Pioneer in electronic manufacturing services and plastic moulding is making a strategic move into India’s growing electric vehicle market through its wholly-owned subsidiary. This expansion marks a significant milestone in the company’s diversification strategy.
The company’s partnership with Spiro Mobility, Africa’s largest EV player, demonstrates its commitment to becoming a significant player in India’s EV manufacturing landscape.
This strategic alliance has already caught investor attention, reflected in a 10.04% surge in PG Electroplast’s share price. The partnership aims to capitalise on India’s growing EV market, with PG Technoplast handling manufacturing and component sourcing while Spiro focuses on market development and distribution.
Share Price Movement
The share price of PG Electroplast Limited went up by 10.04 percent to Rs. 687 per share on Tuesday, an increase from its previous close of Rs. 624.3 per share. The market capitalisation now stands at approximately Rs. 17,974 crore as of November 19, 2024.
What Happened
PG Technoplast, a subsidiary of PG Electroplast, has partnered with Africa’s largest EV player, Spiro Mobility, to exclusively manufacture electric vehicles and lithium-ion batteries in India, marking their entry into the EV sector.
Q2 Financial Highlights
According to its recent filing, in the quarter ending September 2024, PG Electroplast Limited’s consolidated revenue from operations has increased by 45.86 percent YOY from Rs. 460 crore in Q2 FY24 to Rs. 671 crore in Q2 FY25 and decreased by 49.2 percent QoQ from Rs. 1,321 crore in Q1 FY25.
The company’s consolidated net profit has increased by 58.3 percent, from Rs. 12 crore in Q2 FY24 to Rs. 19 crore in Q2 FY25. As compared to the last quarter of 2025, the company’s net profit has reduced by 77.3 percent QoQ from Rs. 19 crore.
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Market Outlook
India’s electronic manufacturing sector shows promising growth across multiple segments, driven by strong government support through ‘Make in India’ initiatives and projected to reach a USD 1 trillion digital economy by 2026. The consumer durables market, ranking fifth globally, continues to expand through rising disposable income and technological advancement, while the automotive electronics segment targets USD 74.4 billion by FY 2032. This growth trajectory, supported by skilled workforce availability and strategic government policies, positions India as an emerging global manufacturing hub.
Shareholding Pattern
As of the November 2024 shareholding pattern, PG Electroplast Limited is primarily held by the promotors at 53.42 percent, foreign institutional investors hold 10.69 percent, and the public with 25.91 percent.
About Company
PG Electroplast Limited (PGEL), a leader in India’s manufacturing landscape, excels in Electronics Manufacturing Services (EMS), Original Equipment Manufacturing (OEM), and Original Design Manufacturing (ODM). Founded in 2003, PGEL serves diverse industries with cutting-edge products and solutions. Headquartered in Greater Noida, the company operates five advanced facilities across India, showcasing its robust infrastructure and commitment to excellence.
PGEL’s extensive portfolio includes plastic injection moulding, home appliances like air conditioners and washing machines, and advanced printed circuit board assemblies (PCBAs). The company is also a major player in sanitary ware and tool manufacturing. With a vast client base, including LG Electronics and Whirlpool, it dominates the consumer durables sector. Notably, PGEL’s precision-driven approach is supported by over 200 moulding machines and a dedicated workforce.
Looking ahead, PGEL focuses on integrating advanced technology and expanding globally. Its commitment to quality and innovation ensures sustained growth, further solidifying its industry leadership.
Written By Fazal Ul Vahab C H
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