PIGL wins ₹3.72 cr add-on order from Ajmer Vidyut
The additional work order brings the total contract under RDSS to ₹38.28 cr, extending revenue visibility for the nano-cap contractor over 15 months.
— 1 earlier story on Power & Instrumentation (Gujarat) Ltd. →What's new
- PIGL received a ₹3.72 cr additional order from Ajmer Vidyut Vitran Nigam for distribution infrastructure work in Rajasthan.
- The order is part of the RDSS scheme, with execution within 15 months.
- Total contract value under this reference now stands at ₹38.28 cr, building on the original order from October 2025.
Why this matters
For a nano-cap like PIGL, incremental government orders, even small ones, add tangible revenue visibility and signal repeat business from a reliable counterparty. The order size is about 1.48% of market cap, surpassing the materiality threshold for such companies.
What we're watching
- PIGL's ability to execute the 15-month timeline without margin pressure.
- Further orders under the RDSS scheme from AVVNL or other state utilities.
- The trajectory of the order book relative to the company's ₹49 cr quarterly revenue.
The full read
Power & Instrumentation (Gujarat) has picked up a ₹3.72 crore add-on order from Ajmer Vidyut Vitran Nigam for distribution infrastructure work in Rajasthan's Salumbar Circle. The order, part of the central government's RDSS scheme, brings the total contract under this reference to ₹38.28 crore, building on the original order from October 2025. Execution is due within 15 months. For a nano-cap company with a market cap of about ₹251 crore, a ₹3.72 crore order is material at 1.48% of market cap. More importantly, it is from a state utility that has placed orders before, signalling repeat business. PIGL reported ₹49 crore in sales for the December quarter, so this order alone adds visible revenue for the next 15 months. The stock trades at a P/E of 17 with low debt. Incremental government orders like this strengthen the execution pipeline without straining the balance sheet.
Questions answered
- What is the total value of the contract with AVVNL for this reference?
- With this additional order of ₹3.72 cr, the total contract value under reference AVVNL/RDSS-FS/SLB/TN-165 is now ₹38.28 crore.
- How significant is this order relative to PIGL's market cap?
- The order amounts to approximately 1.48% of the company's market capitalisation of ₹251 crore, exceeding the 1% materiality threshold for nano-cap companies.
- What work does the order entail?
- It covers supply, erection, installation, testing, and commissioning of equipment to segregate 11 KV mixed feeders on a turnkey basis under the Revamped Reforms-Based and Results-Linked Distribution Sector Scheme (RDSS).
- When was the original order announced?
- The original order under this reference was announced in October 2025.
- Is this order from a government or private entity?
- It is from Ajmer Vidyut Vitran Nigam Limited, a state-owned power distribution company in Rajasthan.
- What is PIGL's latest quarterly revenue?
- For the quarter ended December 2025, PIGL reported sales of ₹49 crore and net profit of ₹4 crore.
Power & Instrumentation (Gujarat) Ltd.
Latest quarter · Dec 2025
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All notes on PIGL →- 23 Jun 2026 · 4:39 PM IST PIGL wins ₹3.72 cr add-on order from Ajmer Vidyut
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