CG Power Q4 FY25: Revenue ₹2,753 Cr, PAT up 17%

What CG Power reported for the March quarter

CG Power and Industrial Solutions Ltd reported a stronger March-quarter performance, led by higher revenue and steady operating margins. Consolidated revenue from operations rose 26% year-on-year to ₹2,753 crore in Q4 FY25, compared with ₹2,192 crore in Q4 FY24. Profit after tax (PAT) increased 17% year-on-year to ₹274 crore from ₹234 crore.

The company said the quarter’s performance reflected broad-based demand across its industrial and power systems businesses. Results also include contributions from overseas subsidiaries in Sweden, Germany, and the Netherlands, along with Indian operating entities such as CG Adhesives Products Ltd, CG Semi Pvt Ltd, G.G. Tronics India Pvt Ltd, and Axiro Semiconductor Pvt Ltd.

The update was published on May 6, as per details shared in exchange filings and reports.

Revenue growth and profitability trends

EBITDA rose 26% year-on-year to ₹418 crore in Q4 FY25 from ₹332 crore in Q4 FY24. EBITDA margin was largely stable at 15.2% versus 15.1% a year ago, indicating that the company held operating profitability even as it scaled volumes.

Profit before tax (PBT) increased 25% year-on-year to ₹384 crore from ₹307 crore. PBT margin was 13.9% in Q4 FY25 compared with 14.0% in Q4 FY24, reflecting a slight dip in margin despite higher absolute profit.

For the quarter, free cash flow was reported at ₹80 crore. Annualised return on capital employed (ROCE) for Q4 FY25 was 37.1%, according to the quarter snapshot.

Order intake strengthens, backlog expands sharply

Order momentum remained a key part of the quarter narrative. Order intake for Q4 FY25 stood at ₹3,824 crore, up 22% year-on-year from ₹3,137 crore.

The order backlog as of March 31, 2025 was ₹10,631 crore, up 66% year-on-year from ₹6,409 crore. The expanded backlog improves near-term visibility for execution across both segments.

On a full-year basis, the company reported order intake of ₹14,684 crore, up 40% year-on-year. The annual demand number was cited as evidence of continued traction and business expansion.

Segment performance: Industrial Systems

Industrial Systems revenue in Q4 FY25 came in at ₹1,572 crore, up 24% year-on-year. Segment PBIT for Industrial Systems was ₹176 crore.

Order intake for the segment was ₹1,893 crore, and the backlog was ₹3,290 crore. The company noted margin impact in the segment linked to commodity costs, alongside expansion into Railways and Consumer applications.

Segment performance: Power Systems

Power Systems revenue in Q4 FY25 was ₹993 crore, up 21% year-on-year. Segment PBIT increased 37% year-on-year to ₹208 crore.

Order intake for Power Systems stood at ₹1,757 crore, and backlog was ₹6,619 crore. The company attributed improved margins in the segment to pricing and operational leverage.

Separately, a management commentary cited a 378 basis point margin expansion in the Power Systems segment to 21.4% operating margin, supported by improved price realisation and operating leverage.

Consolidated financial snapshot table

Segment metrics table

Full-year numbers: higher income, lower profit

For FY25, consolidated profit was reported at ₹972.98 crore, compared with ₹1,427.61 crore in FY24. At the same time, total income increased to ₹10,070.83 crore in FY25 from ₹8,152.24 crore in FY24.

The company also reported FY25 aggregate sales of ₹9,909 crore, up 23% year-on-year. These annual figures show a year where growth in income did not translate into higher bottom-line profit versus FY24, even as operating demand indicators improved.

Standalone highlights and cash flow details

Alongside the consolidated update, the company’s standalone highlights cited Q4 FY25 sales of ₹2,563 crore, up 23% year-on-year, and standalone PBT of ₹313 crore, up 20% year-on-year. For FY25, standalone sales were stated at ₹9,329 crore, up 23%, while standalone PBT was ₹1,181 crore, up 19%.

Free cash flow for the year was cited at ₹727 crore in the standalone commentary, and ROCE for the year was stated at 32.7%. These figures were presented as part of the company’s year-end operating summary.

Export order and capacity expansion: what the company flagged

The company and management commentary also pointed to exports and new verticals as drivers of visibility. A note referenced a $19 million US data center export order for power transformers from Tallgrass, described as the largest order in the company’s history. The commissioning timeline was cited as Q2 to Q4 FY26, with an indicated revenue potential of about ₹740 crore.

CEO Amar Kaul was quoted as saying the order aligns with a strategy to focus on key verticals like data centers and reflects efforts over the past two years to strengthen the export business. The company also highlighted investments in semiconductor initiatives and capacity expansion as long-term enablers, while stating a focus on margin sustainability as it scales the transformer and mobility businesses.

Why these results matter for investors tracking the sector

For investors, the quarter combined three measurable signals: faster revenue growth, stable EBITDA margin, and a materially higher order backlog. The 66% year-on-year expansion in backlog to ₹10,631 crore is a key data point because it suggests a larger base of executable work.

At the same time, the full-year profit decline to ₹972.98 crore versus ₹1,427.61 crore in FY24 shows that annual profitability can diverge from quarterly momentum. The segment commentary also flags known operating variables such as commodity costs in Industrial Systems and the role of pricing and leverage in Power Systems.

Conclusion

CG Power closed Q4 FY25 with 26% growth in revenue from operations to ₹2,753 crore and 17% growth in PAT to ₹274 crore, supported by higher order intake and a sharply higher backlog. Over the coming quarters, investors are likely to track execution against the ₹10,631 crore order backlog and timelines linked to the cited US export order commissioning in Q2 to Q4 FY26.