Earnings Review
CG Power Q3 PAT up 18% YoY; misses Street estimates
This story was originally published at 17:00 IST on 27 January 2026
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--CG Power Oct-Dec consol net profit INR 2.85 bln
--Analysts saw CG Power Oct-Dec consol net profit at INR 3.16 bln
--CG Power Oct-Dec consol revenue INR 31.75 bln
--Analysts saw CG Power Oct-Dec consol revenue at INR 32.15 bln
--CG Power Oct-Dec consol net profit INR 2.85 bln vs INR 2.41 bln year ago
--CG Power to pay INR 1.30 per share interim dividend
--CG Power Oct-Dec consol revenue INR 31.75 bln vs INR 25.16 bln year ago
--CG Power interim dividend record date is Feb 1
--CG Power Apr-Dec consol net profit INR 8.41 bln vs INR 7.03 bln year ago
--CG Power Apr-Dec consol revenue INR 89.76 bln vs INR 71.56 bln year ago
--CG Power Oct-Dec industrial systems revenue INR 17.31 bln vs INR 15.91
--CG Power Oct-Dec power systems revenue INR 13.26 bln vs INR 9.20 bln yr ago
--CG Power Oct-Dec consol EBITDA INR 4.74 bln vs INR 3.65 bln year ago
--CG Power Oct-Dec consol EBITDA margin 14.9% vs 14.5% year ago
--CG Power Oct-Dec consol order intake INR 43.72 bln vs INR 47.72 bln qtr ago
--CG Power consol unexecuted order backlog INR 157.53 bln as on Dec 31
--CG Power consol unexecuted order backlog INR 157.53 bln Dec 31, up 62% YoY
--CG Power Oct-Dec industrial systems EBITDA INR 1.60 bln vs INR 1.94 bln
--CG Power Oct-Dec industrial systems EBITDA margin 10.1% vs 13.2% yr ago
--CG Power Oct-Dec power systems ops EBITDA INR 2.93 bln vs INR 1.71 bln
--CG Power Oct-Dec power systems EBITDA margin 22.1% vs 18.6% yr ago
--CG Power:Industrial ops margin dn on lower price realisation in railway ops
--CG Power: Industrial ops margin dn on lower gross margins in motors segment
--CG Power: Industrial ops margin dn on lower gross margins in motors segment
--CG Power:Power systems margin up on better price realisation, robust demand
--CG Power: Q3 consol margin rise limited due to invest in semiconductor ops
--CG Power: Q3 consol margin rise limited due to deferred revenue in Axiro
By Astha Oriel and Arundathi A R
MUMBAI – CG Power and Industrial Solutions Ltd. reported a double-digit year-on-year increase in consolidated top line and bottom line for the December quarter. The company's earnings were, however, below the Street's estimates. The company said its order backlog grew 66% on year to INR 148.60 billion during the quarter as it saw sustained demand across businesses.
The electrical engineering solutions company reported a net profit of INR 2.85 billion for the December quarter, up over 18% on year but flat sequentially. Analysts had expected the company's consolidated net profit to be INR 3.16 billion. This is the fourth consecutive quarter of an increase in the company's net profit.
The company's revenue from operations was INR 31.75 billion, up more than 26% on year and nearly 9% on quarter. Analysts had expected the company's consolidated revenue from operations to be INR 32.15 billion. Its top line has now grown in at least double digits for 20 consecutive quarters.
The company will pay an interim dividend of INR 1.30 per equity share. The record date for payment of the interim dividend is Feb. 1. CG Power posted an increase of almost 30% on year in its consolidated earnings before interest, tax, depreciation, and amortisation for the reporting quarter at INR 4.74 billion. The consolidated EBITDA margin improved to 14.9% from 14.5% a year ago. However, the company's consolidated margin rise was limited by investment in semiconductor operations and deferred revenue from its subsidiary, Axiro Semiconductor.
The company's industrial systems segment consolidated revenue for the December quarter was INR 17.31 billion, up nearly 9% on year. The industrial systems segment's EBITDA for the quarter was INR 1.60 billion. The segment's EBITDA margin was at 10.1%, down from 13.2% a year ago. The industrial systems segment margin was weighed down by lower price realisation in railway operations and lower gross margins in the motors segment.
The consolidated revenue from the power systems segment rose over 44% on year to INR 13.26 billion for the reporting quarter. The segment's EBITDA was INR 2.93 billion, up over 71%. The EBITDA margin of the segment was 22.1%, up from 18.6% a year ago on better price realisation and robust demand.
The company's consolidated order intake was at INR 43.72 billion, down over 8% on quarter. Its consolidated unexecuted order backlog was INR 157.53 billion as of Dec. 31, up 62% on year. Shares of CG Power and Industrial Solutions ended 3.4% lower at INR 530.65 on the National Stock Exchange. The company released its earnings during market hours. End
Edited by Rajeev Pai
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