CG Power and Industrial Solutions Limited Q2FY26 Concall Decoded:Orders exploding, margins flexing, semiconductors dreaming big
1. Opening Hook
While half the market is busy debating whether the capex cycle is peaking, CG Power just dropped another quarter that says, “Cycle? We’re still warming up.” Orders surged, margins expanded, semiconductors entered the chat, and management spoke like people who finally have momentum and visibility.
Railways stumbled? Yes. Industrial slowed? Briefly. But Power Systems said, “Move aside.”
With a ₹13,568 crore backlog, ROCE north of 30%, and a semiconductor bet that could redefine the company’s DNA, CG isn’t just riding a cycle — it’s trying to outgrow it.
Read on, because beneath the confident tone lies a clear shift: CG Power is morphing from a cyclical electrical OEM into a capacity-led, margin-conscious, future-tech industrial compounder.
2. At a Glance
Revenue up 17% YoY: Capex cycle still alive, despite obituary writers.
Order intake up 32% YoY: Backlog doing the heavy lifting now.
PAT up 38% YoY: Operating leverage finally showing up uninvited.
