CG Power & Industrial Solutions Ltd(CGPOWER)

NSE: CGPOWERBSE: 500093

₹ 814.95-0.13%refreshed 23 Oct, 03:56 pm ISTMarket cap: ₹ 1.28 L crWebsite: www.cgglobal.comUpdated: 25 Oct 2026

About

CG Power & Industrial Solutions Ltd is an 89-year-old Mumbai-headquartered engineering company and has been part of the Murugappa Group since November 2020. It makes transformers, switchgears, motors, drives, railway systems, consumer electrical products and RF semiconductor solutions. Revenue was Rs 12,417.95 Cr in FY26, and it runs 22 manufacturing facilities across India and Europe. Its motors business has about 38 - 39% of the LT motor segment.^[1][2]

Business segments

Industrial Systems (motors, drives, railways, consumer products): Rs 6,747.04 Cr revenue in FY26, 54.3% of segment revenue, compared with Rs 6,375.81 Cr in FY25.^[3][1][4]
Power Systems (transformers, switchgear): Rs 5,138.18 Cr revenue in FY26, 41.4% of segment revenue, compared with Rs 3,509.71 Cr in FY25.^[3][1][4]
Semiconductors: Rs 502.77 Cr revenue in FY26, 4.0% of segment revenue, with a segment EBIT of Rs -107.86 Cr.^[3][1]
Between FY2018 and FY2026, Power Systems' share of revenue fell by 17.1 percentage points and Industrial Systems' share rose by 13.0 points.^[3]
Power Systems PBIT margin was 23% in Q1 FY27 (+209 bps YoY) and 21.9% for FY26. Industrial Systems PBIT margin was 7.6% in Q1 FY27, down from 10.2%, partly because of a one-off Rs 20 crore railway provision.^[5]

Products and market position

The motor range covers LV motors up to 710 kW, MV motors up to 20 MW and FHP motors up to 5.5 kW. The business has about 38 - 39% of the LT motor segment (FY26).^[1]
CG is the only Indian manufacturer offering 800 kV bushings that meet seismic Zone V requirements (FY26).^[1]
Axiro, the semiconductor design subsidiary built on the RF business bought from Renesas, earned about Rs 500 Cr in revenue in FY26. It has over 150 IPs and more than 200 chip designs, deployed in over 600 million chips.^[1]
CG holds a 55.60% stake in G.G. Tronics, which makes railway electronic safety signalling systems including KAVACH.^[1]
Launches of the AMX next-generation low- and medium-voltage drives began in April 2026.^[6]

Order book and inflows

Standalone order backlog was Rs 17,333 crores in Q1 FY27, +45% YoY. The consolidated backlog was Rs 18,965 crores, also +45% YoY.^[5]
The Power Systems order backlog was Rs 14,434 crores in Q1 FY27, +59% YoY.^[5]
Order intake in FY26 was Rs 19,616 Cr consolidated and Rs 17,574 Cr standalone (up 30%). The closing backlog was Rs 17,107 Cr consolidated and Rs 15,719 Cr standalone (up 59%).^[1]
Order inflow in Q1 FY27 was Rs 5,211 crores consolidated and Rs 4,692 crores standalone.^[5]
Export order intake grew about 84% YoY in Q1 FY27. Export order bookings more than doubled in FY26.^[5][1]

Manufacturing operations

CG has 22 manufacturing facilities across India and Europe, plus 14 regional offices and 19 branch offices (FY26).^[1]
LV motors are made at Ahilyanagar and Goa and HV motors at Bhopal. Railway plants are at Mandideep and Pithampur. Switchgear is made at Nashik, and instrument transformers and vacuum interrupters at Chhatrapati Sambhajinagar.^[1]
Power transformer installed capacity was about 75,000 MVA across the Gwalior and Bhopal plants as of Q1 FY27.^[5]
Nashik EHV switchgear Unit-II was commissioned on 4 June 2026, adding 7,200 units a year to the existing 9,000 and raising EHV circuit breaker capacity by 80%.^[5]
Switchgear capacity utilisation was 85 - 88% as of Q2 FY26.^[7]
The CG Semi G1 OSAT facility in Sanand, Gujarat began commercial production on 4 July 2026, with peak capacity of 0.5 million units per day.^[5]
CG D&A has production units in India, Sweden and Germany, and opened direct sales offices in Morocco and South Africa (FY26).^[1]

Customers and distribution

Customers include OEMs, central, state and private power utilities, Indian Railways and a network of channel partners (FY26).^[1]
The largest single order in CG's history: about Rs 900 crores for 330 kV power transformers from Tallgrass (USA) for a hyperscale data centre, to be delivered over 12 - 20 months.^[8][1]
Renesas has taken close to 50% of G1 OSAT capacity. CG Semi passed qualification with a leading global IDM, and mass production for that customer is expected in FY27.^[5][1]
Export revenue grew about 20 - 25% in H1 FY26 compared with H1 FY25, across markets in Southeast Asia, Europe, Africa and the US.^[7]

Expansion and capex

Sehore (MP) greenfield transformer plant: Rs 792 crores invested, adding 45,000 MVA in phases from an initial 10,000 MVA. The annual report puts transformer capacity heading to about 1,20,000 MVA.^[9][1]
Greenfield switchgear expansion: Rs 748 Cr approved by the Board, with Phase I due April 2027 and Phase II due April 2028.^[1][7]
OSAT G1 and G2 project: total cost Rs 7,584 crores, including Rs 3,501 crores of central assistance. The G2 plant (14.5 million chips per day) is targeted for completion by end CY2026.^[1][6]
Further transformer capacity beyond the new 45,000 MVA plant is being evaluated (Q1 FY27).^[5]

Recent developments

4 September 2026: the Sehore greenfield transformer plant was declared operational, funded by QIP proceeds and internal accruals.^[9]
July 2025: a QIP, oversubscribed three times, raised Rs 3,000 Cr. Allocations include Rs 1,062.85 crores for the OSAT subsidiary and Rs 856.98 crores for the transformer plant. Rs 380.80 crores had been used at FY26.^[1]
Kavach (G.G. Tronics): locomotive trials and the ISA audit are complete, and RDSO approval was expected 4 - 6 weeks after 24 July 2026. An unexecuted order backlog of Rs 1,000 crores is waiting on production.^[5]
400 kV GIS commercialisation is planned for FY27, with phase-two type testing between Q2 and Q3 FY27.^[6]
3 April 2025: the RF components business was acquired from Renesas through Axiro for about USD 36 million.^[4]

Market Cap

₹1,28,393 Cr

High / Low

₹981 / 526

Stock P/E

93.7

Price / Book

14.7

Book Value

₹51

EPS

₹7.7

No. of Shares

157.49 Cr

ROCE

27.0%

ROE

20.4%

OPM

13.2%

Debt / Equity

0.00

Sales

₹12,418 Cr

Net Profit

₹1,199 Cr

Promoter holding

56.3%

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CG Power & Industrial Solutions Ltd(CGPOWER)

About

Business segments

Products and market position

Order book and inflows

Manufacturing operations

Customers and distribution

Expansion and capex

Recent developments

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