CG Power and Industrial Solutions LimitedQ1 FY27 Results & Financial Update
CG Power and Industrial Solutions Limited: Q1 FY27 consolidated results and company financials – revenue ₹3,280.81 Cr, PAT ₹308.28 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore CG Power and Industrial Solutions Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
CG Power and Industrial Solutions delivered a strong financial performance in Q1 FY27, reporting consolidated revenue of INR 3,281 crore, representing a 14% increase compared to INR 2,878 crore in Q1 FY26.
Consolidated Profit After Tax (PAT) for the quarter rose 16% year-on-year to INR 308 crore (9.4% of sales) compared to INR 267 crore in the corresponding period of the previous fiscal year.
Standalone financial performance showed aggregate sales of INR 3,061 crore, up 16% year-on-year, while standalone PAT grew 27% to INR 364 crore, reflecting solid core operating leverage and steady demand across key end markets.
Consolidated earnings before interest, tax, depreciation, and amortization (EBITDA) reached INR 481 crore with an EBITDA margin of 14.7%, compared to INR 409 crore (14.2% margin) in Q1 FY26.
The Power Systems segment emerged as a major growth engine, posting a 31% surge in sales to INR 1,402 crore and a 209-basis-point expansion in PBIT margin to 23.1% driven by strong execution discipline.
The Industrial Systems segment achieved sales of INR 1,671 crore, up 6% year-on-year, underpinned by double-digit growth in motors, though segment profitability was tempered by a one-off provision in the railways business.
Consolidated margin gains were partially offset by ongoing talent pool investments in semiconductor businesses, which created a total segment impact of INR 43 crore (132 basis points).
Order momentum remained robust across divisions, lifting the unexecuted order backlog by 45% year-on-year to INR 18,965 crore and providing multi-quarter revenue visibility.
01 · Business model
What does CG Power and Industrial Solutions do?
CG Power and Industrial Solutions Limited is a prominent engineering and industrial solutions company operating under the Murugappa Group, delivering specialized electrical equipment and infrastructure products.
The company's operations span two primary segments: Industrial Systems, which includes motors and railway equipment, and Power Systems, which encompasses transformers, switchgear, and power transmission infrastructure.
CG Power serves a diversified global customer base across utilities, industrial manufacturing, renewable energy integration, and transportation sectors, with manufacturing plants in India and operating subsidiaries in Sweden, Germany, and the Netherlands.
The economic and operating model relies on robust project execution discipline, long-term order visibility from grid modernization and railway expansion, and targeted capability investments in high-voltage equipment and semiconductor manufacturing.
02 · Historical context
What shaped the business before this quarter
Prior to Q1 FY27, the company operated the S3 Unit-I facility at Ambad, Nashik, manufacturing extra high voltage (EHV) circuit breakers in the 33 kV to 800 kV range with a capacity of 9,000 units annually.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹3,280.81 Cr |
| Total income | ₹3,364.39 Cr |
| Profit before tax | ₹422.88 Cr |
| Profit after tax | ₹308.28 Cr |
| EPS | ₹1.99 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Power Systems sales advanced 31% year-on-year to INR 1,402 crore, driven by strong execution discipline in transmission equipment and grid modernization projects.
Industrial Systems generated sales of INR 1,671 crore, representing a 6% year-on-year increase, supported by strong double-digit order growth in motors.
What drove margins
Power Systems PBIT margin expanded by 209 basis points year-on-year to 23.1%, reflecting operating leverage and disciplined project execution.
Industrial Systems PBIT margin moderated to 8.8% from 10.9% in Q1 FY26, largely due to a one-off provision of INR 20 crore in the railways business.
05 · Demand, customers & order book
Where demand is coming from
Unexecuted order backlog as of 30 June 2026 stood at INR 18,965 crore, representing a 45% increase year-on-year and offering multi-quarter revenue visibility.
