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CG Power and Industrial Solutions Q2 FY27 results: net profit down 25.8% to ₹409.09 crore, revenue down 34.5%
CG Power and Industrial Solutions Limited reported consolidated revenue of ₹3,802 crore and a net profit of ₹409.09 crore for Q2 FY27. EBITDA was ₹539.58 crore, with a 14.2% margin, while basic EPS was ₹2.62.
Key points
- Consolidated revenue was ₹3,802 crore in Q2 FY27, down 34.5% from ₹5,801 crore in Q2 FY26.
- EBITDA was ₹539.58 crore, down 29.1% year on year, while the margin rose 1.1 percentage points to 14.2%.
- Net profit was ₹409.09 crore, down 25.8% from ₹551.31 crore in Q2 FY26.
- Revenue rose 15.9% from ₹3,281 crore in Q1 FY27, while net profit increased 32.7% from ₹308.28 crore.
- Basic EPS was ₹2.62, down from ₹3.58 a year earlier and up from ₹1.99 in Q1 FY27.
How did CG Power and Industrial Solutions perform in Q2 FY27?
Consolidated revenue for Q2 FY27 was ₹3,802 crore, down 34.5% from ₹5,801 crore in Q2 FY26 and up 15.9% from ₹3,281 crore in Q1 FY27. EBITDA was ₹539.58 crore, with a 14.2% margin, compared with 13.1% in Q2 FY26 and 12.1% in Q1 FY27.
Net profit was ₹409.09 crore, down 25.8% from ₹551.31 crore in Q2 FY26 and up 32.7% from ₹308.28 crore in Q1 FY27. Basic EPS was ₹2.62, against ₹3.58 in the year-ago quarter and ₹1.99 in the previous quarter. On the standalone basis, revenue was ₹3,504.63 crore and profit after tax was ₹449.9 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 3,802 | 3,281 | 5,801 | −34.5% | +15.9% |
| Other income | 81.71 | 83.58 | 91.59 | −10.8% | −2.2% |
| Total expenses | 3,324 | 2,942 | 5,141 | −35.3% | +13.0% |
| EBITDA | 539.58 | 397.28 | 760.69 | −29.1% | +35.8% |
| EBITDA margin | 14.2% | 12.1% | 13.1% | +1.1 pp | +2.1 pp |
| Profit before tax | 559.22 | 422.88 | 751.85 | −25.6% | +32.2% |
| Tax | 150.13 | 114.60 | 200.54 | −25.1% | +31.0% |
| Net profit | 409.09 | 308.28 | 551.31 | −25.8% | +32.7% |
| EPS (₹) | 2.62 | 1.99 | 3.58 | −26.8% | +31.7% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in CG Power and Industrial Solutions' costs and profit?
Total expenses fell 35.3% to ₹3,324 crore from ₹5,141 crore in Q2 FY26, with cost of materials down 36.4% by ₹1,429 crore, employee cost down 42.0% by ₹189.58 crore, depreciation down 39.6% by ₹37.82 crore and other expenses down 26.9% by ₹152.76 crore. Finance costs fell 11.1% by ₹0.54 crore.
Other income fell 10.8% by ₹9.88 crore to ₹81.71 crore, while tax expense declined 25.1% by ₹50.41 crore to ₹150.13 crore. There was no exceptional item. Management said, “Price increase is directly only nullifying the commodity inflation. But the improvement that you see is coming purely from the work done by our teams in motors.”
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 2,497 | 3,926 | −1,429 | −36.4% |
| Employee cost | 261.29 | 450.87 | −189.58 | −42.0% |
| Finance costs | 4.34 | 4.88 | −0.54 | −11.1% |
| Depreciation | 57.73 | 95.55 | −37.82 | −39.6% |
| Other expenses | 414.44 | 567.20 | −152.76 | −26.9% |
| Total expenses | 3,324 | 5,141 | −1,817 | −35.3% |
| Other income | 81.71 | 91.59 | −9.88 | −10.8% |
| Tax | 150.13 | 200.54 | −50.41 | −25.1% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets increased to ₹14,459.85 crore as of 30 September 2026 from ₹12,667.61 crore on 31 March 2026, while total equity rose to ₹8,959.73 crore from ₹8,198.25 crore. Borrowings were ₹14.25 crore, compared with ₹0.26 crore, and cash was ₹324.44 crore against ₹300.66 crore.
