Shares of leading air conditioner (AC) manufacturers and related companies, including Voltas, Blue Star, and Amber Enterprises, experienced substantial gains on Wednesday, October 28, 2026. The market surge was primarily driven by a highly positive financial guidance for fiscal year 2027 (FY27) and beyond, issued by PG Electroplast, a prominent Electronic Manufacturing Service (EMS) provider in India.
PG Electroplast's Optimistic Outlook Fuels Market Confidence
PG Electroplast, through its subsidiary PG Technoplast, plays a crucial role in the AC industry, manufacturing complete room air conditioners (RACs) and critical sub-assemblies for over 30 to 35 major Indian and global consumer durable brands, such as Voltas, Blue Star, Godrej, and Whirlpool. The company's management, following its Q2 FY27 earnings call, outlined ambitious targets.
For FY27, PG Electroplast is eyeing a significant 20-25% growth in AC volumes and an even more impressive 45-50% growth in washing machine production. The company anticipates a stronger second half for the fiscal year. Management projected deliveries of 21-22 lakh AC units in FY27, a notable increase from 17 lakh units in the previous year, and believes achieving over Rs 4,000 crore in AC revenue for FY27 is well within reach, with Q4 expected to show particularly strong volume growth.
Q2 FY27 Performance Highlights
The positive guidance came on the heels of robust Q2 FY27 financial results for PG Electroplast. The company reported a consolidated net profit of Rs 14 crore, marking a staggering 353% increase compared to Rs 3 crore in the same period last year. Revenue from operations climbed 43% to Rs 934 crore from Rs 655 crore year-over-year. Operating profit doubled to Rs 60 crore, and the EBITDA margin expanded to 6.4% from 4.5% in Q2 FY26. Furthermore, PG Electroplast's consolidated half-yearly revenue for H1 FY27 surpassed Rs 2,950 crore for the first time in its history, reflecting strong sustained growth.
Stock Performance Across the Sector
The optimistic outlook from PG Electroplast translated into significant share price movements across the sector:
- Voltas Ltd shares rose 6.74%, closing at Rs 1012.10.
- Blue Star shares ended 5.33% higher at Rs 1598.
- Amber Enterprises India shares gained 3%, reaching Rs 6215.
- Symphony, another AC manufacturer, saw its shares rise 1.72% to Rs 498.90.
- PG Electroplast itself experienced a 7.28% jump in its shares, closing at Rs 536.40 following its Q2 earnings announcement.
This widespread rally underscores investor confidence in the growth trajectory of India's consumer durables market, particularly the air conditioning segment, buoyed by strong manufacturing support and increasing demand.