Reported Earnings • Jun 02
Full year 2026 earnings released: EPS: ₹4.54 (vs ₹6.71 in FY 2025) Full year 2026 results: EPS: ₹4.54. Revenue: ₹2.20b (up 31% from FY 2025). Net income: ₹144.2m (up 23% from FY 2025). Profit margin: 6.5% (down from 7.0% in FY 2025). The decrease in margin was driven by higher expenses. Announcement • May 25
Power & Instrumental (Gujarat) Limited to Report Q4, 2026 Results on May 30, 2026 Power & Instrumental (Gujarat) Limited announced that they will report Q4, 2026 results at 12:08 PM, Indian Standard Time on May 30, 2026 New Risk • Apr 01
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 32% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (32% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (8.9% average weekly change). Market cap is less than US$100m (₹2.19b market cap, or US$23.5m). Announcement • Mar 20
Power & Instrumental (Gujarat) Limited (NSEI:PIGL) agreed to acquire an additional 8.94% stake in Peaton Electrical Company Limited for INR 31.3 million. Power & Instrumental (Gujarat) Limited (NSEI:PIGL) agreed to acquire an additional 8.94% stake in Peaton Electrical Company Limited for INR 31.3 million on March 18, 2026. A cash consideration of INR 31.3 million will be paid by Power & Instrumental (Gujarat) Limited. As part of consideration, INR 31.3 million is paid towards common equity of Peaton Electrical Company Limited. Upon completion, Power & Instrumental (Gujarat) Limited will own 60% stake in Peaton Electrical Company Limited.
For the period ending March 31, 2025, Peaton Electrical Company Limited reported total revenue of INR 360.4 million. Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₹109, the stock trades at a trailing P/E ratio of 15.6x. Average trailing P/E is 16x in the Construction industry in India. Total returns to shareholders of 68% over the past three years. New Risk • Feb 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.4% average weekly change). Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (₹2.29b market cap, or US$25.2m). Reported Earnings • Feb 16
Third quarter 2026 earnings released: EPS: ₹1.82 (vs ₹1.94 in 3Q 2025) Third quarter 2026 results: EPS: ₹1.82. Revenue: ₹488.9m (up 47% from 3Q 2025). Net income: ₹33.2m (up 6.4% from 3Q 2025). Profit margin: 6.8% (down from 9.4% in 3Q 2025). The decrease in margin was driven by higher expenses. Announcement • Feb 07
Power & Instrumental (Gujarat) Limited to Report Q3, 2026 Results on Feb 13, 2026 Power & Instrumental (Gujarat) Limited announced that they will report Q3, 2026 results on Feb 13, 2026 Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹125, the stock trades at a trailing P/E ratio of 17.5x. Average trailing P/E is 16x in the Construction industry in India. Total returns to shareholders of 70% over the past three years. New Risk • Jan 31
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 16% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Shareholders have been diluted in the past year (16% increase in shares outstanding). Market cap is less than US$100m (₹2.03b market cap, or US$22.1m). Reported Earnings • Nov 17
Second quarter 2026 earnings released: EPS: ₹2.66 (vs ₹2.69 in 2Q 2025) Second quarter 2026 results: EPS: ₹2.66. Revenue: ₹709.1m (up 29% from 2Q 2025). Net income: ₹47.4m (up 22% from 2Q 2025). Profit margin: 6.7% (down from 7.1% in 2Q 2025). The decrease in margin was driven by higher expenses. Announcement • Nov 10
Power & Instrumental (Gujarat) Limited to Report Q2, 2026 Results on Nov 14, 2025 Power & Instrumental (Gujarat) Limited announced that they will report Q2, 2026 results on Nov 14, 2025 Announcement • Sep 30
Power & Instrumental (Gujarat) Limited Approves Final Dividend for the Financial Year Ended March 31, 2025 Power & Instrumental (Gujarat) Limited in its Annual General Meeting held on September 27, 2025 approved to declare a final dividend of INR 0.20 (Twenty Paisa Only) (i.e.2%) per equity share for the financial year ended March 31, 2025 as recommended by the Board of Directors. Announcement • Sep 12
Power & Instrumental (Gujarat) Limited (NSEI:PIGL) acquired an additional 35.82% stake in Peaton Electrical Company Limited for approximately INR 130 million. Power & Instrumental (Gujarat) Limited (NSEI:PIGL) acquired an additional 35.82% stake in Peaton Electrical Company Limited for approximately INR 130 million on September 11, 2025. Power & Instrumental (Gujarat) Limited has increased its stake from 15.24% to 51.06% in Peaton Electrical Company Limited and Peaton Electrical Company Limited will become the subsidiary of Power & Instrumental (Gujarat) Limited. The current promoters of Peaton Electrical Company Limited will continue to lead the company's management and operations to ensure continuity and a smooth transition.
