26-Oct-2026 08:35:03

Jefferies on CG Power ; Hold, TP Rs 855

Q2 EBITDA is in-line with estimates. Order flow rose 90% YoY driven by 2.4x rise in power systems order flow. Management announced Rs4 bn capex for power transformers and switchgears capacity expansion. Power continues to drive profitability, where outlook remains robust in domestic and export markets Remain concerned on Industrials dragging down overall profit growth and maintain our 23% FY26-30E earnings CAGR.

CG POWER AND IND SOL LTD

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