CG Power & Industrial Solutions (CGPOWER) Q2 26/27 earnings summary

Executive summary

• Record quarterly revenue; sales rose 32% YoY, standalone order intake 90% and PBT 47%, with 180 bps margin expansion.

• Standalone backlog reached INR 21,820 crore, up 61% YoY; board approved capacity additions across power transformers and switchgear amid rising demand.

Financial highlights

• Standalone Q2 revenue was ₹3,504.63 crore vs ₹2,649.19 crore; PAT was ₹449.90 crore vs ₹307.18 crore.

• Consolidated Q2 revenue was ₹3,801.54 crore vs ₹2,922.79 crore; PAT was ₹409.09 crore vs ₹284.44 crore.

• Standalone PBT was INR 602 crore, or 17.2% of sales vs 15.4%; consolidated PBT was INR 559 crore, or 14.7% vs 13.3%.

• H1 consolidated revenue and PAT were ₹7,082.35 crore and ₹717.37 crore; standalone revenue and PAT were ₹6,566.00 crore and ₹813.49 crore.

• Consolidated Q2 continuing-operations EPS was ₹2.62 basic and ₹2.61 diluted; H1 EPS was ₹4.60 basic and diluted.

Outlook and guidance

• No formal revenue forecast; management aims to sustain high-double-digit growth, prioritizing profitable growth, execution, technology and capacity.

• Power systems margins are expected to be maintained or improve through ongoing efficiency gains; Kavach production and installation were expected to begin in-quarter, subject to final approval.

• G2 qualification is targeted to begin mid-next year; commercial production is expected toward end-2028 or 2029, following 2–3 quarters of qualification.

• Planned additions include 4,236 OIP equivalent units over 30–36 months, 3,600 annual EHV breaker units in 6–9 months, and 12 GIS equivalent bays in 3–6 months.