CG Power

What CG Power does

CG Power and Industrial Solutions Limited, headquartered in Mumbai and listed on Indian exchanges under the CGPOWER ticker, is a diversified electrical engineering company founded in 1937 with roots in 1878 England. The company designs and manufactures power transformers, distribution transformers, high and extra-high voltage switchgears (up to 800 kV), industrial motors (IE2–IE4 efficiency classes including the newly launched NEXORA line), variable frequency drives, soft starters, modular converters, and railway traction electronics for Indian Railways. It operates 18 world-class manufacturing units across India, employs over 7,000 people, and serves utilities, industrial customers, railways, and data center operators through direct enterprise sales and an extensive channel partner network.

CG Power operates five revenue streams: Power Systems (transformers and switchgears, which grew 31% in Q1 FY27), Industrial Systems (motors and drives, guided to high-teen growth), Railways (traction machines, signaling, traction converters, with flattish outlook), Consumer Products (fans, coolers, geysers, water pumps sold through retail), and Semiconductors (OSAT services via the CG Semi joint venture with Renesas and Stars Microelectronics, which commenced commercial production on July 4, 2026 at Sanand, Gujarat, and chip design via Axiro Semiconductor). FY26 consolidated revenue reached Rs 12,418 crore (~$1.30B), with order intake of Rs 17,574 crore and an unexecuted backlog of Rs 15,719–17,333 crore (rising 45% YoY in Q1 FY27). Pricing is project-based and quote-driven for industrial B2B; consumer products follow retail pricing.

The company is part of the Murugappa Group following Tube Investments of India's 2020 acquisition for Rs 700 crore (when CG carried Rs 2,100 crore in debt and was impacted by a Rs 2,435 crore bank fraud case); it has since become debt-free and is pursuing a transformation into power equipment plus semiconductors under Chairman Vellayan Subbiah and CEO/MD Amar Kaul. Strategic priorities include scaling transformer capacity to 110,000 MVA by end-CY26, doubling EHV switchgear capacity at Nashik, expanding the OSAT footprint under India's Semicon India 1.0/2.0 policy umbrella, and positioning in AI-adjacent semiconductor design through the EdgeCortix partnership.

Name

CG Power

Legal name

CG Power and Industrial Solutions Limited

Website

https://cgglobal.com

Company type

Public

Founded year

1937

Operating status

Operating

Headcount range

1,001–5,000 employees

Ownership category

akta.pro rank

Product category

Power and Electrical Equipment Manufacturing

NAICS

Power, Distribution, and Specialty Transformer Manufacturing (335311), Switchgear and Switchboard Apparatus Manufacturing (335313), Motor and Generator Manufacturing (335312), Relay and Industrial Control Manufacturing (335314), Electrical Equipment Manufacturing (33531)

SIC

Switchgear & Switchboard Apparatus (3613), Power, Distribution & Specialty Transformers (3612), Motors & Generators (3621), Electrical Industrial Apparatus (3620)

akta.pro primary industry

EV/Industrial Charging Power Electronics (Chargers, rectifiers, power stages) (IMAGADAF)

akta.pro secondary industries

Low-Voltage Switchboards & Panelboards (LV distribution panels, MCCs, switchboards) (IMAGAEAA), Industrial Control Cabinets & Power Distribution (Panels, Switchgear for Automation) (IMAHAHAK), Automotive Power Electronics & Inverters/Converters Manufacturing (IMACAJAE)

Keywords

• Power transformers
• High voltage switchgears
• Industrial electric motors
• Railway traction electronics
• Semiconductor OSAT services

