CGPOWER
CG Power and Industrial Solutions share price & financials
- Price
- ₹905
- Market cap
- ₹1.4L Cr
- Sector
- Capital Goods
- Calls analysed
- 5
CG Power and Industrial Solutions Limited Q1 FY27
What went well
- Standalone sales grew by 16% YoY to ₹3,061 crores.
- Standalone PAT grew by 27% YoY to ₹364 crores, with 140 bps margin expansion.
- Consolidated order book increased 45% YoY to ₹18,965 crores, providing multi-quarter revenue visibility.
What to watch
- Industrial segment PBIT was impacted by a one-off provision of approximately ₹20 crores in the Railway Business.
- Consolidated Industrial segment margins were weaker at 7.6% (vs 10.2% YoY) due to G.G. Tronics (Kavach not yet operational) and continued investment in the semiconductor business.
What CG Power and Industrial Solutions Limited does
CG Power and Industrial Solutions is an electrical-engineering company that designs and manufactures products for the generation, transmission, distribution and use of electrical energy. It operates two business lines: Industrial Systems (induction and traction motors, drives, railway propulsion and signalling equipment, plus consumer appliances like fans, pumps and water heaters) and Power Systems (transformers, switchgears and allied products). It earns revenue by supplying utilities, EPC contractors, Indian Railways and industrial customers in India and abroad, and has diversified into semiconductors through subsidiaries. It has been part of the Murugappa Group since November 2020.
Segments
- Industrial Systems
- Power Systems
- Manufacturing units
- 18 across 9 locations in India and Europe
- Business lines
- Industrial Systems and Power Systems
- Transformer installed capacity
- 65,000 MVA
- Market position
- Leader in India's electrical engineering industry
- Regional offices
- 5
- Branch offices across India
- 14
Guidance record · Q1 FY27
what the last two calls moved 18 tracked 5 delivered 1 missed 12 open- Transformer Capacity Expansion delivered said Q1 FY26 Promised: 40,000 MVA capacity by September Q1 FY27: Maintained. Superseded by further expansion.
- Switchgear Brownfield Incremental Revenue went quiet said Q3 FY26 Promised: Close to INR 400 crores incremental revenue upon readiness in next couple of months Q1 FY27: No mention of the specific INR 400 cr brownfield revenue. Focus remains on the new greenfield EHV switchgear facility which has been commissioned.
- KAVACH Monthly Installations delayed said Q1 FY26 Promised: At least 100 KAVACH installation commissioning happening every month, starting in the next couple of months Q1 FY27: Awaiting RDSO approval, which is expected in 4-6 weeks. This represents a further delay.
All 18 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 15.8%, net profit up 27.3% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,270 | 2,389 | 2,563 | 2,643 | 2,649 +17% | 2,909 +22% | 3,128 +22% | 3,061 +16% |
| EBITDA | 286 | 329 | 338 | 374 | 370 +29% | 408 +24% | 485 +43% | 437 +17% |
| Net profit | 223 | 244 | 275 | 286 | 307 +38% | 312 +28% | 412 +50% | 364 +27% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +18.2% 1Y
1Y: ₹768.95 on 10 Sept 2025 → ₹909. High ₹976.5 (1 Jul 2026), low ₹530.65 (27 Jan 2026).
