CG Power and Industrial Solutions manufactures industrial motors, switchgear, transformers and railway signalling systems, and is building a semiconductor assembly and testing (OSAT) presence alongside its power T&D franchise. This quarter's print will speak to the transformer capacity ramp against the 30,000 MVA Q2 phase and whether Industrial Systems margins rebound from 7.6% after the ₹20 Cr railway provision did not repeat.
| Results date | October 23, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 3,061 Cr (standalone, +16% YoY) |
| Previous quarter PAT | Rs. 364 Cr (standalone, +27% YoY) |
| Previous quarter EBITDA margin | 16.9% |
| Market cap | Rs. 133,285.1 Cr |
| CMP | Rs. 846.0 |
The Board of Directors will meet on Friday, 23 Oct 2026 to approve the unaudited standalone and consolidated results for the quarter and half-year ended 30 Sep 2026. The trading window remains closed until 48 hours after the declaration of results.
The Q2 FY27 earnings call for the quarter ended 30 Sep 2026 is scheduled for 23 Oct 2026 at 3:30 pm IST, organised by IIFL Capital. Speakers include MD & CEO Amar Kaul and CFO Susheel Todi.
The quarter's central test is execution of the transformer capacity ramp, with management guiding the new greenfield through at least 30,000 MVA in Q2 (after 10,000 MVA in Q1) toward a peak of 45 GVA in Q3 and total capacity of ~1,10,000–1,20,000 MVA by end of CY2026 — the first Sehore transformer rolled out on 4 Sep 2026, within 13–14 months of construction start. On costs, copper ended the quarter near record levels (LME record ~$14,875/t on 10 Sep 2026 before a ~6% pullback; MCX September average ₹1,407.80/kg), which Price Systems' Price Variation Clauses — present in almost the entire Power order book — largely neutralise with a 1–2-quarter lag, while Industrial remains the pressure point since commodity inflation there was not fully passed on. Two in-quarter items should help margins: the ₹20 Cr railway one-off provision of Q1 should not repeat, and the semiconductor talent-pool drag (₹43 Cr / 132 bps in Q1) may stabilise as G1 OSAT commercial production, live since 4 Jul 2026, scales. On railways, the guided Kavach RDSO approval within 4–6 weeks of 24 Jul 2026 did not materialise inside the quarter, and the ₹500–600 Cr developmental CLW Loco Kavach order stands cancelled per the company's exchange filing, though GGT remains eligible for upcoming tenders and is in advanced stages of securing final RDSO clearance for KAVACH 4.0. Demand flow stayed intact through the window — 4,301 ckm of 220 kV+ transmission lines added in FY27 to 31 Aug, IIP up 8.0% in Aug 2026, and PowerGrid carrying a ₹1.19 lakh cr bidding pipeline — so the upcoming call will likely centre on backlog conversion, the Industrial margin trajectory from 7.6%, and the semiconductor loss cadence.
Performance vs previously stated guidance: Management has a long list of open guidance items to update on the Q2 FY27 call.
Industrial Systems margin recovery
Semiconductor loss cadence
Order momentum and export conversion
Tax overhang and governance items
Consolidated industrial margins fell to 7.6% from 10.2% YoY, which the CEO attributed primarily to Kavach operations within G.G. Tronics being yet to start, plus a ₹20 Cr one-off railway provision. Management noted that even excluding the provision, margins dipped YoY, saying 'motors are double digit. Railways has always been single digits.'
Management pointed to 'high teens growth' in industrial motors with pricing holding up, when asked whether 20–25% revenue growth is possible for FY27. The business is also shifting toward higher-grade IE3/IE4 motors, with a full IE3/IE4/IE5 range guided within 12 months of the 24 Jul 2026 call.
Management reiterated a long-term investment stance with continued reinvestment, and does not expect immediate high EBITDA from the semiconductor business. The talent-pool investment drag was ₹43 Cr (132 bps) in Q1 FY27, and Axiro is at breakeven while CG Semi ramps.
GGT's ₹500–600 Cr developmental Loco Kavach order from Chittaranjan Locomotive Works stands cancelled per the company's exchange filing, as ISA/RDSO approvals were in their final phase but did not align with the delivery period. GGT's qualification status is unchanged, it remains eligible for upcoming tenders, and it is in advanced stages of securing final RDSO clearance for KAVACH 4.0.
Renesas is expected to pick up close to 50% of capacity, up from the previously stated 40%, with about one-third of full capacity tied to the Renesas collaboration. Business development with other customers is ongoing under confidentiality.