CG Power & Industrial Solutions Ltd
CGPOWERCG Power & Industrial Solutions Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it.
The sharpest disagreement: Promoters moved −1.7 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced.
The price is in a confirmed uptrend (19 weeks in) while the P/E sits at the 78th percentile of its own 5-year range. Underneath, the last four quarters read improving — profit +15.4% year on year, and 74% of the last 3 years' profit arrived as cash. What settles it: whether the register turns back in the story’s favour.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
CG Power & Industrial Solutions Ltd trades at ₹890, in a confirmed uptrend and 19 weeks into that stage. That is +11.4% against its own 200-day average. It sits at 80% of a 52-week range of ₹549 to ₹977. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (5 weeks and counting).
Today the stock is in a confirmed uptrend — week 19 of stage 2, confirmed. At ₹890 it trades +11.4% versus its 200-day average and sits at 80% of its 52-week range (₹549–₹977).
Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +1,978% while the NIFTY 500 moved +276% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (5 weeks and counting; last ahead the week of 2026-07-10) — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
Story check
CG Power & Industrial Solutions Ltd's story is not scored yet against the markers our research file set on 17 May 2026. Where it sits in its own cycle: FIRST_TIME_EXPANSION. Still open: PE at 107x (76th percentile, AT_PEAK) — any miss on transformer ramp, Industrial margin, or semiconductor timeline triggers de-rating toward sector PE of 65-75x; 35-40% downside.
Our read, 17 May 2026. India's transformer supercycle plus data centre export entry — but AT_PEAK PE at 107x demands flawless execution across three vectors simultaneously.
From the numbers. PE at 107x versus 10-year median 77x (1.39x ratio, 76th percentile, AT_PEAK). The cycle model labels this FIRST_TIME_EXPANSION — first PE cycle expansion on record per cycle_is_first_expansion=true in the snapshot. This…
From the price. Price stage 2, week 19 — above its 200-day line, relative strength falling.
From the research. India's transformer supercycle plus data centre export entry — but AT_PEAK PE at 107x demands flawless execution across three vectors simultaneously.
🚨 Where they disagree. PE at 107x versus 10-year median 77x (1.39x ratio, 76th percentile, AT_PEAK). The cycle model labels this FIRST_TIME_EXPANSION — first PE cycle expansion on record per cycle_is_first_expansion=true in the snapshot. This is NOT a deep-value entry — it is a premium-valuation growth play. The yoy_trend is INFLECTION_UP with EPS HEALTHY_EXPANSION. DII buying is structural. The cycle position is the key risk overlay: at AT_PEAK, the market is pricing in multi-quarter delivery. Miss any one vector and the de-rating is swift.
What is proven. India's transformer supercycle plus data centre export entry — but AT_PEAK PE at 107x demands flawless execution across three vectors simultaneously.
What is not proven yet. PE at 107x (76th percentile, AT_PEAK) — any miss on transformer ramp, Industrial margin, or semiconductor timeline triggers de-rating toward sector PE of 65-75x; 35-40% downside.
Layer 1 read, 19 July 2026 — KEEP. Revenue nearly doubled to Rs 3,442cr with PAT re-accelerating to +32.5% in Mar 2026 on a Rs 17,107cr backlog, so the engine is real. But the multiple has run to the 86th percentile (PE 118) with MoS -59.9% and OPM stubbornly flat at 13% — no margin tailwind under the re-rating. Execution keeps slipping (KAVACH missed across three straight calls, motor-market view reversed) on a FAILED-validation timeline, so it is an extended, priced-for-perfection late-innings name that ranks to the bottom of KEEP.
What would change Layer 1’s mind. The greenfield transformer plant slipping beyond Q3 FY27 OR consolidated PAT growth decelerating below the low-teens in Q1 FY27 — either would turn the order-book engine flat under a 118x multiple, converting the extended-name P2 into a de-rating DROP case.
