Mumbai, Oct 23: CG Power and Industrial Solutions Limited announced its financial results for the quarter and half-year ended September 30, 2026, reporting strong growth in revenue, profitability and order intake. The performance reflects continued business momentum, disciplined execution and robust demand across its businesses.
During Q2FY27, the company recorded standalone sales of ₹3,505 crore, registering year-on-year growth of 32%. EBITDA increased by 47% to ₹637 crore, while profit after tax (PAT) rose by 46% to ₹450 crore. Profit before tax grew by 47% to ₹602 crore, representing 17.2% of sales. The EBITDA margin improved to 18.2%, compared with 16.4% in the corresponding quarter of the previous year.
For the half-year ended September 30, 2026, standalone sales increased by 24% year-on-year to ₹6,566 crore. EBITDA grew by 37% to ₹1,155 crore, PBT increased by 38% to ₹1,089 crore, and PAT rose by 37% to ₹813 crore.
CG recorded quarterly order intake of ₹8,016 crore, up 90% year-on-year. Its unexecuted standalone order backlog stood at ₹21,820 crore as of September 30, 2026, representing an increase of 61% year-on-year and providing revenue visibility for the coming quarters.
Segment-Wise Performance
Industrial Systems
Industrial Systems recorded sales of ₹1,738 crore in Q2FY27, reflecting year-on-year growth of 25%. EBITDA increased by 22% to ₹177 crore, while profit before interest and tax rose by 22% to ₹164 crore. Quarterly order intake reached ₹1,758 crore, up 12% year-on-year. The unexecuted order backlog stood at ₹2,856 crore at the end of September 2026, providing visibility for the coming quarters.
Power Systems
Power Systems reported sales of ₹1,769 crore, registering year-on-year growth of 41%. EBITDA increased by 70% to ₹458 crore, while PBIT grew by 71% to ₹443 crore. The PBIT margin improved to 25%, compared with 20.7% in Q2FY26, supported by stronger price realisation and improved operating leverage.
Order intake for the segment reached ₹6,258 crore, representing growth of 137% year-on-year. Its unexecuted order backlog stood at ₹18,964 crore as of September 30, 2026, up 81% year-on-year.
Consolidated Financial Performance
On a consolidated basis, CG recorded quarterly sales of ₹3,802 crore, an increase of 30% year-on-year. EBITDA rose by 40% to ₹621 crore, while PBT increased by 44% to ₹559 crore. PAT grew by 44% to ₹409 crore.
The consolidated order intake increased by 78% year-on-year to ₹8,485 crore. The unexecuted consolidated order backlog reached ₹23,646 crore as of September 30, 2026, representing growth of 58% year-on-year.
The consolidated performance includes the company's operating subsidiaries in Sweden, Germany and the Netherlands, as well as other subsidiaries in India and overseas. Margin expansion was supported by strong Power Systems performance, partially offset by continued talent investments across CG Semi and Axiro.
Manufacturing Expansion and Strategic Developments
CG continued to strengthen its manufacturing capabilities and expand capacity to address growing demand across power infrastructure and semiconductor-related businesses.
On September 4, 2026, the company rolled out the first transformer from its manufacturing facility at Sehore, Madhya Pradesh. The greenfield facility, developed within 13 months across 50 acres, is designed to manufacture power transformers in the 220 kV to 1200 kV class, with a capacity to produce 35 power transformers per month. The occasion was attended by Madhya Pradesh Chief Minister Dr. Mohan Yadav.
CG's wholly owned subsidiary, Axiro Semiconductor Private Limited, acquired 100% of the equity share capital of Tosil Systems Private Limited for ₹16.44 crore. The transaction was completed on August 20, 2026. Tosil provides semiconductor and embedded engineering services, including silicon design, verification, physical implementation, embedded software, Linux board support package development and Edge AI engineering services.
The company also announced capacity expansion initiatives across its switchgear and power transformer manufacturing operations in response to rising demand and a growing order pipeline.
At the S1 Unit in Ambad, CG proposed an investment of approximately ₹300 crore to increase the annual manufacturing capacity of OIP bushings and instrument transformers up to 800 kV by 4,236 equivalent units, taking the total capacity to 11,436 equivalent units. Production is tentatively expected to commence within 30–36 months.
The Board also approved an additional investment of approximately ₹15.31 crore to enhance extra-high-voltage circuit breaker manufacturing capacity at S3 Unit-II by 3,600 units annually, taking total capacity to 10,800 units per year. The capacity addition is planned for completion within six to nine months.
For the gas-insulated switchgear division at Vilholi, Nashik, the approved investment for the brownfield project was increased from approximately ₹35.17 crore to ₹44.62 crore. The additional investment will primarily support the procurement of an 800 kV high-voltage testing system. Following the expansion, annual capacity is expected to increase from 228 equivalent bays in FY26 to 468 equivalent bays.
In its power transformer manufacturing operations, CG approved an investment of approximately ₹68 crore, net of taxes, to enhance capacity at its existing T3 facility by 10,000 MVA, taking overall capacity to 75,000 MVA. The project is expected to be completed within 12–15 months.
Commenting on the performance, 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% 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.”
CG's Q2FY27 performance reflects continued growth across its businesses, a stronger order pipeline and ongoing investments in manufacturing capacity to address demand across power systems, industrial systems and related technology segments.
The unaudited financial statements, along with detailed notes, are available through the company's stock exchange filings and official website.
