Larsen & Toubro Ltd.
NSE: LT
Industrials · Engineering & Construction
₹3,871.70 last close on 30 Oct 2026 +0.90%
Research updated
CG Power and Industrial Solutions Limited
NSE: CGPOWERIndustrialsElectrical Equipment & Parts
- Last close
- ₹804.00
- Day change
- −₹25.80 (−3.11%)vs
- Market cap
- ₹1.31 lakh crIndian rupees
- Research updated
- 3 reports
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About CG Power and Industrial Solutions
CG Power and Industrial Solutions Limited is a leading engineering company that specializes in the design, manufacturing, and maintenance of technologically advanced electrical equipment and systems. The company's core operations are centered around producing transformers, switchgear, circuit breakers, and network protection and control gear. CG Power plays a pivotal role in various sectors, including power generation, transmission, and distribution, mining, and oil and gas, owing to its extensive portfolio of high-performance solutions. With a strong presence in domestic and international markets, CG Power contributes significantly to infrastructure development, enabling reliable and efficient energy delivery across several regions. Founded with a focus on innovation and sustainability, the firm’s commitment to quality and technological advancement helps propel critical infrastructural projects and supports economic growth within the energy sector.
- Sector
- Industrials
- Industry
- Electrical Equipment & Parts
- Listing
- NSE: CGPOWER
- Chief executive
- Mr. Amar Kaul B.Tech
- Employees
- 3,113
- Headquarters
- Mumbai, India
- ISIN
- INE067A01029
- Website
- cgglobal.com
Public research · Report of
Business model & financial foundation
CG Power (NSE: CGPOWER), Heavy Electrical Equipment (transformers, switchgear, motors, railway electricals, semiconductor OSAT): revenue of ₹12,418 crore in FY26 (+25.3% on FY25), an EBITDA margin of 13.1%, net profit of ₹1,206 crore and net cash of ₹1,481 crore.
- Revenue, FY26 (₹ crore)
- 12,418
- consolidated
- Revenue growth, FY26
- +25.3%
- on FY25
- EBITDA margin, FY26
- 13.1%
- EBITDA (revenue less operating expenses) / revenue
- Net profit, FY26 (₹ crore)
- 1,206
- to owners
- Return on equity, FY26
- 19.7%
- on average equity
- Net debt, FY26 (₹ crore)
- -1,481
- Net debt (borrowings ex-leases less cash, bank balances and investments)
- Market capitalisation (₹ crore)
- 1,28,141
- at the close of 26 Oct 2026
Company profile
CG Power is the Murugappa-controlled maker of power and distribution transformers, switchgear and EHV breakers (Power Systems, about 41% of FY26 revenue) and of low- and high-tension motors, drives, railway traction electricals and fans (Industrial Systems, about 54%). Since FY26 it reports a third segment, Semiconductors, comprising the Axiro fabless design business and the CG Semi OSAT plant at Sanand that began commercial production in July 2026. Turned around after the 2019 fraud of its former promoter, it is now net cash after a INR 3,000 crore QIP in July 2025.
| Item | Value |
|---|---|
| Legal name | CG Power and Industrial Solutions Limited (formerly Crompton Greaves Limited) |
| Exchange and ticker | NSE: CGPOWER; BSE: 500093 |
| ISIN | INE067A01029 |
| Sector | Industrials |
| Industry | Heavy Electrical Equipment (transformers, switchgear, motors, railway electricals, semiconductor OSAT) |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S R B C & CO LLP (since 2018) |
| Market capitalisation | ₹1,28,141 crore (26 Oct 2026) |
| Shares outstanding | 156.30 crore shares (FY26) |
| Price | ₹833.3 (close, 26 Oct 2026) |
| 52-week range | ₹525.5 - ₹980.9 (to 26 Oct 2026) |
| Website | https://www.cgglobal.com |
Corporate structure and shareholding
Parent: Tube Investments of India Limited (Murugappa group), 56.34% at 30 Sep 2026.
| Entity | Holding | Business |
|---|---|---|
| CG Semi Private Limited | 92.34% | Outsourced semiconductor assembly and test (OSAT) plant at Sanand, Gujarat; JV with Renesas and Stars Microelectronics; owns Axiro fabless design business |
| G.G. Tronics India Private Limited | 55.6% | Railway signalling and Kavach train-protection electronics, acquired FY25 |
| CG Power Equipments Limited | 100% | Power equipment subsidiary |
| CG International B.V. | 100% | Overseas holding company for European and other foreign subsidiaries |
PT Crompton Prima Switchgear Indonesia disposed 31 Mar 2026. Renesas RF business acquired FY25 into the semiconductor arm.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 56.36% | 56.36% | 56.36% | 56.34% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 12.02% | 12.03% | 11.97% | 11.08% |
| Domestic institutions | 17.56% | 18.08% | 18.30% | 19.02% |
| of which mutual funds | 9.47% | 9.45% | 9.93% | 9.44% |
| Retail | 8.16% | 7.82% | 7.72% | 7.89% |
| Other | 5.89% | 5.71% | 5.65% | 5.66% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
CG Power (Murugappa group; Tube Investments 56.34% at Sep-2026) makes transformers, switchgear and EHV breakers in Power Systems; motors, drives, rail traction, fans and railway signalling in Industrial Systems; and semiconductor design/OSAT through Axiro and CG Semi. FY26 consolidated revenue was INR 12,418 cr and PAT INR 1,199 cr; Q2 FY27 revenue was INR 3,802 cr and PAT INR 409 cr. Power Systems sells into utilities, transmission developers, renewables, data centres and exports; the central control point is qualified manufacturing capacity. Industrial combines cyclic motors with lumpy railway/signalling execution. Net cash was INR 1,247 cr at Sep-2026.