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices8 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Power Systems (Transformers & Switchgears): Revenue from manufacturing and selling power transformers, distribution transformers, switchgears, and related equipment for power transmission and distribution infrastructure. This segment reported 31% revenue growth in Q1 FY27.
2. Industrial Systems (Motors & Drives): Revenue from industrial motors (IE2-IE4 efficiency classes), variable frequency drives, soft starters, and automation products for industrial applications. The motors business expects high-teen growth per management guidance.
3. Railways: Revenue from railway signaling systems, traction machines, traction electronics for Indian railways including locomotives and trackside equipment. Management guidance indicates flattish growth in railways.
4. Consumer Products: Revenue from consumer durables including fans, air coolers, geysers, water pumps, and home appliances sold through retail channels.
5. Semiconductor OSAT: Revenue from outsourced semiconductor assembly and testing services through CG Semi joint venture. Renesas has committed to approximately 50% of combined G1 and G2 plant offtake capacity. Revenue contribution expected to begin in earnest from late 2026, with EBITDA breakeven projected by FY28.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

CG Power and Industrial Solutions Limited manufactures and sells a comprehensive portfolio of electrical engineering products including power transformers and distribution transformers, high-voltage and medium-voltage switchgears, industrial motors (FHP, LT, and large industrial machines), variable frequency drives and soft starters, railway signalling and traction electronics, and traction machines. The company also offers consumer durables (fans, air coolers, water pumps, geysers, home appliances) through retail channels and provides outsourced semiconductor assembly and testing (OSAT) services through its CG Semi joint venture along with semiconductor chip design through its Axiro subsidiary.

Product overview

CG Power and Industrial Solutions is a diversified engineering conglomerate offering a comprehensive portfolio of power equipment and industrial solutions. The product portfolio consists of: Transformers (Power Transformers and Distribution Transformers for power transmission and distribution), Switchgears (High Voltage/Extra High Voltage equipment, Medium Voltage Products, Power Quality Solutions, and Relays & Automation), Motors (Fractional Horse Power motors, Low Tension Motors, and Large Industrial Machines), Drives & Automation (Variable Frequency Drives, Soft Starters, Modular Converters, and Shaft Power Monitors), Railways (Signalling Division products, Traction Electronics, and Traction Machines and Systems), and Semiconductors (through subsidiaries Axiro Semiconductor for chip design and CG Semi for OSAT services). The company also offers Consumer Products including Air Coolers, Fans, Geysers & Heaters, Home Appliances, and Water Pumps. The portfolio serves diverse sectors including power transmission & distribution, railways, data centers, defense, renewables, and industrial manufacturing.

Differentiator

Problem solved

Functional benefit

Brands

• NEXORA: Next generation IE3 & IE4 General Purpose Motors designed for superior energy efficiency, operational reliability, and sustainable performance
• AXELERA
• Apex Series
• CG Semi

Products and services

• Power Transformers
• Distribution Transformers
• High Voltage & Extra High Voltage Switchgears
• Medium Voltage Switchgear Products
• Relays and Automation Products
• Fractional Horse Power (FHP) Motors
• Low Tension (LT) Motors
• Large Industrial Machines
• NEXORA IE3 & IE4 General Purpose Motors
• Variable Frequency Drives
• Soft Starters
• Railway Signalling Division Products
• Railway Transportation Traction Electronics
• Traction Machines and Systems
• Axiro Semiconductor Design Services
• CG Semi Outsourced Semiconductor Assembly and Testing (OSAT) Services
• Consumer Air Coolers
• Consumer Fans
• Consumer Water Pumps
• Consumer Geysers & Heaters
• Consumer Home Appliances

Quantifiable outcome

• Power Systems segment achieved 31% revenue growth in Q1 FY27
• +5 more outcomes

Named customers5 records

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Six partnerships are on record, tiered minor, flagship and core.