Inventories increased to ₹1,915.82 crore from ₹1,583.91 crore, trade receivables to ₹3,704.01 crore from ₹2,923.99 crore and trade payables to ₹2,796.85 crore from ₹2,468.44 crore. In H1 FY27, operating cash flow was ₹308.96 crore, compared with ₹481.44 crore in H1 FY26; investing cash flow was negative ₹297.5 crore against negative ₹3,714.32 crore, and financing cash flow was ₹12.32 crore against ₹3,013.67 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 14,460 | 12,668 |
| Total equity | 8,960 | 8,198 |
| Borrowings | 14.25 | 0.26 |
| Cash and equivalents | 324.44 | 300.66 |
| Inventories | 1,916 | 1,584 |
| Trade receivables | 3,704 | 2,924 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 308.96 | 481.44 |
| Cash from investing | −297.50 | −3,714 |
| Cash from financing | 12.32 | 3,014 |
| Capital expenditure | 572.54 | 703.03 |
Source: Company's results filing (XBRL).
How has CG Power and Industrial Solutions done over the last 8 quarters?
Revenue reached a period high of ₹5,800.84 crore in Q2 FY26 before falling to ₹3,175.35 crore in Q3 FY26 and recovering to ₹3,801.54 crore in Q2 FY27. The latest quarter remained below the Q2 FY26 peak but was higher than the preceding quarter’s ₹3,280.81 crore.
Net profit peaked at ₹551.31 crore in Q2 FY26 and bottomed at ₹237.85 crore in Q3 FY25 before reaching ₹409.09 crore in the latest quarter. The EBITDA margin reached 14.2% in Q2 FY27, compared with its low of 12.1% in Q1 FY27 and 12.5% in Q3 FY26; the direction at the end of the series was higher for all three measures.
Which businesses drove the quarter?
Power Systems reported revenue of ₹1,766.76 crore, down 24.0% from ₹2,324.63 crore in Q2 FY26, and EBIT of ₹442.61 crore against ₹484.98 crore. Its EBIT margin was 25.1%.
Industrial Systems reported revenue of ₹1,868.61 crore, down 42.1% from ₹3,224.87 crore, and EBIT of ₹160.79 crore against ₹308.8 crore. Its EBIT margin was 8.6%.
Semiconductors reported revenue of ₹161.56 crore, down 31.7% from ₹236.38 crore, and EBIT of negative ₹34.15 crore against negative ₹30.43 crore. Its EBIT margin was negative 21.1%. Others recorded revenue of ₹6.59 crore, down 58.6%, and EBIT of ₹0.31 crore, with an EBIT margin of 4.7%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Power Systems | 1,767 | −24.0% | 442.61 | 25.1% |
| Industrial Systems | 1,869 | −42.1% | 160.79 | 8.6% |
| Semiconductors | 161.56 | −31.7% | −34.15 | -21.1% |
| Others | 6.59 | −58.6% | 0.31 | 4.7% |
| Discontinued Operations | 0 | 0 |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
On 23 October 2026, the board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026. It also designated Rajat Shah, Vice President – Services, and Rushikesh Kulkarni, Chief Growth & Innovation Officer – Industrial Business, as Senior Management Personnel.
The board approved a ₹68 crore net-of-tax expansion of the T3 power transformer facility, adding 10,000 MVA and planned for completion within 12–15 months. It also approved approximately ₹300 crore for S1 Unit at Ambad to add 4,236 equivalent units annually, with production expected within 30–36 months.
What did CG Power and Industrial Solutions' management say?
Management identified certification delays as a risk to current-quarter order approval, production, installation and commissioning, with some orders potentially lapsing by the end of the next quarter. It also cited commodity inflation in motors, flat or down railway margins during the capability build, semiconductor talent investment and lengthy US utility qualification.