Layer 2 read, 19 July 2026 — BENCH. The order book is real and profits are still growing (PAT +32.5% in Mar-26, Rs 17,107cr backlog), which is why this is not a drop. But it trades at a price-to-earnings in the top decile (~118x, 92.9th percentile of its own decade) and the sector's margin-normalized valuation is at its all-time-most-expensive on margins that are NOT depressed — so 'cheap because cyclical trough' is false here. On top of that the whole industry is commissioning >150% more capex with foreign/domestic institutions absent and the promoter selling 2.5%, and two cross-sector chains flag transformer-oil and supply-glut as active margin headwinds. Extended stock into a late-cycle sector belongs on the bench until…
What would change Layer 2’s mind. Transformer-oil/commodity spike proves transient with clear cost pass-through (sector aggregate OPM stops rolling down and holds), TARIL's walked-back guidance is re-raised, AND promoters stop selling [sector_falsification: claim:C7/Q3/C13] — that would flip the late-cycle casualty read and move BENCH toward ADVANCE.
The test written in advance. AT_PEAK PE De-rating Trigger — AT_PEAK PE De-rating Trigger Q1 FY27 consolidated PAT growth — must exceed 20% YoY to maintain re-rating narrative by the next result.
The test written in advance. KAVACH Execution (Structural Not Resolved) — KAVACH Execution (Structural Not Resolved) Q1 FY27 GGtronics KAVACH shipment volumes — must show 50+ monthly installations to confirm execution restart by the next result.
The test written in advance. Semiconductor Loss Drag Persists Beyond FY27 — Semiconductor Loss Drag Persists Beyond FY27 by the next result.
| Dial | Now | Was | Why it matters | Watch line |
|---|---|---|---|---|
| Power Transformer Order Book Surge | HIGH | — | Rs 12,644 Cr Power Systems backlog (+91% YoY) provides 10+ quarters revenue visibility at current run-rates — already booked… | Q1 FY27 consolidated PAT growth — must exceed 20% YoY to maintain re-rating narrative |
| Transformer Capacity 10x Expansion (to… | HIGH | — | Capacity grew from 17,000 MVA yearly to 65,000 MVA in one year; new greenfield plant adding another 45,000 MVA by July-August… | Q1 FY27 consolidated PAT growth — must exceed 20% YoY to maintain re-rating narrative |
| US Data Centre Export Platform Entry | MEDIUM_HIGH | — | Rs 900 Cr Tallgrass US hyperscale data centre order (largest single export in company history) opens a structural new channel… | Q1 FY27 consolidated PAT growth — must exceed 20% YoY to maintain re-rating narrative |
| Power Systems Operating Leverage | HIGH | — | Power Systems EBIT margin expanded from 17.6% to 21.9% (+281 bps) in FY26 on 46% revenue growth — Price Variation Clauses across… | Q1 FY27 consolidated PAT growth — must exceed 20% YoY to maintain re-rating narrative |
| Motors Stabilization + Pricing Pass-Through | MEDIUM | — | Cumulative 17.5% price hikes split 50-50 volume-price with market share ~35% maintained — Industrial OPM should recover from… | Q1 FY27 consolidated PAT growth — must exceed 20% YoY to maintain re-rating narrative |
| Semiconductor OSAT Optionality (CG Semi) | MEDIUM_DEFERRED | — | G1 plant at 0.5 mn units/day operational; G2 at 14.5 mn chips/day targeting end-2026; Rs 3,501 Cr government backing locked… | Q1 FY27 consolidated PAT growth — must exceed 20% YoY to maintain re-rating narrative |
Lever 6 · Order-book wins — BUILDING. Rs 12,644 Cr Power Systems backlog (+91% YoY) provides 10+ quarters revenue visibility at current run-rates — already booked, now executing. What proves it keeps working: Power Transformer Order Book Surge. It stops working if Q1 FY27 consolidated PAT growth — must exceed 20% YoY to maintain re-rating narrative.
Lever 7 · Consolidation — BUILDING. Capacity grew from 17,000 MVA yearly to 65,000 MVA in one year; new greenfield plant adding another 45,000 MVA by July-August 2026 — total 165,000 MVA by FY27 end vs 85,000 MVA originally guided. What proves it keeps working: Transformer Capacity 10x Expansion (to 165,000 MVA by FY27 end). It stops working if Q1 FY27 consolidated PAT growth — must exceed 20% YoY to maintain re-rating narrative.
Lever 10 · New geographies — BUILDING. Rs 900 Cr Tallgrass US hyperscale data centre order (largest single export in company history) opens a structural new channel — export bookings doubled YoY with pipeline growing. What proves it keeps working: US Data Centre Export Platform Entry. It stops working if Q1 FY27 consolidated PAT growth — must exceed 20% YoY to maintain re-rating narrative.
