CG Power and Industrial Solutions Ltd

CG Power and Industrial Solutions Ltd has accepted the resignation of its statutory auditors, M/s. S R B C & CO LLP (SRBC), effective August 14, 2026. The resignation is a strategic move to align CG Power's auditors with those of its holding company, Tube Investments of India Limited (TII). This alignment aims to improve coordination, efficiency, and synergy in the audit process, given CG Power's significant contribution to TII's consolidated financial statements. SRBC's resignation is due to the mandatory rotation of auditors for TII after completing a 10-year term. The company stated that the auditors have not raised any concerns or disagreements.

CG Power and Industrial Solutions Ltd has submitted its Monitoring Agency Report for the quarter ended June 30, 2026. Issued by CARE Ratings Limited, the report confirms that the utilization of proceeds from the ₹3000 crore Qualified Institutions Placement (QIP) has been in line with the objects disclosed in the offer document. There were no deviations from the stated utilization plans. The report is also available on the company's website. This filing ensures transparency and regulatory compliance regarding the use of funds raised through the QIP.

CG Power and Industrial Solutions Ltd announced its unaudited financial results for the quarter ended June 30, 2026. The company reported a strong performance with consolidated sales growing 14% YoY to ₹3,281 Cr and standalone sales increasing 16% YoY to ₹3,061 Cr. Profit Before Tax (PBT) saw a significant jump of 27% YoY to ₹487 Cr on a standalone basis. The order book also showed robust growth, rising 45% YoY to ₹17,333 Cr, providing multi-quarter revenue visibility. The company also clarified a correction regarding the name of its intended statutory auditors.

CG Power and Industrial Solutions Ltd announced strong financial results for Q1 FY27, with revenue growing 16% YoY to INR 3,061 Cr and PBT increasing 27% YoY to INR 487 Cr. The company achieved its highest ever Q1 sales, EBITDA, and PBT in recent times. The order book surged 45% YoY to INR 17,333 Cr, providing significant revenue visibility. Standalone sales were up 16% YoY, while consolidated sales grew 14% YoY to INR 3,281 Cr. The Power Systems segment showed robust growth with sales up 31% YoY, while Industrial Systems saw a 6% YoY increase. The company highlighted continued operating momentum and broad-based growth across its segments.

CG Power and Industrial Solutions Ltd has received a letter of intent from its statutory auditors, M/s. S R B C & CO LLP (SRBC), to resign effective August 14, 2026. This move is proposed to align CG Power's auditors with those of its holding company, Tube Investments of India Limited (TII), which are affiliated to the same network. The intention is to improve coordination and efficiency in the audit process, given CG Power's significant contribution to TII's consolidated financial statements. SRBC has already completed a limited review for the quarter ended June 30, 2026, and will submit further details as required by SEBI circulars.

CG Power and Industrial Solutions Ltd announced that its Board of Directors has approved the unaudited financial results for the quarter ended June 30, 2026, on both standalone and consolidated basis. The company also approved a brownfield expansion project for its Extra High Voltage (EHV) Gas Insulated Switchgear (GIS) manufacturing facility in Nashik, with an estimated project cost of approximately Rs. 35.17 Crores. This expansion is driven by the need to double manufacturing capacity to meet current and projected order pipelines. The project is expected to be completed within 4-6 months, with 87% of its assets to be transferred to a new greenfield facility upon commissioning.

CG Power's Q1 FY27 consolidated print was steady on the surface but soft underneath. Revenue from operations rose 14.0% YoY to ₹3,280.81 Cr and reported PAT climbed 15.5% YoY to ₹308.28 Cr (₹313.01 Cr attributable to owners), with EPS at ₹1.99 versus ₹1.76 a year ago. Sequentially both lines fell — revenue -4.7% and PAT -15.2% off a seasonally strong Q4 — so the YoY comparison is the fair one. The headline PAT growth, however, was flattered by treasury income: other income jumped to ₹83.58 Cr from ₹28.25 Cr on QIP funds parked in deposits and mutual funds. Strip that out and operating EBIT (ex-other-income) grew only ~4% YoY, and operating margin compressed to ~12.1% from 13.3% a year ago and 13.6% last quarter. The margin squeeze traces to two segments. Semiconductors, where CG Semi's OSAT facility began commercial production on July 4, deepened its loss to -₹49.99 Cr (from -₹8.70 Cr YoY and -₹37.42 Cr QoQ) as the ramp absorbs cost ahead of revenue. Industrial Systems' segment result fell 20.8% YoY to ₹136.28 Cr, consistent with the LME copper spike above $13,000/t that management and analysts flagged as a Q1 input-cost headwind. Offsetting this, Power Systems remained the engine — segment profit up 43.8% YoY to ₹324.09 Cr — backed by a standalone order backlog of ~₹15,719 Cr and new EHV switchgear capacity commissioned at Nashik on June 4. The standalone-versus-consolidated gap is material and worth flagging: standalone PAT grew 27.0% YoY to ₹363.59 Cr on 15.8% revenue growth, well ahead of the consolidated +15.5%, because the loss-making semiconductor and overseas drives businesses sit in subsidiaries. Readers seeing the standalone number elsewhere should note the group figure is the lower one for that reason. Against the street, this reads as a miss on operating metrics: previews looked for mid-20s% revenue growth and a 14-15% EBITDA margin, versus the delivered ~14% growth and ~12% operating margin. Management gives no formal profit guidance on record, so there is no company outlook to score against. Alongside the results the board approved a ₹35.17 Cr brownfield expansion of the EHV GIS facility at Vilholi, Nashik — doubling capacity from 228 to a peak 600 equivalent units by FY30 (existing utilisation 91%), to be completed in 4-6 months — underscoring that capacity, not demand, is the near-term constraint in the core switchgear business.

CG Power and Industrial Solutions Ltd has issued a corrigendum to its Annual Report for FY 2025-26. The correction addresses a typographical error on page 84, point 5 of the Board's Report. The stated average increase in salary for Company's employees (excluding managerial personnel) was incorrectly reported as 32.16%. This figure should be read as 9%. The company emphasizes that this correction has no impact on the financial statements for the year ended March 31, 2026. The updated Annual Report is available on the company's website.

CG Power and Industrial Solutions Ltd has announced a Board of Directors meeting scheduled for July 24, 2026. The primary agenda is to consider and approve the unaudited financial results for the first quarter ended June 30, 2026, on both standalone and consolidated bases. Additionally, the company informed that the trading window for designated persons will remain closed until 48 hours after the declaration of these financial results, in compliance with SEBI regulations regarding insider trading.

CG Semi Private Limited, a subsidiary of CG Power and Industrial Solutions Ltd., has announced the commencement of commercial production at its G1 Outsourced Semiconductor Assembly and Test (OSAT) facility in Sanand, Gujarat. The facility, inaugurated in August 2025, has a peak capacity of 300 million units per year. This marks a significant milestone in India's semiconductor manufacturing journey. CG Semi, a joint venture involving CG Power, Renesas Electronics Corporation, and Stars Microelectronics, is investing over ₹7,600 crore over five years to develop two OSAT facilities. The G1 facility is now operational, serving global customers, while the G2 facility is under development. The company focuses on building a strong talent base and ensuring high-quality production for automotive, defence, industrial, and IoT sectors.