Power & Instrumentation (Gujarat) Limited (PIGL)

About

Power & Instrumentation (Gujarat) Limited is a small-cap electrical equipment manufacturer with quarterly revenues of ₹40–70 crore and market capitalisation of ₹221.79 crore. The company operates in Other Electrical Equipment within the industrials sector and has maintained consistent operating margins around 10.5% over recent quarters.

Face value: ₹10

Market cap

₹199 Cr

P/E

13.0×

P/B

1.3×

Dividend yield

0.4%

ROE

11%

ROCE

16.1%

Debt / equity

0.08

OPM

10.5%

EPS (TTM)

₹7.2

Book value

₹72.1

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Stock down 19.65% over one year with high volatility (52-week range ₹90–₹180); verify whether operational deterioration or external factors drove underperformance.
Thin operating margins of 10.5% create vulnerability to raw-material cost inflation; check supplier concentration, pricing power and cost-hedging practices.
Very small scale (₹221.79 crore market cap, ₹40–70 crore quarterly revenue) limits resources for R&D and capex; verify competitive standing against larger peers.
Minimal institutional ownership (FII near 0%, DII under 1%) suggests weak analyst coverage and potential liquidity constraints.

Generated analysis · source review pending

Growth drivers

Low debt-to-equity ratio of 0.08 provides balance-sheet capacity to fund growth capex or acquisitions if deployed by management.
Operating margins held at 9–12% over recent quarters, showing consistent operational discipline that could support profitable scaling.
Regular annual dividend payments (2023–2025) demonstrate confident cash generation; verify how retained earnings are being reinvested for growth.
Quarterly revenues fluctuate between ₹40–70 crore with no discernible trend; identify drivers—demand cycles, project timing or capacity constraints.

Generated analysis · source review pending

1,301 historical price candles were omitted because the exchange source has not been verified.

₹95.1-1.9%1Y

Quick read

rule-based

Pros

+High return on capital employed of 20.5%
+Profit CAGR of 58.2% over the last 3 years
+Revenue CAGR of 32.4% over the last 3 years
+Almost debt-free (debt/equity 0.1)

Cons

−Low dividend payout of 5.6% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

71/100

Business quality: 41
Growth: 85
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Apar Industries LimitedAPARINDSAPARINDS	₹70,945 Cr	₹71,785 Cr	₹24,389 Cr	₹2,159 Cr	8.2%	₹1,182 Cr	4.3%	32.6%	19.7%	30
Waaree Energies LimitedWAAREEENERWAAREEENER	₹67,322 Cr	₹69,813 Cr	₹30,043 Cr	₹6,351 Cr	22.3%	₹2,763 Cr	14.6%	39.7%	30.9%	95
Premier Energies LimitedPREMIERENEPREMIERENE	₹39,863 Cr	₹43,480 Cr	₹8,466 Cr	₹2,543 Cr	30.4%	₹1,665 Cr	19.3%	36.3%	42.4%	115
Mtar Technologies LimitedMTARTECHMTARTECH	₹24,015 Cr	₹24,384 Cr	₹1,080 Cr	₹228 Cr	19.5%	₹133 Cr	10.7%	17.2%	12.1%	419
Emmvee Photovoltaic Power LimitedEMMVEEEMMVEE	₹21,177 Cr	₹21,355 Cr	₹5,578 Cr	₹1,932 Cr	34.3%	₹1,274 Cr	21.4%	43.6%	51.1%	159
Diamond Power Infrastructure LimitedDIACABSDIACABS	₹18,182 Cr	₹20,711 Cr	₹2,298 Cr	₹270 Cr	11.7%	₹197 Cr	8.3%	12.4%	—	93
Avalon Technologies LimitedAVALONAVALON	₹15,232 Cr	₹15,415 Cr	₹1,764 Cr	₹201 Cr	10.8%	₹134 Cr	7.1%	23.4%	16.9%	160
Fujiyama Power Systems LimitedUTLSOLARUTLSOLAR	₹12,327 Cr	₹12,788 Cr	₹3,403 Cr	₹639 Cr	18.5%	₹294 Cr	11.5%	29.6%	23.9%	123
Genus Power Infrastructures LimitedGENUSPOWERGENUSPOWER	₹8,518 Cr	₹10,817 Cr	₹5,173 Cr	₹973 Cr	19.2%	₹652 Cr	12.5%	31%	29%	188
Waaree Renewable Technologies LimitedWAAREERTLWAAREERTL	₹8,436 Cr	₹8,517 Cr	₹3,652 Cr	₹697 Cr	19.2%	₹511 Cr	14.4%	84.1%	68.9%	37
Ram Ratna Wires LimitedRAMRATRAMRAT	₹5,752 Cr	₹6,407 Cr	₹6,047 Cr	₹310 Cr	5.1%	₹127 Cr	2.1%	30.4%	20.1%	33
Vikram Solar LimitedVIKRAMSOLRVIKRAMSOLR	₹5,594 Cr	₹5,694 Cr	₹5,232 Cr	₹800 Cr	19.1%	₹357 Cr	9.8%	31.4%	21.3%	11

