PGEL has grown more than 10x in eight years, from a revenue of Rs 2,630 Mn in
FY16 to Rs 27,470 Mn in FY24 at a 34% CAGR. The company is seeing increased interest from both new and existing clients, and we remain very confident about the future growth prospects of the business.

Despite denting market share, VOLT notched sales of more than 2mn AC units

We maintain our HOLD rating on the stock.

Healthy 20% topline growth with gross margin expansion of 250bps in Q4; EBITDA lower on EPR provisioning

KECI: Good quarter, T&D to pull topline and margins; upgrade to BUY. ACEM: Cost savings key driver; upside priced in, retain HOLD. LPC: Stable margins; higher tax weighs on PAT. VOLT: Margins falter; domestic business promising. MPHL: Modest growth; BFSI yet to pick up. BRIT: Expect strong volume growth ahead. DRRD: Driven by North America; India continues to underperform

Key observations: (1) Unitary cooling products (UCP) segment has reported a strong 44.2% revenue growth (higher than Blue Star and Havells – Lloyd).

We revise our rating from BUY to HOLD on the stock.