CG Power Uploads Q4 FY26 Conference Call Transcript

9 min read Updated on 13 May 2026, 08:01 AM

Reviewed by

Anirudha BScanX News Team

AI Summary

CG Power has disclosed the upload of the transcript for the analyst conference call held on May 6, 2026, following its Board meeting. The company had previously announced record financial results for FY26, with standalone sales growing 21% YoY to INR 11,331 Cr and PAT increasing 39% YoY to INR 1,352 Cr. Consolidated sales for the year rose 25% to INR 12,418 Cr, while the order book reached INR 17,107 Cr.

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CG Power and Industrial Solutions has uploaded the transcript of the conference call held with analysts and investors on May 6, 2026. The disclosure was made pursuant to Regulations 30(2) and 46(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The document is available on the company's website.

The company recently delivered a record fiscal performance for the quarter and full year ended March 31, 2026. For Q4 FY26, standalone sales stood at INR 3,129 Cr, growing 22% YoY, while PAT for the quarter came in at INR 412 Cr, up 49% YoY. For the full year FY26, aggregate standalone sales grew 21% YoY to INR 11,331 Cr, while PAT (before exceptional items) rose 39% to INR 1,352 Cr.

On a consolidated basis, Q4 FY26 aggregate sales grew 25% YoY to INR 3,442 Cr. PAT for the quarter was INR 362 Cr, up 32% YoY. For FY26, consolidated aggregate sales grew 25% YoY to INR 12,418 Cr, with PAT (before exceptional items) rising 27% to INR 1,232 Cr.

Metric (INR Cr):	Q4 FY26	Q4 FY25	YoY%	FY26	FY25	YoY%
Standalone Sales:	3,129	2,563	22%	11,331	9,329	21%
Standalone PAT:	412	275	49%	1,352	974	39%
Consolidated Sales:	3,442	2,753	25%	12,418	9,909	25%
Consolidated PAT:	362	274	32%	1,232	973	27%

Order momentum remained strong across the year, with consolidated order intake for FY26 at INR 19,616 Cr and unexecuted consolidated order backlog reaching INR 17,107 Cr as of March 31, 2026. The Board of Directors had approved the audited standalone and consolidated financial results at a meeting held on May 6, 2026.

Historical Stock Returns for CG Power & Industrial Solutions

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+0.09%	+2.06%	+7.51%	+21.90%	+24.74%	+882.08%

How will CG Semi's G2 facility ramp-up in late 2026 impact consolidated margins, and at what point is the semiconductor segment expected to turn profitable given its current INR 111 Cr annual drag?

With the Power Systems order backlog surging 91% YoY to INR 12,644 Cr, does CG Power have sufficient manufacturing capacity to execute these orders without margin dilution, and are further capex expansions being planned?

Given the INR 900 Cr US data center transformer order and growing export momentum, what is CG Power's medium-term export revenue target as a percentage of total sales, and which geographies are being prioritized?

Brokerage Rating and Target Price

Jefferies has kept its stance unchanged on CG Power & Industrial Solutions, holding its recommendation at Hold. The target price has been raised to ₹745 from the previous ₹640, indicating a positive revision in valuation despite ongoing operational concerns.

Parameter:	Details
Rating:	Hold
Revised Target Price:	₹745
Previous Target Price:	₹640

Power Segment Drives Optimism

The power segment has emerged as a key positive in CG Power's performance, delivering strong results that have contributed to the upward revision in the target price. The domestic and export outlook for this segment is described as robust, providing a meaningful growth driver for the company. This strength in the power business has been a significant factor in Jefferies' decision to raise its valuation estimate.

EBITDA Miss and Semiconductor Drag

Despite the power segment's strength, the company reported a 17% EBITDA miss, which has tempered the overall outlook. The shortfall was primarily attributed to losses in the semiconductor business, which weighed heavily on consolidated earnings. This segment continues to be a source of concern for analysts tracking the company's profitability trajectory.

Key Concern:	Impact
EBITDA Miss:	17%
Primary Driver of Miss:	Semiconductor losses
Secondary Driver:	Weak industrial margins

Industrials Segment Remains a Weak Link

Beyond the semiconductor losses, weak margins in the industrial segment have further pressured overall profitability. Jefferies has flagged the Industrials division as a continuing drag on the company's earnings, with its underperformance offsetting the gains seen in the power business. The brokerage's Hold stance reflects this balance between segment-level strengths and broader margin concerns.

Key Takeaways

Jefferies maintains Hold on CG Power & Industrial Solutions
Target price raised to ₹745 from ₹640
Strong power segment performance and robust domestic/export outlook support growth
17% EBITDA miss driven by semiconductor losses
Weak industrial margins continue to weigh on overall profitability
Industrials segment remains a concern for consolidated earnings

Historical Stock Returns for CG Power & Industrial Solutions

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+0.09%	+2.06%	+7.51%	+21.90%	+24.74%	+882.08%

What is CG Power's timeline for achieving profitability in its semiconductor business, and what milestones could trigger a rating upgrade from Hold to Buy?

How might the Indian government's push for domestic semiconductor manufacturing under the PLI scheme impact CG Power's semiconductor losses in the next 2-3 years?

Could CG Power consider divesting or restructuring its underperforming industrials segment to unlock shareholder value and improve consolidated margins?