CG POWER — POWERING INDIA'S NEXT INDUSTRIAL CYCLE ⚡🚀

Transmission. Transformers. Railways. Data centres. Semiconductors. CG Power is sitting at the intersection of several of India's biggest capex themes. And the order book is already showing the demand. Q1 FY27 standalone sales grew 16% YoY, while PBT increased 27%, with 140 bps of margin expansion. More importantly, the unexecuted order book reached ₹17,333 crore, up 45% YoY. Consolidated order backlog stood even higher at ₹18,965 crore. But the real growth engine is Power Systems. In Q3 FY26, Power Systems revenue jumped 44% YoY, while PBIT surged 75% and margin expanded to 21.4%. Its order backlog reached ₹11,289 crore — up 89% YoY. Why does this matter? India needs more electricity. More transmission. More transformers. More grid equipment. And increasingly, data centres and industrial electrification are creating additional demand for high-voltage equipment. CG is responding with capacity expansion, including new EHV switchgear manufacturing facilities and transformer capacity additions. Then comes the wild card: SEMICONDUCTORS. CG Power has started commercial OSAT production at its G1 facility, creating an entirely new business vertical alongside its traditional electrical-equipment franchise. The company is targeting further capacity through G2, while customer ramp-up remains an important milestone. And this is where the story gets interesting. Old business generates cash. Power capex drives growth. Capacity expansion increases scale. Semiconductors create optionality. FY26 order intake was already strong at ₹5,335 crore in Q4, taking the year-end unexecuted order book to ₹17,107 crore. The risks are equally clear: commodity inflation, execution delays, competitive intensity, slower transmission/distribution capex and continued investment losses from the semiconductor business.