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	94	101	169	219
COGS	80	82	141	184
Gross profit	15	19	28	34
	7	8	11	11
	8	11	17	23
OPM %	8%	10.9%	10.2%	10.5%
Depreciation	0	0	0	1
Interest	3	4	3	5
	1	1	2	1
Profit before tax	5	8	16	19
Tax	1	2	4	4
Tax %	26.5%	23.8%	26.3%	21.4%
	4	6	12	15
PAT margin %	3.9%	5.9%	7%	6.8%
EPS (₹)	2.8	4.7	6.6	4.5
EPS adjusted (₹)	2.9	4.7	6.7	6.8
	7.1%	4.3%	3%	—
Annual report	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	7	13	13	17	21
Reserves	22	33	39	93	131
Minority interest	—	—	0	0	15
	22	31	14	18	13
	12	30	42	45	54
Total equity & liabilities	63	107	107	173	234
	1	1	1	0	45
CWIP	1	1	1	1	2
Investments	0	0	0	0	0
	62	105	106	172	187
Total assets	63	107	107	173	234

₹ Cr	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1	8	-40	-5
	-5	-0	-12	-14
	4	-8	52	22
Net cash flow	0	0	-0	3
Free cash flow	1	8	-40	-6
CFO / Operating profit %	16.7%	77.4%	-232.6%	-21.9%

Compounded sales growth

7 years: —
5 years: —
3 years: 32%
1 year: 30%

Compounded profit growth

7 years: —
5 years: —
3 years: 60%
1 year: 26%

Return on equity

7 years: —
5 years: —
3 years: 10%
Last year: 9%

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	15.5%	18.8%	16.5%	15.7%
EBITDA margin %	8%	10.9%	10.2%	10.5%
EBIT margin %	7.7%	10.7%	10%	10.2%
PAT margin %	3.9%	5.9%	7%	6.8%
Working capital
Receivable days	149	111	131	70
Inventory days	159	182	124	166
Payable days	106	147	79	83
NWC days	202	146	175	152
Leverage
Current ratio	1.52	1.68	2.41	2.44
Debt to EBITDA	4.17	1.31	1.05	0.55
Debt to equity	0.69	0.28	0.16	0.08
Interest coverage	2.5	2.8	5.7	5.2
Asset turnover	0.88	0.94	0.97	0.93
Return ratios
Return on assets %	3.4%	5.5%	6.8%	6.3%
Return on capital employed %	16.5%	22.8%	22.5%	16.1%
Return on equity %	8%	11.5%	10.6%	9.7%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	52.89%	52.09%	52.09%	52.09%	40.95%	40.95%	45.71%	45.71%	46.09%	46.28%	50.69%	50.69%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0.01%	0%
	0%	0%	0%	0%	0%	0%	0%	0.08%	0%	0%	0.75%	0.82%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	47.11%	47.91%	47.91%	47.91%	59.05%	59.05%	54.29%	54.21%	53.91%	53.72%	48.55%	48.49%
No. of shareholders	—	—	—	—	—	—	—	—	9,333	10,268	10,448	10,812

Promoter holding down 2.2 percentage points since Sep 2023.

