Power & Instrumentation (Gujarat) Ltd.

•

grouppower.orgBSE: 543912NSE: PIGL

Market Cap₹ 210 Cr.

Current Price

High / Low₹ 190 / 88

Stock P/E15.5

Book Value₹ 71

Price to Book2.87

Dividend Yield0.00 %

ROCE19.9 %

ROE15.4 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Construction

Buy

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.

Confidence

80%

View full sector analysis →

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

ConstructionInfrastructureEngineering - Construction

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	LT	3965.00	32.88	545530.90	0.96	4988.03	15.51	67941.74	6.69	15.98	12.00
2.	RVNL	209.50	48.56	43681.17	0.34	159.52	18.73	4321.23	10.55	10.81	4.41
3.	KPIL	1417.50	21.30	24207.01	0.78	311.53	45.85	6407.97	3.84	18.95	8.77
4.	IRB	19.67	24.90	23757.43	1.32	3062.70	1412.58	21372.72	918.25	7.72	53.93
5.	CEMPRO	1296.30	37.02	22268.82	0.23	140.83	2.64	2720.92	7.02	33.53	10.09
6.	ENGINERSIN	281.90	20.21	15843.97	1.77	157.94	141.49	819.84	-5.80	30.94	20.61
7.	TECHNOE	975.45	26.32	11344.44	0.72	93.33	-31.44	630.34	19.84	14.86	15.79
8.	IRCON	118.65	21.31	11159.22	1.60	92.03	-43.92	1955.83	9.49	10.15	9.81
9.	AFCONS	295.00	74.98	10849.65	0.68	303.00	120.52	26710.00	692.49	12.88	9.42
10.	KEC	406.15	19.53	10811.71	1.35	72.62	-41.72	5023.54	0.01	16.35	5.79
11.	WELENT	765.35	34.66	10593.50	0.39	56.36	-44.29	773.72	-8.44	16.44	19.49
12.	PIGL	99.25	14.44	210.10	0.00	3.04	16.35	48.89	18.39	19.91	10.26

Detailed Comparison with:

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

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	52.09	40.95	40.95	45.71	45.71	46.09	46.28	50.69	50.69
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.00
	0.00	0.00	0.00	0.00	0.08	0.00	0.00	0.75	0.82
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	47.91	59.05	59.05	54.29	54.21	53.91	53.71	48.54	48.49

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-04

Copy of Newspaper Publication

2026-09-04 - Power & Instrumentation (Gujarat) Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-02

General Updates

2026-09-02 - Power & Instrumentation (Gujarat) Limited has informed the Exchange about General Updates

2026-09-02

Shareholders meeting

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

Copy of Newspaper Publication

2026-09-02 - Power & Instrumentation (Gujarat) Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-25

Outcome of Board Meeting

2026-08-25 - Outcome of Board Meeting held on 25 august 2026

2026-08-16

Copy of Newspaper Publication

2026-08-16 - Power & Instrumentation (Gujarat) Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-14

Outcome of Board Meeting

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

Certificate under SEBI (Depositories and Participants) Regulations, 2018

2026-07-15 - Power & Instrumentation (Gujarat) Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018

2026-07-15

Reply to Clarification- Financial results

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

Recent coverage and analyst commentary for PIGL

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Power & Instrumentation (Gujarat) Ltd.

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Name

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

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

Operating Profit

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%

Interest

Depreciation

Profit before Tax

Tax %

25.37%

24.46%

29.31%

21.24%

25.20%

25.19%

29.48%

26.00%

25.41%

17.01%

16.58%

24.16%

Net Profit

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

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

169

199

152

180

Operating Profit

OPM %

8.14%

8.80%

8.23%

8.50%

9.51%

8.67%

7.48%

8.11%

11.25%

10.16%

9.66%

Interest

Depreciation

Profit before Tax

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

EPS

0.00

4.91

3.30

3.00

4.66

6.72

—

Dividend Payout %

4.00%

0.00%

1.31%

0.00%

7.00%

4.29%

2.98%

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

Trade Payables

Total Liabilities

107

173

Capital Work in Progress

Cash & Bank

Total Assets

107

173

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-2

-3

-40

Cash from Investing

-0

-1

-0

-4

-0

-12

Cash from Financing

-4

-8

-1

-0

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

0.20

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

113

115

130

184

181

125

Inventory Days

103

100

137

Payable Days

109

114

120

132

134

113

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%

63.16%

44.14%

VALUATION

P/E (x)

0.00x

14.54x

24.90x

P/B (x)

0.00x

1.70x

2.87x

Dividend Yield %

0.00%

0.29%

0.12%

0.00x

8.06x

15.85x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

52.09

40.95

45.71

46.09

46.28

50.69

0.00

0.01

0.00

0.08

0.00

0.75

0.82

Government

0.00

47.91

59.05

54.29

54.21

53.91

53.71

48.54

48.49

Power & Instrumentation (Gujarat) Ltd.

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Quarterly Results

Profit & Loss

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Power & Instrumentation (Gujarat) Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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