For the period ending March 31, 2025, Peaton Electrical Company Limited reported total revenue of INR 360.4 million.
The transaction has been approved by the Audit Committee and the Board of Directors of Power & Instrumental (Gujarat) Limited.
Power & Instrumental (Gujarat) Limited (NSEI:PIGL) completed the acquisition of an additional 35.82% stake in Peaton Electrical Company Limited on September 11, 2025. Declared Dividend • Sep 04
Dividend of ₹0.20 announced Dividend of ₹0.20 is the same as last year. Ex-date: 19th September 2025 Payment date: 27th October 2025 Dividend yield will be 0.1%, which is lower than the industry average of 0.6%. Sustainability & Growth Dividend is covered by earnings (4% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has not increased over the past 2 years but payments have been stable during that time. Earnings per share has grown by 11% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Sep 03
Power & Instrumental (Gujarat) Limited, Annual General Meeting, Sep 27, 2025 Power & Instrumental (Gujarat) Limited, Annual General Meeting, Sep 27, 2025, at 14:30 Indian Standard Time. Announcement • Sep 02
Power & Instrumental (Gujarat) Limited Announces Dividend for Year Ended on March 31, 2025 Power & Instrumental (Gujarat) Limited announced that board meeting was held on September 02, 2025 and Fixed the Record Date for the purpose of determining eligibility of Shareholders for final dividend of INR 0.20/- (twenty paisa only) per equity share of face value of INR 10 each for financial year ended on March 31, 2025. Reported Earnings • Aug 13
First quarter 2026 earnings released First quarter 2026 results: EPS: ₹1.50. Revenue: ₹415.5m (up 63% from 1Q 2025). Net income: ₹25.8m (up 38% from 1Q 2025). Profit margin: 6.2% (down from 7.3% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 09
Power & Instrumental (Gujarat) Limited to Report Q1, 2026 Results on Aug 12, 2025 Power & Instrumental (Gujarat) Limited announced that they will report Q1, 2026 results on Aug 12, 2025 New Risk • Jul 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (65% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.2% average weekly change). Shareholders have been diluted in the past year (27% increase in shares outstanding). Market cap is less than US$100m (₹1.90b market cap, or US$22.1m). Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₹118, the stock trades at a trailing P/E ratio of 16.2x. Average trailing P/E is 23x in the Construction industry in India. Total returns to shareholders of 188% over the past three years. Reported Earnings • May 31
Full year 2025 earnings released: EPS: ₹6.61 (vs ₹4.68 in FY 2024) Full year 2025 results: EPS: ₹6.61 (up from ₹4.68 in FY 2024). Revenue: ₹1.71b (up 76% from FY 2024). Net income: ₹117.5m (up 100% from FY 2024). Profit margin: 6.9% (up from 6.0% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 49% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 28
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹186, the stock trades at a trailing P/E ratio of 25.7x. Average trailing P/E is 22x in the Construction industry in India. Total returns to shareholders of 260% over the past three years. Valuation Update With 7 Day Price Move • Mar 27
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ₹163, the stock trades at a trailing P/E ratio of 22.5x. Average trailing P/E is 19x in the Construction industry in India. Total returns to shareholders of 294% over the past three years. Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₹205, the stock trades at a trailing P/E ratio of 28.4x. Average trailing P/E is 21x in the Construction industry in India. Total returns to shareholders of 232% over the past three years. Reported Earnings • Feb 15
