Annual Report of the Company for the year 2025-26

Date: September 02, 2026 To, To, The National Stock Exchange of India Limited, BSE Limited, Exchange Plaza, Floor 25, P. J. Towers Plot no. C/1, G Block, Dalal Street, Bandra-Kurla Complex Mumbai - 400 001 Bandra (E), Mumbai-400051 Scrip Code: 543912 Symbol: PIGL Sub.: Submission of 42nd Annual Report for the Financial Year 2025-26 Dear Sir, Pursuant to the Regulation 34(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith the Annual Report along with Notice of the 42nd Annual General Meeting of the POWER AND INSTRUMENTATION (GUJARAT) LIMITED, which is scheduled to be held on Friday, September 25, 2026 at 02:30 p.m. through Video Conferencing (“VC”)/other Audio-Visual Means (OVAM) in compliance with the relevant Circulars issued by the Ministry of Corporate Affairs (MCA) and the Securities Exchange Board of India (SEBI). Kindly take the same on record. The same is also available on the Company’s website at https://grouppower.org/annual-reports. Thanking you, Yours faithfully, For, POWER AND INSTRUMENTATION (GUJARAT) LIMITED PADMARAJ PILLAI MANAGING DIRECTOR DIN: 00647590 POWERING A STRONGER TOMORROW AANNNNUUAALL RREEPPOORRTT 22002255--22002266 Table of Contents Company Overview Powering a Stronger Tomorrow 1 Company Overview 4 Key Facts & Figures 6 Milestones That Shaped Our Journey 8 FY 2025–26 Milestones & Strategic Progress 10 How PIGL Creates Value 13 Industry Focus 15 Our Business Verticals 16 Our Prestigious Clients 19 PIGL’s Pan-India Execution Footprint 20 Powering India’s Aviation Infrastructure 21 Financial Highlights 23 India’s Infrastructure Opportunity Landscape 25 Letter from Promoter and Managing Director 30 50 Years of Legacy 33 The Next Decade of Transformation Corporate Information 35 Statutory Report Management Discussion & Analysis 36 Notice 57 Board’s Report 80 Financial Statements Standalone Independent Auditors’ Report 127 Standalone Financial Statements 138 Notes to Standalone Financial Statements 144 Consolidated Independent Auditors’ Report 170 Consolidated Financial Statements 178 Notes to Consolidated Financial Statements 184 Powering a Stronger Tomorrow At PIGL, our strength lies in what For FY 2025-26, our theme, “DNA We are proud to be evolving from we have built and in what we are of Growth,” captures the essence a trusted electrical contractor into becoming. From a foundation of of this evolution. It is built on three a future-ready energy solutions dependable electrical expertise, we enduring pillars of Dependability, provider. This transition is not are moving toward a future shaped Network, and Agility which continue merely a change in direction; it is by innovation, sustainability and to define our brand and guide our a reflection of our commitment responsible growth. By combining strategy. These strengths enable us to sustainable future-readiness, technical excellence with foresight to deliver consistently today, while operational excellence, and the and adaptability, we continue preparing us to lead in the energy long-term prosperity of all those to create long-term value for landscape of tomorrow. who place their trust in us. Through stakeholders and meaningful impact every project we undertake, we for the infrastructure ecosystem we remain committed to powering serve. national infrastructure with precision, purpose, and responsibility. The DNA of Growth At PIGL, our growth is engineered through a disciplined framework that defines how we operate, execute and evolve. Our ‘DNA of Growth’ is anchored in three strengths that have powered our journey over five decades and continue to guide our transition into a future-ready energy solutions platform. Dependability We build trust through execution excellence, technical precision, and long-standing client relationships across critical infrastructure sectors. Agility Network We adapt proactively to Our nationwide operational changing technologies, energy footprint, industry partnerships, transitions, and market and institutional relationships opportunities from EHV Together, these pillars position PIGL to enable us to deliver large- infrastructure to renewable scale responsibly while creating sustainable scale projects with speed and energy solutions. long-term value for all stakeholders. efficiency. POWER & INSTRUMENTATION (GUJARAT) LIMITED (ANNUAL REPORT 2025–2026) BSE: 543912 | NSE: PIGL | CIN: L32201GJ1983PLC006456 | ISIN: INE557Z01018 AGM Date: 25th September, 2026 | AGM Mode: Virtual Mode Annual Report Overview This Annual Report presents our operational, financial and strategic performance for FY 2025-26. It captures how we strengthened our position as a trusted electrical EPC and infrastructure solutions company while expanding into airport infrastructure, Extra High Voltage systems, Solar EPC, integrated energy solutions and manufacturing-led backward integration through PECL. During the year, we continued to focus on disciplined project execution, technology-enabled delivery, operational resilience, responsible growth and long-term stakeholder value creation. About Our Report Through this Report, we present our FY 2025-26 value-creation journey, strategic priorities and operating performance. The narrative should be read with the statutory reports and financial statements forming part of the Annual Report. In this Report, the terms “Company,” “the Company,” “we,” “us,” “our,” “PIGL” and “Power & Instrumentation” refer to Power & Instrumentation (Gujarat) Limited, unless the context otherwise requires. Scope and Boundary This Report covers the business activities, performance and strategic direction of Power & Instrumentation (Gujarat) Limited for the financial year 2025-26. The scope of the Report includes our business operations across our key verticals, including: Business Area Coverage Electrical EPC Electrical EPC, power distribution, substations, transmission and distribution systems, industrial electrical works and turnkey project execution. Airport Infrastructure Specialized airport electrification, substation systems, power distribution, backup power systems and energy management systems for critical aviation assets. EHV Infrastructure Extra High Voltage and grid-related infrastructure opportunities, including advanced power evacuation and distribution infrastructure. Solar EPC Turnkey solar EPC projects, renewable energy infrastructure and grid-connected energy solutions. Industrial & Commercial Electrical Electrical systems for industrial, commercial, institutional, healthcare and public Services infrastructure projects. Backup Power & Standby Systems DG sets, UPS systems, switchgear, panels, synchronization systems and standby power infrastructure. Manufacturing Integration Manufacturing-led backward integration through Peaton Electricals Company Limited, including electrical panels, switchboards, busduct systems and related products. Operations Across India Regional operations and project execution across multiple Indian states and infrastructure corridors. Wherever the Report includes information relating to subsidiaries, associates or strategic investments, the same is presented based on available statutory disclosures, management records and applicable consolidation requirements. Safe Harbour Statement Certain statements in this Annual Report may constitute forward-looking statements. These statements may be identified by the use of words such as “believes,” “expects,” “may,” “will,” “could,” “should,” “intends,” “estimates,” “plans,” “assumes,” “anticipates,” “aims,” “seeks,” “targets,” “continues,” “future,” “outlook,” and similar expressions or variations thereof. These forward-looking statements are based on our current expectations, beliefs, assumptions, business plans and available information. They are subject to risks, uncertainties and external factors, many of which may be beyond our control. These may include, among others, changes in economic conditions, industry dynami [Showing first 8,000 characters — download PDF for full document]