CG Power & Industrial Solutions (CGPOWER) Q3 25/26 earnings summary

Executive summary

• Achieved all-time high standalone revenue and PBT for Q3 FY26, with 22% sales growth and 35% PBT growth year-over-year, reflecting strong operating discipline and strategic focus.

• Unaudited standalone and consolidated financial results for Q3 and nine months ended December 31, 2025, were approved and reviewed by the Board and auditors.

• Interim dividend of ₹1.30 per equity share declared, with record date set for February 1, 2026.

• Robust order intake and backlog, with unexecuted order backlog up 66% year-over-year to INR 14,859 crores, providing multi-quarter revenue visibility.

• Secured the largest-ever export order (INR 900 crores) for power transformers to a U.S. data center, marking a significant milestone in export growth.

Financial highlights

• Q3 standalone sales: INR 2,909 crores, up 22% year-over-year; PBT: INR 454 crores, up 25% (15.6% of sales).

• Consolidated Q3 revenue: ₹3,175.35 crore, up from ₹2,515.68 crore YoY; consolidated PBT before extraordinary income: INR 420 crores (13.2% of sales); EBITDA: INR 335 crores (13.3% margin).

• Standalone Q3 net profit: ₹311.65 crore, up from ₹242.06 crore YoY; consolidated Q3 net profit: ₹283.91 crore, up from ₹237.85 crore YoY.

• Order intake: INR 4,096 crores standalone (13% growth), INR 4,372 crores consolidated; unexecuted order backlog: INR 15,753 crores consolidated (62% up year-over-year).

• Exceptional item of ₹35.57 crore (₹26.60 crore net of tax) due to new labour codes, classified as non-recurring.

Outlook and guidance

• Management remains bullish on the power sector, expecting sustained growth through at least 2029, supported by government CapEx and infrastructure expansion.

• Export order pipeline for power has increased by over 50% in the last nine months, with further scale-up expected.

• OSAT (semiconductor) mini plant operational, with sales ramp-up expected in the next 2-3 quarters; larger plant (M2) to be ready by end of 2026.

• Management remains confident regarding ongoing direct tax litigations, expecting favorable outcomes.

• The company will continue to monitor regulatory clarifications on new labour codes and adjust accounting as needed.