What Crompton Greaves does

CG Power and Industrial Solutions Limited is a Mumbai-headquartered, publicly listed Indian engineering company (BSE/NSE: CGPOWER) operating across power systems, industrial systems, railways, and semiconductors. Founded in 1937 and owned 56% by Tube Investments of India (Murugappa Group) since a 2020 Swiss-auction acquisition, the company manufactures transformers (power, distribution, generator, locomotive), high/extra-high-voltage switchgears up to 800 kV, a full range of industrial motors (FHP, LT, hazardous-area), drives and automation (VFDs, soft starters, modular converters) under its Emotron sub-brand, railway signalling and traction products, and consumer appliances (fans, coolers, pumps, geysers) under the Crompton brand. The company's technology backbone includes an R&D division established in 1977, proprietary IE3/IE4 NEXORA and AXELERA motor platforms, natural-ester bio-transformers up to 132 kV, and SF6-free EHV switchgear architecture. Through the CG Semi JV with Renesas Electronics and Stars Microelectronics, it operates India's first commercial end-to-end OSAT facility in Sanand, Gujarat (commercial production commenced July 2026 with 300 million units/year peak capacity), with a wholly-owned Axiro subsidiary pursuing semiconductor design and AI-adjacent investments.

The company derives revenue through B2B project-based hardware sales to utilities, railways, data centre operators, and industrial customers across 25+ sectors, plus retail-channel consumer products. FY2026 consolidated revenue was Rs 12,418 crore (~$1.30B), up 21% YoY, with Power Systems as the largest segment (46% YoY growth), Industrial Systems growing mid-single digits, and a record Rs 17,574 crore order intake (+30%) and Rs 15,719 crore unexecuted order book (+59% YoY) providing multi-year visibility. Go-to-market combines direct enterprise field sales for large infrastructure (e.g., Rs 900 crore US data centre transformer order via Tallgrass, Rs 433.34 crore KAVACH order from Chittaranjan Locomotive Works), distributor/channel networks for industrial components, retail and e-commerce for Crompton consumer products, and government railway tenders. Geographic reach includes India (primary), historical European operations (Belgium, Hungary, Ireland, France, UK) and selectively resumed US/Middle East/Brazil exports, with management targeting 25% of Power Systems order inflows from exports by FY29F.

Name

Crompton Greaves

Legal name

CG Power and Industrial Solutions Limited

Website

https://cgglobal.com

Company type

Public

Founded year

1937

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

CG Power and Industrial Solutions is a publicly listed Indian engineering conglomerate manufacturing transformers, switchgears, motors, drives, railway systems, and OSAT semiconductors for utilities, railways, data centres, industrial customers, and consumers under the Crompton brand, owned 56% by Murugappa Group.

Ownership category

akta.pro rank

Product category

Electrical Equipment Manufacturing

NAICS

Electrical Equipment Manufacturing (33531), Motor and Generator Manufacturing (335312), Switchgear and Switchboard Apparatus Manufacturing (335313), Relay and Industrial Control Manufacturing (335314), Electrical Equipment, Appliance, and Component Manufacturing (335)

SIC

Electronic & Other Electrical Equipment (No Computer Equip) (3600), Motors & Generators (3621), Switchgear & Switchboard Apparatus (3613), Power, Distribution & Specialty Transformers (3612), Electric Housewares & Fans (3634)

akta.pro primary industry

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

akta.pro secondary industry

Cables, Connectors & Electrical BOS Components Manufacturing (MV/HV, Subsea, Harnesses) (EUAMAHAK)

Keywords

• Power transformers
• Switchgear equipment
• Industrial motors
• Railway signalling
• Semiconductor OSAT

