Randhawa drained a 15-foot birdie putt on the second hole of a sudden-death shootout to end the Asian Tour season on a triumphant note at the Kota Permai Golf and Country Club.
'It was a great finish,' Randhawa said. 'This was one of the most exciting rounds of golf I've played since my Indian Open win in 2000. It was nerve-racking, but I handled myself well.'
Overnight co-leaders Prayad Marksaeng of Thailand and Wang Ter-chang of Taiwan shared third place after matching 72s.
The defending champion, Thailand's Thongchai Jaidee, finished fifth to lift the Asian Tour Order of Merit crown. His closest rival, Simon Yates of Scotland, shot a 4-over 76 to finish joint 37th.
Pilkadaris, seeking his third title in four months, hauled himself into contention with an 7-under-par 65 in the final round.
But Randhawa forced a playoff by holing an 8-foot birdie at the par-5 18th hole en route to a 67 to win his fifth career title in Asia.
Pilkadaris said the result was 'a bitter pill to swallow.'
'I played great, I had a good day,' he said. 'You can't complain if you lose to a birdie.'
In the playoff, Randhawa and Pilkadaris birdied the first extra hole, played on the 18th.
Pilkadaris nearly wrapped it up by setting up a 7-foot birdie chance while the Indian star sent his chip well past the flag.
But Randhawa then rolled home his putt, while Pilkadaris missed his chance to end the contest.
Randhawa, 32, said the victory boosted his morale following what had been a long drought.
'I started to doubt myself after making a few swing changes,' he said. 'I've not won for nearly two years, but my coach, Kel Llewellyn, told me to be patient. It's a great thing to win as my confidence will just go up.'
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