Lever 5 · Regulatory approval — BUILDING. Power Systems EBIT margin expanded from 17.6% to 21.9% (+281 bps) in FY26 on 46% revenue growth — Price Variation Clauses across entire order book protect margin through commodity cycles. What proves it keeps working: Power Systems Operating Leverage. It stops working if Q1 FY27 consolidated PAT growth — must exceed 20% YoY to maintain re-rating narrative.
Sources: our stock research file (17 May 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.
| Section | Where it is now | Vs a year ago | The one thing to watch next | Read |
|---|---|---|---|---|
| Revenue | ₹3,281 Cr | — | Power Transformer Order Book Surge | |
| Safety | see the section | — | Power Systems Operating Leverage | |
| Asset quality | see the section | — | Motors Stabilization + Pricing Pass-Through | |
| Ownership | see the section | — | GIS / Switchgear New Capability |
Revenue Revenue is the top line: everything the company billed its customers in the period.
CG Power & Industrial Solutions Ltd reported ₹3,281 Cr of revenue in the Jun 26 quarter, +14.0% year on year. That is the 12th straight quarter of year-on-year growth. Over 10 years it has compounded at 9.0% a year. The last full year, FY26, came in at ₹12,418 Cr. The last four reported quarters add to ₹12,821 Cr.
Why this happened. The order engine has been firing on all cylinders. FY26 saw total standalone order intake of Rs 17,574 Cr (+30% YoY) with the Power segment alone taking in Rs 11,210 Cr (+69% YoY). The Rs 900 Cr US data centre export order and Rs 641 Cr Power Grid Corp 765 kV domestic order were both single largest ever in their respective categories. The backlog now stands at Rs 17,107 Cr consolidated with transformer delivery windows of 12-20 months, meaning FY27 and FY28 revenue is largely locked. Management described market demand as 'Amrit Kaal' and declined to quantify specific order growth rates, but the pipeline of inquiries is up 85% YoY per October 2025 call.
FY26 revenue came in at ₹12,418 Cr (+25.3% on the year), capping 10 years at 9.0% compound. The latest quarter (Jun 26) printed ₹3,281 Cr, +14.0% year on year — the 12th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +21.6% growth against the decade's 9.0% — the current year is running faster than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +21.4% over the last 4 quarters against +23.5%/yr over the last 8 — stabilising; TTM profit +24.0% vs −8.0%/yr — accelerating.
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
CG Power & Industrial Solutions Ltd's operating margin is 12.0% in the Jun 26 quarter, −1.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −2.3% to 14.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 12.0%, −1.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −2.3%–14.0%.
🚨 Why the margin moved: operating margin went −1.1 pp year on year while gross margin went +0.6 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
CG Power & Industrial Solutions Ltd earned ₹308 Cr of net profit in the Jun 26 quarter, +15.4% year on year. It is the 6th consecutive quarter of growth. Full-year FY26 profit was ₹1,199 Cr. That is 9.4% of the quarter's revenue. The same quarter a year earlier earned ₹267 Cr.
Jun 26 profit was ₹308 Cr, +15.4% year on year — the 6th consecutive quarter of growth. On the full year, FY26 printed ₹1,199 Cr (+23.2%).
Why profit moved: revenue contributed +14.0% and the margin −1.0 pp — the quarter was revenue-led, with the margin roughly flat.
Pace comparison, last four quarters: profit +24.1% vs revenue +21.6%. Profit and revenue are moving roughly in step.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 74% of CG Power & Industrial Solutions Ltd's reported profit arrived as operating cash — most of the profit is real cash. In FY26 that was ₹702 Cr of operating cash against ₹1,199 Cr of profit. After ₹1,064 Cr of capital spending, ₹−362 Cr was left as free cash.
Why this happened. After pricing power was questioned (management claimed market leadership in July 2025, then reported OPM contraction from copper pass-through failure in January 2026), the May 2026 call showed partial recovery. Volume growth is now described as 'in sync with market' rather than share-gain only. New AX drives launched in April, 100% indigenous LV drives reduce import exposure. The risk: IE3/IE4 transition is slow in India despite regulations, limiting the high-margin product mix shift. Structural single-digit Industrial margins are the medium-term reality while Power Systems continues to carry the portfolio.
FY26: operating cash of ₹702 Cr against reported profit of ₹1,199 Cr, leaving free cash of ₹−362 Cr after ₹1,064 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 74% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 74%: the cash cycle stretched 88 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.