Third quarter 2025 earnings released: EPS: ₹1.94 (vs ₹0.65 in 3Q 2024) Third quarter 2025 results: EPS: ₹1.94 (up from ₹0.65 in 3Q 2024). Revenue: ₹341.4m (up 126% from 3Q 2024). Net income: ₹31.2m (up 278% from 3Q 2024). Profit margin: 9.1% (up from 5.5% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 57% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹378, the stock trades at a trailing P/E ratio of 65.7x. Average trailing P/E is 28x in the Construction industry in India. Total returns to shareholders of 479% over the past three years. Announcement • Dec 25
Power & Instrumental (Gujarat) Limited (NSEI:PIGL) agreed to acquire an additional 44.77% stake in Peaton Electrical Company Limited. Power & Instrumental (Gujarat) Limited (NSEI:PIGL) agreed to acquire an additional 44.77% stake in Peaton Electrical Company Limited on December 23, 2024. After the acquisition Power & Instrumental (Gujarat) Limited will hold 60% stake in Peaton Electrical Company Limited. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹292, the stock trades at a trailing P/E ratio of 50.7x. Average trailing P/E is 26x in the Construction industry in India. Total returns to shareholders of 568% over the past three years. Reported Earnings • Nov 13
Second quarter 2025 earnings released: EPS: ₹2.69 (vs ₹1.09 in 2Q 2024) Second quarter 2025 results: EPS: ₹2.69 (up from ₹1.09 in 2Q 2024). Revenue: ₹557.5m (up 129% from 2Q 2024). Net income: ₹38.9m (up 179% from 2Q 2024). Profit margin: 7.0% (up from 5.7% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 69% per year, which means it is well ahead of earnings. New Risk • Oct 19
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 27% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 9.1% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (27% increase in shares outstanding). Market cap is less than US$100m (₹3.89b market cap, or US$46.3m). Announcement • Oct 08
Power & Instrumentation (Gujarat) Limited Announces Successful Completion of a Key Project for the Government of India's Department of Atomic Energy, Nuclear Fuel Complex (NFC), Kota Power & Instrumentation (Gujarat) Limited announced the successful completion of a key project for the Government of India's Department of Atomic Energy, Nuclear Fuel Complex (NFC), Kota. The project, valued at INR 101.8 million with an actual execution value of INR 108.0 million, involved the designing, engineering, supplying, installation, testing, and commissioning of high-voltage Diesel Generator (DG) sets, AMF & Synchronizing Panels, and Switchboards, among other critical electrical systems. The Nuclear Fuel Complex commended PIGL for its excellent performance in key areas, including quality of work, technical expertise, resourcefulness, and financial soundness. NFC also recognized PIGL's capability to meet the technical demands of this critical project, ensuring uninterrupted power supply to the nuclear facility while adhering strictly to safety standards. This project held strategic importance, as the Nuclear Fuel Complex plays a key role in fuelling India's nuclear reactors. The systems installed by PIGL are critical to ensuring the safety and seamless operation of the NFC. PIGL's high-voltage DG sets and power systems guarantee the facility's continuous operation, even during power outages. Given the complexity of the project and its direct impact on the functioning of a nuclear plant, the work required the highest standards of precision and expertise. PIGL met these demands effectively, showcasing its capability to successfully deliver large-scale, high-stakes projects for critical government sectors. Announcement • Oct 03
Power & Instrumental (Gujarat) Limited Approves Final Dividend for the Financial Year Ended March 31, 2024 Power & Instrumental (Gujarat) Limited at its AGM held on 30 September 2024 approved to declare a Final Dividend of INR 0.20 (i.e.2%) per equity share for the Financial Year ended March 31, 2024. Valuation Update With 7 Day Price Move • Oct 01
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹189, the stock trades at a trailing P/E ratio of 35.4x. Average trailing P/E is 30x in the Construction industry in India. Total returns to shareholders of 208% over the past three years. Upcoming Dividend • Sep 19