• EdgeCortixminorStrategic or Co-development Partner · 15 April 2026Japanese AI chip design company in which CG Power's Axiro Semiconductor co-invested with Japan's MPower Partners. Partnership aims to accelerate EdgeCortix's development of SAKURA-X chiplet platform for Generative and Agentic AI applications, boosting Axiro's position in global telecom and wireless infrastructure markets.
• Renesas Electronics CorporationflagshipStrategic or Co-development PartnerJapanese semiconductor company as technology partner for CG Semi's OSAT facility in Sanand, Gujarat. Renesas provides technological support and has committed to approximately 50% of the combined G1 and G2 plant offtake capacity. Chips manufactured are purchased by Renesas with supply extending to domestic and international markets.
• Stars Microelectronics (Thailand) Public Co., Ltd.coreStrategic or Co-development PartnerThai semiconductor company as joint venture partner in CG Semi for Outsourced Semiconductor Assembly and Testing services, bringing packaging expertise to the partnership.
• CG Semi Private LimitedcoreOthersJoint venture entity (CG Power 92.5%, Renesas 5%, Stars Microelectronics 2.5%) operating the OSAT facility in Sanand, Gujarat with ₹7,600 crore investment. Commercial production commenced July 4, 2026.
• India Deep Tech AlliancecoreStrategic or Co-development PartnerCG Power joined the India Deep Tech Alliance as a Corporate Strategic Partner alongside Applied Materials, Lam Research, Larsen & Toubro, and Micron Technology. The alliance aims to provide manufacturing guidance, technical training, collaborative research, mentorship, and policy engagement to accelerate India's deep tech ecosystem, representing over $2.5 billion in venture funding commitments.
• Axiro Semiconductor Private LimitedcoreOthersCG Power's wholly-owned subsidiary focused on semiconductor design, specializing in RF, mmWave, wireless infrastructure, and Satcom technologies enabling next wave of connectivity through 6G and AI-powered systems. Ships millions of production ICs monthly.

Scale indicators18 records

Recent moves10 records

Expansion highlights7 records

Direct peers

• ABB India: ABB India is the most direct peer — a leading manufacturer of transformers, switchgears (LV/MV/HV), motors, drives, and power distribution equipment serving utilities, industries, and data centers in India. Strong overlap with CG Power across the power systems portfolio.
• Siemens India: Siemens India manufactures transformers, switchgears, motors, drives, and automation products with a strong presence in Indian railways, data centers, and industrial markets. Highly comparable product portfolio and customer base to CG Power across B2B infrastructure segments.
• Hitachi Energy India: Hitachi Energy India is a leading transformer and switchgear manufacturer specializing in T&D equipment up to 1,200 kV, grid solutions, and HVDC systems. Directly competes with CG Power in HV/EHV switchgears, power transformers, and grid modernization projects.
• Schneider Electric India: Schneider Electric India manufactures LV/MV switchgears, power distribution equipment, motor control, and industrial automation products. Strong direct overlap with CG Power in switchgear portfolio, drives/automation, and data center power infrastructure.
• Bharat Bijlee: Bharat Bijlee is an Indian manufacturer of power transformers, distribution transformers, and industrial motors (LT and HV). Direct comparable in transformer and motor product lines, competing for similar industrial and utility customers in India.
• Crompton Greaves Consumer Electricals: Crompton Greaves Consumer is a direct peer in consumer durables — fans, pumps, water heaters, and small appliances — competing head-to-head with CG Power's consumer products segment in Indian retail channels.
• TBEA (India operations): TBEA is one of the world's largest transformer manufacturers with significant India operations producing power transformers and HVDC equipment. Directly competes with CG Power in large power transformer tenders for utilities and renewable energy projects.

Broad incumbents

• Bharat Heavy Electricals (BHEL): BHEL is a large state-owned power equipment manufacturer producing transformers, switchgears, motors, and turbines primarily for Indian utilities and power generation. Broader portfolio but direct overlap in transformers and switchgears serving the same Indian T&D market.
• Polycab India: Polycab India is a leading electrical equipment company with strong presence in wires/cables, switchgears, fans, and lighting. Overlaps with CG Power in switchgears and consumer fans, competing in the same Indian electrical distribution channels.
• Havells India: Havells India is a leading consumer durables and electrical equipment company manufacturing fans, water heaters, switches, and industrial switchgears. Direct overlap with CG Power's consumer products segment (fans, geysers, coolers) plus adjacent LV switchgear portfolio.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/crompton-greaves

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CG Power