### **Overview** **Power & Instrumentation (Gujarat) Limited (PIGL)**, founded in 1975 by Mr. Padmanabhan Pillai, is a leading Indian electrical Engineering, Procurement, and Construction (EPC) contractor specializing in comprehensive power infrastructure solutions. Headquartered in Gujarat, the company transitioned from a private limited entity in 1982 and upgraded to the main boards of both the **National Stock Exchange (NSE)** and **Bombay Stock Exchange (BSE)** in **May 2023**, marking a key milestone in its corporate evolution and enhancing access to capital markets. PIGL has evolved from a regional electrical contractor into a pan-India provider of integrated electrical, mechanical, and instrumentation services, serving **industrial, commercial, and government clients** with a reputation for timely delivery, technical excellence, and adherence to safety and quality standards. --- ### **Core Business Activities & Service Portfolio** PIGL offers end-to-end EPC and maintenance services across the power value chain, including: - **Substation construction & maintenance** (indoor/outdoor, up to 400 kV) - **Power backup systems**: Generators (DG sets), Uninterruptible Power Supplies (UPS), battery banks - **Power distribution panels** (LT/MV), **APFCR panels**, **bus trunking systems**, **switchgear** - **Building Management Systems (BMS)**, **firefighting**, **access control**, **ELV systems** - **Energy management solutions**, **LED lighting**, and **energy-efficient renovations** - **Transmission & distribution infrastructure**: HT/LT line laying, transformer installation, smart metering - **Renewable energy solutions**: Solar EPC, Battery Energy Storage Systems (BESS - exploratory phase) The company serves diverse sectors including airports, railways, power utilities, defense, oil & gas, telecom, and urban infrastructure. --- ### **Strategic Transformation & Expansion** As of November 2025, PIGL is undergoing a significant strategic transformation—from a traditional EPC contractor to a **technology-enabled, sustainability-focused energy solutions provider**, aligned with India’s clean energy transition and digital infrastructure modernization. #### **1. Entry into Higher-Value Segments** - **Solar EPC**: In early 2025, PIGL secured its first **5 MW solar power plant project** in Latur, Maharashtra, marking formal entry into renewable energy. Subsequently, it won additional solar EPC contracts, including a **5 MWp ground-mounted project in Gujarat (₹9.5 crore)**. - **Extra High Voltage (EHV)**: In April 2025, PIGL executed its first **400 kV substation project** in Khavda, Gujarat—upgrading from its prior 66 kV cap—positioning itself for national grid modernization and renewable evacuation projects. - **Aviation Infrastructure**: PIGL has completed **over 35 airport electrification projects**, including high-profile contracts at **Udaipur Air Terminal (worth ₹57.89 crore)** and **Sardar Vallabhbhai Patel International Airport, Ahmedabad**, under the Adani Group. #### **2. Backward Integration via PECL Acquisition** In **September 2025**, PIGL increased its stake in **Peaton Electricals Company Limited (PECL)** from 15% to **60%**, gaining majority control. By **November 2025**, it further acquired **35.82%**, bringing total ownership to **51.06%** and making PECL a **subsidiary**. **PECL’s Capabilities:** - Established manufacturer with 40+ years of experience - Producer of **unitized substations**, **LT/MV panels (up to 33 kV)**, **bus duct systems**, and **APFCR panels** - **Channel partner** for **Siemens Limited** (SIEPAN 8PU certified) and **Rittal India** - Secured **Siemens license** to manufacture SIEPAN 8PU low-voltage switchboards - Order book of **₹31.80 crore** as of November 14, 2025 The acquisition enables **backward integration**, enhances manufacturing control, reduces supply chain risks, and expands access to high-quality, certified electrical equipment. Joint R&D, capacity expansion, and product development are planned to meet growing EPC needs. #### **3. Product Innovation & Market Expansion** - **Bus Duct/Compact Busway Systems**: PIGL is launching a new product line—**Britain Electrical**—targeting **high-rise buildings** (10+ storeys) in major urban centers (Mumbai, Delhi, Ahmedabad, etc.), driven by fire safety regulations replacing traditional cabling. - **Market Opportunity**: Estimated annual demand of **₹1,800–2,000 crore**, with current supply at only ₹700 crore—creating a significant supply gap and opportunity. - R&D efforts spanned over three years, with a **prototype successfully operating for one year**; commercial launch planned for **FY2025–26**. --- ### **Recent Major Orders & Order Book Strength** PIGL has secured a robust pipeline of high-value contracts across power, infrastructure, and renewable segments in 2024–2025: | **Client/Project** | **Value (INR)** | **Scope** | **Timing** | |-------------------|----------------|----------|-----------| | **Ajmer Vidyut Vitran Nigam (AVVNL), Rajasthan (RDSS)** | ₹68.22 crore | Turnkey distribution infrastructure (Dungarpur Circle) | 15 months | | **ATS Techno Limited, Ahmedabad** | ₹21.39 crore | End-to-end factory shed electrification (Star Platinum IP) | 12 months | | **AVVNL, Salumbar Circle (RDSS)** | ₹34.56 crore | 11 kV feeder segregation to reduce losses | 15 months | | **Nyati Engineers – Udaipur Air Terminal** | ₹57.89 crore | 6 electrical works packages | Ongoing | | **Adani Group (Ahmedabad Airport)** | ₹20.93 crore | Substation development | 4 months (completed) | | **Godrej & Boyce, Gujarat (400 kV GIS substation)** | ₹80.24 lakh | Transformer erection & testing | 1 month | | **Sahibganj, Jharkhand (Mukhyamantri Ujjawal Yojana)** | ₹28.41 crore | Rural electrification (10,000+ BPL households) | 18 months | | **Nuclear Fuel Complex, Kota** | ₹10.80 crore | High-voltage power systems (DG sets, synchronizing panels) | Completed | | **Multiple Solar EPC Projects** | ₹26.57 crore+ | 5–5.5 MWp projects in Gujarat & Maharashtra | 6–12 months | - **Unexecuted Order Book (Nov 2025)**: **Over ₹400 crore** - **Active Bidding Pipeline**: **Exceeds ₹500 crore** - **Long-Term Visibility**: Supported by central government programs including **Revamped Distribution Sector Scheme (RDSS)**, **IPDS**, **DA-JGUA**, and **PM Surya Ghar** --- ### **Client Base & Industry Presence** PIGL serves an impressive mix of **public, private, and strategic clients**, including: - **Government & PSUs**: AAI, NFC, DAE, ISRO, HAL, BDL, Indian Oil, BSNL, MTNL - **Private Sector Leaders**: Adani Group, Godrej & Boyce, Ford India, Nyati Engineering, ATS Techno - **Telecom & Infrastructure**: Airtel, Vodafone, BSNL, Bharat Petroleum The company has executed projects across **airports, railways, dams, riverfront developments, and BRT corridors**, demonstrating cross-sectoral expertise. --- ### **Geographic Reach & Regional Strategy** While historically strong in **Gujarat and Rajasthan**, PIGL has strategically expanded into: - **Eastern India**: Jharkhand (Sahibganj), Assam - **Northern India**: Himachal Pradesh, Rajasthan - **Western & Southern India**: Maharashtra (Latur, Pune), Gujarat - **Future Focus**: **Northeast and East India**, targeting **high-margin, underserved markets** with limited competition but high infrastructure demand.