Amar Kaul, Managing Director and CEO, said, “for a year or so we will not have huge improvements in the railway side because that's the time we want to use to build on our capabilities around technology and what is required for the market.” He also said, “No, no, we don't give this forward-looking, you know, forecast.”
How did CG Power and Industrial Solutions shares react?
After the filing appeared in the market, the stock was up 1.1% after 5 minutes and unchanged after 15 minutes, before falling 0.6% after 30 minutes. It closed 0.5% below the pre-results close on the reaction day. By the next day’s close, it was up 1.8% from that close, and by the fifth session it was down 1.6%.
The Heavy Electrical Equipment industry’s median stock fell 3.0% on the reaction day, compared with CG Power’s 0.5% fall, a 2.6 percentage-point excess move. By the next day, the industry median was down 1.1% against the stock’s 1.8% gain, a 2.9 percentage-point excess move; by five days, the figures were down 1.8% and down 1.6%, respectively.
Earlier results-day moves included rises of 4.3% on 29 October 2025 and 3.7% on 24 July 2024, and falls of 2.8% on 27 January 2026, 3.8% on 28 January 2025 and 3.1% on 21 October 2024. More recent reactions on 24 July 2026 and 6 May 2026 were both down 0.1%.
| After the filing | Stock | Heavy Electrical Equipment median |
|---|---|---|
| 5 minutes | +1.1% | |
| 15 minutes | +0.0% | |
| 30 minutes | −0.6% | |
| Reaction day | −0.5% | −3.0% |
| Next day | +1.8% | −1.1% |
| 5 days | −1.6% | −1.8% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 24 July 2026 | −0.1% |
| 6 May 2026 | −0.1% |
| 27 January 2026 | −2.8% |
| 29 October 2025 | +4.3% |
| 24 July 2025 | −0.1% |
| 28 January 2025 | −3.8% |
| 21 October 2024 | −3.1% |
| 24 July 2024 | +3.7% |
Source: MarketPing price-reaction measurement.
How did other Heavy Electrical Equipment companies do?
Thirteen other Heavy Electrical Equipment companies that had filed for the quarter had a median revenue growth of 26.0%. Twelve grew faster than CG Power and one grew slower than CG Power, based on the company’s revenue comparison.
Nine of the 13 peers reported higher profit, based on the profit comparison for 13 companies. The peer figures were available as of 4 November 2026, while CG Power’s revenue fell 34.5% year on year.
| CG Power and Industrial Solutions revenue growth (YoY) | −34.5% |
|---|---|
| Median of 13 other Heavy Electrical Equipment companies | +26.0% |
| Companies with slower revenue growth than CG Power and Industrial Solutions | 1 of 13 |
| Companies with faster revenue growth than CG Power and Industrial Solutions | 12 of 13 |
| Companies whose net profit rose | 9 of 13 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was CG Power and Industrial Solutions' revenue in Q2 FY27?
Revenue from operations was ₹3,802 crore, down 34.5% from ₹5,801 crore in Q2 FY26 (consolidated).
Did CG Power and Industrial Solutions make a profit in Q2 FY27?
Yes. Net profit was ₹409.09 crore, against a net profit of ₹551.31 crore in Q2 FY26.
What was CG Power and Industrial Solutions' EPS in Q2 FY27?
Basic earnings per share were ₹2.62, against ₹3.58 in Q2 FY26.
How did CG Power and Industrial Solutions shares react to the Q2 FY27 results?
On the reaction day the stock moved −0.5% from the previous close; the median Heavy Electrical Equipment stock moved −3.0%.
When did CG Power and Industrial Solutions announce its Q2 FY27 results?
On 23 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Consideration And Approval Of The Unaudited Financial Results For The Half Year And Quarter Ended 30Th September, 2026. (BSE, 14 October 2026) · PDF
- Unaudited Financial Results For The Quarter And Half Year Ended 30Th September 2026. (BSE, 23 October 2026) · PDF
- Board Meeting Outcome for Board Meeting Outcome For The Unaudited Financial Results - 30Th September 2026. (BSE, 23 October 2026) · PDF
- The earnings call (23 October 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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