Analyst Concall
CG Power eyes larger share of exports in revenue pie ahead
This story was originally published at 19:19 IST on 29 October 2025
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--CG Power: Saw strong enquiries in Jul-Sept
--CONTEXT: CG Power management's comments at post-earnings analyst concall
--CG Power: Co's exports up 20-25% YoY in Apr-Sept
--CG Power: Seeing pick-up in power generation projects at fast pace
--CG Power: Current split between low-tension, high-tension motors is 80:20
--CG Power: Heavy rains delayed power transformer installations this year
--CG Power: See no more delays in power transformer installations going ahead
By Simran Rede and Shakshi Jain
MUMBAI – CG Power and Industrial Solutions Ltd. expects exports to comprise a larger percentage share in its order input and revenue in the coming years, a top company official said in a post-earnings call with investors and analysts. Exports of the company rose 20–25% on year in Apr-Sept.
"...with the increased capacity, we will be focusing more on exports for this business sustainability thing. And we are participating in more and more projects and tying up with the state utilities abroad. So, exports will be a bigger push and more percentage share in the order input and revenues in the coming years," the company official said.
The company had approved greenfield expansion of its power transformer capacity by 45,000 megavolt amperes at an estimated investment of INR 7.12 billion. This would increase the company's overall capacity to 85,000 megavolt amperes by the financial year 2027-28 (Apr-Mar). "...the way we are executing, I think we'll be much ahead of our target," the company's management said.
"...what we are planning in our new plant, we are planning to have around 25 to 40 percent of the revenues coming from exports... from the current capacities also, we are, as of now, the exports is around 10 percent, so it will go to around 20 percent in these," the management said.
The company's net profit for the September quarter rose 30% on year to INR 2.87 billion, lower than the INR 3.13 billion expected by analysts. Its consolidated revenue rose 21% on year to INR 29.23 billion but was below the Street estimate of INR 30.97 billion.
The company saw "very, very strong" enquiries in Jul-Sept, but decision-making has been slow, the management said. "That is because a lot of projects now are getting awarded or getting allocated to the states. So, there the decision-making is slow. But as far as we are concerned, we don't see any slowdown in the order booking," the management said, adding that public sector undertakings continue to place orders at a fast pace.
The management also said that there is a slowdown in transmission projects but power generation projects are picking up at a fast pace in the thermal space.
When asked about the demand split between the company's low-tension motors and high-tension motors business, the management said the ratio is roughly 80:20 between the low-tension motors and high-tension motors businesses.
In 2025-26 (Apr-Mar), the company expects to generate a revenue of around $50 million from semiconductors. "We have much larger plans...more and more acquisitions, hiring more people, more tech people to make sure it goes in the long way," the management said. "Right now, it is for a radio frequency business, but we are also thinking of expanding into other technologies as well," it added.
The company said power segment projects saw delays in the September quarter due to heavy rains and the company does not see any further delays in the long run. "As of now, all the developers, they are taking the supplies, whether in case there are delays in their projects, even then they are supporting us by taking the deliveries and storing the transformers near to the locations because of the supply constraints," the management said.
On the National Stock Exchange, shares of the company closed nearly 4% higher at INR 748.60. End
US$1 = INR 88.19
Edited by Ashish Shirke
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