Router verdict: conversion is below par and the cash cycle has stretched 88 days — the next section's job is to find where the cash is stuck.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
CG Power & Industrial Solutions Ltd's cash conversion cycle runs 48 days in FY26, up from −40 days in FY21. Capital spending ran ₹2,127 Cr over the last 3 years. At FY26 sales of ₹12,418 Cr each day of that cycle holds about ₹34.0 Cr, so roughly ₹1,633 Cr sits inside the business at any moment.
FY26: debtors at 86 days, inventory at 67 days — roughly 2.2 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 48 days, looser than FY21's −40.
The full loop: cash goes out to suppliers and production on day 0; stock waits 67 days to sell; customers pay about 86 days after that; and suppliers themselves are paid at 105 days — netting out to the 48-day cycle.
In money terms: at FY26 sales of ₹12,418 Cr, each day of the cycle holds about ₹34.0 Cr — so the 48-day loop keeps roughly ₹1,633 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹2,127 Cr over the last 3 fiscal years against ₹403 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹725 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
CG Power & Industrial Solutions Ltd earns a ROCE of 27% in FY26. That is up from a trough of −4% in FY17. Return on invested capital clears the cost of that capital by +7.8 percentage points, so growth here adds value rather than only size. The wiring behind it is 9.7% net margin on 0.98× asset turns.
FY26 ROCE is 27%, recovered from a FY17 trough of −4% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 9.7% net margin × 0.98× asset turns × 1.59× balance-sheet leverage ≈ 15.1% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.
The capstone test — ROIC − WACC: 19.8% − 12.0% = a +7.8 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
CG Power & Industrial Solutions Ltd carries total debt of ₹119 Cr against shareholder equity of ₹8,198 Cr as of Jun 26, a debt-to-equity of 0.01 — effectively unlevered. On the annual view that ratio went from 0.37 in FY22 to 0.01 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.
Jun 26: total debt of ₹119 Cr against shareholder equity of ₹8,198 Cr — a debt-to-equity of 0.01. On the annual view, debt-to-equity went from 0.37 (FY22) to 0.01 (FY26). The returns on this page are earned, not borrowed.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Domestic institutions added 7.2 points of CG Power & Industrial Solutions Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 18.2% of the company. Foreign institutions moved −2.7 points over the same window, to 12.0%. The register is read on the four disclosed classes only; nothing is inferred between filings.
Why this happened. Switchgear has been running at 85-88% utilization — near capacity. The Rs 748 Cr greenfield approved October 2025 adds capacity for medium and extra-high voltage circuit breakers, instrument transformers, and GIS. The 400 kV GIS product is on track for FY27 commercialization with 765 kV GIS potentially FY28. This diversifies beyond transformers into adjacent high-voltage infrastructure where CG can leverage its existing utility relationships. Near-term revenue contribution is modest but the capability creates a second growth leg post-FY27.
The register over the last two years — Domestic institutions: +7.2 points over 8 quarters to 18.2%; Foreign institutions: −2.7 points over 8 quarters to 12.0%; Promoters: −1.7 points over 8 quarters to 56.4%.
Why the register moved: rotation — foreign institutions −2.7 points against domestic institutions +7.2 points over 8 quarters, with promoters −1.7 points — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
CG Power & Industrial Solutions Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
Why this happened. The structural margin driver in Power Systems is PVC coverage — almost the entire order book has commodity cost pass-through, meaning scale-driven operating leverage flows directly to EBIT rather than being consumed by input cost headwinds. Q4 FY26 Power Systems standalone revenue Rs 1,487 Cr (+50% YoY) at 23.8% PBIT margin (+287 bps YoY) — the leverage accelerates as capacity utilization improves. The greenfield plant adds fixed cost in FY27 before full utilization but should reach leverage territory by FY28.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
CG Power & Industrial Solutions Ltd trades at 110.0× P/E, at the pricey end of its own range (78th percentile). Its long-run median P/E is 81.0×, measured across 5.2 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 110.0× is at the pricey end of its own range (78th percentile), against a long-run median of 81.0× measured over 5.2 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved +20.3% against a +33.7% price move — the price outran earnings, pushing the multiple UP its own range.
The price move, decomposed: over 5y, of the +61.9%/yr price move, ~+7.3%/yr came from earnings growth and ~+54.6 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.
