CG Power and Industrial Solutions Limited (CGPOWER)
₹846.00 +3.42% last close, 16 Oct
Q2 FY27 results
📅 Next results: 23 Oct 2026 (board meeting)CG Power and Industrial Solutions Limited's board meets on 23 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, CG Power's revenue was ₹3,281 Cr (+14.0% year on year, -4.7% on the previous quarter), and net profit ₹308 Cr (+15.5% year on year); the operating margin was 12.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹3,281 | +14.0% | -4.7% |
| Operating profit | ₹397 | +4.2% | -14.7% |
| Net profit | ₹308 | +15.5% | -15.1% |
| EPS (₹) | 1.99 | +13.1% | -14.2% |
| Operating margin | 12.1% | — | — |
CGPOWER delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 50.82% of the CGPOWER shares traded on NSE were taken to delivery, against the stock's own 20-session average of 44.4%. That is close to its usual level. It traded 3.2 times its average daily volume. In CGPOWER futures, open interest fell 1.85% while the futures price rose 3.44%: short covering (shorts closing out).
Delivery in the last 5 sessions: 38.3% · 28.2% · 45.5% · 47.6% · 50.8%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
CG Power and Industrial Solutions Limited has declared the results of its postal ballot conducted via e-voting, which concluded on September 25, 2026. Shareholders approved an ordinary resolution appointing M/s. Price Waterhouse Chartered Accountants LLP as statutory auditors to fill the casual vacancy created by the resignation of M/s. SRBC & CO LLP. The resolution passed overwhelmingly, receiving 99.19% votes in favor out of 1,31,08,30,131 total votes polled (83.20% turnout). Institutional investors cast 97.50% of their votes in favor, while promoter votes were 100% in favor.
- Resolution passed with 99.1943% of polled votes in favor (1,30,02,68,234 votes) and 0.8057% against (1,05,61,897 votes)
- Total voting turnout stood at 83.2035% across 1,31,08,30,131 votes polled out of 1,57,54,50,059 outstanding shares
- Appointed M/s. Price Waterhouse Chartered Accountants LLP to fill casual vacancy following the resignation of M/s. SRBC & CO LLP
- Institutional shareholders participated heavily, polling 42,18,55,547 votes with 97.4996% in favor
- Voting period ran from August 27, 2026 to September 25, 2026 based on the August 21, 2026 cut-off date
CG Power and Industrial Solutions Limited has notified the stock exchanges of an upcoming one-to-one institutional investor meeting scheduled for Thursday, September 24, 2026. The meeting is organised by Macquarie Capital pursuant to SEBI Listing Regulations. No quantitative financial details or material developments were disclosed in this routine intimation.
- One-to-one institutional meeting scheduled for Thursday, September 24, 2026
- Meeting organised by Macquarie Capital
- Filing submitted under Regulation 30(2) and 46(2) of SEBI LODR Regulations
CG Power and Industrial Solutions has informed the exchanges regarding a scheduled one-to-one analyst and institutional investor meeting on Friday, September 25, 2026. The meeting is being organized by IIFL Institutional Equities pursuant to SEBI LODR Regulations. No financial numbers, new orders, or structural updates were disclosed in this routine intimation.
- One-to-one analyst/institutional investor meeting scheduled for Friday, 25th September 2026
- Session organized by IIFL - Institutional Equities
- Intimation submitted in compliance with Regulations 30(2) and 46(2) of SEBI LODR Regulations, 2015
CG Power and Industrial Solutions has received an updated stay order dated September 7, 2026, from the Income Tax Department regarding a disputed tax demand for AY 2022-23. The demand, originally ₹236.74 crore and later rectified to ₹215.59 crore, has been stayed pending appeal before the CIT(A). The stay is conditional upon payment of 20% of the total demand, including ₹30 crore to be paid in five instalments. The disputed tax amount of ₹215.59 crore represents approximately 17.4% of the company's TTM PAT of ₹1,240 crore.
- Stay granted by Deputy Commissioner of Income Tax on September 7, 2026, pending CIT(A) appeal.
- Tax demand for AY 2022-23 was revised from ₹236,73,81,955 to ₹2,15,59,04,546 pursuant to a rectification order dated June 4, 2026.
- Stay is subject to depositing 20% of the total tax demand, including ₹30 crore in five instalments.
- Previously, an initial demand of ₹188.79 crore had seen a stay on deposit of ₹4.89 crore before revisionary proceedings.
CG Power has rolled out its first transformer from its new greenfield plant at Sehore, Madhya Pradesh, marking the operational launch of an initial 10,000 MVA capacity. The project involves a total capex of Rs 792 crore, financed via QIP and internal accruals, which will progressively add 45,000 MVA of capacity (T5). This will expand the company's total transformer capacity by 60% from 75,000 MVA (currently operating at 100% utilization) to 1,20,000 MVA to serve growing demand from renewables, data centers, and export markets.