| Segment | revenue, FY26 (₹ crore) | Share | result, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Power Systems | 5,138 | 41.4% | 1,123 | 68.2% |
| Industrial Systems | 6,747 | 54.3% | 625.3 | 38.0% |
| Semiconductors (OSAT and RF components) | 502.8 | 4.0% | -107.9 | -6.6% |
| Others | 34.2 | 0.3% | 6.20 | 0.4% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Hitachi Energy India (POWERINDIA) | Power transformers and grid equipment for Indian T&D and exports; closest competitor for Power Systems |
| GE Vernova T&D India (GVT&D) | Transformers, switchgear and grid solutions; T&D capex beneficiary |
| Siemens Energy India (ENRIN) | Transmission products and power equipment; same T&D order cycle |
| ABB India (ABB) | Motors, drives and electrification; closest peer for Industrial Systems |
| Siemens Limited (SIEMENS) | Motors, drives, rail mobility; Industrial Systems and railways peer |
| Bharat Heavy Electricals (BHEL) | Transformers, motors and rail traction; state-owned heavy electricals |
| Voltamp Transformers (VOLTAMP) | Listed transformer pure-play; same pricing and capacity cycle |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 5,404 | 6,895 | 8,046 | 9,909 | 12,418 |
| Cost of revenue (vendor classification) * | 3,922 | 4,884 | 5,588 | 6,965 | 8,609 |
| Other operating costs (vendor classification) * | 541.4 | 649.7 | 790.4 | 993.3 | 1,195 |
| EBITDA (vendor classification) * | 670.2 | 1,057 | 1,205 | 1,427 | 1,831 |
| EBIT * | 820.0 | 1,018 | 1,161 | 1,355 | 1,638 |
| Finance cost | 68.2 | 16.2 | 2.54 | 7.09 | 12.2 |
| Profit before tax | 751.9 | 1,002 | 1,158 | 1,348 | 1,626 |
| Tax expense | 122.3 | 205.8 | 287.3 | 375.0 | 429.5 |
| Profit after tax | 913.1 | 963.0 | 1,428 | 973.0 | 1,199 |
| Diluted EPS (₹) | 6.35 | 6.30 | 9.33 | 6.37 | 7.71 |
| Other income | 106.3 | 162.2 | 244.3 | ||
| Cost of materials (consumed, traded goods bought, inventory change) | 5,552 | 6,926 | 8,566 | ||
| Employee benefit expense | 508.1 | 612.8 | 951.6 | ||
| Other expenses | 857.6 | 1,065 | 1,275 | ||
| EBITDA (revenue less operating expenses) | 1,128 | 1,305 | 1,625 | ||
| Depreciation and amortisation | 94.9 | 111.8 | 195.6 | ||
| Exceptional items (a charge is negative) | 21.5 | 0.00 | -35.6 | ||
| Non-controlling interests' share of profit | 0.60 | -1.62 | -7.59 | ||
| Profit attributable to owners | 1,427 | 974.6 | 1,206 | ||
| Basic EPS | 9.34 | 6.38 | 7.72 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 1,004 | 1,791 | 3,019 | 4,038 | 8,198 |
| Borrowings * | 367.1 | 16.6 | 17.6 | 41.1 | 118.5 |
| Cash and cash equivalents * | 395.1 | 681.8 | 199.8 | 409.5 | 300.7 |
| Trade receivables * | 943.7 | 1,297 | 1,534 | 2,009 | 2,924 |
| Inventories * | 512.4 | 541.2 | 750.7 | 1,137 | 1,584 |
| Trade payables * | 1,149 | 1,244 | 1,484 | 1,881 | 2,468 |
| Net property, plant and equipment * | 119.6 | 122.8 | 177.4 | 214.6 | 313.5 |
| Capital work in progress * | 31.8 | 34.8 | 70.8 | 446.9 | 836.8 |
| Total assets * | 4,226 | 4,669 | 5,626 | 7,411 | 12,668 |
| Net debt (borrowings ex-leases less cash, bank balances and investments) | -1,481 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations * | 271.4 | 710.6 | 86.4 | 685.4 | 702.5 |
| Free cash flow (vendor definition) * | 410.2 | 861.4 | 162.7 | 488.8 | -75.3 |
| Dividends paid (the provider's sign: an outflow is negative) * | -229.1 | -198.6 | -198.8 | -204.7 | |
| Capital expenditure (the provider's sign: an outflow is negative) * | -69.6 | -81.8 | -222.8 | -425.4 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 135.87 | 151.61 | 152.72 | 152.83 | 156.30 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,516 | 2,753 | 2,878 | 2,923 | 3,175 | 3,442 | 3,281 | 3,802 |