Stage: Improving Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
CG Power & Industrial Solutions Ltd reads as improving on its fundamental arc. Improving — profit growth bottomed 5 quarters ago at −31.9% and has held its recovery at +24.0%, ROCE holding at 26.8%. The read is built from 12 quarters across 4 curves, on full evidence.
Why it matters: a sustained climb off the trough is the setup this page is built to catch — the question moves to what you pay for it.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +25.3% | +21.2% | +33.2% | +9.0% |
| Profit | +23.2% | +7.6% | −1.3% | — |
| EPS | +20.3% | +6.7% | −4.6% | — |
| Share price | +33.7% | +30.1% | +61.9% | +26.7% |
4-Factor Sector Score
50.8/100 — rank 4 of 12 in Capital Goods - Transformers · 100% evidence confidence
CG Power & Industrial Solutions Ltd scores 50.8 out of 100 against the 12 companies it is compared with in Capital Goods - Transformers, ranking 4. Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
The four contributions add to the total exactly: 18.9 + 16.4 + 3.7 + 11.8 = 50.8. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Said versus delivered
What CG Power & Industrial Solutions Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.
KAVACH Execution Significantly Behind Schedule · 6 May 2026. The Jan 2025 call committed the GG Tronics Locomotive KAVACH order of INR 500-600 crores to a one-year completion timeline, and the Jul 2025 call stated that commissioning of at least 100 monthly installations would begin within the next couple of months. Yet in the May 2026 call - nearly ten months after the Jul 2025 guidance - passenger trials are still underway with only 12 completed and execution has not yet started. Management has offered no adequate explanation for this multi-quarter delay in a high-profile and nationally significant order.
LT Motor Market Assessment Reversed Without Explanation · 6 May 2026. In the Jul 2025 call, management made an unambiguous forward-looking statement that the LT motor market had further deteriorated and that a revival was not expected, framing CG's growth as purely share-gain driven in a declining industry. By the May 2026 call, management describes volume growth in motors as broadly in sync with overall market expansion - a direct contradiction of the prior assessment with no explanation of what drove the market recovery within the same fiscal year.
Transformer Capacity Target Raised 41% to 120,000 MVA Without Prior Guidance · 6 May 2026. Both prior calls consistently anchored the total transformer capacity target at 85,000 MVA: the Jan 2025 call introduced the greenfield stating it would bring total capacity to 85,000 MVA by FY27-28, and the Jul 2025 call reaffirmed 85,000 MVA as the reference for all planned capacity investment. In the May 2026 call, total capacity is now guided at 120,000 MVA by end of FY27 - a 35,000 MVA upward revision attributed to lean-driven improvements at the Bhopal plant that were never previously signaled. While a positive operational outcome, the 41% deviation versus consistently guided capacity would require material revision to analyst revenue models built on prior management guidance.
🚨 Erosion of Pricing Power · 27 January 2026. In the July 2025 call, management asserted their status as market leaders allowed them to dictate pricing, citing a 5% price hike that would yield results in subsequent months. However, in the January 2026 call, management reported margin contraction in Industrial Systems driven by 'lower price realization' and an inability to fully pass on commodity inflation, directly contradicting their earlier stance on pricing discipline and market leadership. Earlier call (July 2025): “LT Motors, we are the market leaders. So we got to define what should be the pricing in the market... we increase by 5%... from pricing discipline point of view, that”. Later call (Jan 2026): “Margin changes were driven by lower price realization... as well as lower gross margins in motors due to significant commodity inflation that could not be passed on entirely to the market.”