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices8 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Power Systems (Transformers & Switchgears): The company's largest segment, including power transformers, distribution transformers, and switchgears. Revenue grew 46% YoY in FY26, driven by grid modernisation, renewable integration, and data centre demand. Transformer capacity expanding from 23,000 MVA to 120,000 MVA by FY27.
2. Industrial Systems (Motors, Drives & Automation): Includes fractional horsepower motors, large industrial machines, low tension motors, drives and automation products. Grew 6% in Q1FY27 with double-digit motors growth. Products include VFDs, soft starters, and modular converters.
3. Semiconductors (CG Semi OSAT): Outsourced Semiconductor Assembly and Testing through CG Semi JV (with Renesas and Stars Microelectronics). G1 facility commenced commercial production in July 2026 with 300 million units/year capacity. Investment of Rs 7,600 crore over 5 years for two OSAT facilities. Expected to reach 15 million chips/day by December 2026.
4. Consumer Products (Crompton Brand): Fans, air coolers, geysers, water pumps, and home appliances sold through retail channels. Brand established over 80 years with retail transformation initiatives including store audits and redesign programs.
5. Railways (Signalling & Traction): Railway signalling division, traction electronics, and traction machines. GG Tronics subsidiary won Rs 433.34 crore KAVACH order from Chittaranjan Locomotive Works for India's indigenous train collision avoidance system.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels4 records

Core offering

CG Power manufactures and sells a comprehensive portfolio of electrical engineering products including power and distribution transformers, high and medium voltage switchgears, industrial motors (FHP, large industrial, low tension), drives and automation solutions, and railway signalling and traction systems for B2B customers including utilities, railways, data centre operators, and industrial manufacturers. It also sells consumer electrical products (fans, air coolers, water heaters, pumps, home appliances) under the Crompton brand through retail and e-commerce channels, and provides Outsourced Semiconductor Assembly and Testing (OSAT) services through the CG Semi joint venture.

Product overview

CG Power and Industrial Solutions Limited is a diversified engineering conglomerate offering a comprehensive portfolio of power transmission and industrial equipment. The product portfolio spans six core categories: Transformers (power transformers, distribution transformers, and turnkey solutions for grid infrastructure); Switchgears (high voltage and medium voltage circuit breakers, GIS systems, and power quality solutions); Motors (fractional horsepower motors, large industrial machines, low tension motors, and specialized hazardous area motors); Drives & Automation (variable frequency drives, modular converters, soft starters, and shaft power monitors); Railways (signalling systems, traction electronics, and traction machines for rail modernization); and Semiconductors (through CG Semi joint venture for OSAT services and Axiro Semiconductor for chip design). Additionally, the company serves consumer markets with Fans, Air Coolers, Water Heaters, Water Pumps, and Home Appliances under the Crompton brand. The business operates as a platform of interconnected product lines where transformers and switchgears support power infrastructure, motors and drives serve industrial automation, railway products address rail electrification, and semiconductor operations enable new growth vectors.

Differentiator

Problem solved

Functional benefit

Brands

• Emotron: Drives and Automation brand for variable frequency drives, modular converters, soft starters, and shaft power monitors
• AXELERA
• Apex Series
• NEXORA
• CG Semi
• GG Tronics