Upcoming dividend of ₹0.20 per share Eligible shareholders must have bought the stock before 23 September 2024. Payment date: 30 October 2024. Trailing yield: 0.1%. Lower than top quartile of Indian dividend payers (1.0%). Lower than average of industry peers (0.6%). New Risk • Sep 16
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₹36.6m (US$436.9k) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 9.1% per year over the past 5 years. Market cap is less than US$10m (₹36.6m market cap, or US$436.9k). Declared Dividend • Sep 05
Dividend of ₹0.20 announced Dividend of ₹0.20 is the same as last year. Ex-date: 23rd September 2024 Payment date: 30th October 2024 Dividend yield will be 0.1%, which is lower than the industry average of 0.6%. Payout Ratios Payout ratio: 4%. Cash payout ratio: 3%. Announcement • Sep 04
Power & Instrumental (Gujarat) Limited, Annual General Meeting, Sep 30, 2024 Power & Instrumental (Gujarat) Limited, Annual General Meeting, Sep 30, 2024, at 12:00 Indian Standard Time. Location: b-1104 sankalp iconic, opp. vikram nagar, iscon, temple cross road, s.g., highway, gujarat - 380054., ahmedabad India Reported Earnings • Aug 14
First quarter 2025 earnings released: EPS: ₹3.70 (vs ₹0.81 in 1Q 2024) First quarter 2025 results: EPS: ₹3.70 (up from ₹0.81 in 1Q 2024). Revenue: ₹260.0m (up 18% from 1Q 2024). Net income: ₹18.7m (up 86% from 1Q 2024). Profit margin: 7.2% (up from 4.6% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Aug 14
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 82% to ₹137. The fair value is estimated to be ₹114, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.4% over the last 3 years. Earnings per share has declined by 25%. Announcement • Aug 10
Power & Instrumental (Gujarat) Limited Approves the Appointment of Amit R. Uttamchandani as an Independent Director Power & Instrumental (Gujarat) Limited approved the appointment of Mr. Amit R. Uttamchandani (DIN: 10278185) as an Independent Director on the Board of the Company, at its EGM held on August 05, 2024. Announcement • Aug 09
Power & Instrumental (Gujarat) Limited to Report Q1, 2025 Results on Aug 13, 2024 Power & Instrumental (Gujarat) Limited announced that they will report Q1, 2025 results on Aug 13, 2024 Announcement • Aug 06
Power & Instrumental (Gujarat) Limited announced that it expects to receive INR 394.71375 million in funding Power & Instrumental (Gujarat) Limited announced a private placement of 3,439,000 common shares at a price of INR 83.75 per share for gross proceeds of INR 288,016,250; and 5,096,000 warrants at a price of INR 20.9375 per warrant for gross proceeds of INR 106,697,500; for aggregate gross proceeds of INR 394,713,750 on August 5, 2024. The warrants will be convertible into one common share of the company at INR 62.8125 per share and will mature in 18 months from the date of the allotment. The securities will be issued on preferential basis. The transaction has been approved by the board of directors of the company. Valuation Update With 7 Day Price Move • Jul 24
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹90.87, the stock trades at a trailing P/E ratio of 19.5x. Average trailing P/E is 30x in the Construction industry in India. Total returns to shareholders of 51% over the past three years. Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹81.54, the stock trades at a trailing P/E ratio of 17.5x. Average trailing P/E is 26x in the Construction industry in India. Total returns to shareholders of 18% over the past three years. Reported Earnings • Jun 04
Full year 2024 earnings released: EPS: ₹4.70 (vs ₹3.34 in FY 2023) Full year 2024 results: EPS: ₹4.70 (up from ₹3.34 in FY 2023). Revenue: ₹1.02b (up 8.2% from FY 2023). Net income: ₹58.9m (up 63% from FY 2023). Profit margin: 5.8% (up from 3.8% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Announcement • Jun 02
