material issuePower & Instrumentation (Gujarat) Limited has informed regarding Disclosure of material issue
2026-03-16Board meeting outcomeOutcome of Board Meeting
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03