How the price took the results
close before → close after
- Q1 FY27
- −1.8%
- 24 Jul
- Q4 FY26
- +0.2%
- 6 May
- Q3 FY26
- −3.4%
- 27 Jan
- Q2 FY26
- +3.6%
- 29 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 18.1% a year over 3 years, FY23 to FY26. Operating margin held at 14.4%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹6.9k Cr | ₹7.6k Cr | ₹9.3k Cr | ₹11.3k Cr |
| Operating profit | ₹981 Cr | ₹1.1k Cr | ₹1.3k Cr | ₹1.6k Cr |
| Operating margin | 14.3% | 14.1% | 13.6% | 14.4% |
| Interest | ₹16 Cr | ₹3 Cr | ₹7 Cr | ₹8 Cr |
| Depreciation | ₹91 Cr | ₹78 Cr | ₹87 Cr | ₹94 Cr |
| Net profit | ₹777 Cr | ₹1.0k Cr | ₹974 Cr | ₹1.3k Cr |
| Net margin | 11.3% | 13.2% | 10.4% | 11.6% |
| Cash from operations | ₹890 Cr | ₹963 Cr | ₹934 Cr | ₹889 Cr |
| Free cash flow | ₹818 Cr | ₹779 Cr | ₹683 Cr | ₹477 Cr |
| ROCE | 41.0% | 39.0% | 36.0% | 29.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹268 Cr | ₹288 Cr | ₹305 Cr | ₹305 Cr | ₹315 Cr | ₹315 Cr |
| Reserves | ₹766 Cr | ₹1.5k Cr | ₹2.1k Cr | ₹2.9k Cr | ₹7.1k Cr | ₹7.9k Cr |
| Borrowings | ₹953 Cr | ₹310 Cr | ₹17 Cr | ₹15 Cr | ₹117 Cr | ₹46 Cr |
| Other liabilities | ₹1.9k Cr | ₹1.7k Cr | ₹1.8k Cr | ₹2.2k Cr | ₹4.0k Cr | ₹3.7k Cr |
| Total liabilities | ₹3.9k Cr | ₹3.8k Cr | ₹4.3k Cr | ₹5.4k Cr | ₹11.6k Cr | ₹12.0k Cr |
| Fixed assets | ₹801 Cr | ₹768 Cr | ₹771 Cr | ₹831 Cr | ₹2.0k Cr | ₹912 Cr |
| Capital work in progress | ₹10 Cr | ₹25 Cr | ₹29 Cr | ₹85 Cr | ₹455 Cr | ₹488 Cr |
| Investments | ₹304 Cr | ₹343 Cr | ₹303 Cr | ₹995 Cr | ₹783 Cr | ₹2.1k Cr |
| Other assets | ₹2.8k Cr | ₹2.7k Cr | ₹3.2k Cr | ₹3.5k Cr | ₹8.3k Cr | ₹8.4k Cr |
| Total assets | ₹3.9k Cr | ₹3.8k Cr | ₹4.3k Cr | ₹5.4k Cr | ₹11.6k Cr | ₹12.0k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +4.01 pp while promoters trimmed −1.69 pp. The shareholder count grew 8% to 5,33,530.
- Promoters
- 56.4%
- FIIs
- 12.0%
- DIIs
- 18.2%
- Government
- 0.1%
- Public
- 13.4%
Since Jun 2025
- DIIs +4.01 pp
- Promoters −1.69 pp
- Public −1.65 pp
How it drifted, 12 quarters
Over this window DIIs went from 7.8% to 18.2% — +10.4 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 58.1%, FIIs 16.7%, DIIs 7.8%, Public 17.3%.Dec '23: Promoters 58.1%, FIIs 16.1%, DIIs 9.2%, Public 16.7%.Mar '24: Promoters 58.1%, FIIs 15.2%, DIIs 10.1%, Public 16.6%.Jun '24: Promoters 58.1%, FIIs 14.6%, DIIs 11.1%, Public 16.2%.Sep '24: Promoters 58.1%, FIIs 14.6%, DIIs 11.4%, Public 15.9%.Dec '24: Promoters 58.1%, FIIs 14.3%, DIIs 11.9%, Public 15.7%.Mar '25: Promoters 58.1%, FIIs 13.0%, DIIs 13.6%, Public 15.4%.Jun '25: Promoters 58.0%, FIIs 12.7%, DIIs 14.2%, Public 15.0%.Sep '25: Promoters 56.4%, FIIs 13.0%, DIIs 16.3%, Public 14.3%.Dec '25: Promoters 56.4%, FIIs 12.0%, DIIs 17.5%, Government 0.0%, Public 14.1%.Mar '26: Promoters 56.4%, FIIs 12.0%, DIIs 18.0%, Government 0.1%, Public 13.5%.Jun '26: Promoters 56.4%, FIIs 12.0%, DIIs 18.2%, Government 0.1%, Public 13.4%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Motilal Oswal Large And Midcap Fund Mutual fund newly disclosed 1.62% held
- Nippon Life India Trustee Ltd-A/C Nippon India Multi Cap Fund Mutual fund newly disclosed 1.10% held
