CG Power Management Guidance Tracker

11 forward-looking guidance items tracked across 3 quarters.

Revenue

Q2 FY26Exero revenue of ~$50M in FY26Tracked

Management expects the semiconductor design subsidiary to generate approximately $50 million in revenue for the current fiscal year.

Q3 FY26Switchgear brownfield expansion to add ₹400 crore revenueTracked

A brownfield expansion near existing facility will be ready in a couple of months, adding about ₹400 crore incremental revenue.

Expansion

Q2 FY26Transformer capacity expansion to 40,000 MVA operational from Oct 1Active

The expanded transformer capacity from 15,000 MVA to 40,000 MVA became operational on October 1, 2025, and is expected to be fully utilized.

Q3 FY26Transformer capacity to reach 65,000 MVA in one quarterActive

Management guided that transformer capacity will increase from current 40,000 MVA to 65,000 MVA within the next quarter, ahead of original 2028 plan.

Q3 FY26OSAT M2 plant ready by end of December 2026Tracked

The larger OSAT plant (M2) is expected to be ready by end of December 2026, with operations starting in Q4 FY27.

Q4 FY26Transformer capacity to reach ~110,000 MVA by FY27 endTracked

Greenfield expansion in progress; new plant to commission July-August 2026 with initial 25-30,000 MVA, ramping to 45,000 MVA by calendar year end.

Capex

Q2 FY26New switchgear capex of 748 crores approvedTracked

Board approved greenfield expansion for switchgear business with investment of 748 crores net of taxes to meet demand for MV and EHV products.

Growth

Q2 FY26Exports target 35-40% of new transformer plant revenueTracked

For the new transformer plant (45,000 MVA), management targets 35-40% of revenue from exports to ensure sustainability.

Q4 FY26400 kV GIS commercialization in FY27Tracked

Phase 1 type testing completed; phase 2 scheduled between Q2 and Q3 FY27; commercialization expected within FY27.

Q4 FY26Exports and services as key focus areasTracked

Exports order bookings more than doubled YoY; management targets ambitious growth but does not provide specific numbers.

Margins

Q3 FY26Industrial price increases of 17% over nine monthsActive

Management has implemented cumulative price increases of ~17% over the last nine months to offset commodity inflation, with market absorption better than expected.