Is PIGL's Golden Jubilee Quarter an Infrastructure Goldmine? Unpacking Their Q1 FY26 Order Surge

Power & Instrumentation (Gujarat) Limited (PIGL), an established player celebrating its golden jubilee, has embarked on FY26 with a robust performance, leveraging India’s burgeoning infrastructure and power sector boom. The first quarter ending June 30, 2025, showcases significant top-line expansion, but a deeper dive reveals a nuanced story of operational dynamics and strategic shifts.

Orders: The Engine of Future Growth 🏗️

For an Engineering, Procurement, and Construction (EPC) firm like PIGL, the order book is the most reliable predictor of future revenue. Q1 FY26 brought a flurry of new business, signaling strong demand for the company’s specialized services.

PIGL successfully secured five significant EPC contracts for the electrification of the Air Terminal at Udaipur Airport, Rajasthan, collectively valued at ₹57.89 Cr. This strategic win underscores PIGL’s expertise in complex aviation infrastructure, a sector witnessing substantial government investment and growth. Furthermore, a substantial new work order worth ₹70.55 Cr was received from Ajmer Vidyut Vitran Nigam Limited, Rajasthan, under the Revamped Distribution Sector Scheme (RDSS) for turnkey distribution infrastructure upgrades.

These new orders, alongside existing projects, contribute to a robust “Ongoing Works” backlog exceeding ₹445 Cr as of August 1

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