CG Power and Industrial Solutions Limited (CG Power) reported strong financial performance for the second quarter and half-year ended September 30, 2026, with standalone sales increasing 32% year-on-year (YoY) to ₹3,505 crore and profit after tax (PAT) rising 46% to ₹450 crore in Q2 FY27. The company also recorded a 90% YoY increase in quarterly order intake to ₹8,016 crore, while its unexecuted order backlog stood at ₹21,820 crore as of September 30, 2026, providing visibility for the coming quarters.
The company’s performance reflects sustained growth momentum, supported by robust demand and disciplined execution across its Industrial Systems and Power Systems businesses.
CG Power Records Strong Standalone Financial Performance
For Q2 FY27, CG Power’s standalone EBITDA increased 47% YoY to ₹637 crore, compared with ₹435 crore in the corresponding quarter of the previous financial year. The EBITDA margin improved to 18.2% from 16.4% in Q2 FY26.
Profit before tax (PBT) rose 47% YoY to ₹602 crore, compared with ₹409 crore in the year-ago quarter. The PBT margin improved to 17.2% from 15.4%, supported by stronger performance in the Power Systems business. The company reported an annualised return on capital employed (ROCE) of 27% for the quarter, including QIP proceeds.
For the first half of FY27, standalone sales reached ₹6,566 crore, marking 24% growth over ₹5,293 crore in the corresponding period of FY26. EBITDA increased 37% to ₹1,155 crore, while PAT rose 37% to ₹813 crore from ₹594 crore.
Industrial Systems Business Reports 25% Sales Growth
CG Power’s Industrial Systems business recorded quarterly sales of ₹1,738 crore in Q2 FY27, registering 25% YoY growth compared with ₹1,395 crore in Q2 FY26. The growth was driven by strong performance across all businesses.
EBITDA increased 22% to ₹177 crore from ₹145 crore, while profit before interest and tax (PBIT) rose 22% to ₹164 crore from ₹135 crore. The PBIT margin stood at 9.4% of sales, compared with 9.7% in the corresponding quarter last year. Sequentially, the margin improved by 60 basis points, driven by margin expansion in Motors.
Order intake for the segment reached ₹1,758 crore, representing 12% YoY growth. Its unexecuted order backlog stood at ₹2,856 crore as of September 30, 2026, providing visibility for the coming quarters.
For the first half of FY27, Industrial Systems sales increased 15% to ₹3,409 crore from ₹2,969 crore in the corresponding period of FY26.
Power Systems Delivers 41% Sales Growth and 70% EBITDA Growth
The Power Systems business recorded sales of ₹1,769 crore in Q2 FY27, an increase of 41% YoY compared with ₹1,254 crore in Q2 FY26.
EBITDA grew 70% to ₹458 crore from ₹269 crore, while PBIT increased 71% to ₹443 crore from ₹260 crore. The PBIT margin improved to 25.0% from 20.7%, reflecting a 430-basis-point YoY expansion supported by stronger price realisation, improved operating leverage and resilient demand.
Quarterly order intake reached ₹6,258 crore, representing 137% YoY growth. The unexecuted order backlog stood at ₹18,964 crore as of September 30, 2026, an increase of 81% YoY.
For the first half of FY27, Power Systems sales increased 36% to ₹3,170 crore, while EBITDA rose 58% to ₹795 crore and PBIT increased 58% to ₹767 crore.
Consolidated Revenue Increases 30% in Q2 FY27
On a consolidated basis, CG Power reported sales of ₹3,802 crore in Q2 FY27, up 30% from ₹2,923 crore in Q2 FY26. EBITDA increased 40% YoY to ₹621 crore from ₹443 crore, while PBT rose 44% to ₹559 crore from ₹388 crore.
Consolidated PAT increased 44% to ₹409 crore from ₹284 crore in the corresponding quarter last year. The PAT margin improved to 10.8% from 9.7%.
The consolidated results include the performance of the company’s operating subsidiaries in Sweden, Germany and the Netherlands, along with CG DE Sub LLC, CG Adhesive Products Limited, CG Semi Private Limited, G.G. Tronics India Private Limited, Axiro Semiconductor Group and other non-operating subsidiaries.
Consolidated order intake increased 78% YoY to ₹8,485 crore, while the unexecuted order backlog rose 58% to ₹23,646 crore as of September 30, 2026. Annualised consolidated ROCE stood at 25% for the quarter, including QIP proceeds.
CG Power Expands Transformer Manufacturing Capacity
As part of its manufacturing expansion, CG Power rolled out the first transformer from its new manufacturing facility at Sehore, Madhya Pradesh, on September 4, 2026. The greenfield facility, spread across 50 acres, became operational within 13 months and is designed to manufacture 220 kV to 1,200 kV class power transformers.
The facility is described by the company as India’s largest single-location power transformer manufacturing facility, with the capacity to roll out 35 power transformers every month. Madhya Pradesh Chief Minister Dr. Mohan Yadav attended the first transformer rollout.
The company has also approved an expansion of its existing T3 power transformer manufacturing facility, which is operating at maximum capacity. The proposed investment of approximately ₹68 crore, net of taxes, will increase capacity by 10,000 MVA, taking the facility’s overall capacity to 75,000 MVA. The project is expected to be completed within 12–15 months.
Semiconductor Subsidiary Acquires Tosil Systems
Axiro Semiconductor Private Limited, a wholly owned subsidiary of CG Power, acquired 100% of the equity share capital of Tosil Systems Private Limited for ₹16.44 crore. The transaction was completed on August 20, 2026, making Tosil a wholly owned subsidiary of Axiro.
Tosil provides semiconductor and embedded engineering services to global semiconductor and electronics original equipment manufacturers (OEMs). Its capabilities include silicon design, verification and physical implementation, embedded software, Linux board support package (BSP) development and Edge AI engineering services.
CG Power Approves Investments in Switchgear Manufacturing
To address rising demand for extra-high-voltage (EHV) products and support domestic and export markets, CG Power has proposed additional capital expenditure across its switchgear manufacturing operations.
– S1 Unit (OIP), Ambad: An investment of approximately ₹300 crore is proposed to increase annual manufacturing capacity for OIP bushings and instrument transformers up to 800 kV by 4,236 equivalent units. Total capacity is expected to reach 11,436 equivalent units annually, with production tentatively scheduled to commence within 30–36 months.
– S3 Unit-II Phase 2: The Board has approved an additional investment of approximately ₹15.31 crore to increase EHV circuit breaker manufacturing capacity by 3,600 units annually. Total capacity is expected to rise to 10,800 units per annum, with completion planned within six to nine months.
– GIS Division, Vilholi, Nashik: The approved investment for the brownfield gas-insulated switchgear (GIS) project has been increased from approximately ₹35.17 crore to ₹44.62 crore. The additional ₹9.45 crore will primarily support the procurement of an 800 kV high-voltage testing system, enabling testing of 245 kV and 400 kV GIS. Annual capacity is expected to increase from 228 equivalent bays in FY26 to 468 equivalent bays.
The company stated that these investments form part of its proposed greenfield investments in the switchgear business.
Commenting on the results, Amar Kaul, Group CEO and Managing Director of CG Power and Industrial Solutions Limited, said, “This is an exceptional quarter for us, with standalone revenues growing by 32% YoY and an EBITDA margin of 18.2% for the quarter. These results are a cumulative outcome of our teams executing with discipline, day after day, across every business by leveraging CG EDGE our operating model. That consistency is the foundation we are building our company on, and it gives us confidence in sustaining this performance as we scale.”
