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 ₹1,48...
bullish
high
✓ Verified against BSE filing
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.
71%Questions answered3Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
Motor growth split between volume and price, and future price hikes.
Asked by Ankur Sharma, HDFC Life
Management gave a clear 50-50 split between volume and price.
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Question
First uh you know it's good to hear that you know we finally seeing double digit growth in uh motors. Uh just wanted to understand uh you know how much is volume growth and how much is uh priceled.
Amar (CEO)
So on the motor side I would say it was a combination of uh the price increase that we got from there from the customers and a combination I would say about 50 50% of both and the volume hike as well.
Evasive
High priority
Sustained domestic power product order growth rate.
Asked by Ankur Sharma, HDFC Life
Management did not confirm or deny the 15-20% growth range, instead spoke broadly about opportunity.
no specific growth rate givenreframed to general opportunity
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Question
I'm just trying to understand is this like the more sustained kind of growth rate that we we should be kind of expecting in that 15 20% ballpark as we head into next year?
Amar (CEO)
So I think Ankur the you know if I if I had to give a short answer the game is just started. So so 900 rows is what we had to report because it was a substantial order that we have but after that also the app is open.
Partial answer
Medium priority
GGronics order inflow, revenue, and profitability.
Asked by Mohit Kumar, ICICI Securities
Management gave an approximate order backlog but did not provide revenue for the year.
order backlog number unclear (missing digit)no revenue figure given
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Question
can you help us with the GGronics order inflow and how did the year panned out in terms of revenue a bit and how do you see the the order outlook in the segment here?
Amar (CEO)
I think the order backlog should be to tune of close to,000 crores approximately. So right now you know the second question might come for you know how when do we start executing uh we are at the last leg of the approval process which is the passenger trials.
Answered
Medium priority
Reason for 50% jump in trade receivables.
Asked by Mohit Kumar, ICICI Securities
Management explained the increase is due to power segment growth and gave average credit period.
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Question
can you help us with the understand understand the receivable jump in receable which was 2,000 cr last year I think it has jumped to 2,900 cr if I'm not wrong so it has up by around maybe uh 50% while the top end is up by 20% odd
Amar (CEO)
So you look at that uh the growth which is coming mainly in the power segment, right? So if you look at even that uh the return of capital employed on the power side is more than 100% plus. So the receivables which are there today that is more is coming from the power side and the average credit period is ranging between 90 to 100 days.
Evasive
Medium priority
IE3 and above motor mix and margin impact.
Asked by Harshett Patel, Aqua Securities
Management declined to provide the mix and did not address margin impact.
refused to give exact numbersno margin impact discussion
Read the exchange
Question
Sir firstly on motor uh what would be the mix of IE3 and above in our overall S526 volume and where do you see that growing in next two to three years? Does this change in mix help our margins or this change in mix will be marginal?
Amar (CEO)
So the specific I'm not allowed to give exact numbers of I3, I2, I4 numbers but I can tell you it's not very substantial at this point of time. Uh because even though we talk about energy efficiency but Indian market is a bit slow on adoption of I3, I4 I5 technologies.
Answered
Medium priority
Update on 440 KV GIS commercialization and 765 KV plans.
Asked by Harshett Patel, Aqua Securities
Management provided clear timeline and status for 400 KV GIS and mentioned 765 KV is under discussion.
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Question
secondly on the uh GIS uh we were in the development stage for 440 KV GIS. So if you could share an update on its commercialization and also the development plans for 765 KVGI
Raman (likely business head)
So for 400 KV GIS uh the plan is exactly on the uh schedule there. We have already tested the phase one of our uh GIS course and the phase two is scheduled between quarter 2 and quarter 3. So yes uh once we have the type test done in any of these international labs we should be out with our commercialization for 400 KV GIS.
Answered
High priority
Power transformer capacity expansion timeline.
Asked by Sumit Kashor, Access Capital
Management gave specific capacity numbers and commissioning timeline.
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Question
could you give us an update on the uh power transformer capacity expansion how that's panning out and what are the uh uh uh sort of the timelines uh as you add capacity and reach your target.
AJ (likely business head)
Now for the uh forthcoming additions and capacity of a green field expansion is in prog eruption is in progress and uh we hope to commission the plant somewhere between July and August and initially we will be starting with a capacity of around 25 to 30,000 MBA and by the end of the calendar year we will be touching the peak of 45,000 MBA there.
Declined
Medium priority
Export revenue split for power and industrial systems.
Asked by Sumit Kashor, Access Capital
Management explicitly declined to provide the requested split.
refused to give splitonly gave order booking growth
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Question
what has been the scale or size of exports overseas revenue uh separately for power systems and uh industrial systems in uh uh FI26 and what is your outlook for growth
Amar (CEO)
we will not give the split of exports wide business but yes uh exports and services is a focus area for us. The only thing I can talk about is both the areas we have more than doubled uh our order back bookings uh between last year and this year.
Answered
Medium priority
Demand impact on motors and drives from war and gas shortage.
Asked by Atul Tiwari, JP Morgan
Management stated no significant impact from war on demand.
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Question
So since the start of the war and because a lot of clientele we understand is theme M andme so how has the demand been for you know that part of your business where you sell stuff tome
Amar (CEO)
so see our for motors and drives our uh exforce is not substantial today so uh I'm I'm keeping out our Europe European business for uh rice because that is primarily the European plant which uh which supplies to Europe as well as to US uh that is going on on that geography. So there's not any specific uh dip or anything that we see from uh these regions because of war.
Answered
High priority
Motor price hikes taken and market share.
Asked by Rahul Gazari, Mercury Capital
Management gave specific total price hike percentage and market share range.
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Question
how much price hike did you actually take and your comments on competitive intensity and market share uh in the motors
Amar (CEO)
how much price increase did we take is about all put together it was 5 7 and 1/2 so total of 17 1.5% uh pricing increase that we did in the last uh three to four quarters uh and with decent realization.
Answered
High priority
Delivery timeline for US data center transformer order.
Asked by Rahul Gazari, Mercury Capital
Management explained the constraint and confirmed 12-month minimum delivery.
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Question
the order that you got from the data center that actually indicates the delivery time anywhere between 12 months to I think 18 or 20 months. Uh is that the quickest you can deliver or transform into the US market or you think uh uh you can do it much faster?
AJ (likely business head)
See the delivery of transformers for the US market basically depends upon the delivery of the components like caper and bushings. ... as of now we are constrained uh we can deliver from 12 months onwards only because of this reason.
Answered
Medium priority
Overall export contribution to consolidated sales.
Asked by Shirom Kapoor, Jefferies
Management gave a clear percentage range for export contribution.
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Question
Could you share what is the overall contribution to your consolidated sales of exports this year?
Amar (CEO)
It's a right now I think it's very small. It's about 5% approximately. ... if you include Sweden, Germany and Netherlands, it can go up to 8 to 9%. But if you talk about from India to outside country, it is around 5 to 7%.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| GGronics full year revenue 100 cr | ₹100 cr | ₹3,442 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.