4 disclosures

Person	Deal	Shares	Value	Holding	Filed
POWER INFRA CONS PRIVATE LIMITEDPromoter Group	BuyConversion of security	1,50,000	₹1.26 cr	6.42% → 8.38%	8 Nov 20257(2)
POWER INFRA CONS PRIVATE LIMITEDPromoter Group	SellConversion of security	1,50,000	₹94.22 L

78 deals · 16 Jun 2022 – 19 Jan 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
19 Jan 2026	SAHASTRAA ADVISORS PRIVATE LIMITED	Bulk	NSE	Buy	1,80,281	₹108.72	₹1.96 Cr
19 Jan 2026	MANSI SHARE AND STOCK BROKING PRIVATE LIMITED	Bulk	NSE	Sell	1,80,281	₹108.65	₹1.96 Cr
8 Oct 2025	MUSKAAN SARIN	Bulk	NSE	Sell	1,16,532	₹173.87	₹2.03 Cr
1 Jul 2025	NEO APEX VENTURE LLP	Bulk	NSE	Buy	1,74,000	₹130.79	₹2.28 Cr
1 Jul 2025	HONI DILIP TANNA	Bulk	NSE	Sell	1,30,000	₹130.79	₹1.70 Cr
7 Oct 2024	AMIT DHANYAKUMAR CHORDIA	Bulk	NSE	Buy	91,000	₹219.07	₹1.99 Cr
7 Oct 2024	KAUSHIK MAHENDRA KAMDAR	Bulk	NSE	Sell	75,340	₹219.07	₹1.65 Cr
13 Sept 2024	MULTIPLIER SHARE & STOCK ADVISORS PRIVATE LIMITED	Bulk	BSE	Buy	1,00,000	₹169.85	₹1.70 Cr
13 Sept 2024	MULTIPLIER SHARE & STOCK ADVISORS PRIVATE LIMITED	Bulk	NSE	Buy	84,018	₹170.25	₹1.43 Cr
13 Sept 2024	MULTIPLIER SHARE & STOCK ADVISORS PRIVATE LIMITED	Bulk	BSE	Sell	30,768	₹176.58	₹0.54 Cr

1–10 of 78

1 / 8

Mr. Sumeet Dileep AgnihotriNon-Executive - Non Independent Director-Chairperson
Mr. Padmaraj Padmnabhan PillaiExecutive Director-MD
Mrs. Padmavati Padmnabhan PillaiExecutive Director
Mr. Manav RastogiNon-Executive - Independent Director
Mrs. Kavita Padmaraj PillaiExecutive Director
Mr. Amit R. uttamchandaniNon-Executive - Independent Director
Rohit MaheshwariChief Fianncial Officer
Ms. Daisy MehtaCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Power & Instrumentation (Gujarat) Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

30

Annual reports

3

Investor Presentation and earnings call

2

Feb 2026Transcript AI Summary PPT REC
Aug 2025Transcript AI SummaryPPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

3

Final dividend19 Sept 2025 · ex-date₹0.2
Final dividend23 Sept 2024 · ex-date₹0.2
Final dividend22 Sept 2023 · ex-date₹0.2

1

Board meeting to consider results14 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

8 announcementsExport CSV

29 Sept 2026, 1:10 amAGM/EGM

Scrutinizer Report And E-Voting Result Of Annual General Meeting Of The Company

AGM PDF

19 Sept 2026, 7:53 pmCompany Update

Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order

Award of Order / Receipt of Order PDF

11 Sept 2026, 5:30 pmCompany Update

Announcement Under Regulation 30 Of SEBI (LODR), 2015

General PDF

4 Sept 2026, 1:02 amCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

2 Sept 2026, 4:47 pmCompany Update

Letter To Members Under Regulation 36(1)(B) Of SEBI (LODR) Regulations, 2015

General PDF

2 Sept 2026, 3:07 pmAGM/EGM

Notice Of AGM To Be Held On September 25, 2026

AGM PDF

2 Sept 2026, 3:00 pmOthers

Reg. 34 (1) Annual Report.

Reg. 34 (1) Annual Report PDF

2 Sept 2026, 12:40 amCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

Date	Category	Subject	Filing
29 Sept 2026, 1:10 am	AGM/EGM AGM	Scrutinizer Report And E-Voting Result Of Annual General Meeting Of The Company	PDF
19 Sept 2026, 7:53 pm	Company Update Award of Order / Receipt of Order	Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order	PDF

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Power & Instrumentation (Gujarat) Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Investor Presentation and earnings call

Events

Dividends3

Board meetings1

Announcements

Ratio timeline

Not in the F&O segment

No fund holdings on record

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Dividends3

Board meetings1

Announcements

Annual reports

Investor Presentation and earnings call

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

3

1

3

1