CG Power and Industrial Solutions500093Quarterly results

Q2 FY27: sales up 32%, PAT up 46%, order intake up 90%; board clears capacity expansions

Q2 FY27 standalone: sales INR 3,505 Cr, up 32% YoY; PAT INR 450 Cr, up 46% YoY.

By ScoutQuest · Fri 23 Oct 2026, 2:56 PM IST · 3 min read

Standalone Sales: INR 3,505 Cr, up 32% YoY
Standalone PAT: INR 450 Cr, up 46% YoY
Order Intake: INR 8,016 Cr, up 90%

Headline numbers (standalone, Q2 FY27)

For the quarter ended 30 September 2026, sales were INR 3,505 Cr, up 32% year on year, EBITDA was INR 637 Cr with an EBITDA margin of 18.2%, PBT was INR 602 Cr (up 47%) and PAT was INR 450 Cr (up 46%). The company described the quarter's sales, EBITDA and PAT as the highest ever in recent times.

First half sales: INR 6,556 Cr against INR 5,293 Cr, up 24%
First half PAT: INR 813 Cr against INR 594 Cr, up 37%
Return on capital employed (annualised) for the quarter: 27%

Consolidated picture

On a consolidated basis, sales were INR 3,802 Cr (up 30% YoY), PBT INR 559 Cr (up 44%) and PAT INR 409 Cr (up 44%). Consolidated figures include operating subsidiaries in Sweden, Germany and the Netherlands, along with CG Semi, Axiro Semiconductor and others.

Consolidated order intake: INR 8,485 Cr, up 78% YoY
Consolidated unexecuted order backlog as of 30 September 2026: INR 23,646 Cr, up 58% YoY

Orders

Order intake for the quarter was INR 8,016 Cr, a 90% growth over the same quarter last year
Unexecuted order backlog as of 30 September 2026 was INR 21,820 Cr, 61% higher year on year

Segment performance (standalone)

Industrial Systems

Sales INR 1,738 Cr, up 25% YoY; PBIT INR 164 Cr (9.4% of sales) against INR 135 Cr
Order intake INR 1,758 Cr, up 12% YoY; backlog INR 2,856 Cr

Power Systems

Sales INR 1,769 Cr, up 41% YoY; PBIT INR 443 Cr (25.0% of sales) against INR 260 Cr
Margin improved 430 bps YoY, attributed to stronger price realisation and operating leverage
Order intake INR 6,258 Cr, up 137% YoY; backlog INR 18,964 Cr, up 81% YoY

The margin note: gross margin gains in Power Systems were partly offset, at consolidated level, by continued talent investments across CG Semi and Axiro, with a stated total semiconductor segment impact of INR 35 Cr (91 bps).

Capacity expansion approved by the board

Ambad S1 Unit (OIP): about ₹300 Crores to raise capacity for OIP bushings and instrument transformers up to 800 kV by 4,236 equivalent units per year, taking the unit's total capacity to 11,436 equivalent units per year. Production is tentatively expected to commence within 30-36 months.
S3 Unit-II Phase 2: about ₹15.31 Crores to add 3,600 units annually of EHV circuit breaker capacity, taking total capacity to 10,800 units per annum, to be completed in 6-9 months.
GIS Division, Vilholi: capex raised from ₹35.17 Crores to ₹44.62 Crores, an additional ₹9.45 Crores, largely for an 800 kV high-voltage testing system. Capacity per annum is expected to rise from 228 eq. bays (FY26) to 468 eq. bays.
T3 power transformer facility: ₹68 Crores (net of taxes) to add 10,000 MVA, taking overall capacity to 75,000 MVA, to be completed in 12-15 months.

The company stated that these investments are part of the greenfield investments proposed for the switchgear business, and that the switchgear facilities are running at peak capacity utilisation, with growing demand for Extra High Voltage products.

Other key events

First transformer rolled out on 4 September 2026 from the Sehore, Madhya Pradesh facility, described as India's largest single-location power transformer manufacturing facility built for 220 kV to 1200 kV class transformers, with capacity to roll out 35 power transformers every month.
Axiro Semiconductor Private Limited, a wholly owned subsidiary, acquired 100% of the equity share capital of Tosil Systems Private Limited for a consideration of INR 16.44 crore. The transaction was completed on 20 August 2026, making Tosil a wholly owned subsidiary of Axiro.

Management comment

Group CEO and Managing Director Amar Kaul said it was an exceptional quarter, with standalone revenues growing 32% YoY and an EBITDA margin of 18.2%, which he attributed to disciplined execution across businesses.

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