Power & Instrumental (Gujarat) Limited to Report Q4, 2024 Results on May 30, 2024 Power & Instrumental (Gujarat) Limited announced that they will report Q4, 2024 results on May 30, 2024 Announcement • Jun 01
Power & Instrumental (Gujarat) Limited Recommends Final Dividend the Financial Year Ended 31st March, 2024 Power & Instrumental (Gujarat) Limited announced that meeting of the board of directors was held on May 30, 2024, the Board of Directors has recommended Payment of Pinal Dividend of Paisa 0.20 (Twenty Paisa only) per Equity Share of face value INR 10/- Each (Rupees 10 only) i.e.2% on the Paid up Equity Share Capital for the Financial Year ended 31st March, 2024. The declared dividend shall be paid/dispatched on or after the seventh day from the conclusion of the Ensuing Annual General Meeting subject To Approve the Shareholders of the Company. Further, the Board has decided to calla separate Board meeting to declare the "Record Date" for the purpose of Declaration of dividend to the shareholders of the Company. Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹75.35, the stock trades at a trailing P/E ratio of 16.6x. Average trailing P/E is 28x in the Construction industry in India. Total returns to shareholders of 43% over the past three years. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ₹75.35, the stock trades at a trailing P/E ratio of 16.6x. Average trailing P/E is 28x in the Construction industry in India. Total returns to shareholders of 250% over the past three years. Reported Earnings • Feb 15
Third quarter 2024 earnings released: EPS: ₹0.65 (vs ₹0.70 in 3Q 2023) Third quarter 2024 results: EPS: ₹0.65 (down from ₹0.70 in 3Q 2023). Revenue: ₹155.0m (down 44% from 3Q 2023). Net income: ₹8.26m (down 9.6% from 3Q 2023). Profit margin: 5.3% (up from 3.3% in 3Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 51% per year, which means it is well ahead of earnings. Announcement • Feb 07
Power & Instrumental (Gujarat) Limited to Report Q3, 2024 Results on Feb 13, 2024 Power & Instrumental (Gujarat) Limited announced that they will report Q3, 2024 results on Feb 13, 2024 New Risk • Nov 21
New major risk - Revenue and earnings growth Earnings have declined by 28% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 28% per year over the past 5 years. Market cap is less than US$10m (₹519.9m market cap, or US$6.24m). Minor Risks High level of debt (67% net debt to equity). Short dividend paying track record (less than a year of continuous dividend payments). Shareholders have been diluted in the past year (47% increase in shares outstanding). Announcement • Nov 05
Power & Instrumental (Gujarat) Limited to Report Q2, 2024 Results on Nov 10, 2023 Power & Instrumental (Gujarat) Limited announced that they will report Q2, 2024 results on Nov 10, 2023 New Risk • Oct 08
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 47% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.2x net interest cover). Market cap is less than US$10m (₹530.7m market cap, or US$6.39m). Minor Risks Short dividend paying track record (less than a year of continuous dividend payments). Shareholders have been diluted in the past year (47% increase in shares outstanding). Announcement • Sep 09
Power and Instrumentation (Guj) Limited Proposes Final Dividend for the Financial Year Ended March 31, 2023 Power and Instrumentation (Guj) Limited at the AGM to be held on September 29, 2023 proposed to declare Final Dividend of INR 0.20 (2%) per equity share for the Financial Year ended March 31, 2023 as recommended by the Board of Directors. The Final Dividend, will be paid to the Members whose names appear in the Register of Members, as on the date of Book Closure/Record Date of the Company and for that the Register of Members and Share Transfer Books of the Company will remain closed from 23 September, 2023 to 29 September, 2023. Announcement • Sep 06