- Rolled out first transformer on 4 September 2026 from new greenfield facility at Sehore, Madhya Pradesh
- Phase-1 operational with 10,000 MVA; total project to add 45,000 MVA taking total capacity to 1,20,000 MVA (+60%)
- Existing capacity of 75,000 MVA (T3: 65,000 MVA, T2: 10,000 MVA) is operating at 100% utilization
- Total capital investment of Rs 792 crore funded through QIP and internal accruals
- Facility spans 50 acres designed for 220 kV to 1200 kV class transformers with a rollout capacity of 35 units per month
CG Power has commenced operations at its greenfield power transformer manufacturing facility in Sehore, Madhya Pradesh, with the rollout of its first transformer. The ₹792 Crore project adds 45,000 MVA capacity in phases, with 10,000 MVA operational immediately, expanding the company's total transformer capacity by 60% from 75,000 MVA to 1,20,000 MVA. Existing plants are currently operating at 100% utilization, making this phased ramp-up critical to address surging demand from renewable energy, data centers, and export markets. Capex is funded via QIP proceeds and internal accruals.
- Commissioned first phase (10,000 MVA) of the new ₹792 Crore greenfield transformer facility at Sehore, MP.
- Proposed total addition of 45,000 MVA (T5) will increase overall capacity by 60% from 75,000 MVA to 1,20,000 MVA.
- Existing manufacturing capacities (T3 at 65,000 MVA and T2 at 10,000 MVA) are currently operating at 100% utilization.
- Facility spans 50 acres and is designed for 220 kV to 1200 kV class transformers with a planned throughput of 35 units per month.
- Execution achieved from construction start in October 2025 to initial rollout on September 4, 2026.
CG Power and Industrial Solutions Limited has appointed Mr. Samit Khanna as Vice President - Consumer Products in the Senior Management cadre, effective September 1, 2026. Mr. Khanna brings over 18 years of leadership experience across consumer, retail, digital platforms, private equity, and management consulting, having previously worked with firms like Disney+ Hotstar and Yum! Brands. The appointment is aimed at driving business scaling, brand building, and omnichannel distribution within CG Power's consumer products segment. Given the company's TTM revenue of ₹12,821 crore, this is a routine functional leadership appointment.
- Mr. Samit Khanna appointed as Vice President - Consumer Products w.e.f. September 01, 2026.
- Brings 18+ years of leadership experience across Consumer, Retail, Digital Platforms, and Consulting.
- Prior leadership experience includes stints across Disney+ Hotstar and Yum! Brands.
CG Power and Industrial Solutions Limited has issued a Postal Ballot notice seeking shareholder approval for the appointment of M/s. Price Waterhouse Chartered Accountants LLP as Statutory Auditors. The appointment fills the casual vacancy arising from the resignation of M/s. SRBC & CO LLP. The proposed annual remuneration for the new auditors is Rs 1.58 Crores (excluding taxes and reimbursable expenses) for a tenure running from 19th August 2026 until the conclusion of the 90th AGM in 2027. The remote e-voting window runs from 27th August 2026 to 25th September 2026.
- Appointment of M/s. Price Waterhouse Chartered Accountants LLP to fill casual vacancy from resignation of M/s. SRBC & CO LLP
- Proposed annual remuneration set at Rs 1.58 Crores plus actual expenses
- Tenure effective from 19th August 2026 until the conclusion of the 90th AGM in 2027
- Voting cut-off date fixed as 21st August 2026, with e-voting open from 27th August to 25th September 2026
CG Power and Industrial Solutions announced that its wholly-owned subsidiary, Axiro Semiconductor Private Limited, has completed the acquisition of 100% equity stake in Tosil Systems Private Limited for a total consideration of ₹16.44 crore. Axiro acquired 5,00,000 equity shares of face value ₹10 each, making Tosil its wholly owned subsidiary. The transaction is financially minor relative to CG Power's scale, representing ~0.13% of its TTM revenue of ₹12,821 crore.
- Axiro Semiconductor acquired 100% equity stake (5,00,000 shares of ₹10 face value) in Tosil Systems
- Total acquisition consideration completed at ₹16.44 crore
- Tosil Systems is now a step-down wholly owned subsidiary of CG Power
- Follows the execution of the Securities Purchase Agreement dated 17th August 2026
CG Power and Industrial Solutions Limited has approved the appointment of M/s. Price Waterhouse Chartered Accountants LLP as its Statutory Auditor effective August 19, 2026. The appointment fills the casual vacancy created by the resignation of M/s. S R B C & CO LLP, announced on August 14, 2026. Price Waterhouse will hold office until the conclusion of the 90th Annual General Meeting in 2027, subject to approval by the company's shareholders.