Total consolidated order intake for Q1 FY27 reached INR 5,211 crore.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Segment sales reached INR 1,671 crore with PBIT of INR 148 crore. Order intake for the quarter was INR 1,586 crore, leaving an unexecuted order backlog of INR 2,899 crore as of 30 June 2026.
Segment sales reached INR 1,402 crore with PBIT of INR 324 crore (23.1% of sales). Order intake stood at INR 3,106 crore, with an unexecuted order backlog of INR 14,434 crore, up 59% year-on-year.
Geography and market mix
Consolidated performance incorporates operations from subsidiaries in Sweden, Germany, and the Netherlands (Drives and Automation Europe), alongside specialized domestic entities.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
CG announced the commissioning of its extra high voltage (EHV) switchgear manufacturing facility, S3 Unit-II, in Pimpalgaon Garudeshwar, Nashik, Maharashtra, on 4 June 2026.
The new Nashik facility manufactures EHV circuit breakers in the 33 kV to 245 kV range, expanding CG's EHV circuit breaker manufacturing capacity by 80% with an incremental 7,200 units annually over the existing 9,000 units.
Projects, capex and execution
The S3 Unit-II facility is equipped with advanced manufacturing and testing infrastructure, including 500 kV and 350 kV high-voltage testing laboratories designed for domestic and international transmission markets.
08 · Strategy & new businesses
How the company is trying to change its growth mix
CG Semi Private Limited, a subsidiary, announced the commencement of commercial production at its G1 Outsourced Semiconductor Assembly and Test facility in Sanand on 4 July 2026.
09 · Reported developments
What changed operationally
Consolidated sales, EBITDA, and PBT reached their highest levels ever for a first quarter in recent times, supported by broad-based demand across divisions.
Standalone Return on Capital Employed (ROCE, annualized including QIP proceeds) for the quarter was reported at 23%, while consolidated ROCE stood at 20%.
10 · Pressure points & risks
What is not going smoothly
Industrial Systems earnings were impacted by a one-off provision of INR 20 crore in the railways business.
S R B C & CO LLP intend to resign as statutory auditors effective 14 August 2026, to align CG's audit network with its holding company, Tube Investments of India Limited.
11 · Items worth noticing
The line items that can distort a quick read
A one-off provision of INR 20 crore was recognized in the Industrial Systems segment's railways business during Q1 FY27.
12 · Key Q&A
The quarter, answered directly
What does CG Power and Industrial Solutions do?
CG Power and Industrial Solutions Limited is a prominent engineering and industrial solutions company operating under the Murugappa Group, delivering specialized electrical equipment and infrastructure products.
What is the clearest takeaway from Q1 FY27?
CG Power and Industrial Solutions delivered a strong financial performance in Q1 FY27, reporting consolidated revenue of INR 3,281 crore, representing a 14% increase compared to INR 2,878 crore in Q1 FY26.
What drove revenue or demand?
Power Systems sales advanced 31% year-on-year to INR 1,402 crore, driven by strong execution discipline in transmission equipment and grid modernization projects.
What mattered most for margins or profitability?
Power Systems PBIT margin expanded by 209 basis points year-on-year to 23.1%, reflecting operating leverage and disciplined project execution.
What changed operationally beyond the headline numbers?
CG announced the commissioning of its extra high voltage (EHV) switchgear manufacturing facility, S3 Unit-II, in Pimpalgaon Garudeshwar, Nashik, Maharashtra, on 4 June 2026.
What are the main pressure points disclosed for the quarter?
Industrial Systems earnings were impacted by a one-off provision of INR 20 crore in the railways business.
13 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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14 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Semiconductor Ramp-up: Monitor the operational scale-up and commercial uptake of the Sanand semiconductor assembly and test facility.
- 02
Order Execution and Backlog Conversion: Track the conversion of the INR 18,965 crore unexecuted order backlog into recognized revenue across power and industrial segments.
- 03
Filing Compliance: Monitor subsequent quarterly disclosures for comparative performance tracking, as Q1 FY27 lacks structured prior-period comparables in this specific filing.
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