- Government Pension Fund Global Sovereign newly disclosed 1.10% held
- Life Insurance Corporation Of India Insurer +0.13 pp 1.34% held
- Parry International FZCO newly disclosed 0.00% held
The same filing shows 1 holder trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of CG Power and Industrial Solutions Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Tube Investments of India Limited | 56.29% | unchanged |
| NPS Trust- A/C SBI Pension Fund Scheme - State Govt Pension / PF | 3.51% | unchanged |
| Motilal Oswal Large And Midcap Fund Mutual fund | 1.62% | newly disclosed |
| Axis ELSS Tax Saver Fund Mutual fund | 1.57% | −0.09 pp |
| Life Insurance Corporation Of India Insurer | 1.34% | +0.13 pp |
| Nippon Life India Trustee Ltd-A/C Nippon India Multi Cap Fund Mutual fund | 1.10% | newly disclosed |
| Government Pension Fund Global Sovereign | 1.10% | newly disclosed |
| M A MURUGAPPAN HOLDINGS LLP (Formerly, M A Murugappan Holdings Private Limited) | 0.02% | unchanged |
| M.A.Alagappan | 0.01% | unchanged |
| M A M ARUNACHALAM (in the capacity as Kartha of HUF) | 0.01% | unchanged |
| MAM ARUNACHALAM(MAM A & S Arunachalam hold on behalf of Arun Murugappan Children's Trust) | 0.01% | unchanged |
| M A M Arunachalam | 0.01% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in CGPOWER
Filings to Aug 2026
0 new, 12 added, 7 trimmed, 0 sold out — net −6.23 L shares (−2.3%).
- Held by funds
- ₹2.3k Cr
- 29 schemes
- Biggest holder
- Nippon India Growth Mid Cap Fund
- ₹467 Cr · 0.9% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Growth Mid Cap Fund Nippon India Mutual Fund | ₹467 Cr | held | Jan '24 |
| Nippon India Multi Cap Fund Nippon India Mutual Fund | ₹413 Cr | −8.00 L | Jan '24 |
| HDFC Large Cap Fund HDFC Mutual Fund | ₹234 Cr | held | Jul '25 |
| Nippon India ETF Nifty Next 50 Junior BeES Nippon India Mutual Fund | ₹222 Cr | +0.78 L | Mar '25 |
| HDFC Manufacturing Fund HDFC Mutual Fund | ₹164 Cr | −1.00 L | May '24 |
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹146 Cr | held | Jan '26 |
| Nippon India Power & Infra Fund Nippon India Mutual Fund | ₹126 Cr | held | Sep '24 |
| HDFC Arbitrage Fund HDFC Mutual Fund | ₹105 Cr | +4.23 L | Dec '24 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
12 added, 7 trimmed — net −6.23 L shares (−2.3%)
- Funds are sitting on
- +44%
- vs est. average cost
- Held by funds
- ₹2.3k Cr
- 29 schemes · ≈ 1.7% of the company
- Biggest holder
- Nippon India Growth Mid Cap Fund
- ₹467 Cr · 0.9% of that fund
Shares held by these funds +1882%
Aug '23 2.69 cr shares Jul '26
What the price assumes
Growth trapTo justify its price of ₹909, this stock must grow earnings at 47% every year for 7 years. Our analysis caps realistic growth at ~18%. At that growth it is worth ₹223 — downside of 75%.
- Growth the price implies
- 47.5% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 19.2% a year
- net profit, FY23–FY26 · EPS 18.3%
- The gap
- 0.3 pp
- -75% downside if it only repeats history
All earnings calls (5)
Read the Q1 FY27 call →Learn to analyse CG Power and Industrial Solutions Limited
Guides on how to read this kind of business and the numbers that matter.