Materials| Industrials |Commodities

Rahul Jain

Over 20 years of sell-side research experience across Indian Metals & Mining, Cement, Industrials, and Commodities. Focused on fundamentals-driven analysis including earnings modeling, cost structures, and valuations using DCF and relative multiples. Global commodity cycles, supply-demand trends, and macro factors are integrated into sector calls. Research prioritizes inflection points from price, cost, and policy shifts, using a disciplined bottom-up approach supported by top-down macro screening.

Equity Bottom-Up

CG Power and Industrial Solutions / Equity Bottom-Up

CG Power and Industrial Solutions (CGPOWER IN)

<ul>
<li>Consolidated revenue grew 23% YoY to Rs9,999 crore; PBT margin at 13.6%; order backlog rose 66%, supported by broad-based growth across key segments.</li>
<li>Capacity expansions in transformers and semiconductors, export growth initiatives, and investments in consumer products and railway systems are key strategic priorities over FY26–FY28.</li>
<li>Trading at 73–77x FY26E P/E; management targets sustained growth, high ROCE, and diversification, supporting a long-term compounding opportunity.</li>
</ul>


Consolidated revenue grew 23% YoY to Rs9,999 crore; PBT margin at 13.6%; order backlog rose 66%, supported by broad-based growth across key segments.
Capacity expansions in transformers and semiconductors, export growth initiatives, and investments in consumer products and railway systems are key strategic priorities over FY26–FY28.
Trading at 73–77x FY26E P/E; management targets sustained growth, high ROCE, and diversification, supporting a long-term compounding opportunity.


CG Power: Strong Execution, Strategic Expansion, and Long-Term Growth Visibility