Nomura on CG Power ;, Buy, TP Rs 1100

Beat led by power systems business Record-high quarterly performance as 2Q order inflow/PAT grew 78%/44% y-y Buy given EPS CAGR of 35% over FY26-29F Revenue/EBITDA grew 30%/43% y-y; 7%/16% beat on consensus estimates PS segment outperformance continued; IS segment remained steady Currently trades at 54x/42x FY28F/29F EPS

CG POWER AND IND SOL LTD

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