Power and Instrumentation (Guj) Limited, Annual General Meeting, Sep 29, 2023 Power and Instrumentation (Guj) Limited, Annual General Meeting, Sep 29, 2023, at 16:00 Indian Standard Time. Reported Earnings • Aug 13
First quarter 2024 earnings released: EPS: ₹0.81 (vs ₹0.71 in 1Q 2023) First quarter 2024 results: EPS: ₹0.81 (up from ₹0.71 in 1Q 2023). Revenue: ₹219.5m (up 64% from 1Q 2023). Net income: ₹10.0m (up 71% from 1Q 2023). Profit margin: 4.6% (up from 4.4% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 55% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₹46.30, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 20x in the Construction industry in India. Total returns to shareholders of 387% over the past three years. Recent Insider Transactions • Jun 06
Non-Executive Director recently sold ₹13m worth of stock On the 2nd of June, Sriram Nair sold around 200k shares on-market at roughly ₹67.01 per share. This transaction amounted to 22% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₹64.75, the stock trades at a trailing P/E ratio of 15.4x. Average trailing P/E is 20x in the Construction industry in India. Total returns to shareholders of 564% over the past three years. Announcement • May 28
Power and Instrumentation (Guj) Limited Recommends Final Dividend for the Financial Year Ended 31St March, 2023 Power and Instrumentation (Guj) Limited recommended Payment of Final Dividend of INR 0.20 (Twenty Paisa only) per Equity Share of face value INR 10 Each (Rupees 10 only) i.e.2% on the Paid up Equity Share Capital for the Financial Year ended 31 March, 2023. The declared dividend shall be paid/dispatched on or after the seventh day from the conclusion of the Ensuing Annual General Meeting subject To Approve the Shareholders of the Company. Announcement • May 20
Power and Instrumentation (Guj) Limited to Report Q4, 2023 Results on May 26, 2023 Power and Instrumentation (Guj) Limited announced that they will report Q4, 2023 results on May 26, 2023 Valuation Update With 7 Day Price Move • May 12
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹80.80, the stock trades at a trailing P/E ratio of 19.3x. Average trailing P/E is 20x in the Construction industry in India. Total returns to shareholders of 808% over the past three years. Valuation Update With 7 Day Price Move • Apr 25
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹68.80, the stock trades at a trailing P/E ratio of 16.4x. Average trailing P/E is 19x in the Construction industry in India. Total returns to shareholders of 709% over the past three years. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improved over the past week After last week's 18% share price gain to ₹67.10, the stock trades at a trailing P/E ratio of 16x. Average trailing P/E is 20x in the Construction industry in India. Total returns to shareholders of 16% over the past year. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improved over the past week After last week's 27% share price gain to ₹56.20, the stock trades at a trailing P/E ratio of 13.4x. Average trailing P/E is 19x in the Construction industry in India. Total returns to shareholders of 25% over the past year. Reported Earnings • Nov 20
First half 2023 earnings released: EPS: ₹2.07 (vs ₹2.17 in 1H 2022) First half 2023 results: EPS: ₹2.07 (down from ₹2.17 in 1H 2022). Revenue: ₹391.1m (up 75% from 1H 2022). Net income: ₹17.8m (down 4.3% from 1H 2022). Profit margin: 4.6% (down from 8.3% in 1H 2022). The decrease in margin was driven by higher expenses. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. 2 independent directors (5 non-independent directors). HR & Administrative Manager and Executive Director Kavita Pillai was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Oct 04
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. 2 independent directors (5 non-independent directors). HR & Administrative Manager and Executive Director Kavita Pillai was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.