- Appointed M/s. Price Waterhouse Chartered Accountants LLP as Statutory Auditors effective August 19, 2026
- Fills casual vacancy following the stepping down of M/s. S R B C & CO LLP
- Auditor tenure runs until the conclusion of the 90th AGM in 2027, subject to shareholder approval
- Price Waterhouse network has over 120 Assurance Partners as of April 1, 2026 and 17 branch offices across India
CG Power and Industrial Solutions has disclosed a suspected cyber event on its IT systems on August 18, 2026. The company confirmed that core systems and manufacturing operations have not been impacted by the incident. It has notified CERT-In and engaged internal and specialized external cybersecurity experts to assist with investigations, remediation, and mitigation.
- Suspected cyber-event detected on IT systems as reported on August 18, 2026
- Core systems and business operations remain fully functional and unaffected
- Incident formally reported to national cybersecurity agency CERT-In
- External and internal cybersecurity experts engaged for investigation and remediation
CG Power's wholly owned subsidiary, Axiro Semiconductor Private Limited, has executed a definitive agreement to acquire 100% equity in Tosil Systems Private Limited for a cash consideration of ₹16.44 crore. Tosil operates in semiconductor design, verification, and Edge AI engineering services, clocking an FY26 turnover of ₹11.94 crore. The transaction is expected to close on or before August 31, 2026. While financially modest relative to CG Power's TTM revenue of ₹12,821 crore, the deal bolsters the group's emerging semiconductor and embedded engineering capabilities.
- 100% equity acquisition (5,00,000 shares) of Tosil Systems for an all-cash consideration of ₹16.44 crore
- Target company recorded turnover of ₹11.94 crore in FY26, ₹11.12 crore in FY25, and ₹6.95 crore in FY24
- Expected completion date on or before August 31, 2026, subject to customary conditions precedent
- Acquisition adds capabilities in silicon design, embedded software, Linux BSP, and Edge AI engineering
S R B C & CO LLP has resigned as statutory auditors of CG Power and Industrial Solutions Limited effective August 14, 2026. The resignation facilitates alignment with the auditor network of holding company Tube Investments of India Limited (TII), following the mandatory 10-year rotation of TII's auditors. CG Power and its subsidiaries account for over 50% of TII's consolidated financial statements. The outgoing auditor has confirmed no disagreements or concerns and submitted the limited review for the quarter ended June 30, 2026.
- S R B C & CO LLP resigned as statutory auditor effective close of business on August 14, 2026
- Parent company TII rotated auditors upon completing the statutory 10-year limit under Section 139
- CG Power and its subsidiaries represent more than 50% of TII consolidated financial statements
- Auditor confirmed no issues, concerns, or disagreements upon tendering resignation
CG Power and Industrial Solutions Limited has scheduled a one-to-one meeting with Premji Invest on August 12, 2026. This is a routine regulatory disclosure under SEBI (LODR) Regulations regarding institutional investor interactions. The company, which has a significant market capitalization of Rs 1,36,917 Cr, frequently engages with large institutional investors to discuss business progress. No specific agenda or material non-public information was disclosed in this filing.
- One-to-one meeting scheduled for August 12, 2026, with Premji Invest.
- Company maintains a robust ROCE of 29.0% and a very low debt of Rs 46 Cr.
- TTM Revenue for the period ending March 2026 reached Rs 12,418 Cr.
- Promoter holding remains stable at 56.36% as of June 2026.
CG Power and Industrial Solutions has scheduled one-to-one meetings with Fidelity International and First State Investment for August 18, 2026. This is a routine regulatory disclosure under SEBI LODR Regulations. The company, with a market capitalization of Rs 1,36,917 Cr, continues to engage with large institutional investors following its FY26 revenue of Rs 12,418 Cr. Such meetings typically focus on long-term strategy and operational performance rather than immediate financial disclosures.
- One-to-one meetings scheduled for Tuesday, 18th August 2026
- Participating institutions include Fidelity International and First State Investment
- Company maintains a strong TTM revenue base of Rs 12,418 Cr
- Market capitalization stands at Rs 1,36,917 Cr as of the announcement date
Financial Performance
Revenue Growth by Segment
Fractional Horsepower (FHP) motors recorded a quantity growth of 55% YoY, LT motors grew 4.2%, and HT motors declined by 1% as of March 2025. The Drives & Automation (D&A) segment, specifically CG Emotron, reported growth in orders and sales within the marine, material handling, and water sectors.
