CGPOWER · Capital Goods
CG Power and Industrial Solutions Ltd. reported revenue of ₹2,516 cr for October to December 2024, +27.1% on the year and +4.3% on the quarter. It is the highest quarterly revenue in the last 7 quarters on record.
Operating profit (EBITDA) was ₹331 cr, a margin of 13.2%, −3 bps on the year and +93 bps on the quarter. Over the last 7 quarters the margin has ranged from 12.2% to 15.4%, averaging 13.7%. Operating costs grew +27.2%, broadly with revenue, so operating profit kept pace with sales.
Net profit was ₹238 cr, −68.2% on the year and +8.2% on the quarter, with earnings per share of ₹1.57. Profit before other income, one-offs and tax grew faster, at +27.0%; other income, one-offs or tax held the headline back. The tax rate was 29% against an average of 22% over the previous 6 quarters, which weighed on profit this quarter.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹6.13 over the last four quarters, the stock at ₹844.25 trades at 137.7 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
Reported profit −68.2% on the year; profit before other income, exceptional items and tax +27.0%.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,979 cr | ₹2,192 cr | ₹2,228 cr | ₹2,413 cr | ₹2,516 cr | ₹2,753 cr | ₹2,878 cr | ₹2,923 cr | ₹3,175 cr | ₹3,442 cr | ₹3,281 cr | ₹3,802 cr |
| YoY | — | — | +19% | +21% | +27% | +26% | +29% | +21% | +26% | +25% | +14% | +30% |
| EBITDA margin | 13.2% | 13.0% | 14.7% | 12.2% | 13.2% | 12.6% | 13.2% | 12.9% | 12.5% | 13.5% | 12.1% | 14.2% |
| Other income, % of PBT | 71% | 14% | 10% | 10% | 10% | 18% | 8% | 17% | 11% | 16% | 20% | 15% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 8% | 22% | 28% | 25% | 29% | 29% | 27% | 27% | 26% | 26% | 27% | 27% |
| Net profit | ₹748 cr | ₹234 cr | ₹241 cr | ₹220 cr | ₹238 cr | ₹274 cr | ₹267 cr | ₹284 cr | ₹284 cr | ₹363 cr | ₹308 cr | ₹409 cr |
| YoY | — | — | +18% | −9% | −68% | +17% | +11% | +29% | +19% | +32% | +15% | +44% |
| Core profit YoY | — | — | +26% | −7% | +27% | +21% | +11% | +22% | +14% | +32% | +1% | +48% |
| EPS | ₹4.89 | ₹1.53 | ₹1.58 | ₹1.45 | ₹1.57 | ₹1.78 | ₹1.76 | ₹1.82 | ₹1.81 | ₹2.32 | ₹1.99 | ₹2.62 |
| Flags | 2 | · | ✓ | 1 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
CG Power and Industrial Solutions Ltd. reported revenue of ₹2,516 cr (+27.1% on the year) and net profit of ₹238 cr (−68.2% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved +27.0% on the year, against −68.2% for reported profit.
None of the 7 checks that could run raised a question.
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