CG Power and Industrial Solutions Limited

Key Decisions and Financial Results

1. Unaudited Financial Results Approval:

The Board approved the unaudited financial results for the 2nd quarter and half year ended 30th September 2026, both on standalone and consolidated basis. The results were recommended by the Audit Committee and reviewed by the statutory auditors, M/s. Price Waterhouse Chartered Accountants LLP.

Standalone Financial Highlights (Q2 FY27 vs Q2 FY26):

  • Revenue from operations: ₹3,504.63 crore (vs ₹2,649.19 crore) - 32.3% increase
  • Total Income: ₹3,580.97 crore (vs ₹2,713.44 crore)
  • Profit Before Tax (PBT): ₹602.23 crore (vs ₹408.59 crore) - 47.4% increase
  • Profit After Tax (PAT): ₹449.90 crore (vs ₹307.18 crore) - 46.4% increase
  • Basic EPS: ₹2.86 (vs ₹1.95)
  • Paid-up equity share capital: ₹315.10 crore (face value ₹2 each)

Half-Yearly Standalone Performance (H1 FY27 vs H1 FY26):

  • Revenue from operations: ₹6,566.00 crore (vs ₹5,292.68 crore)
  • PBT: ₹1,088.99 crore (vs ₹791.79 crore)
  • PAT: ₹813.49 crore (vs ₹593.57 crore)
  • Basic EPS: ₹5.16 (vs ₹3.83)

Segment-wise Standalone Performance (Q2 FY27):

  • Power Systems Revenue: ₹1,768.86 crore; Segment Result: ₹442.78 crore
  • Industrial Systems Revenue: ₹1,737.75 crore; Segment Result: ₹164.09 crore

Consolidated Financial Highlights (Q2 FY27 vs Q2 FY26):

  • Revenue from operations: ₹3,801.54 crore (vs ₹2,922.79 crore) - 30.1% increase
  • PBT: ₹559.22 crore (vs ₹388.07 crore) - 44.1% increase
  • PAT: ₹409.09 crore (vs ₹284.44 crore) - 43.8% increase
  • Basic EPS: ₹2.62 (vs ₹1.82)
  • PAT attributable to owners: ₹412.04 crore

Segment-wise Consolidated Performance (Q2 FY27):

  • Power Systems Revenue: ₹1,766.76 crore; Segment Result: ₹442.61 crore
  • Industrial Systems Revenue: ₹1,868.61 crore; Segment Result: ₹160.79 crore
  • Semiconductors Revenue: ₹161.56 crore; Segment Result: ₹(34.15) crore loss

2. Senior Management Designations:

The Board designated the following as Senior Management Personnel effective 23rd October 2026:

  • Mr. Rajat Shah, Vice President - Services
  • Mr. Rushikesh Kulkarni, Chief Growth & Innovation Officer - Industrial Business

3. Capacity Expansion - Power Transformer Facility (T3 Division):

  • Current capacity: 65,000 MVA at 85% utilization
  • Proposed addition: 10,000 MVA capacity
  • Investment: ₹68 crores (net of taxes)
  • Timeline: 12-15 months completion
  • Financing: Internal accruals/through equity
  • Rationale: Meet growing market demand and strengthen competitive position

4. Brownfield/CAPEX Expansion of Switchgear Facilities:

S1 Unit (OIP), Ambad:

  • Investment: ₹300 crores
  • Capacity enhancement: OIP bushings and instrument transformers up to 800 kV by 4,236 equivalent units per year
  • Timeline: Production expected within 30-36 months

S3 Unit-II Phase 2:

  • Additional investment: ₹15.31 crores (following disclosure dated 4th June 2026)
  • Capacity addition: 3,600 units annually of EHV circuit breakers
  • Timeline: 6-9 months completion

GIS Division, Vilholi:

  • Enhanced investment: Additional ₹9.45 crores (total ₹44.62 crores from ₹35.17 crores, following disclosure dated 24th July 2026)
  • Purpose: Procurement of 800 kV high-voltage testing system for testing 245 kV and 400 kV GIS
  • 90% of project assets expected to be transferred to Greenfield facility upon commissioning

Financial Position and Cash Flows

Standalone Balance Sheet (as of 30th September 2026):

  • Total Assets: ₹13,742.51 crore (vs ₹11,956.75 crore as of 31st March 2026)
  • Total Equity: ₹9,072.47 crore
  • Current Assets: ₹8,080.63 crore (including inventories ₹1,638.82 crore, trade receivables ₹3,428.13 crore)
  • Current Liabilities: ₹4,469.45 crore

Standalone Cash Flows (H1 FY27):

  • Cash from operations: ₹449.12 crore
  • Cash from investing: ₹(407.37) crore
  • Cash from financing: ₹14.14 crore
  • Net increase in cash: ₹55.89 crore

QIP Fund Utilization:

  • Raised ₹3,000.00 crores through QIP in previous financial year
  • ₹660.39 crores utilized towards objects stated in Placement Document up to September 30, 2026
  • Unutilized funds temporarily invested in fixed deposits and mutual funds

Subsidiaries and Associates

The consolidated results include 18 subsidiaries and 1 associate (Chola Foundation). Key subsidiary metrics:

  • Six reviewed subsidiaries: Total assets ₹1,657.79 crores, revenue ₹316.83 crores (Q2), net loss ₹6.10 crores (Q2)
  • Ten unreviewed subsidiaries: Total assets ₹546.15 crores, revenue ₹18.79 crores (Q2), net loss ₹3.11 crores (Q2)

Acquisition Update:

  • Through subsidiary Axiro Semiconductor Private Limited, acquired 100% equity of Tosil Systems Private Limited on August 20, 2026
  • Total consideration: ₹16.44 crores
  • Tosil provides VLSI design and embedded systems engineering services

Tax and Legal Matters

The company is involved in certain ongoing direct tax litigations pending before various forums. Management is confident of favorable outcomes based on prevailing jurisprudence and legal opinions.

Meeting Details

The Board Meeting commenced at 11:40 a.m. IST and concluded at 2:05 p.m. IST on 23rd October 2026.