Geographic Revenue Split
The company expanded its global footprint with a new regional office in Dubai to serve the Middle East and Africa (MEA) region. Market expansion also includes Malaysia (380V AC Trailable Point Machines), Vietnam (Hanoi distributor network), France, North America, and South America.
Capital Expenditure
Indian Railways Budget 2025-2026 allocated INR 2,65,000 Cr for capital expenditure, including INR 32,235 Cr for new lines, INR 32,000 Cr for doubling tracks, and INR 58,895 Cr for rolling stock, which directly benefits CG's railway segment.
Operational Drivers
Raw Materials
Steel (traction motor stampings), Copper (transformers and motors), and Aluminium (Elite Series motor bodies).
Capacity Expansion
CG D&A is currently expanding its India production facility to meet increased demand for standard products. FHP motors saw a 55% quantity growth driven by the Air Handling segment.
Raw Material Costs
Surging commodity prices are noted as a factor for sequential deceleration in industrial production, impacting input costs for motor manufacturing.
Manufacturing Efficiency
Achieved a 50% reduction in Customer Complaint Rate Percentage (CCRP) and a 2-week improvement in average lead time from customer purchase to testing.
Logistics & Distribution
Maintains a network of over 300 Authorized Service Centres with an 85% Turnaround Time (TAT) adherence rate.
Strategic Growth
Expected Growth Rate
3.70%
Growth Strategy
Growth will be achieved through the acquisition of a 55.60% stake in G.G.Tronics for 'KAVACH' safety systems, expansion into the EV motor market (3-wheelers to heavy trucks), and localized support via a new Dubai office for the MEA region.
Products & Services
EV Traction Motors, KAVACH Electronic Safety Signalling, Traction Converters, 380V AC Trailable Point Machines, FHP/LT/HT Motors, Pumps, Fans, and Battery Energy Storage Systems (BESS).
Brand Portfolio
CG, CG Emotron, CG Vishwas, Elite Series.
New Products/Services
Launched 380V AC Trailable Point Machines for Malaysian Railways and indigenously developed EV Motors and Controllers for LCVs, MCVs, and HCVs.
Market Expansion
Targeting the MEA region via Dubai (2025), expanding direct channels in France and North America, and deepening pump segment presence in Central and Western India.
Market Share & Ranking
CG is a leading provider of Railway Signalling Systems and Technology solutions in India.
Strategic Alliances
Acquired 55.60% stake in G.G.Tronics India Private Limited to leverage synergies in railway transport safety.
External Factors
Industry Trends
The power sector is shifting toward 50% non-fossil fuel sources by 2030. Railways are moving toward 100% electrification by 2030 and implementing the KAVACH safety system across the network.
Competitive Landscape
The government is encouraging greater private sector participation in transmission projects, increasing competition in the power systems sector.
Competitive Moat
Durable advantages include specialized 'KAVACH' technology, a massive service network of 300+ centers, and indigenous development of EV traction motors which are difficult for competitors to replicate quickly.
Macro Economic Sensitivity
Industrial production growth is muted at 3.7% on average, sensitive to commodity price surges and global supply chain disruptions.
Consumer Behavior
Shift toward e-commerce in the ECD segment and increased demand for energy-efficient 'Smart Motors' and prepaid smart meters (19.79 Cr units sanctioned).
Geopolitical Risks
Geopolitical impacts are noted as affecting the D&A segment, though the company managed to grow orders despite these factors.
Regulatory & Governance
Industry Regulations
Compliance with RDSS (Revamped Distribution Sector Scheme) for smart metering and loss reduction projects worth INR 1,46,000 Cr.
Environmental Compliance
Achieved SUP-Free (Single-Use Plastic) certification for FHP unit and ZWTL 'Aspiring' certification for LT Motors Unit 1.
Legal Contingencies
The company received warning letters from NSE and BSE on December 5, 2025, regarding delayed compliance with Regulation 31A(8) of SEBI LODR related to promoter reclassification.
Risk Analysis
Key Uncertainties
Declining trend in LT Motors market due to industrial stagnancy; potential for future SEBI actions if disclosure lapses recur.
Geographic Concentration Risk
Deepening presence in Central and Western India for pumps, while expanding in Northern and Eastern markets.
Third Party Dependencies
Dependency on a global partner network for CG Emotron's expansion in Middle East and South America.
Technology Obsolescence Risk
Mitigated by R&D in Industry 4.0, EV motors, and microprocessor-driven switching for traction converters.
Credit & Counterparty Risk
RDSS scheme aims to improve financial sustainability of DISCOMs, reducing ACS-ARR gap to INR 0.45 per kWh, which improves counterparty credit for CG's power segment.
