Power & Instrumentation (Gujarat) Ltd.
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ABOUT
AI Sector View
AI GENERATEDConstruction
Construction fundamentals are strong, led by government and infrastructure spending. Capital expenditure was up 66% YoY (2026-06), cement output grew 13.1% YoY (2026-07), and the sector also benefits from improving housing and GFCF conditions. FPI flows turned supportive with INR 1720 crore net inflow over 3 months to 2026-08-31 from INR -9439 crore in the prior 3 months, reinforcing the positive view.
PROS
- Company has delivered good profit growth of 31.4% CAGR over last 5 years
- Attractively priced for its growth - PEG of 0.3
- Company maintains a comfortable, low leverage position
CONS
- Operating cash flow has been negative in recent years
- Receivables are growing faster than sales - a possible quality concern
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -1.44x)
- Equity base is being diluted - shares outstanding up 103.7%
- Working capital days have increased from 126 to 174 days
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| LT | 3965.00 | 32.88 | 545530.90 | 0.96 | 4988.03 | 15.51 | 67941.74 | 6.69 | 15.98 | 12.00 |
| RVNL | 209.50 | 48.56 | 43681.17 | 0.34 | 159.52 | 18.73 | 4321.23 | 10.55 | 10.81 | 4.41 |
| KPIL | 1417.50 | 21.30 | 24207.01 | 0.78 | 311.53 | 45.85 | 6407.97 | 3.84 | 18.95 | 8.77 |
| IRB | 19.67 | 24.90 | 23757.43 | 1.32 | 3062.70 | 1412.58 | 21372.72 | 918.25 | 7.72 | 53.93 |
| CEMPRO | 1296.30 | 37.02 | 22268.82 | 0.23 | 140.83 | 2.64 | 2720.92 | 7.02 | 33.53 | 10.09 |
| ENGINERSIN | 281.90 | 20.21 | 15843.97 | 1.77 | 157.94 | 141.49 | 819.84 | -5.80 | 30.94 | 20.61 |
| TECHNOE | 975.45 | 26.32 | 11344.44 | 0.72 | 93.33 | -31.44 | 630.34 | 19.84 | 14.86 | 15.79 |
| IRCON | 118.65 | 21.31 | 11159.22 | 1.60 | 92.03 | -43.92 | 1955.83 | 9.49 | 10.15 | 9.81 |
| AFCONS | 295.00 | 74.98 | 10849.65 | 0.68 | 303.00 | 120.52 | 26710.00 | 692.49 | 12.88 | 9.42 |
| KEC | 406.15 | 19.53 | 10811.71 | 1.35 | 72.62 | -41.72 | 5023.54 | 0.01 | 16.35 | 5.79 |
| WELENT | 765.35 | 34.66 | 10593.50 | 0.39 | 56.36 | -44.29 | 773.72 | -8.44 | 16.44 | 19.49 |
| PIGL | 99.25 | 14.44 | 210.10 | 0.00 | 3.04 | 16.35 | 48.89 | 18.39 | 19.91 | 10.26 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 22 | 24 | 15 | 37 | 25 | 55 | 33 | 55 | 41 | 68 | 45 | 46 | 41 | |
| 19 | 22 | 13 | 33 | 22 | 50 | 30 | 50 | 37 | 62 | 40 | 41 | 38 | |
| Operating Profit | 3 | 3 | 2 | 4 | 3 | 5 | 4 | 5 | 4 | 6 | 5 | 5 | 3 |
| OPM % | 11.69% | 11.10% | 12.03% | 10.54% | 12.25% | 9.52% | 11.06% | 9.31% | 9.76% | 9.19% | 11.30% | 10.55% | 7.63% |
| 0 | 0 | 0 | 1 | 1 | 1 | 1 | 0 | 0 | 1 | 0 | 0 | 0 | |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before Tax | 1 | 2 | 1 | 3 | 2 | 5 | 4 | 4 | 4 | 6 | 4 | 4 | 4 |
| Tax % | 25.37% | 24.46% | 29.31% | 21.24% | 25.20% | 25.19% | 25.19% | 29.48% | 26.00% | 25.41% | 17.01% | 16.58% | 24.16% |
