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Prices as of 8 Oct 2026 close · Not investment advice

Power & Instrumentation (Gujarat) Limited

NSE: PIGLOther Electrical Equipment

Share price

₹96.22

-0.90% close of 8 Oct 2026

Market cap ₹202 CrP/E 13.8

Business score

How strong the business is, in one number. The parts behind it are in Pro.

63

out of 100 · worked out 8 Oct 2026

Your ratios

The numbers you want to see first. Tap Edit to change them.

Market cap

₹202 Cr

P/E ratio

13.8

P/B ratio

1.3

ROCE

14.5%

ROE

10.9%

Dividend yield

0.0%

Price & valuation chart

How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.

Prices as of 8 Oct 2026 close52-week high ₹178.7052-week low ₹90.18

Answers

Simple answers to the questions investors ask most, from the company's own numbers.

How fast it has been growing

Sales grew 22.6% over the past year, and 42.5% a year over its longer record. Meanwhile what it keeps of every 100 rupees of sales slipped from 11.5% to 10.7% over the last two years.

Whether it grew faster than its sector

It grew 42.5% a year against a sector median of 10.6% — 31.9 percentage points faster.

Room to re-rate, or risk of de-rating

At 13.8× earnings against a market that pays 23.9× across 2199 companies we can price. Its own industry sits at 30.1×, across 5 companies. It is against its own five-year median of 29.3×, the 1st percentile of its own range.

Whether growth justifies the valuation

Priced at 0.2 times its growth rate, on earnings growth of 58%.

Profit growthPrice per ₹1 profitPer 1% growth
Power & Instrumentation (Gujarat) Limited — this one58%/yr13.8×₹0.24
Avalon Technologies Limited28%/yr111.7×₹4.0
Fujiyama Power Systems Limited—30.1×—
Genus Power Infrastructures Limited179%/yr12.4×—
Waaree Renewable Technologies Limited105%/yr16.5×—
Ram Ratna Wires Limited35%/yr44.5×₹1.3

Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

How it compares with its peers

Against companies the exchange files under the same label (Other Electrical Equipment), it ranks 23 of 34 on returns, 8 of 30 on growth, 26 of 34 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

What makes it hard to beat — and is that still true?

No durable advantage shows in the numbers: it earns 14.5% on capital, ahead of 32% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

Whether its growth pays for itself

No — Over the last five years the business itself consumed ₹39 crore of cash before any plant spend, funded from lenders and shareholders. And the profit is not backed by cash: it reported a profit over 5 years and consumed cash from the business. Its cash comes back more slowly than it used to: it went from being waiting 103 days for its cash to waiting 121 days for its cash.

Profit reality check

Is the profit real cash? Simple checks on the accounts. Facts only, not advice.

7 of 9 checks clear · 78%

Latest result · Q1 FY27

What the last results showed. Whether management kept its word is in Pro.

Announced 14 Aug 2026 · Consolidated · Unaudited

Revenue

₹49 Cr

Revenue vs last year

+18.4%

Revenue vs last quarter

-16.5%

Net profit

₹3 Cr

Profit vs last year

+16.2%

Profit vs last quarter

-22.5%

Net margin

6.2%

EPS

₹1.44

Checklist before you investPRO

Points for and against, in one list.

Key numbers & peers

The main numbers grouped by topic, and how the company compares with similar ones.

Price

Market cap
₹202 Cr
Prev close
₹96.22
52w High
₹185
52w Low
₹88.1
Enterprise value
₹231 Cr
Beta
0.8
Price CAGR 1y
-44.0%
Price CAGR 3y
33.0%
Price CAGR 5y
9.0%
Price CAGR 10y
—

Ratios

Return on assets
5.7%
PEG ratio
0.2
P/E ratio
13.8
P/B ratio
1.3
EV / EBITDA
9.7
Industry P/E
30.9
ROCE
14.5%
ROCE 5y average
16.0%
ROE
10.9%
Debt / Equity
0.2
Interest coverage
4.8
Dividend yield
0.0%
ROE 3y average
12.0%
ROE last year
11.0%

