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View Claim Ledger →CG Power and Industrial Solutions Ltd — Q4 FY26
CG Power delivered a record Q4 FY26 with standalone revenue of ₹3,129 crore (+22% YoY) and PAT of ₹412 crore (+49% YoY), driven by power systems revenue surging 50% YoY to ₹1,487 crore with 23.8% margins (+287bps YoY).
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CG Power delivered a record Q4 FY26 with standalone revenue of ₹3,129 crore (+22% YoY) and PAT of ₹412 crore (+49% YoY), driven by power systems revenue surging 50% YoY to ₹1,487 crore with 23.8% margins (+287bps YoY). The order backlog hit a record ₹15,719 crore (+59% YoY), providing strong visibility. Industrial systems grew modestly at 5% due to mix shifts and competitive pricing in railways, though motors saw double-digit growth with 17.5% cumulative price hikes. Management guided for continued momentum in power systems, with transformer capacity expanding to ~110,000 MVA by year-end. Key risks include commodity inflation impacting motor margins and execution delays in the US transformer order due to component lead times.
Promises0 met · 2 missedRisks3 trackedTranscriptfull text
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Commodity inflation impact on motor margins
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Read Transcript →Quarter Snapshot
Order Backlog
₹15,719 crore
+59% YoY
Record unexecuted order backlog as of March 31, 2026, offering strong revenue visibility for FY27.
Power Systems Order Intake
₹3,027 crore
+72% YoY
Q4 order intake surged, driven by large transformer orders including a ₹900 crore US data center order.
Transformer Capacity
65,000 MVA
+282% YoY
Capacity expanded from ~17,000 MVA to 65,000 MVA in one year; further expansion to 110,000 MVA by FY27 end.
Motor Market Share
38-39%
flat
Maintained market leadership in low-voltage motors despite 17.5% cumulative price hikes over 3-4 quarters.
What Changed vs Last Quarter
NEW
400 kV GIS commercialization in FY27
Phase 1 type testing completed; phase 2 scheduled between Q2 and Q3 FY27; commercialization expected within FY27.
NEW
Exports and services as key focus areas
Exports order bookings more than doubled YoY; management targets ambitious growth but does not provide specific numbers.
UPDATED
Transformer capacity to reach ~110,000 MVA by FY27 end
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.
DROPPED
OSAT M2 plant ready by end of December 2026
The larger OSAT plant (M2) is expected to be ready by end of December 2026, with operations starting in Q4 FY27.
DROPPED
Switchgear brownfield expansion to add ₹400 crore revenue
A brownfield expansion near existing facility will be ready in a couple of months, adding about ₹400 crore incremental revenue.
DROPPED
Industrial price increases of 17% over nine months
Management has implemented cumulative price increases of ~17% over the last nine months to offset commodity inflation, with market absorption better than expected.
NEW RISK
Commodity inflation impact on motor margins
Rising commodity costs have already necessitated 17.5% price hikes; further inflation may pressure margins if not fully passed through.
NEW RISK
Execution delays in US transformer order due to component lead times
Delivery of transformers to the US depends on capacitor and bushing supplies from Germany (9-12 month lead time), limiting ability to deliver faster than 12 months.
NEW RISK
Competitive pricing pressure in railways business
Railways segment margins remain in single digits due to competitive bidding; management expects improvement from services and NPD but timeline uncertain.
RISK GONE
Potential Chinese competition in transformers
Government may allow Chinese players to bid for PSU tenders, which could pressure pricing. Management downplayed near-term impact citing 2-4 year setup time.
RISK GONE
Industrial margin pressure from commodity inflation
Industrial segment PBIT margin fell 310 bps YoY to 9.4% due to commodity cost headwinds that could not be fully passed on, though price hikes are underway.
RISK GONE
Railway business execution delays
Railway segment faced supply stoppages and service issues, impacting margins. New leadership appointed to address challenges.
RISK GONE
OSAT semiconductor losses to persist
Semiconductor segment reported a loss of ₹41 crore (130 bps impact) due to startup costs and deferred revenue; profitability not expected near-term.
🤫 Topics management stopped discussing
Mentioned in Q2 FY26, Q3 FY26
Industrial segment PBIT margin fell 310 bps YoY to 9.4% due to commodity cost headwinds that could not be fully passed on, though price hikes are underway.
Fast read
Guidance and risk preview
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.
Rising commodity costs have already necessitated 17.5% price hikes; further inflation may pressure margins if not fully passed through.
View Risks →