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About the company - Business Profile

CG Power and Industrial Solutions Ltd. (CG Power) is a diversified engineering conglomerate with a legacy of over 88 years in the electrical engineering industry. Headquartered in Mumbai, the company operates as a key subsidiary of Tube Investments of India Ltd. (TII), which is part of the Murugappa Group. CG Power is a major player in the design, manufacture, and marketing of products related to power generation, transmission, and distribution, as well as industrial equipment and railway traction. The company serves critical sectors including power utilities, heavy industries, and infrastructure, maintaining a dominant market position in the Indian electrical equipment landscape.

Key Points

• Key Facts:
  • Founded: 1937.
  • Headquarters: Mumbai, India (CG House, Worli).
  • Parent Company: Tube Investments of India Ltd. (TII), which holds a 58.05% stake as of March 2025.
  • Stock Listing: Listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
  • Core Segments: Power Systems and Industrial Systems.
• Operations and Resources:
  • The company operates 9 manufacturing plants across India.
  • Infrastructure includes 5 regional offices and 14 branch offices to support domestic market penetration.
  • Integration involves deep internal capabilities for high-voltage and medium-voltage equipment manufacturing.
• Ownership and Significance:
  • Following a period of financial distress, the company was successfully integrated into the Murugappa Group via an NCLT-monitored resolution.
  • It remains a strategically important entity for India's power grid infrastructure and the Indian Railways’ modernization programs.
• Business Model and Core Strengths:
  • CG Power operates on a capital-intensive manufacturing model focusing on high-value electrical engineering products.
  • Strengths include a lean cost structure, proven credentials in providing customized engineering solutions, and an extensive distribution network through dedicated channel partners.
• Financial Performance (FY 2024-25):
  • Consolidated Turnover: ₹9,328.97 Crores.
  • Profit After Tax (PAT): ₹1,342.28 Crores.
  • Profit Before Tax (PBT): ₹1,593.17 Crores.
  • Revenue by Segment:
    • Industrial Systems: ₹6,820.32 Crores.
    • Power Systems: ₹3,762.80 Crores.
  • Note: Annual numbers derived from the holding company’s report reflecting CG Power's performance.
• Key Products and Technology:
  • Power Systems: Focuses on Transformers (up to 765kV), Switchgears (including Gas Insulated Switchgear - GIS), and Vacuum Circuit Breakers (VCB). Notable products include the 500MVA 765kV 1-Ph Autotransformer.
  • Industrial Systems: Manufactures AC Traction Motors for 6000HP Locomotives (850kW), IE5 Motors, and Variable Speed Drives (VSM).
  • Railway Equipment: Key supplier of traction converters and integrated displays for the Indian Railways.
• Strategic Initiatives:
  • Semiconductor Venture: The company has entered the semiconductor sector through its subsidiary, CG Semi Private Limited. It is establishing an Outsourced Semiconductor Assembly and Test (OSAT) facility.
  • Project Scale: Total project cost estimated at ₹7,584 Crores over five years (FY25–FY29).
  • Fiscal Support: Secured Central Government assistance of ₹3,501 Crores and State Government support of ₹1,400 Crores. A Fiscal Support Agreement was signed on January 17, 2025.
  • Switchgear Expansion: Board approval for a new greenfield Switchgear manufacturing facility in Western India with an estimated cost of ₹748.20 Crores. This project aims to double existing capacity for Medium Voltage (MV) and Extra High Voltage (EHV) segments.
• Major Subsidiaries:
  • CG Semi Private Limited (92.34% ownership as of March 2025) – Focused on the semiconductor business.
  • CG Adhesive Products Limited (83.59% ownership) – Specialized adhesive products.
  • GG Tronics India Private Limited (55.60% ownership) – Railway signaling and safety systems.
  • Axiro Semiconductor Private Limited (100% ownership).
  • International Units: Operates through holdings in Sweden (CG Drives & Automation Sweden AB), The Netherlands, and the USA (CG Power Americas, LLC).
• Human Resources:
  • Employs approximately 3,113 personnel as of the latest consolidated personnel census.
• Sustainability and Innovation:
  • Focuses on energy-efficient products such as the CG Green Transformer and high-efficiency IE5 motors to meet evolving environmental standards in industrial and power sectors.

References

1. Annual Report May 2024
2. Annual Report May 2025
3. Result Oct 2025
4. Result Nov 2025
5. Result Feb 2026