Every quote above is taken word for word from the company’s own earnings calls.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Indo Tech Transformers LtdINDOTECH | 79.5/100Favorable setup100% evidence | LEADER | 29.1/35 Revenue 22.1% · PAT 29.9% · OPM change -1 pp 100% evidence | 18.3/25 ROCE 37.7% · OPM 14% 100% evidence | 12.1/20 P/E 38× · PEG 0.74 100% evidence | 20.0/20 RS sector 56.6% · RS bench 72.2% · 1Y 126.9%12 of 12 weeks ahead 100% evidence |
| Exact sum: 29.1 + 18.3 + 12.1 + 20 = 79.5 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 2Marsons LtdMARSONS | 59.2/100Mixed-positive evidence81% evidence | BASING | 26.3/35 Revenue 33.5% · PAT 43.6% · OPM change -0.9 pp 95% evidence | 15.0/25 ROCE 25.4% · OPM 14.7% 95% evidence | 12.2/20 P/E 40.7× · PEG — 50% evidence | 5.7/20 RS sector -14.5% · RS bench -30.6% · 1Y -44.4%0 of 11 weeks ahead 70% evidence |
| Exact sum: 26.3 + 15 + 12.2 + 5.7 = 59.2 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -14.5% and the one-year return is -44.4%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 3Supreme Power Equipment LtdSUPREMEPWR | 53.3/100Mixed-positive evidence87% evidence | ASLEEP | 20.5/35 Revenue 23.9% · PAT 3.6% · OPM change -0.6 pp 95% evidence | 17.1/25 ROCE 22% · OPM 18.3% 95% evidence | 12.9/20 P/E 22.1× · PEG — 50% evidence | 2.8/20 RS sector -20.2% · RS bench -10.3% · 1Y -1.7%7 of 12 weeks ahead 100% evidence |
| Exact sum: 20.5 + 17.1 + 12.9 + 2.8 = 53.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4CG Power & Industrial Solutions Ltdthis pageCGPOWER | 50.8/100Mixed-positive evidence100% evidence | FADING | 18.9/35 Revenue 21.4% · PAT 24% · OPM change -1 pp 100% evidence | 16.4/25 ROCE 26.7% · OPM 12% 100% evidence | 3.7/20 P/E 110× · PEG 5.21 100% evidence | 11.8/20 RS sector 2.5% · RS bench 14.9% · 1Y 33.6%8 of 12 weeks ahead 100% evidence |
| Exact sum: 18.9 + 16.4 + 3.7 + 11.8 = 50.8 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. | ||||||
| 5Voltamp Transformers LtdVOLTAMP | 47.5/100Mixed-negative evidence100% evidence | TURNING | 14.6/35 Revenue 17.8% · PAT -2.8% · OPM change -2 pp 100% evidence | 14.8/25 ROCE 23.5% · OPM 15% 100% evidence | 3.1/20 P/E 32.4× · PEG 4.92 100% evidence | 15.0/20 RS sector 2.8% · RS bench 15.7% · 1Y 27%4 of 12 weeks ahead 100% evidence |
| Exact sum: 14.6 + 14.8 + 3.1 + 15 = 47.5 · Decision use: Price leads the evidence: RS versus the benchmark is 15.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 6Transformers & Rectifiers India LtdTARIL | 45.7/100Mixed-negative evidence75% evidence | ASLEEP | 14.9/35 Revenue 14.7% · PAT 2.3% · OPM change -1 pp 95% evidence | 14.3/25 ROCE 23.3% · OPM 16% 76% evidence | 9.9/20 P/E 34.6× · PEG — 15% evidence | 6.6/20 RS sector -24.1% · RS bench -14.4% · 1Y -39.3%5 of 12 weeks ahead 100% evidence |
| Exact sum: 14.9 + 14.3 + 9.9 + 6.6 = 45.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7Shilchar Technologies LtdSHILCTECH | 41.8/100Mixed-negative evidence82% evidence | BASING | 5.5/35 Revenue -7.1% · PAT -16.5% · OPM change -17 pp 95% evidence | 20.3/25 ROCE 50.7% · OPM 16% 76% evidence | 9.1/20 P/E 32.5× · PEG — 50% evidence | 6.9/20 RS sector -19.2% · RS bench -8.9% · 1Y -24.6%3 of 12 weeks ahead 100% evidence |
| Exact sum: 5.5 + 20.3 + 9.1 + 6.9 = 41.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 8Schneider Electric Infrastructure LtdSCHNEIDER | 38.8/100Mixed-negative evidence100% evidence | FADING | 5.8/35 Revenue 9.5% · PAT -29.9% · OPM change -6 pp 100% evidence | 14.1/25 ROCE 29.6% · OPM 5% 100% evidence | 5.4/20 P/E 169× · PEG 2.79 100% evidence | 13.5/20 RS sector 23.7% · RS bench 37% · 1Y 46.5%10 of 12 weeks ahead 100% evidence |
