Asit C Mehta report on PG Electroplast Ltd
PG Electroplast Limited (PGEL) was incorporated in 2003 as flagship company of PG group. It is an electronic manufacturing services (EMS) provider for original equipment manufacturers (OEMs) of consumer electronic products in India. The Company is engaged in the manufacturing of consumer durables which comprise of molding division; electronics division; complete products; paint shop; thermoset, and tooling division. The molding division includes parts of air-conditioners, air coolers, washing machines, refrigerators, ceiling fan parts, automobile parts, and sanitary ware products. The electronics division includes Printed circuit board assemblies for LED, televisions, and set top boxes. The complete products division includes an automated painting line to attend to all kinds of painting-related needs. The thermoset division includes toilet seats manufacturing facility and scratch resistant toilet seats. The tooling division Includes design and development of molds for various products.
Outlook
Factoring this in, we estimate revenue to grow at a CAGR of 28% over FY24-FY26E, with an ACCUMULATE rating at a target of Rs 4,120 based on a PE of 41x with FY26E EPS of Rs 100.5.
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