CG Power Reports Mixed Q2 Results: Revenue Up 21%, Profit Rises 32%

CG Power & Industrial Solutions reported a mixed set of financial results for the second quarter, with significant revenue growth but falling short of some analyst estimates.

Revenue Growth

CG Power's revenue increased by 21% year-over-year to ₹2,922.79 crore, up from ₹2,412.69 crore in the same quarter last year. However, this fell short of the estimated ₹3,283.00 crore.

Profitability

The company's consolidated net profit rose to ₹286.72 crore, marking a 32% increase from ₹220.96 crore in the previous year's corresponding quarter. Despite the growth, it missed the estimated ₹313.00 crore.

EBITDA Performance

EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) grew to ₹442.81 crore, up from ₹323.78 crore year-over-year, representing an increase of 31%. The EBITDA margin improved to 15.15% from 13.42% in the same quarter last year, slightly exceeding the estimated 13.1%.

Segment Performance

Segment	Revenue (₹ crore)	YoY Growth
Power Systems	1,254.49	48.3%
Industrial Systems	1,533.33	-1.8%
Semiconductors	127.89	N/A

The Power Systems segment showed strong growth, while the Industrial Systems segment saw a slight decline.

Strategic Developments

Greenfield Switchgear Facility: The Board approved the establishment of a new Greenfield Switchgear manufacturing facility in Western India, with an estimated project cost of ₹748.20 crore. This facility aims to double the existing Switchgear manufacturing capacity.
Qualified Institutions Placement (QIP): During the quarter, CG Power issued 45,454,545 equity shares through a QIP, raising ₹3,000.00 crore at ₹660.00 per share.
Semiconductors Business: The company's subsidiary, CG Semi Private Limited, is eligible for government assistance of ₹3,501.00 crore for setting up an Outsource Semiconductor Assembly and Test (OSAT) facility.
Registered Office Relocation: The company plans to shift its registered office within Mumbai.

Outlook

While CG Power has shown robust revenue growth and improved profitability, the company faces challenges in meeting market expectations. The strategic investments in new manufacturing facilities and the semiconductors business indicate a focus on long-term growth and diversification.

Investors and analysts will be watching closely to see how these initiatives impact the company's performance in the coming quarters, particularly in light of the global economic uncertainties and the evolving dynamics of the power and industrial sectors.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.14%	-0.64%	-3.69%	-5.86%	-10.83%	+1,372.72%

CG Power & Industrial Solutions , a prominent player in the power and industrial equipment sector, has announced significant developments in both its leadership structure and ongoing share capital expansion through multiple Employee Stock Option Plan allotments. The company recently appointed a new Chief Human Resources Officer and completed substantial equity share allotments under its Employee Stock Option Plan, including a third allotment in December.

Leadership Enhancement

The company appointed Ms. Vrushali Kedar Gadkari as Vice President & Chief Human Resources Officer (CHRO), effective September 30, 2025. This strategic move underscores CG Power's commitment to strengthening its human capital and supporting its growth ambitions.

Ms. Gadkari brings over 21 years of rich experience in human resources management across various sectors, including FMCG, BFSI, Realty, Healthcare, and Steel Manufacturing. Her expertise encompasses building high-performance businesses, managing business turnarounds, driving organizational transformation, and talent management across different business stages.

Three ESOP Allotments Complete December Expansion

CG Power has completed three separate equity share allotments under its Employee Stock Option Plan 2021 (ESOP 2021) during December 2025. The allotments occurred on December 11, December 23, and December 30, 2025, demonstrating sustained employee participation in the company's equity programs.

Allotment Details:	December 11, 2025	December 23, 2025	December 30, 2025
Shares Allotted:	40,000 equity shares	5,000 equity shares	5,000 equity shares
Face Value:	Rs. 2.00 per share	Rs. 2.00 per share	Rs. 2.00 per share
Exercise Price:	Rs. 156.20 & Rs. 635.10	Rs. 156.20 per share	Rs. 156.20 per share
Tranche Distribution:	15,000 + 25,000 shares	Single tranche	Single tranche

Updated Share Capital Structure

Following the latest allotment on December 30, 2025, CG Power's share capital structure reflects continued expansion through employee participation programs.

Capital Metrics:	After Dec 23 Allotment	After Dec 30 Allotment	Total December Change
Paid-up Share Capital:	Rs. 3,14,97,25,218	Rs. 3,14,97,35,218	+Rs. 1,00,000
Total Equity Shares:	1,57,48,62,609	1,57,48,67,609	+50,000
Face Value per Share:	Rs. 2.00	Rs. 2.00	No change

Strategic Organizational Development

Ms. Gadkari's appointment follows the resignation of Mr. Mehernosh Mehta, who served as Vice President - HR and stepped down on September 29, 2025, citing personal reasons. As the new CHRO, Ms. Gadkari will drive CG's talent agenda, shape leadership development, and cultivate a strong organizational culture to support the company's growth ambitions.

The newly allotted equity shares from all three December allotments rank pari-passu with existing equity shares in all respects, maintaining equal rights and privileges for all shareholders. These developments reflect CG Power's continued focus on strengthening both its human resources capabilities and employee engagement through equity participation programs.