CG Power and Industrial Solutions shareholders approved all five ordinary resolutions at its 89th Annual General Meeting (AGM) held on July 24, 2026. The meeting, conducted via video conferencing from the company’s registered office in Mumbai, covered routine corporate governance matters including the adoption of financial statements for the fiscal year ended March 31, 2026, confirmation of an interim dividend, and the reappointment of a retiring director. While promoter and retail shareholders demonstrated near-unanimous support across all agenda items, institutional investors expressed significant dissent regarding the board composition, voting against the reappointment of Mr. Vellayan Subbiah.

The AGM was held pursuant to Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and relevant provisions of the Companies Act, 2013. Prashant S. Mehta of P. Mehta & Associates, appointed as the scrutinizer by the Board, reported that all resolutions were passed with the requisite majority. The voting rights were determined based on shareholding as of the cut-off date, July 17, 2026, when 5,72,527 shareholders were on record. Remote e-voting commenced on July 20, 2026, and concluded on July 23, 2026, with additional e-voting facilitated during the virtual meeting.

Voting Results by Resolution

The first three resolutions—adoption of standalone financial statements, adoption of consolidated financial statements, and confirmation of interim dividend—received overwhelming support. Promoter group shareholders, holding 887,667,148 shares, voted 100% in favor for all three items. Public institutional investors also voted unanimously in favor of the financial statements and dividend confirmation. Non-institutional public shareholders showed minor dissent, with less than 0.2% of votes cast against these resolutions.

Dissent on Director Reappointment

The most contentious item was Ordinary Resolution 04, concerning the reappointment of Mr. Vellayan Subbiah (DIN: 01138759), who retires by rotation. While the promoter group voted 100% in favor and non-institutional public shareholders supported the move with 99.44% approval, institutional investors registered substantial opposition. Of the 424,996,354 votes polled by public institutions, 36,969,895 were cast against the resolution, representing 8.69% of their total vote. This resulted in an overall support rate of 97.18% for the resolution, down from the near-unanimous approval seen in other agenda items.

The final resolution, ratifying the remuneration payable to the cost auditor, passed with 99.9995% support, reflecting broad consensus on audit-related matters. The scrutinizer’s report, countersigned by Company Secretary Sanjay Kumar Chowdhary, confirmed that all procedural requirements under the MCA circulars and SEBI LODR regulations were met, including the electronic dispatch of notices and the use of NSDL’s e-voting platform.

CG Power & Industrial Solutions drew divergent brokerage views following its Q1 results, with analysts highlighting a mix of near-term margin pressures and structural growth drivers. While semiconductor-related losses and weaker industrial margins weighed on earnings, Power Systems strength, order backlog expansion, and capacity investments continued to underpin longer-term confidence across most brokerages.

Brokerage Ratings and Target Prices at a Glance

The following table summarises the latest ratings and target prices assigned by the four brokerages:

Jefferies: Hold on Margin Miss and Earnings Cut

Jefferies maintained its Hold rating on CG Power with a target price of ₹855, after Q1 EBITDA missed estimates by 16%. The brokerage attributed the shortfall to continued semiconductor losses and weaker industrial margins. Despite Power and Motors being identified as strong growth drivers, the industrial segment's underperformance prompted Jefferies to cut its FY27 EPS estimates by 4%.

Macquarie: Outperform on Revenue Growth and Order Backlog Surge

Macquarie retained its Outperform rating with a target price of ₹1,090, pointing to solid top-line and bottom-line performance in Q1. Revenue grew 14% YoY and PAT rose 17% YoY, supported by strong growth in Power Systems. The brokerage noted that Industrial Systems provisions impacted margins during the quarter. Notably, the order backlog jumped 45% YoY, even as order intake declined 2%. Macquarie highlighted a strong pipeline as a basis for projecting 31% earnings growth over FY26–29.

Nomura: Buy with FY27 EPS Trimmed on Execution Concerns

Nomura maintained a Buy rating with a target price of ₹1,100, though it acknowledged that Q1 adjusted EBITDA missed estimates. The miss was attributed to higher semiconductor losses, weaker Power Systems execution, and softer Industrial Systems profitability, leading the brokerage to cut its FY27 EPS estimates by 5%. On a more constructive note, Nomura flagged that transformer capacity expansion remains on track, and management expects flattish to high-teens growth in motors and railways.

UBS: Buy on Resilient Inflows and OSAT Milestone

UBS retained its Buy rating with a target price of ₹1,070, noting that Q1 revenue, EBITDA, and PAT grew 14%/4%/16% respectively, despite margin pressure and earnings missing estimates. The brokerage highlighted that order inflows remained resilient and that power transformer capacity expansion was accelerated during the quarter. UBS also pointed to a healthy industrial outlook supported by Kavach and Vande Bharat programmes, and noted that the OSAT facility secured a 50% offtake commitment from Renesas.

Key Q1 Themes Across Brokerages

Across all four assessments, several common themes emerged:

• Semiconductor losses continued to weigh on consolidated EBITDA margins
• Power Systems remained a consistent area of strength
• Industrial Systems margins faced pressure from provisions and weaker execution
• Order backlog expanded significantly, with Macquarie citing a 45% YoY jump
• Capacity expansion in power transformers was flagged as a positive structural development
• The OSAT facility secured a meaningful offtake commitment, reinforcing its commercial viability