Annual P&L

Annual revenue
₹219 Cr
Annual profit
₹15 Cr
Operating margin
10.0%
Net profit margin
6.8%
EBITDA margin
10.5%
Sales growth 3y
32.6%
Sales growth 5y
—
Profit growth 3y
58.0%
Profit growth 5y
—
EPS
₹6.7
Sales growth TTM
23.0%
Profit growth TTM
17.0%
Dividend payout
0.0%

Quarter P&L

Sales latest quarter
₹49 Cr
Profit latest quarter
₹3 Cr
YoY quarterly sales growth
18.4%
YoY quarterly profit growth
16.4%
OPM latest quarter
10.3%

Balance Sheet

Book Value
₹72.4
Face Value
₹10.0
Total debt
₹33 Cr
Total cash
₹4 Cr
Borrowings
₹33 Cr
Reserves / Equity
6.2

Cash Flow

Operating cash flow
-₹5 Cr
Free cash flow
-₹6 Cr
FCF yield
-5.3%
Net cash flow
₹3 Cr

Shareholding

Promoter holding
50.7%
FII holding
0.0%
DII holding
0.8%
Public holding
48.5%

Peer comparison

CompanyPrice ₹P/EMkt cap ₹ CrDiv yield %Profit qtr ₹ CrProfit var %Sales qtr ₹ CrSales var %ROCE %
Apar Inds.17,733.0061.674,2520.33467.577.86,591.129.131.8
Waaree Energies2,335.0016.767,1670.17891.914.17,931.879.238.5
Premier Energies894.0024.440,5830.11471.950.52,462.635.332.7
MTAR Technologie7,697.50172.423,6770.0050.5349.7360.7130.415.2
Diamond Power364.95117.721,8270.0057.1197.8707.3133.010.4
Emmvee Photovol.305.0016.621,1170.33380.3102.61,555.551.344.6
Avalon Tech2,341.55117.215,6610.0034.9145.4484.449.819.3
Power & Instrum.96.9414.12050.003.110.348.918.414.5
Median297.0025.57530.008.129.5135.632.421.5

Competes with: Apar Industries Limited, Avalon Technologies Limited, Diamond Power Infrastructure Limited, Emmvee Photovoltaic Power Limited, Fujiyama Power Systems Limited, Genus Power Infrastructures Limited, Mtar Technologies Limited, Premier Energies Limited, Vikram Solar Limited, Waaree Energies Limited, Waaree Renewable Technologies Limited

Quarterly results

Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.

Consolidated · to 30 Jun 2026
Line itemJun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales22241537255533554170495949
Expenses19221333225030503764435244
Material Cost00002.59
Change in Inventories-2.05-3.37-1.83-11-4.72
Purchases of Stock-in-Trade3766415943
Employee Cost1.071.131.391.611.36
Other Expenses1.280.202.092.581.94
Operating Profit2.552.711.823.893.125.223.694.844.036.585.926.415.01
OPM %12111211129.50118.799.769.36121110
Other Income0.150.190.370.690.530.821.090.300.280.640.170.430.44
Exceptional items (within Other Income)00-0.06-0.020
Interest1.3010.981.141.090.780.560.960.730.801.401.671.27
Depreciation0.060.060.050.050.060.060.060.070.050.110.160.270.30
Profit before tax1.341.841.163.392.505.204.164.113.536.314.534.903.88
Tax %25242921252523322625212022
Net Profit11.390.832.681.873.893.192.812.624.713.573.933.05
EPS in Rs0.791.100.662.121.482.421.981.611.502.651.841.711.37
Diluted EPS in Rs1.502.661.691.321.44

Profit & loss

Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.

