PG Electroplast Limited

“PG Electroplast operates in one of India's most durable structural growth stories — white goods penetration with decades of runway — and has built genuine scale as the country's leading white goods EMS/ODM player, but it is a contract manufacturer with thin margins, no sustained free cash flow, serial promoter dilution from 70% to 43%, and a forward P/E of 35x that embeds optimism without providing a margin of safety; the business deserves a place on a watchlist, not in a portfolio, until FCF turns durably positive and valuation compresses to the high-teens forward multiple.”