Q2 FY27 · NSE: CGPOWER

CG Power and Industrial Solutions

Results filed 23 October 2026 · Market cap ₹1,26,668 crore · PE 90.6

GrowthPresentation only

Revenue: +30.1%; on a year ago
EBITDA: +43.2%; on a year ago
Profit to shareholders: +44.9%; on a year ago
EBITDA margin: 14.2%; +2.1 pts on last quarter

CG Power reported strong consolidated revenue growth of 30% YoY to INR 3,802 Cr and net profit growth of 44% YoY to INR 409 Cr in Q2FY27. Growth was spearheaded by the Power Systems division, where order intake jumped 137% YoY and PBIT margin expanded to 25.0%. To support elevated demand across transmission and switchgear, the company announced major brownfield capacity expansions across OIP bushings, circuit breakers, GIS, and power transformers.

CG Power and Industrial Solutions Limited, Q2 FY27₹ crore, consolidated

	Q2 FY27	Q1 FY27	vs previous quarter	Q2 FY26	vs a year ago
Revenue	3,802	3,281	+15.9%	2,923	+30.1%
Operating profit (EBIT)	482	343	+40.6%	325	+48.4%
Operating margin	12.7%	10.4%	+223 bps	11.1%	+157 bps
Other income	81.71	83.58	−2.2%	66.1	+23.6%
Exceptional items	0	0	–	0	–
Profit before exceptional items and tax	559	423	+32.2%	388	+44.1%
Profit to shareholders	412	304	+35.4%	284	+44.9%
Earnings per share (₹)	2.62	1.99	+31.7%	1.82	+44.0%

Source: CG Power and Industrial Solutions Limited’s filing to NSE, 23 October 2026. Operating profit is revenue less every expense except interest, so it leaves out other income and exceptional items. n.m.: not meaningful, because the earlier figure was zero or negative, or the latest one is a loss.

These notes are from the presentation and press release. The concall transcript isn’t filed yet; the notes are rewritten when it is.

What stood out

Record order intake and order book expansion driven by Power Systems
Source
Consolidated order intake grew 78% YoY to INR 8,485 Cr with unexecuted backlog rising 58% YoY to INR 23,646 Cr; Power Systems standalone order intake rose 137% YoY to INR 6,258 Cr (Press Release, pages 3-4)
Operationalisation of India's largest transformer plant at Sehore
Source
Roll out of first transformer from facility at Sehore, MP on September 4, 2026, operational within 13 months, with capacity to roll out 35 power transformers (220 kV to 1200 kV) per month (Press Release, page 4)

Guidance

No guidance given.

Tailwinds

Sharp revenue and margin expansion in Power Systems
Source
Power Systems standalone sales rose 41% YoY to INR 1,769 Cr with PBIT margins expanding 430 bps YoY to 25.0%, driven by stronger price realisation and operating leverage (Press Release, page 3)
Strong demand and execution driving standalone top-line and PAT growth
Source
Standalone sales grew 32% YoY to INR 3,505 Cr and PAT rose 46% YoY to INR 450 Cr (Press Release, page 2)

Headwinds

Semiconductor talent investments dragging consolidated margins
Source
Consolidated PBT margin expansion was 'partially offset by continued talent investments across CG Semi and Axiro (total semiconductor segment impact of 35 Cr, 91 bps)' (Press Release, page 4)
Industrial Systems margin compression YoY
Source
Industrial Systems standalone PBIT margin contracted slightly from 9.7% in Q2FY26 to 9.4% in Q2FY27 amid a 'dynamic cost environment' (Press Release, page 3)

New businesses and products

acquisition · Completed on August 20, 2026

Acquisition of Tosil Systems Private Limited

Expected benefit: Enhances capabilities in silicon design, verification, physical implementation, embedded software, Linux BSP development, and Edge AI engineering services
Timeline: Completed August 20, 2026
Investment: INR 16.44 crore

Source

Axiro acquired 100% equity share capital of Tosil Systems for INR 16.44 crore completed August 20, 2026 (Press Release, page 4)

capacity expansion · Board approved

S1 Unit (OIP) Ambad Capacity Expansion

Expected benefit: Increases manufacturing capacity of OIP bushings and instrument transformers up to 800 kV by 4,236 equivalent units/year (total capacity reaching 11,436 units/year)
Timeline: Tentatively expected to commence within 30-36 months
Investment: Approximately INR 300 Crores

Source

Press Release, page 5, Item 3a

capacity expansion · Board approved

S3 Unit-II Phase 2 EHV Circuit Breaker Expansion

Expected benefit: Enhances EHV circuit breaker manufacturing capacity by 3,600 units/year to 10,800 units/year
Timeline: 6-9 months
Investment: Approximately INR 15.31 Crores

Source

Press Release, page 5, Item 3b

capacity expansion · Board approved capex enhancement

GIS Division Vilholi Capex Enhancement

Expected benefit: Increases capacity from 228 eq. bays (FY26) to 468 eq. bays and adds 800 kV high-voltage testing system
Investment: Capex enhanced from INR 35.17 Crores to INR 44.62 Crores (additional INR 9.45 Crores)

Source

Press Release, page 5, Item 3c

capacity expansion · Board approved

T3 Power Transformer Plant Lean Capacity Enhancement

Expected benefit: Enhances capacity by 10,000 MVA, taking overall capacity to 75,000 MVA
Timeline: 12-15 months
Investment: INR 68 Crores (net of taxes)

Source

Press Release, page 5, Item 4

How the call went

Not yet: there’s no transcript.

Numbers against the story

The reported press release figures show consolidated EBITDA of INR 621 Cr (16.3% margin), whereas reported market figures cite consolidated EBITDA of INR 540 Cr (14.2% margin), likely reflecting differing definitions/adjustments regarding semiconductor incubation costs and subsidiary entries.

Sources

Press release · filed 23-Oct-2026
Figures: the company’s results filing with NSE, linked under the table.

Notes written by gemini-3.8-flash from the documents above on 1 November 2026. They summarise what the company said and can contain mistakes: check the source passage before relying on a point. Not investment advice.