| Exact sum: 5.8 + 14.1 + 5.4 + 13.5 = 38.8 · Decision use: Price leads the evidence: RS versus the benchmark is 37%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 9Ujaas Energy LtdUEL | 36.4/100Mixed-negative evidence74% evidence | TURNING | 8.9/35 Revenue -26.9% · PAT -47.7% · OPM change 30.2 pp 95% evidence | 2.8/25 ROCE 3.9% · OPM -92.1% 95% evidence | 8.5/20 P/E 795× · PEG — 15% evidence | 16.2/20 RS sector 42.2% · RS bench 61.3% · 1Y 91.6%2 of 12 weeks ahead 70% evidence |
| Exact sum: 8.9 + 2.8 + 8.5 + 16.2 = 36.4 · Decision use: Price leads the evidence: RS versus the benchmark is 61.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 10Bharat Bijlee LtdBBL | 29.6/100Adverse evidence100% evidence | ASLEEP | 15.8/35 Revenue 18.2% · PAT -18.8% · OPM change -2 pp 100% evidence | 4.3/25 ROCE 8.4% · OPM 5% 100% evidence | 8.6/20 P/E 23.1× · PEG 4.48 100% evidence | 0.9/20 RS sector -28.6% · RS bench -18.8% · 1Y -18.4%7 of 12 weeks ahead 100% evidence |
| Exact sum: 15.8 + 4.3 + 8.6 + 0.9 = 29.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 11Danish Power LtdDANISH | 51.0/100Thin evidence · provisional50% evidence | ASLEEP | 15.9/35 Revenue — · PAT — · OPM change -2 pp 26% evidence | 17.5/25 ROCE 23.4% · OPM 18% 95% evidence | 11.5/20 P/E 21.8× · PEG — 15% evidence | 6.1/20 RS sector -20.2% · RS bench -3.8% · 1Y -14.8%6 of 10 weeks ahead 70% evidence |
| Exact sum: 15.9 + 17.5 + 11.5 + 6.1 = 51 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 12Vilas Transcore LtdVILAS | 44.2/100Thin evidence · provisional50% evidence | BASING | 17.6/35 Revenue — · PAT — · OPM change -5 pp 26% evidence | 8.8/25 ROCE 16.1% · OPM 9% 95% evidence | 10.7/20 P/E 23.2× · PEG — 15% evidence | 7.1/20 RS sector -9.6% · RS bench -11.1% · 1Y -31.5%0 of 10 weeks ahead 70% evidence |
| Exact sum: 17.6 + 8.8 + 10.7 + 7.1 = 44.2 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is CG Power & Industrial Solutions Ltd's share price today?
CG Power & Industrial Solutions Ltd trades at ₹890, +33.7% over the past year. The company is valued at ₹1,40,239 Cr. The stock sits at 80% of its 52-week range of ₹549–₹977, +11.4% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 19 weeks in. — as of 14 August 2026.
What were CG Power & Industrial Solutions Ltd's latest quarterly results?
CG Power & Industrial Solutions Ltd reported revenue of ₹3,281 Cr and net profit of ₹308 Cr for the Jun 26 quarter. Revenue rose 14.0% and profit rose 15.4% year on year. Earnings per share were ₹1.99. The operating margin was 12.0%, 1.0 pp lower than a year earlier. — as of 14 August 2026.
What is CG Power & Industrial Solutions Ltd's revenue?
CG Power & Industrial Solutions Ltd reported revenue of ₹3,281 Cr in the Jun 26 quarter, +14.0% year on year. For the full FY26 fiscal year, revenue was ₹12,418 Cr (+25.3%). Over the last 10 years revenue compounded at 9.0% a year. — as of 14 August 2026.
What is CG Power & Industrial Solutions Ltd's profit?
CG Power & Industrial Solutions Ltd earned ₹308 Cr of net profit in the Jun 26 quarter, +15.4% year on year — the 6th straight quarter of growth. Full-year FY26 profit was ₹1,199 Cr. The operating margin ran 12.0% in the latest quarter. — as of 14 August 2026.
What is CG Power & Industrial Solutions Ltd's market cap?
CG Power & Industrial Solutions Ltd's market capitalisation is ₹1,40,239 Cr at a share price of ₹890. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 14 August 2026.
What is CG Power & Industrial Solutions Ltd's P/E ratio?
CG Power & Industrial Solutions Ltd trades at a P/E of 110.0×, at the 78th percentile of its own 5-year range, against a long-run median of 81.0×. This is a comparison with the stock's own history, not a value call — as of 14 August 2026.
