CG Power and Industrial Solutions Q2 FY27 Results: Consolidated Net Profit ₹409 Crore on Total Income of ₹3,883 Crore
Earnings
Electrical equipment
Blacklitt Research4 min read
CG Power and Industrial Solutions (NSE: CGPOWER) reported consolidated total income of ₹3,883.25 crore and net profit of ₹409.09 crore for the quarter ended 30 Sep 2026, it said in a filing on 23 Oct 2026. Standalone total income was ₹3,580.97 crore and standalone net profit ₹449.90 crore.
Key highlights
Consolidated
Including its subsidiaries
Total income: ₹3,883.25 crore, up 29.9% YoY and 15.4% QoQ
Net profit: ₹409.09 crore, up 43.8% YoY and 32.7% QoQ
EPS: Basic ₹2.62, against ₹1.82 a year earlier
Finance costs: ₹4.34 crore, against ₹2.69 crore a year earlier
Standalone
The company on its own, without its subsidiaries
Total income: ₹3,580.97 crore, up 32.0% YoY and 14.0% QoQ
Net profit: ₹449.90 crore, up 46.5% YoY and 23.7% QoQ
EPS: Basic ₹2.86, against ₹1.95 a year earlier
Tax expense: ₹152.33 crore, 25.3% of profit before tax
Summary
Consolidated ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
3,883.25
2,988.89
+29.9%
3,364.39
+15.4%
Revenue from operations
3,801.54
2,922.79
+30.1%
3,280.81
+15.9%
Other income
81.71
66.10
+23.6%
83.58
-2.2%
409.09
284.44
+43.8%
308.28
+32.7%
Finance costs
4.34
2.69
+61.3%
3.51
+23.6%
Depreciation
57.73
52.05
+10.9%
54.47
+6.0%
Tax expense
150.13
103.63
+44.9%
114.60
+31.0%
Net profit margin
10.53%
9.52%
+1.02 pp
9.16%
+1.37 pp
Tax as share of profit before tax
26.8%
26.7%
+0.14 pp
27.1%
-0.25 pp
EPS, basic (₹)
2.62
1.82
+44.0%
1.99
+31.7%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated net profit grew faster than total income in both comparisons: 43.8% against 29.9% year on year, and 32.7% against 15.4% quarter on quarter. Revenue from operations rose 30.1% year on year, faster than other income at 23.6%, so operating revenue carries most of the total income growth. Other income of ₹81.71 crore is 2.1% of total income this quarter.
Tax expense of ₹150.13 crore is 26.8% of profit before tax of ₹559.22 crore, close to the 26.7% of a year earlier. Net profit grew more slowly than profit before tax (up 44.1%), so the tax share did not fall in the quarter.
The filing says Tosil Systems Private Limited was acquired for ₹16.44 crore with effect from 20 Aug 2026, and is included in the consolidated results. The filing also says the fair value of assets and liabilities acquired is provisional. The filing does not give the Tosil contribution to revenue or profit, so the effect of the acquisition on these figures cannot be separated.
Consolidated profit attributable to owners of the company was ₹412.04 crore, against consolidated net profit of ₹409.09 crore, and non-controlling interests show a loss of ₹2.95 crore. The filing gives no explanation of the non-controlling interest figure.
Standalone ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
3,580.97
2,713.44
+32.0%
3,142.21
+14.0%
Revenue from operations
3,504.63
2,649.19
+32.3%
3,061.37
+14.5%
Other income
76.34
64.25
+18.8%
80.84
-5.6%
449.90
307.18
+46.5%
363.59
+23.7%
Finance costs
3.27
1.73
+89.0%
2.47
+32.4%
Depreciation
31.41
24.29
+29.3%
28.49
+10.2%
Tax expense
152.33
101.41
+50.2%
123.17
+23.7%
Net profit margin
12.56%
11.32%
+1.24 pp
11.57%
+0.99 pp
Tax as share of profit before tax
25.3%
24.8%
+0.47 pp
25.3%
-0.01 pp
EPS, basic (₹)
2.86
1.95
+46.7%
2.31
+23.8%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit rose 46.5% year on year, faster than total income at 32.0%, and 23.7% quarter on quarter against 14.0%. Revenue from operations rose 32.3%, faster than other income at 18.8%. Other income of ₹76.34 crore is 2.1% of total income.
Tax was 25.3% of profit before tax, up from 24.8% a year earlier. Standalone finance costs of ₹3.27 crore are 0.1% of total income.
Standalone exceptional items for the Labour Codes were nil in the quarter, as in the year-ago quarter. The filing says a Labour Codes charge of ₹35.57 crore applied to the year ended 31 Mar 2026.
The company says it raised ₹3,000.00 crore through a Qualified Institutions Placement in the previous financial year, of which ₹660.39 crore had been utilised toward the placement objects up to 30 Sep 2026. The board on 23 Oct 2026 approved capacity and capex projects: a Power Transformer capacity addition of 10,000 MVA at about ₹68 crore net of taxes, a S1 Unit (OIP) investment of about ₹300 crore for 4,236 equivalent units a year, a further ₹15.31 crore at S3 Unit-II, and a GIS Vilholi capex raised from ₹35.17 crore to ₹44.62 crore.
The filing says management is confident of a favourable outcome in ongoing direct tax litigations, based on jurisprudence, past rulings and legal opinions. The filing does not give the amount involved or any provision for them. Statutory auditors issued an unmodified limited review conclusion on both sets of results.
Inference
The results show a larger profit and a higher share of total income from operating revenue, with tax at about a quarter of profit before tax in both natures. Per share, basic EPS is ₹2.62 consolidated and ₹2.86 standalone for the quarter, both not annualised.
The filing does not give the reason for the large year-on-year rise in profit, the timing or funding of the S1, S3 and GIS capex beyond the stated amounts, the expected contribution of the capacity additions, or the amount of the tax litigations. It is not known from the filing what effect these will have on future results.
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CGPOWERCG Power and Industrial Solutions Ltd.