NSE: CGPOWER · BSE: 500093
CG POWER AND IND SOL LTD
Manufactures heavy electrical equipment across three core businesses plus a small Others line. Industrial Systems accounted for 54.3% of FY26 segment revenue (Rs 6,747.04 cr) at a 9.3% EBIT margin and supplies industrial equipment including railway products. Power Systems contributed 41.4% (Rs 5,138.18 cr) at a 21.9% EBIT margin, making power transformers and EHV switchgear. A Semiconductors segment (4.0%, Rs 502.77 cr) is being built out through subsidiary CG Semi, whose OSAT facility at Sanand, Gujarat commenced commercial production in July 2026 with peak capacity of 300 million units per year; the segment is currently loss-making. EHV switchgear capacity at Nashik was recently expanded by 80% to meet rising demand. Raw materials are the dominant cost at 67.1% of revenue, and the company carried no debt (debt-to-equity of 0.0) as of FY26. It sits within the Murugappa Group, with Tube Investments of India as its holding company. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Industrial Systems (54%), Power Systems (41%), Semiconductors (4%), Others (0%). Asset-heavy electrical equipment manufacturer with order-book-driven revenue and a nascent OSAT build-out
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 5,561 | 6,973 | 8,046 | 9,909 | 12,418 |
| EBITDA (ex other income) | 1,163 | 1,045 | 1,150 | 1,305 | 1,590 |
| margin % | 20.9 | 15.0 | 14.3 | 13.2 | 12.8 |
| Owners' profit | 0 | 963 | 1,427 | 975 | 1,206 |
| EPS, as reported (₹) | 6.72 | 6.35 | 9.34 | 6.38 | 7.72 |
| ROE % · ROCE % | 91.0 · 80.2 | 53.8 · 39.7 | 47.3 · 36.9 | 24.1 · 31.6 | 14.6 · 19.3 |
| Debt / equity (x) | 0.35 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 485 | 947 | 397 | 944 | 701 |
| Capex | (60) | (69) | (206) | (378) | (705) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,413 | 2,516 | 2,753 | 2,878 | 5,801 | 3,175 | 3,442 | 3,281 |
| Profit before tax | 294 | 335 | 384 | 364 | 752 | 384 | 490 | 423 |
| Net profit | 220 | 238 | 274 | 267 | 551 | 284 | 363 | 308 |
| EPS (₹) | 1.45 | 1.57 | 1.78 | 1.76 | 3.58 | 1.81 | 2.32 | 1.99 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Power Systems | 6,208 | 40.6 |
| Industrial Systems | 8,439 | 55.2 |
| Semiconductors | 611 | 4.0 |
| Others | 43 | 0.3 |
| Total, before eliminations | 15,301 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BHEL | 1,41,563 | 58.2 | 5.41 | 47.1 | 6.1 | 4.7 | 14.3 | 9.3 |
| ABB INDIA LIMITED | 1,37,523 | 46.0 | 14.72 | — | 23.0 | 10.2 | — | 15.2 |
| CG POWER AND IND SOL LTD ◆ | 1,31,087 | 85.8 | 15.99 | 71.3 | 14.6 | 19.2 | 33.2 | 14.7 |
| HITACHI ENERGY INDIA LTD | 1,26,820 | 110.2 | 24.50 | — | 19.1 | 24.7 | — | 16.9 |
| SIEMENS LTD | 1,20,079 | 36.7 | 8.67 | 33.8 | 19.9 | 20.6 | 31.1 | 11.6 |
| GE VERNOVA T&D INDIA LTD | 1,04,269 | 79.9 | 38.76 | — | 45.8 | 57.9 | — | 27.4 |
| SIEMENS ENERGY INDIA LTD | 1,01,282 | 68.1 | 21.05 | — | 14.3 | 15.8 | — | 25.9 |
| SUZLON ENERGY LIMITED | 51,299 | 16.4 | 5.42 | 15.9 | 33.4 | 22.7 | 38.0 | 16.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 85.8 | 36.5 | 30 of 34 | 12% |
| P/B | 16.0 | 5.4 | 29 of 33 | 13% |
| ROCE | 19.2 | 16.6 | 16 of 36 | 57% |
| ROE | 14.6 | 14.7 | 18 of 34 | 49% |
| Debt / Equity | 0.0 | 0.1 | 1 of 34 | 67% |
| EBITDA margin | 14.7 | 16.4 | 22 of 35 | 38% |
| Revenue growth | 14.0 | 17.7 | 18 of 33 | 47% |
| Profit growth | 15.5 | 6.7 | 14 of 32 | 58% |
| Market cap | 131087 | 6267 | 3 of 35 | 94% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · RDSO clears Kavach 4.0, removing condition on Rs 433 crore order | business updates | high | — | — |
| 23 Oct 2026 · October 2026 earnings call audio recording uploaded | investor communications | low | — | — |
| 23 Oct 2026 · CARE reports no deviation in QIP fund use; Rs 157.74 crore spent in Q2 | compliance | minimal | — | — |
| 23 Oct 2026 · No deviation in use of Rs 3,000 crore placement proceeds | compliance | minimal | — | — |
| 23 Oct 2026 · Q2 sales rise 32%, net profit up 46% and order book expands | compliance | minimal | — | — |
| 23 Oct 2026 · Two senior managers designated as Q2 profit rises and expansion plans approved | management changes | high | — | — |
| 23 Oct 2026 · CG Power Q2 profit jumps 46 percent, board clears 393 crore capex | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Q2 net profit rises 44%; Board approves Rs 393 crore expansion | results | high | — | — |
| 23 Oct 2026 · Consolidated revenue rises 30%, profit after tax rises 44%; expansion approved | results | high | — | — |
| 16 Oct 2026 · Earnings call for Q2FY27 scheduled on 23rd October 2026 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.