Products and services

• Power Transformers Power transformers and reactors for utilities, renewable integration, and large industrial customers, with capacity being expanded from 23,000 MVA to 120,000 MVA by FY27.
• Distribution Transformers Distribution transformers, solar transformers, metro traction transformers, and eco-friendly bio transformers using natural ester oil for utilities and renewable energy projects.
• High Voltage and Extra High Voltage Switchgears EHV switchgears up to 800 kV with SF6-free gas insulation systems, including instrument transformers, SF6 circuit breakers, disconnectors, GIS and dead tank breakers, condenser bushings (OIP/RIP), and surge arresters for HV and EHV power systems.
• Medium Voltage Switchgears Medium voltage switchgear products including AIS switchgear, GIS switchgear, ring main units, vacuum contactors, vacuum interrupters, and auto reclosers and sectionalisers for power distribution networks.
• Power Quality Solutions Power quality solutions including APFC, fixed capacitor banks, passive harmonic filters, capacitor switches, and STATCOM for industrial and utility customers.
• Relays and Automation Distribution class relays (CG Series), Aegis series protection relays, and automation and control devices for power system protection and control.
• Fractional Horsepower (FHP) Motors Fractional horsepower motors for residential and light commercial applications, manufactured at the Kundaim, Goa facility.
• Large Industrial Machines (Asynchronous and Synchronous) Large industrial asynchronous and synchronous motors for process industries including cement, chemicals, oil and gas, mining, and manufacturing.
• Low Tension (LT) Motors Low tension motors for industrial applications, including the newly launched NEXORA IE3 and IE4 general purpose motors with VFD-ready insulation and the AXELERA process performance IE3/IE4 motors.
• Flame Proof Motors Flame proof motors certified for hazardous environments in LV and HV versions, ensuring protection while maintaining energy-efficient operation.
• NEXORA IE3 & IE4 Motors Next generation IE3 and IE4 general purpose motors with advanced design, VFD-ready insulation, higher operating efficiency, and superior performance in demanding industrial environments.
• Variable Frequency Drives Variable frequency drives under the Emotron brand that optimise motor speed and torque, improve energy efficiency, and reduce wear and tear for reliable tailored performance across industrial applications.
• Modular Converters Flexible and reliable modular converters with compact PEBBs supporting energy storage, utilisation, and grid feedback across varied power levels.
• Soft Starters Soft starters that regulate voltage at start-up to reduce mechanical stress, lower energy use, and extend equipment life for smooth and efficient motor performance.
• Railway Signalling and KAVACH Safety Systems Railway signalling division products including coach and locomotive panels, BLDC carriage and exhaust fans, plus the KAVACH indigenous train collision avoidance system from GG Tronics for Indian Railways and metro rail operators.
• Railway Transportation Traction Electronics and Traction Machines Railway transportation traction electronics and traction machines and systems for India's rail network and metro rail operators, supporting rail electrification and modern locomotive fleets.
• CG Semi Outsourced Semiconductor Assembly and Testing (OSAT) Services Outsourced Semiconductor Assembly and Testing (OSAT) services through CG Semi JV with Renesas Electronics (Japan) and Stars Microelectronics (Thailand) for chip packaging and testing serving automotive, industrial, 5G, and power applications.
• Axiro Semiconductor Design Services Semiconductor design services through wholly owned subsidiary Axiro Semiconductor, shipping millions of production ICs monthly with focus on RF, mmWave, wireless infrastructure, and Satcom technologies.
• Crompton Consumer Fans Ceiling fans, TPW fans, exhaust fans, all-purpose fans, and tower fans under the Crompton brand for residential and commercial applications, including energy-efficient 5-star rated BLDC models.
• Crompton Consumer Air Coolers Personal, desert, tower, and window air coolers under the Crompton brand for residential cooling across Indian households.
• Crompton Consumer Geysers and Water Heaters Immersion water heaters, instant water heaters, and storage water heaters under the Crompton brand for residential hot water applications.
• Crompton Consumer Water Pumps Agriculture, commercial, residential, and solar water pumps under the Crompton brand for water management across Indian households, farms, and commercial sites.
• Crompton Consumer Home Appliances Electric irons, electric kettles, and room heaters under the Crompton brand for everyday home comfort.
• Turnkey Electrical Power Distribution Solutions End-to-end electrical power distribution turnkey solutions and project execution services for utilities, infrastructure developers, and large industrial customers.

Quantifiable outcome

• 46% revenue growth in Power Systems segment in FY26
• +5 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature9 records

Partnerships

Four partnerships are on record, tiered minor and core.