Does CG Power & Industrial Solutions Ltd pay a dividend?
Yes — CG Power & Industrial Solutions Ltd's dividend payout was 17% of profit in FY26, and it recorded a payout in 6 of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 14 August 2026.
Is CG Power & Industrial Solutions Ltd overvalued?
On its own history, CG Power & Industrial Solutions Ltd looks expensive: its P/E of 110.0× sits at the 78th percentile of its 5-year range (long-run median 81.0×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 14 August 2026.
Is CG Power & Industrial Solutions Ltd growing?
Yes — CG Power & Industrial Solutions Ltd is growing: latest-quarter revenue +14.0% year on year, profit +15.4%, and the margin −1.0 pp at 12.0%. The earnings engine currently reads: improving — as of 14 August 2026.
How is CG Power & Industrial Solutions Ltd performing?
CG Power & Industrial Solutions Ltd is in a confirmed uptrend, 19 weeks in. Its latest quarter's revenue rose 14.0% and profit rose 15.4% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 5 weeks. — as of 14 August 2026.
What stage is CG Power & Industrial Solutions Ltd in?
Improving — profit growth bottomed 5 quarters ago at −31.9% and has held its recovery at +24.0%, ROCE holding at 26.8%. The read comes from the last 12 quarters of growth (revenue growth +21.4% latest, profit growth +24.0% latest, eps growth +21.0% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 14 August 2026.
Is CG Power & Industrial Solutions Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 19 of stage 2), trading +11.4% versus its 200-day average and at 80% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 14 August 2026.
Is CG Power & Industrial Solutions Ltd beating the market?
Not lately — on a trailing-13-week view CG Power & Industrial Solutions Ltd is currently behind the NIFTY 500 (5 weeks and counting; last ahead the week of 2026-07-10), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.4 years the stock moved +1,978% against the NIFTY 500's +276% — ahead of the index over the full window. — as of 14 August 2026.
Will CG Power & Industrial Solutions Ltd's share price go up?
This page publishes no price forecast for CG Power & Industrial Solutions Ltd. What it measures instead: the share price is ₹890, the price is in a confirmed uptrend 19 weeks in. Its P/E of 110.0× sits at the 78th percentile of its own 5-year range. — as of 14 August 2026.
Who owns CG Power & Industrial Solutions Ltd?
Promoters hold 56.4% of CG Power & Industrial Solutions Ltd, foreign institutions 12.0%, domestic institutions 18.2% and the public 13.4% (latest quarter). The biggest move on the register over the last two years: Domestic institutions added 7.2 points over 8 quarters. — as of 14 August 2026.
Does CG Power & Industrial Solutions Ltd have too much debt?
No — CG Power & Industrial Solutions Ltd's debt-to-equity is 0.01, and operating profit covers the interest bill 66×. FY26 borrowings were ₹118 Cr against equity of ₹7,970 Cr. The returns on this page are earned, not borrowed — as of 14 August 2026.
What is CG Power & Industrial Solutions Ltd's capex?
CG Power & Industrial Solutions Ltd spent ₹2,127 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹1,064 Cr, with ₹725 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 14 August 2026.
What is CG Power & Industrial Solutions Ltd's cash flow?
CG Power & Industrial Solutions Ltd generated ₹702 Cr of operating cash flow in FY26 and ₹−362 Cr of free cash flow after ₹1,064 Cr of capital spending. Reported profit that year was ₹1,199 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 14 August 2026.
Is CG Power & Industrial Solutions Ltd's profit real cash?
Mostly — over the last 3 fiscal years, 74% of CG Power & Industrial Solutions Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹702 Cr against reported profit of ₹1,199 Cr. The cash then goes mostly into the working-capital cycle. Cash-flow resolution is annual — as of 14 August 2026.
Where is CG Power & Industrial Solutions Ltd in its business cycle?
CG Power & Industrial Solutions Ltd's FY26 operating margin was 13.0%, against a 13-year band of −2.3%–14.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 12.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 14 August 2026.
What could break the CG Power & Industrial Solutions Ltd story?
The sharpest disagreement: Promoters moved −1.7 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 14 August 2026.
Is CG Power & Industrial Solutions Ltd a stock worth studying right now?
This is not investment advice. The machine read: CG Power & Industrial Solutions Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it. The sharpest open question: whether the register turns back in the story’s favour. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 14 August 2026.