Power & Instrumentation (Gujarat) Ltd. (PIGL) AI Stock Analysis

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Power & Instrumentation (Gujarat) Ltd.

(NSE:PIGL)

Select Model

Rating:62Neutral

Price Target:INR 97.00▲(5.88% Upside)

Action:reiterated

Date:09/10/26

The score is primarily held back by weak cash conversion (negative operating cash flow in most years and negative free cash flow in FY2025–FY2026) despite solid profitability and strong FY2026 revenue acceleration. A materially de-risked balance sheet (very low leverage) and reasonable valuation (P/E ~13) support the score, while technical signals remain mixed-to-soft with price below key longer-term moving averages and a negative MACD.

Positive Factors

Revenue accelerationThe sharp improvement in revenue growth indicates stronger business activity and market demand than in the prior two years. If sustained, this momentum can expand the company’s operating base, support reinvestment, and improve the durability of earnings over the next several quarters.

Negative Factors

Weak cash conversionRecurring negative operating cash flow means reported profits are not consistently translating into cash, weakening earnings quality and financial flexibility. Continued working-capital absorption could constrain self-funded growth and increase dependence on disciplined project timing or external funding.

Power & Instrumentation (Gujarat) Ltd. (PIGL) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 1.93B
Dividend Yield: 0.22%
Average Volume (3M): 59.38K
Price to Earnings (P/E): 11.4
Beta (1Y): 0.87
Revenue Growth: 22.56%
EPS Growth: -2.59%
Country: India
Employees: 61
Sector: General
Sector Strength: 55
Industry: Engineering & Construction

Power & Instrumentation (Gujarat) Ltd. Business Overview & Revenue Model

Company Description

Power & Instrumentation (Gujarat) Ltd. engages in the provision of EPC solutions for electrical requirement and manufactured electronic boards, electrical panels and control panels. Its services involves power and distribution transformers, high tens...

Power & Instrumentation (Gujarat) Ltd. Financial Statement Overview

Summary

Revenue growth accelerated strongly (~18.5% in FY2026) with steady operating and net margins (~10–11% operating; ~6–7% net). Balance sheet leverage is conservative (debt-to-equity ~0.09 in FY2026), but recurring negative operating cash flow and recent negative free cash flow (FY2025–FY2026) are material risks to earnings quality and working-capital intensity.

Income Statement

72Positive

Balance Sheet

83Very Positive

Cash Flow

28Negative

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	2.26B	2.19B	1.69B	974.90M	930.90M	912.80M
Gross Profit	315.92M	285.38M	236.47M	188.40M	145.80M	136.40M
EBITDA	250.33M	229.73M	195.87M	109.10M	85.59M	73.50M
Net Income	145.50M	142.79M	117.64M	59.00M	36.38M	29.00M
Balance Sheet
Total Assets	0	2.34B	1.73B	1.07B	1.07B	977.90M
Cash, Cash Equivalents and Short-Term Investments	37.91M	37.91M	41.91M	3.60M	2.70M	700.00K
Total Debt	0	135.26M	183.68M	146.80M	318.80M	286.70M
Total Liabilities	-1.67B	669.25M	629.18M	562.40M	613.98M	601.30M
Stockholders Equity	1.67B	1.53B	1.11B	512.26M	453.30M	364.50M
Cash Flow
Free Cash Flow	0	-101.58M	-395.72M	83.60M	9.91M	-48.30M
Operating Cash Flow	0	-90.58M	-392.59M	84.80M	12.56M	-44.70M
Investing Cash Flow	0	-136.71M	-124.70M	-1.60M	-43.70M	-4.50M
Financing Cash Flow	0	258.41M	517.16M	-82.00M	36.62M	20.80M

Power & Instrumentation (Gujarat) Ltd. Technical Analysis

Technical Analysis SentimentNegative

Last Price91.61

Price Trends

50DMA97.82Negative

100DMA103.62Negative

200DMA106.35Negative

Market Momentum

MACD-1.93Negative

RSI44.70Neutral

STOCH52.41Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:PIGL, the sentiment is Negative. The current price of 91.61 is below the 20-day moving average (MA) of 93.50, below the 50-day MA of 97.82, and below the 200-day MA of 106.35, indicating a bearish trend. The MACD of -1.93 indicates Negative momentum. The RSI at 44.70 is Neutral, neither overbought nor oversold. The STOCH value of 52.41 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:PIGL.

