Kotak Inst Eqt on CG Powerb;Sell, TP Rs 720

Reported >10% beat in EBITDA and nearly doubled its order inflows, driven in large part by its Power Systems division. Timely and capital-efficient capacity expansion, coupled with cost reductions in the segment, are helping CGPOWER report very strong segment margins and secure this strength into FY2028/29. Hardening receivable days yielded a lower yoy cash flow from operations and a negative FCF for 1H, representing only points of weakness in results Increase ex-OSAT estimates by 8-14%

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