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ICICIdirect Research 23 Oct 2026 DISCLAIMER

CG Power – (CMP - ₹ 806; TP- ₹ 1200)

CG Power reported strong Q2FY27 performance, with consolidated revenue increasing 30% YoY to ₹3,802 crore, EBITDA rising 43% to ₹540 crore and PAT growing 44% to ₹409 crore. EBITDA margin expanded 130 bps YoY to 14.2%. Power Systems remained the key growth driver, with revenue increasing 41% YoY to ₹1,767 crore, EBIT margin expanded 435 bps YoY to 25.1% from 20.7%, reflecting strong operating performance. Industrial Systems revenue grew 21.9% YoY to ₹1,869 crore with EBIT margin at 8.60%. The Semiconductor segment reported revenue of ₹162 crore, up 26.3% YoY, while EBIT loss stood at ₹34 crore vs ₹22 crore in Q2FY26. Order intake for the quarter was ₹8,016 Cr (90% growth YoY) and Unexecuted Order backlog as of 30th September 2026 was ₹21,820 Cr (61% higher YoY). Our last rating was BUY on the stock with a target price of ₹ 1,120.

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