Power & Instrumentation (Gujarat) Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:PIGL against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:POWERMECH	74Outperform	INR 68.39B	17.48	―	0.07%	15.79%	22.69%
IN:GVPIL	67Neutral	INR 38.11B	14.02	―	1.24%	18.73%	―
IN:PIGL	62Neutral	INR 1.92B	11.44	―	0.22%	22.56%	-2.59%
IN:TECHNOE	58Neutral	INR 96.55B	22.38	―	0.84%	38.72%	-6.77%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:KEC	46Neutral	INR 87.75B	15.85	―	1.67%	5.14%	-9.35%
IN:BGRENERGY	40Underperform	INR 20.35B	-1.63	―	―	-38.23%	-10.95%

* General Sector Average

Performance Comparison

IN:PIGL and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:PIGL	Power & Instrumentation (Gujarat) Ltd.	91.61	-57.17	-38.43%
IN:BGRENERGY	BGR Energy Systems Limited	282.00	-148.80	-34.54%
IN:GVPIL	GE Power India Ltd.	566.85	263.89	87.10%
IN:KEC	KEC International Ltd.	329.65	-472.86	-58.92%
IN:POWERMECH	Power Mech Projects Ltd.	2163.15	-332.96	-13.34%
IN:TECHNOE	Techno Electric & Engineering Company Limited	830.15	-500.52	-37.61%

Power & Instrumentation (Gujarat) Ltd. Corporate Events

Power & Instrumentation (Gujarat) Wins ₹6.06 Crore Solar Panel Order Under KUSUM-C Scheme

Sep 19, 2026

Power & Instrumentation (Gujarat) Ltd. has secured a domestic work order from Mahesh Solar Solution Private Limited for the supply of 11 kV ICOG panels and inverter LT panels under the KUSUM-C feeder-level solarisation scheme. The equipment will...

Power & Instrumentation (Gujarat) Schedules 42nd AGM via Video Conferencing

Sep 3, 2026

Power & Instrumentation (Gujarat) Ltd. has announced that its 42nd Annual General Meeting will be held on September 25, 2026, at 2:30 p.m. IST via video conferencing and other audio-visual means, in line with evolving corporate governance and dig...

Power & Instrumentation (Gujarat) Sets 42nd AGM, Details Remote E-Voting Window

Sep 2, 2026

Power & Instrumentation (Gujarat) Ltd. has scheduled its 42nd Annual General Meeting for September 25, 2026, at 2:30 p.m., to be conducted via video conferencing or other audio-visual means in line with guidelines from the Ministry of Corporate A...

Power & Instrumentation (Gujarat) Sets Virtual 42nd AGM, Publishes Statutory Notice

Sep 1, 2026

Power & Instrumentation (Gujarat) Ltd. has announced that its 42nd Annual General Meeting will be held on Friday, 25 September 2026, at 2:30 p.m. IST through video conferencing and other audio-visual means. The company has published the statutory...

Power & Instrumentation (Gujarat) Clears ESOP 2026 and Sets Schedule for 42nd AGM

Aug 25, 2026

Power & Instrumentation (Gujarat) Ltd. has approved an Employee Stock Option Plan 2026 for eligible employees and directors, excluding promoters and large shareholders, with grants to be administered by the Nomination and Remuneration Committee i...

Power & Instrumentation (Gujarat) Publishes Q1 FY27 Unaudited Results

Aug 16, 2026

Power & Instrumentation (Gujarat) Ltd. has published its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026 in the Financial Express in both Gujarati and English. The disclosure, made pursuant to SEBI&#821...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Sep 10, 2026

Power & Instrumentation (Gujarat) Ltd. AI Stock Analysis

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