| Cost of revenue (vendor classification) * | 1,762 | 1,933 | 2,008 | 2,207 | 2,337 | 2,271 | ||
| Other operating costs (vendor classification) * | 268.4 | 301.6 | 274.2 | 332.7 | 375.9 | 359.4 | ||
| EBITDA (vendor classification) * | 364.6 | 418.2 | 409.5 | 473.7 | 543.6 | 480.9 | ||
| EBIT * | 336.2 | 386.4 | 366.0 | 387.5 | 494.2 | 426.4 | ||
| Finance cost | 1.38 | 2.75 | 2.19 | 2.69 | 3.52 | 3.77 | 3.51 | 4.34 |
| Profit before tax | 334.9 | 383.6 | 363.8 | 388.1 | 384.0 | 490.4 | 422.9 | 559.2 |
| Tax expense | 97.0 | 109.4 | 96.9 | 103.6 | 100.1 | 128.9 | 114.6 | 150.1 |
| Profit after tax | 237.9 | 274.3 | 266.9 | 284.4 | 283.9 | 363.5 | 308.3 | 409.1 |
| Diluted EPS (₹) | 1.57 | 1.78 | 1.76 | 1.82 | 1.81 | 2.32 | 1.99 | 2.61 |
| Other income | 33.6 | 71.4 | 25.5 | 66.1 | 76.4 | 77.1 | 83.6 | 81.7 |
| Cost of materials (consumed, traded goods bought, inventory change) | 1,762 | 1,933 | 2,008 | 2,014 | 2,207 | 2,337 | 2,271 | 2,586 |
| Employee benefit expense | 154.2 | 171.1 | 215.1 | 235.8 | 238.0 | 262.8 | 253.4 | 261.3 |
| Other expenses | 268.4 | 301.6 | 274.2 | 295.8 | 332.7 | 375.9 | 359.4 | 414.4 |
| EBITDA (revenue less expenses other than finance cost and depreciation) | 331.0 | 346.8 | 384.0 | 376.7 | 397.3 | 466.5 | 397.3 | 539.6 |
| Depreciation and amortisation | 28.4 | 31.9 | 43.5 | 52.1 | 50.7 | 49.4 | 54.5 | 57.7 |
| Exceptional items (a charge is negative) | 0.00 | 0.00 | 0.00 | 0.00 | -35.6 | 0.00 | 0.00 | 0.00 |
| Profit attributable to non-controlling interests | -2.68 | 2.29 | -2.36 | -2.28 | -0.92 | -2.03 | -4.73 | -2.95 |
| Profit attributable to owners | 240.5 | 272.0 | 269.2 | 286.7 | 284.8 | 365.5 | 313.0 | 412.0 |
| Basic EPS (₹) | 1.57 | 1.78 | 1.76 | 1.82 | 1.81 | 2.32 | 1.99 | 2.62 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 84.8% | 27.6% | 16.7% | 23.2% | 25.3% |
| EBITDA margin | 14.0% | 13.2% | 13.1% | ||
| Net margin | 17.7% | 9.8% | 9.7% | ||
| Return on equity | 59.3% | 27.6% | 19.7% | ||
| Return on capital employed | 59.2% | 64.1% | 47.9% | 38.1% | 26.4% |
| Return on assets | 27.7% | 15.0% | 12.0% | ||
| Net debt (₹ crore) | -1,481 | ||||
| Net debt / EBITDA | -0.91x | ||||
| Interest cover | 12.0x | 62.9x | 457.1x | 191.1x | 134.6x |
| Asset turnover | 1.25x | 1.55x | 1.56x | 1.52x | 1.24x |
| Receivable days | 64 | 69 | 70 | 74 | 86 |
| Inventory days (on revenue) | 35 | 29 | 34 | 42 | 47 |
| Payable days (on revenue) | 78 | 66 | 67 | 69 | 73 |
| Cash conversion | 0.06x | 0.70x | 0.58x | ||
| Capex intensity | 1.3% | 1.2% | 2.8% | 4.3% | |
| Free cash flow (₹ crore) | 201.8 | 628.8 | -136.4 | 260.0 | |
| Dividend payout | 13.9% | 20.4% | 17.0% | ||
| EPS, diluted (₹) | 6.35 | 6.30 | 9.33 | 6.37 | 7.71 |
| Book value per share (₹) | 7.39 | 11.82 | 19.77 | 26.42 | 52.45 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue less operating expenses) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (borrowings ex-leases less cash, bank balances and investments); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (revenue less operating expenses).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 26 Oct 2026); market data at the close of 26 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on CG Power and Industrial Solutions includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on CG Power and Industrial Solutions
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Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 26 Oct 2026; page updated 2 Nov 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.