They have over 40 years of experience and have a robust image with strong industry expertise. They are constantly trying to expand their capabilities. Their diversified product portfolio, financial prudence and investment in research and development help them to stay ahead of their competitors. They begin as a small electronic manufacturing components unit and now are a one stop solution for national and international brands. They have established themself as a leading player in electronic manufacturing services. They specialise in 2 things which are printing circuit board and Plastic component manufacturing, including all kinds of plastic moulding. They offer their services to a lot of different industries such as consumer electronics, automotive and home appliances. For all this they offer end to end assembly solutions in partnership with OEMs. Quality and innovation are the 2 main things that they focus on. They are still growing at industry leading levels and their plan transformative plan which they begin years ago are now starting to bear fruit. They are now the leaders in electronic manufacturing services and contract manufacturing in India. They are trying to achieve strong growth through their 3 pronged approach. It starts with the plan to capitalise on high demand areas like plastic mouldings. Then hey want to focus more on their ODM and lastly want to improve their cashflows through improving their operational efficiency. With global inflation cooling down and the shift from china is making space for India EMS business and should help them. Another thing that should help them is their AC and washing machine business which they are focusing on has very little penetration in Indian households which should give them a lot of room to grow into. To capture these opportunities they have increased their R&D spending by a lot and are in the progression of launching new products.  4 strong areas for them last year were strong revenue growth, product business success, subsidiary milestones and operation and financial efficiency. Some areas of focus they have for the next few years are revenue and profit growth, product business expansion and capex and infrastructure development. They provide end to end products so that they can exceed in innovation. Their deep experience allowed them to establish themself as a reliable partner in the contract manufacturing market. For their product categories they do room air conditioners, washing machines, air coolers, outdoor units, fully automatic top loads, window air conditioner and TV. For their second business of plastic moulding they do four things which are consumer durables, sanitary ware, TV and automotive. For their third business for electronic manufacturing they do 2 things which are consumer electronics and PCB assemblies. For their tool manufacturing they serve consumer durables, automotive and sanitary ware mainly. Over all the main industries the serve are the automotive, sanitary ware and consumer durables. Plastic moulding has always been one of their main sectors. It’s a crucial segment of their portfolio and it provides high quality and precision moulding for their clients. Highlights of this industry is because of their large investments they have been able to make a factory which means they have large capabilities in this sector. This has allowed them to became one of the largest companies that does this. Another good thing is the advancement in technology for this sector. This has allowed them to cut costs and improve efficiency. This sector represents 25.3 percent of all their sales and their YoY growth on this was 8.2 percent. The way forward for them is client diversification, capacity expansion and focus on innovation.  For their product business sector their are three main highlights which are strong contribution as this represents around 60.7 percent of all their sales, their product expansions in this sector has also done very well and lastly they have been improving their operational efficiency. What they want to do right now is market penetration, capacity building and new product development and their YoY growth in this sector was 23.8 percent. In the consumer electronics they focus on particularly in the areas of PCB assemblies and component manufacturing. Their highlights in this are PCB assembly expertise, strategic partnerships and technology integration. What they want to build further are expansion of capabilities, diversification and sustainability initiatives. For this the sales percentage contributed is 13.6 percent and the YoY growth on this was 131.5 percent. For their last sector of tool manufacturing some highlight are their state of the art factory, in house capabilities and client satisfaction. Somethings that they want to improve are Expansion of Capabilities, Technological Innovation and Strategic Collaboration. The percentage of sales for this was 0.4 percent and the YoY growth on this was 15.1 percent. They operate under 2 manufacturing components which are contract manufacturing and ODM. For their contract manufacturing it is pretty simple they interact with the customers to make sure that their design is made exactly how they want and it is high quality. For ODM like contract manufacturing it is high quality but the difference is that this time it is their own design. 4 growth drivers in their industry are initiative like make in India, Rapid urbanisation which is going to push up the demands for consumer durables and electronics, Low penetration of their products, Governments focus of accelerating electric manufacturing. They added 10 new clients last year. Inflation has been coming under control since its all time high in 2022. The economy has been doing well despite all the predictions of a downturn and this could be because of increased government spending as well as stronger customer demand. Economy forecasts show good continuous growth. Looking forward inflation should see smoother reduction but rising geopolitical tensions as well as trade tensions can cause challenges. Indian economy for the last 3 years has been doing way better than expected. India has emerged as a key player in the electronics manufacturing industry particularly in Auto and Industrial electronics. Increasing disposable income as well as reducing electronic prices have increased the demand of them in middle class households. The growth in the electronics manufacturing services (EMS) has played a key role in this. The EMS also received additional help due to initiatives taken by the government. Contract manufacturing also remains a key player in this economy. The consumer durables market also grew a lot because of factors such as economic growth, retail sector expansion, increasing disposable income and technological advancements. They are now the fifth largest player in this market. Consumer electronics and applications keep on growing because of various factors like increasing disposable income, rising youth population and more preference to these sort of things. The automotive sector saw a good year and with the local market at 10.6 billion dollars it is expected to keep this momentum and grow to 74.4 billion dollars by 2032. Consumer durables is expected to gain a lot from the china plus one strategy. Summary. PGEL is an Electronics manufacturing service company with 2 main manufacturing things which are contract manufacturing and ODM. They have 4 main things which are Product business which are all the AC and stuff like that. Their second one is plastic moulding and their third business is electronic manufacturing. Their last business is tool manufacturing. The seem to serve 3 main industries which are automotive, sanitary ware and consumer durables. Some growth drivers for them are initiatives taken by the government like make in India, rising disposable income form the middle class population, rising youth which prefers all these electronics stuff and lastly reduce prices. Personal thoughts. I think since the stock price has gone up so much and in all their things they mention capacity expansion talks they are probably going to do a fund raiser and maybe another one next year depending on how much they get this year. The business that they mainly serve are safe and key business to the market and their electronics business is doing very well with high growth which is going to be key for them. I like how they realise that they are in a major position and have major advantages and are going to capitalise on this by expanding their business. Most of their products are those which are under penetrated in Indian households and with the rapid urbanisation and everything it should mean that they get a lot of growth in the future.