• India Deep Tech Alliance (IDTA)minorStrategic or Co-development Partner · 17 February 2026CG Power joined IDTA alongside Applied Materials, Lam Research, Larsen & Toubro, Micron Technology, and Nvidia. Alliance committed $2.5 billion over five years for AI and deeptech investments, with $1 billion specifically for AI deployment.
• Renesas Electronics Corporation (Japan)coreStrategic or Co-development Partner · 1 February 2024CG Semi JV partnership for Outsourced Semiconductor Assembly and Testing (OSAT). CG Power holds majority stake, Renesas provides semiconductor technology and first customer relationship. Joint investment of Rs 7,600 crore over 5 years for two OSAT facilities in Sanand, Gujarat. First shipment of chips shipped to Renesas in Japan, marking India's entry into global semiconductor supply chain.
• Stars Microelectronics (Thailand) Public Co., Ltd.coreStrategic or Co-development Partner · 1 February 2024CG Semi JV partnership for semiconductor OSAT services. Stars Microelectronics contributes packaging and testing expertise to the joint venture. Total investment Rs 7,600 crore for OSAT facilities in Sanand, Gujarat.
• India Semiconductor Mission / Government of IndiacoreStrategic or Co-development Partner · 1 February 2024CG Semi approved under India Semiconductor Mission with government support exceeding Rs 7,600 crore. Prime Minister Modi inaugurated CG Semi's G1 OSAT facility in Sanand in July 2026. India Semiconductor Mission 2.0 announced with Rs 40,000 crore outlay in Union Budget 2026.

Scale indicators18 records

Recent moves6 records

Expansion highlights5 records

Others

• KEI Industries: KEI Industries is a cables, wires, and electrical supply manufacturer serving similar industrial, infrastructure, and utility customers. While not directly overlapping in transformers or motors, KEI competes for adjacent electrical infrastructure wallet share with CG Power's distribution channel.

Direct peers

• Siemens India: Siemens India is a direct peer in power transmission transformers, switchgears, industrial automation drives, and motors. Both serve utilities, industrial customers, and infrastructure projects with overlapping B2B portfolios across India's electrification and automation markets.
• ABB India: ABB India is a direct peer across the full power equipment stack — transformers, switchgears, drives, and motors. Both compete head-to-head for utility, industrial, and railway orders with similar technology positioning in India's power infrastructure market.
• Havells India: Havells India is a direct peer in consumer electricals (fans, pumps, water heaters) and industrial switchgears/motors. Both companies compete across Crompton's consumer products portfolio and overlapping industrial electrical segments in India.
• Voltas: Voltas (Tata Group) is a direct peer in consumer durables including air coolers, air conditioners, and water heaters. Both compete in India's residential cooling and home appliance segments through overlapping retail distribution channels.
• Crompton Greaves Consumer Electricals: Crompton Greaves Consumer Electricals is the separated consumer products entity that operates the Crompton brand for fans, pumps, and home appliances. It is a direct peer for CG Power's Crompton consumer segment and represents the consumer half of the original Crompton Greaves business.
• Hitachi Energy India: Hitachi Energy India (formerly ABB Power Grids) is a direct peer in power transformers, EHV switchgears up to 800kV, and grid integration solutions. Both target the same utility and renewable integration customer base with comparable high-voltage equipment portfolios.
• Schneider Electric India: Schneider Electric India is a direct peer in industrial automation, drives/VFDs, switchgear, and power distribution equipment. Both compete in data centre power infrastructure, industrial motor control, and electrical distribution for commercial and industrial customers.

Emerging players

• Polycab India: Polycab India is an emerging player expanding from cables into fans, lighting, and switches. While CG Power's Crompton consumer business overlaps with Polycab's growing FMEG portfolio, Polycab is at an earlier stage in motors and industrial electricals.

Broad incumbents

• Bharat Heavy Electricals (BHEL): BHEL is a broad incumbent in India's power equipment ecosystem — transformers, switchgears, motors, and turbines for power generation. While broader in scope including power plants, BHEL competes with CG Power on utility transformer and switchgear orders.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/cromptonhr

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Crompton Greaves