Consolidated · to 31 Mar 2026
Line itemMar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales919497169219226
Expenses848787152196202
Material Cost0
Change in Inventories-18
Purchases of Stock-in-Trade203
Employee Cost5.19
Other Expenses6.16
Operating Profit7811172324
OPM %7811101011
Other Income011212
Exceptional items (within Other Income)-0.08
Interest3343.384.615
Depreciation000.220.250.591
Profit before tax457.73161920
Tax %3127242623
Net Profit345.90121515
EPS in Rs3.362.864.676.736.707.57
Diluted EPS in Rs4.54
Dividend Payout %07430

Compounded growth

Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.

Compounded sales growth

10 years
—
5 years
—
3 years
33%
TTM
23%

Compounded profit growth

10 years
—
5 years
—
3 years
58%
TTM
17%

Stock price CAGR

10 years
—
5 years
9%
3 years
33%
1 year
-44%

Return on equity

10 years
—
5 years
11%
3 years
12%
Last year
11%

Balance sheet

What the company owns and what it owes, at the end of each year. ₹ crore.

Consolidated
Line itemMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital913131721
Reserves28333993131
Borrowings2932151833
Other Liabilities3230424575
Minority Interest15
Total Liabilities97107107173261
Fixed Assets111144
CWIP01113
Investments00010
Other Assets95105106171214
Total Assets97107107173261

Cash flows

Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.

Consolidated
Line itemMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity-318-40-5.02
Cash from Investing Activity1-5-0-12-14
Cash from Financing Activity24-85222
Net Cash Flow-000-03
Free Cash Flow-318-40-6.09

Ratios

How fast customers pay, how long stock sits, and how well capital earns — year by year.

Consolidated
Line itemMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days22114911513470
Inventory Days80159190124168
Days Payable1321061537985
Cash Conversion Cycle168202151179153
Working Capital Days103113129177121
ROCE %12172015

Shareholding pattern

Who owns the company — founders (promoters), foreign funds, Indian funds and the public. In %.

Consolidated · to 30 Jun 2026
Line itemSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters525252524141464646465151
FIIs00000000000.010
DIIs00000000.08000.750.82
Public484848485959545454544948
No. of Shareholders2,1672,5674,1744,5614,2326,4427,4988,2199,33310,26810,44810,812

Price trend

The price as a Renko brick chart: small moves drop out so the bigger path stands out.

Change over 1 year -46.2% (₹178.70 → ₹96.22)Brick size ₹4.35 (fixed)Bricks 53
₹125₹150₹175₹96.22Nov '25Jan '26Mar '26May '26Jul '26Sep '26
Price moved up one brickPrice moved down one brickLast close ₹96.22 on 8 Oct 2026

Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.

Open interestPRO

Where option traders are positioned on this stock.

Industry numbers

The numbers that matter most in this industry, from the company's own filings.

1 when an audit qualification is filed as repetitive

0.00flag

2026-03-31

the company's own unlisted debt securities in default at period end

0.00cr

2026-06-30

the company's own loans / revolving facilities in default at period end (standalone filing)

0.00cr

2026-06-30

net debt from the filed balance sheet at the newest year end: Borrowings − Cash Equivalents − Investments (Current); negative = net cash

29.00inr_cr

2026-03-31

guarantees / comfort given for promoter, promoter group, directors and KMP

0.00cr

2026-03-31

loans outstanding to promoter, promoter group, directors and KMP (governance filing)

0.00cr

2026-03-31

security given for the borrowing of promoter, promoter group, directors and KMP

0.00cr

2026-03-31

News

News and filings about Power & Instrumentation (Gujarat) Limited. Open one to see why it matters.

Supply chain

Who it buys from, sells to and competes with — as recorded in our map of company links.

