CG Power and Industrial Solutions Limited — Q3 FY26
CG Power delivered a strong Q3 FY26 with consolidated revenue of ₹3,175 crore, up 26% YoY, driven by robust power systems growth of 44% and a record order backlog of ₹15,753 cro...
bullish
high
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Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
42%Questions answered6Evaded / deflected12Questions audited
Evasive
High priority
Order intake growth slowdown in power systems segment?
Asked by Ravi Swami Natan, Aventespa
Acknowledged the question but gave no specifics on order pipeline or margins.
attributed to quarter-to-quarter variationno specific data on pipeline
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Question
it has seen 16% growth. It's a healthy number but in the previous quarters we had seen significantly higher kind of growth... are you seeing any signs of the margins slowness in the ordering momentum in the power system sector segment especially related to the domestic renewable category.
Amar (CEO, inferred)
it's a quarter-to-quarter variation will always happen. So we are not seeing any decline or slowdown in the pipeline of the orders that we have. So I think it continues to be as strong as it has been and growing as well.
Partial answer
Medium priority
Volume growth vs price increase in motors segment?
Asked by Ravi Swami Natan, Aventespa
Confirmed both factors but did not quantify the split.
no quantitative split provided
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Question
what is the volume growth in the LT and HD motor. So we had seen a revenue growth of around 8-9%. How much would have been contributed by price increases and how much by volume growth?
Amar (CEO, inferred)
it's a combination of the price increase that we did the realization has been fairly good... yes a combination of volume as well as the top line from the price increase.
Evasive
Medium priority
How much more price increase needed in Q4?
Asked by Ravi Swami Natan, Aventespa
Did not provide any specific percentage or timeline for price increases.
no specific quantum givengeneric industry practice
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Question
how much more price increases are required say from the fourth quarter onwards and how is it likely to pan out for both the power and industrial segment.
Amar (CEO, inferred)
any inflation has to be passed on to the customers... if commodity still doesn't behave well obviously there'll be forthcoming price increases... power most of the business we have the PVC clauses which is price variation clause.
Evasive
High priority
Impact of potential Chinese player entry in PSU tenders?
Asked by Ankur Sharma, HDFC Life
Did not address likelihood or specific impact, only general confidence.
no concrete assessmentdeflected to level playing field
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Question
there have been some media reports saying that the government could potentially allow Chinese players to bid for PSU tenders. So just your thoughts on this.
Amar (CEO, inferred)
as CG we are not really worried about that even if Chinese players come in. Important is level playing field... with the level playing field we have to be operationally efficient and then we can compete with anybody.
Evasive
High priority
Pipeline for US data center transformer orders?
Asked by Ankur Sharma, HDFC Life
Spoke generally about strategy but gave no quantitative pipeline details.
no pipeline size or revenue potential given
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Question
on this large transformer order which you got for this data center in the US. If you could just talk about what more could be there in the pipeline. How much of an opportunity does it really open for a company like CG in terms of export orders for data centers?
Amar (CEO, inferred)
data center is one of the key vertical for us... we have been working on this for last two years religiously... we are of firm opinion that the risking strategy of being domestically strong as well as keep divesting a bit on the outside India as well.
Answered
High priority
Sustained order pipeline for domestic power transmission?
Asked by Mahesh Bendri, LIC mutual fund
Provided a clear positive outlook with a specific time horizon.
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Question
if we talk about two to five years, do you see a sustained order pipeline because government has published recently new NAP where there is high amount of capex in power is going to take place.
Amar (CEO, inferred)
next 5 years up to 29 I don't see a concern that this sector will not grow unless something catastrophic happens... the way government is expanding infrastructure power generation so I don't see anything slowing down up to 2029.
Answered
Medium priority
Is price variation clause present in entire power order book?
Asked by Mohit Kumar, ICIC Securities
Gave a clear affirmative answer.
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Question
Is it fair to say that the price variation clause is present in almost the entire order book?
Amar (CEO, inferred)
Yes, almost.
Evasive
High priority
Margins on new power system orders vs current?
Asked by Atul Tari, JP Morgan
Did not answer whether new order margins are similar or higher.
no specific margin comparisonrefused to give backlog margin
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Question
on the power systems margins which have obviously expanded quite a bit this quarter. For the new orders that you are getting for the power systems in the domestic market are the margins similar or they are even higher than what you're reporting today.
Amar (CEO, inferred)
I would say with the backlog that we have future is bright... I not be able to tell you exactly what my backlog margins are but there's a very disciplined process of order intake.
Answered
High priority
OSAT facility ramp-up and next facility timeline?
Asked by Atul Tari, JP Morgan
Provided specific timeline for sales and next facility.
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Question
could you give some update on what is the kind of ramp up we are seeing in the facility that we commissioned a few months ago and when is the next bigger facility likely to come online?
Amar (CEO, inferred)
the mini plant which we call M1 has already started commence its activity. I think in next two quarters we should start sales out of that on a small scale... the new plant M2 should be ready by end of December 2026.
Evasive
High priority
Pricing pressure if Chinese players re-enter?
Asked by Escapor, Jeff
Did not address potential pricing pressure, only talked about being prepared.
no forward-looking assessmentdeflected to preparedness
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Question
assuming as you said there is a level playing field but they do come back into the market. Do you see pressure on pricing and as a result any pressure on your margins going forward?
Amar (CEO, inferred)
We have not seen anything like that till now for sure... nobody can predict what will happen after one year important is how do we flex our muscles in the gym to be prepared for the worst case scenario.
Partial answer
Medium priority
Percentage of OSAT capacity already customer-backed?
Asked by Adita Mongoya, COTCH Institutional Equities
Gave a specific percentage for one customer but not for total capacity.
only one-third confirmed, rest unclear
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Question
How much of our full capacity already would have a customer? Obviously pending clearances but already would be having a customer today.
Amar (CEO, inferred)
about one-third of the capacity is our collaboration with renaissance so they have that's part of agreement so they will pick it up and there are a lot of discussion going on.
Answered
High priority
Milestones for power export scale-up?
Asked by Adita Mongoya, COTCH Institutional Equities
Provided a specific quantitative milestone (50% growth in export order pipeline).
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Question
you had commented a fairly large part of the incremental capacities that you add up being focused on exports. Could you give a sense of what milestones should one be tracking for gauging the progress over here on the exports side?
Amar (CEO, inferred)
exports for power has already started picking up... the order pipeline for exports has gone up by more than 50% in the last nine months. April till December last year to April till December this year we are more than 50% on the exports bookings.