PIGL

Power & Instrumentation (Gujarat) Limited

Electrical EPC and distribution infrastructure projects contractor

Industrials›Capital Goods›Electrical Equipment›Other Electrical Equipment

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Key metrics

Price as of 2026-10-16

Stock price
₹94.52
Market cap
200 Cr
Stock P/E
13.4
P/B
1.31
Dividend yield
0.2%
ROE (FY26)
8.6%
ROCE (FY26)
13.0%
Operating margin (FY26)
10.2%
Debt / equity (FY26)
0.08
OCF / EBITDA (FY26)
-21.9%
OCF / EBITDA (3Y)
-71.3%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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What you need to know

PIGL (Power & Instrumentation (Gujarat)) is an Ahmedabad-based company that executes electrification and power-distribution infrastructure projects on an engineering, procurement and construction (EPC) basis, including work under the government's Revamped Distribution Sector Scheme (RDSS), and it has added busduct manufacturing through its subsidiary Peaton Electrical Company.

Company snapshot

31stBy market cap

Ranked among 32 companies in Other Electrical Equipment.

What we see

Positives
  • ✓Debt-to-equity of 0.08x — the company is largely funded by its own money, not borrowed funds.
Concerns
  • ✗Over the last three years operations used more cash than they brought in, despite an operating profit — the business is not yet turning its profit into cash.

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales24 Cr15 Cr39 Cr25 Cr55 Cr33 Cr55 Cr41 Cr70 Cr49 Cr59 Cr49 Cr
Operating expenses (approx.)22 Cr13 Cr35 Cr22 Cr50 Cr30 Cr50 Cr37 Cr64 Cr43 Cr52 Cr44 Cr
EBITDA3 Cr2 Cr4 Cr3 Cr5 Cr4 Cr5 Cr4 Cr7 Cr6 Cr6 Cr5 Cr
OPM %11.1%12.0%9.9%12.2%9.5%11.1%9.3%9.8%9.4%12.2%11.0%10.3%
Other income0.19 Cr0.37 Cr0.69 Cr0.53 Cr0.82 Cr0.78 Cr0.30 Cr0.25 Cr0.64 Cr0.23 Cr0.42 Cr0.44 Cr
Interest1.00 Cr0.98 Cr1 Cr1 Cr0.78 Cr0.56 Cr0.96 Cr0.73 Cr0.80 Cr1 Cr2 Cr1 Cr
Depreciation0.06 Cr0.05 Cr0.05 Cr0.06 Cr0.06 Cr0.06 Cr0.07 Cr0.05 Cr0.11 Cr0.16 Cr0.27 Cr0.29 Cr
Profit before tax2 Cr1 Cr3 Cr2 Cr5 Cr4 Cr4 Cr4 Cr6 Cr5 Cr4 Cr4 Cr
Tax %24.5%29.0%21.1%25.2%25.2%23.3%31.6%25.9%25.3%21.1%12.6%21.7%
Net profit1 Cr0.83 Cr3 Cr2 Cr4 Cr3 Cr3 Cr3 Cr5 Cr4 Cr4 Cr3 Cr
EPS (₹)₹1.09₹0.65₹2.15₹1.48₹2.69₹1.94₹1.49₹1.50₹2.66₹1.82₹1.32₹1.44

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2023Mar 2024Mar 2025Mar 2026TTM
Sales94 Cr101 Cr169 Cr219 CrSign in free for the trailing twelve months
Operating expenses (approx.)87 Cr90 Cr152 Cr196 CrSign in free for the trailing twelve months
EBITDA8 Cr11 Cr17 Cr23 CrSign in free for the trailing twelve months
OPM %8.0%10.9%10.2%10.5%Sign in free for the trailing twelve months
Other income1 Cr1 Cr2 Cr2 CrSign in free for the trailing twelve months
Interest3 Cr4 Cr3 Cr5 CrSign in free for the trailing twelve months
Depreciation0.29 Cr0.22 Cr0.25 Cr0.59 CrSign in free for the trailing twelve months
Profit before tax5 Cr8 Cr16 Cr19 CrSign in free for the trailing twelve months
Tax %26.4%23.8%26.3%21.4%Sign in free for the trailing twelve months
Net profit4 Cr6 Cr12 Cr15 CrSign in free for the trailing twelve months
EPS (₹)₹2.81₹4.70₹6.61₹4.54Sign in free for the trailing twelve months
Dividend payout %0.0%0.0%2.1%2.4%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2023Mar 2024Mar 2025Mar 2026
Equity capital13 Cr13 Cr17 Cr21 Cr
Reserves33 Cr39 Cr93 Cr131 Cr
Borrowings31 Cr14 Cr18 Cr13 Cr
Other liabilities30 Cr42 Cr45 Cr54 Cr
Total liabilities107 Cr107 Cr173 Cr234 Cr
Fixed assets (net)0.86 Cr0.70 Cr0.49 Cr13 Cr
CWIP0.53 Cr0.58 Cr0.58 Cr2 Cr
Investments0.36 Cr0.33 Cr0.37 Cr0.21 Cr
Loans & advances0 Cr0 Cr0 Cr0.55 Cr
Inventories35 Cr41 Cr48 Cr84 Cr
Trade receivables38 Cr31 Cr60 Cr42 Cr
Cash & bank0.24 Cr0.36 Cr0.35 Cr4 Cr
Other assets32 Cr34 Cr64 Cr90 Cr
Total assets107 Cr107 Cr173 Cr234 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity1 Cr8 Cr-40 Cr-5 Cr
Cash from investing-5 Cr-0.16 Cr-12 Cr-14 Cr
Cash from financing4 Cr-8 Cr52 Cr22 Cr
Net cash flow0.17 Cr0.12 Cr-0.01 Cr3 Cr
Free cash flow (OCF − Capex)1 Cr8 Cr-40 Cr-6 Cr

Ratios

MetricMar 2023Mar 2024Mar 2025Mar 2026
ROCE %10.8%18.5%15.0%13.0%
ROE %8.0%11.5%10.6%8.6%
Debtor days14811113070
Inventory days134148103139
Days payable891196670
Cash conversion cycle193140168139
OCF / EBITDA %16.7%77.3%-232.5%-21.9%
OCF / EBITDA % (3 years)——-84.6%-71.3%
Debt / equity0.690.280.160.08
Current ratio1.521.682.412.44
Net debt / EBITDA4.141.271.030.39