CGPOWER's Q2 FY27 numbers came in strong, with revenue of Rs. 3,801.54 Cr (+30.07% YoY) and PAT growth of +43.71% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details| Results date | October 23, 2026 |
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| Quarter | Q2 FY 2026-2027 |
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| Revenue (Q2) | Rs. 3,801.54 Cr (+30.07% YoY) |
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| PAT (Q2) | Rs. 412.04 Cr (+43.71% YoY) |
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| EBITDA margin | 16.34% (+119 bps YoY) |
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| EPS (Q2) | Rs. 2.62 (+43.96% YoY) |
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| Market cap | Rs. 128,141.18 Cr |
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| CMP | Rs. 813.35 |
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Quarter Snapshot
Consolidated revenue grew 30.07% YoY to Rs.3,801.54 Cr with EBITDA up 40.31% and margin up 119 bps YoY to 16.34%, driven by Power Systems (+40.83% YoY revenue, 25.05% margin, +435 bps YoY). Management approved multiple capacity expansions including T3 transformer +10,000 MVA and S1 Ambad Rs.300 Cr, corroborating maximum utilization at the existing plant. The soft spot is cash conversion: CFO/PAT fell to 0.43x on working-capital builds, though the company remains effectively debt-free with Rs.863 Cr net cash plus unutilized QIP corpus.
Key Investment Insights
Key Positives
- Consolidated revenue grew 30.07% YoY to Rs.3,801.54 Cr, crossing Rs.3,800 Cr for the first time in the four-quarter series, with +15.87% QoQ growth reversing Q1's seasonal step-down
- EBITDA grew 40.31% YoY to Rs.621.29 Cr with margin up 119 bps YoY to 16.34%
- PAT attributable to owners grew 43.71% YoY to Rs.412.04 Cr; no exceptional items booked this quarter
- Power Systems revenue grew 40.83% YoY with segment result up 70.45% YoY and margin at 25.05%, up 435 bps YoY and 187 bps QoQ
- Semiconductors revenue jumped 71.82% QoQ to Rs.161.56 Cr and segment loss narrowed to Rs.(34.15) Cr from Rs.(49.99) Cr in Q1
- Materials as share of revenue fell 89 bps YoY to 68.03% despite copper price backdrop; employee costs fell to 6.87% of sales from 8.07%
- Standalone revenue grew 32.29% YoY with standalone EBITDA margin at 18.17% vs 16.41% in Q2 FY26
- Net cash of Rs.863.01 Cr plus Rs.2,497.35 Cr unutilized QIP corpus; borrowings of only Rs.14.25 Cr
Risk Factors
- CFO/PAT fell to 0.43x in H1 FY27 from 0.81x in H1 FY26 as receivables (Rs.787.57 Cr) and inventory (Rs.331.91 Cr) builds absorbed operating cash; FCF was Rs.(289.92) Cr
- Consolidated Industrial Systems margin at 8.60% remains below the 8.91% of Q2 FY26 despite QoQ recovery from 7.62%
- Semiconductors segment loss widened YoY to Rs.(34.15) Cr from Rs.(21.73) Cr, though narrower QoQ
- Other expenses grew 40.10% YoY, faster than revenue, with composition undisclosed in the filing
- Other un-allocable expenditure swung ~Rs.20.6 Cr from income to expense YoY, depressing consolidated PBT