Competes with

Uses as raw material

  • Electrical equipment bought as stock-in-trade - distribution transformers, generators, switchgear, substation equipment, MV/LT panel boards, busducts, switchboards, UPS systems, DG sets, battery banks and HT/LT line materials. FY25 P&L: Purchases of stock in trade Rs 14,803 L on revenue from operations Rs 16,884 L = 87.67%, while Cost of material consumed is nil - the whole cost base is bought-in equipment, not a commodity
  • Stainless-steel scrap / flats of various grades

Depends on the price of

  • steel

Sells to

  • A2 Green Energy Private Limited (formerly Hydel Consultants Pvt Ltd) · Rs 17.07 Cr order for a 5 MW (AC) solar power project; listed as the Maharashtra Key Proje…
  • Ahmedabad International Airport Ltd (Adani Group) · Rs 20.93 Cr substation development at Sardar Vallabhbhai Patel International Airport, Ahme…
  • Airports Authority of India · appointed Specialized Agency - design and implementation of power supply systems, power di…
  • Ajmer Vidyut Vitran Nigam Limited · Rs 70 Cr order for electrical distribution / infrastructure works; the Rajasthan Key Proje…
  • Assam Power Distribution Company Limited · electrical infrastructure / distribution works; the Assam Key Project
  • Bharat Dynamics Limited · electrical contracting for BDL's missile manufacturing units; FY25 AR Industry Focus: 'Bha…
  • Bharat Petroleum Corporation · electrical EPC / industrial electrical services; named in the FY25 AR Govt Public Sector U…
  • Bharat Sanchar Nigam Ltd · telecom power infrastructure; named in the FY25 AR Telecom focus list
  • Bharti Airtel · telecom power infrastructure and distribution substations; FY25 AR Telecom focus: 'Collabo…
  • Ford India · industrial electrical services; FY25 AR Industries focus: 'Engaged with both government an…
  • Goa State Infrastructure Development Corporation Limited · electrical infrastructure works; the Goa Key Project
  • Godrej & Boyce Manufacturing Company Limited · electrical EPC / industrial project works; listed third among Gujarat Key Projects in the…
  • Hindustan Aeronautics · electrical EPC / substation works; FY25 AR Govt Public Sector Units: 'Collaborated on proj…
  • Indian Oil Corporation · electrical EPC / industrial electrical services; named in the FY25 AR Govt Public Sector U…
  • Indian Space Research Organisation (ISRO) · electrical EPC; named in the FY25 AR Govt Public Sector Units list
  • Jharkhand Bijli Vitran Nigam Limited · Rs 22.92 Cr supply-of-plant contract plus Rs 5.49 Cr installation services for electrifica…
  • KITCO Ltd - Government Medical College, Kerala · electrical works; the Kerala Key Project
  • MP Poorv Kshetra Vidyut Vitran Co. Ltd. · electrical distribution / infrastructure works; the Madhya Pradesh Key Project
  • Mahanagar Telephone Nigam Limited · distribution substation for the telecom sector; FY25 AR milestone 2014: 'Commissioned Larg…
  • Nuclear Fuel Complex (NFC) Kota, Department of Atomic Energy · Rs 10.80 Cr project - design, engineering, installation and commissioning of high-voltage…
  • Nyati Engineers and Consultants Private Limited · Rs 57.89 Cr of orders for electrical works at Udaipur Air Terminal, Rajasthan
  • Public Health Engineering Department, Assam · electrical works; listed as an Assam Key Project
  • Vodafone Idea · telecom power infrastructure; named in the FY25 AR Telecom focus list ('Vodafone, Idea')

About

What the company is, from our own records: where it sits, where it makes things, and what it is made of.

Sector
Capital Goods
Industry
Other Electrical Equipment
Classification
Capital Goods › Other Electrical Equipment
ISIN
INE557Z01018

Plants

  • GIDC Talod unit (plots 223 to 238)

News impact

Big market events that reach Power & Instrumentation (Gujarat) Limited, and how the effect spreads.

No recent market events reach this company.

Dividends, splits & big trades

Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.

Dividends

19 Sep 2025unspecified₹0.2
23 Sep 2024unspecified₹0.2
22 Sep 2023unspecified₹0.2

Splits, bonuses & buybacks

  • daily-prices repair: 44 rows from NSE's archive (replace 38, delete 1, insert 5), 2018-05-23..2026-02-01 (docs/flat_day_repair.md)1× · 23 May 2018

Documents

Annual reports, results presentations and earnings calls, straight from the source.

Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.