PG Electroplast arm inks ₹1,000 cr MoU with Maharashtra govt for Ahilyanagar project

PG Electroplast Ltd’s step-down subsidiary, Next Generation Manufacturers Pvt Ltd, has signed a Memorandum of Understanding with the Government of Maharashtra to set up a ₹1,000 crore greenfield consumer electronics facility in Kamargaon, Ahilyanagar.The project, part of the state’s Magnetic Maharashtra initiative, will create integrated manufacturing capacities for air conditioners, washing machines, refrigerators and allied products.

It is expected to generate more than 5,000 direct and indirect jobs, boosting the consumer electronics ecosystem in western India

The agreement was formalised in Mumbai in the presence of Maharashtra Chief Minister Devendra Fadnavis and Industries Minister Uday Samant. PG Electroplast said the facility would be highly vertically integrated and strengthen the local components ecosystem.The development comes at a time when PG Electroplast shares have been under pressure. On Friday, the stock closed at ₹532.85 on the NSE, down 1.55%.

Shares had earlier tumbled as much as 35% in recent weeks after the company revised down its FY26 revenue growth guidance to 17–19% from 30.3% and cut its net profit target to ₹300–310 crore, from an earlier ₹405 crore.

However, in an interaction with CNBC-TV18 earlier, Vikas Gupta of PG Electoplast said that for now, he does not see any downside risk to the revised guidance across parameters and the promoters remain committed to the business.

Despite weaker growth expectations and trimmed capex plans, brokerage firm Nuvama has maintained a “buy” rating on the stock, though it lowered its price target to ₹710 from ₹1,100.