| Net Profit | 1 | 1 | 1 | 3 | 2 | 4 | 3 | 3 | 3 | 5 | 3 | 3 | 3 |
| 2.01 | 1.09 | 0.65 | 2.14 | 1.48 | 2.69 | 1.79 | 1.66 | 1.48 | 2.55 | 1.83 | 1.32 | 1.25 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 51 | 60 | 73 | 88 | 89 | 85 | 91 | 93 | 97 | 169 | 199 | |
| 47 | 55 | 67 | 80 | 81 | 78 | 84 | 86 | 87 | 152 | 180 | |
| Operating Profit | 4 | 5 | 6 | 7 | 8 | 7 | 7 | 8 | 11 | 17 | 19 |
| OPM % | 8.14% | 8.80% | 8.23% | 8.50% | 9.51% | 8.67% | 7.48% | 8.11% | 11.25% | 10.16% | 9.66% |
| 0 | 1 | 1 | 0 | 0 | 1 | 0 | 1 | 1 | 2 | 2 | |
| Interest | 3 | 3 | 3 | 3 | 4 | 3 | 3 | 3 | 4 | 3 | 4 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before Tax | 2 | 2 | 3 | 4 | 4 | 5 | 4 | 5 | 8 | 16 | 17 |
| Tax % | 32.36% | 32.88% | 32.93% | 25.56% | 28.37% | 25.59% | 30.77% | 26.63% | 23.80% | 26.33% | 21.34% |
| Net Profit | 1 | 2 | 2 | 3 | 3 | 3 | 3 | 4 | 6 | 12 | 14 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 4.91 | 3.30 | 3.00 | 4.66 | 6.72 | — |
| Dividend Payout % | 4.00% | 0.00% | 1.31% | 0.00% | 0.00% | 0.00% | 0.00% | 7.00% | 4.29% | 2.98% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 14%
- 5 Years:
- 14%
- 3 Years:
- 23%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 27%
- 5 Years:
- 31%
- 3 Years:
- 60%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 8%
- 3 Years:
- 38%
- 1 Year:
- -37%
RETURN ON EQUITY
- 10 Years:
- 13%
- 5 Years:
- 12%
- 3 Years:
- 12%
- Last Year:
- 15%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 1 | 1 | 5 | 7 | 7 | 7 | 9 | 13 | 13 | 17 |
| 9 | 11 | 9 | 17 | 19 | 23 | 26 | 32 | 38 | 85 | |
| 20 | 18 | 17 | 15 | 11 | 21 | 27 | 27 | 14 | 16 | |
| Trade Payables | 10 | 16 | 16 | 29 | 17 | 9 | 28 | 23 | 33 | 30 |
| 2 | 5 | 2 | 6 | 3 | 4 | 7 | 12 | 10 | 24 | |
| Total Liabilities | 43 | 51 | 50 | 73 | 57 | 64 | 96 | 107 | 107 | 173 |
| 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 |
| 15 | 19 | 15 | 21 | 8 | 3 | 17 | 35 | 41 | 48 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 31 | 60 | |
| Cash & Bank | 4 | 5 | 4 | 7 | 6 | 6 | 0 | 0 | 0 | 0 |
| 23 | 26 | 29 | 45 | 43 | 53 | 78 | 70 | 34 | 63 | |
| Total Assets | 43 | 51 | 50 | 73 | 57 | 64 | 96 | 107 | 107 | 173 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -2 | 2 | 1 | 3 | 8 | 4 | -3 | 1 | 8 | -40 | |
| Cash from Investing | -0 | -1 | 0 | -0 | 0 | 0 | 1 | -4 | -0 | -12 |
| Cash from Financing | 4 | 3 | 1 | 3 | -4 | 1 | 2 | 4 | -8 | 52 |
| 1 | 1 | -1 | 3 | -1 | 1 | -0 | 0 | 0 | -0 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 12.48 | 15.89 | 3.82 | 4.36 | 4.26 | 4.91 | 3.36 | 2.86 | 4.66 | 6.72 |
| Book Value (₹) | 106.79 | 123.74 | 28.21 | 33.59 | 37.35 | 42.27 | 40.01 | 35.30 | 39.99 | 58.41 |
| Dividend per Share (₹) | 0.50 | 0.00 | 0.05 | 0.00 | 0.00 | 0.00 | 0.00 | 0.20 | 0.20 | 0.20 |
| Cash EPS (₹) | 2.83 | 3.81 | 4.49 | 4.87 | 4.70 | 5.24 | 3.82 | 3.09 | 4.84 | 6.87 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 9.07% | 9.76% | 8.98% | 8.99% | 10.80% | 9.62% | 8.00% | 9.08% | 10.90% | 10.01% |
| Net Margin % | 2.39% | 2.59% | 2.72% | 3.50% | 3.37% | 4.05% | 3.15% | 3.83% | 5.85% | 6.86% |
| ROE % | 12.47% | 13.78% | 14.80% | 16.07% | 12.02% | 12.34% | 8.99% | 9.15% | 12.39% | 15.40% |
| ROCE % | 16.98% | 18.47% | 20.21% | 21.41% | 21.67% | 17.88% | 11.84% | 11.70% | 17.07% | 19.92% |
| 3.32% | 3.34% | 3.95% | 5.00% | 4.60% | 5.72% | 3.59% | 3.56% | 5.52% | 8.39% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 109 | 105 | 99 | 113 | 115 | 130 | 184 | 181 | 125 | 97 |
| Inventory Days | 92 | 103 | 86 | 75 | 59 | 23 | 40 | 100 | 137 | 94 |
| Payable Days | 68 | 95 | 95 | 109 | 114 | 67 | 87 | 120 | 132 | 82 |
| 134 | 113 | 90 | 79 | 59 | 86 | 137 | 162 | 130 | 109 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 1.91x | 1.46x | 1.14x | 0.65x | 0.42x | 0.74x | 0.82x | 0.71x | 0.28x | 0.18x |
| Interest Coverage (x) | 1.68x | 1.72x | 1.91x | 2.21x | 2.02x | 2.39x | 2.52x | 2.47x | 2.75x | 5.72x |
| 1.26x | 1.32x | 1.45x | 1.42x | 1.64x | 1.80x | 1.47x | 1.52x | 1.68x | 2.41x | |
| GROWTH | ||||||||||
| Revenue Growth % | 13.23% | 17.50% | 20.74% | 20.93% | 1.36% | -4.02% | 6.85% | 1.97% | 4.73% | 73.20% |
| Operating Profit Growth % | 27.53% | 26.46% | 11.17% | 20.99% | 21.77% | -14.48% | -11.19% | 17.26% | 44.39% | 58.41% |
| Net Profit Growth % | 14.20% | 27.26% | 27.04% | 55.37% | -2.35% | 15.25% | -16.76% | 25.35% | 63.16% | 99.49% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 63.16% | 44.14% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 14.54x | 24.90x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 1.70x | 2.87x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.29% | 0.12% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 8.06x | 15.85x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-04 - Power & Instrumentation (Gujarat) Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-02 - Power & Instrumentation (Gujarat) Limited has informed the Exchange about General Updates
2026-09-02 - Power & Instrumentation (Gujarat) Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 25, 2026
2026-09-02 - Power & Instrumentation (Gujarat) Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-25 - Outcome of Board Meeting held on 25 august 2026
2026-08-16 - Power & Instrumentation (Gujarat) Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-14 - Power & Instrumentation (Gujarat) Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-15 - Power & Instrumentation (Gujarat) Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018
2026-07-15 - The Exchange had sought clarification from Power & Instrumentation (Gujarat) Limited for the quarter ended 31-Mar-2026 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company was required to clarify the following: The response of the Company is enclosed.
News
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