CG Power Q4 FY26: PAT up 32%, Street sees ₹955

Stock hits fresh 52-week high after Q4 print

Shares of CG Power and Industrial Solutions touched a fresh 52-week high after the company reported its Q4 FY26 results. The stock rose as much as 5.09% in the session to a high of ₹872.25, marking a new one-year peak. In another trade update around the results, the stock was also seen up 3.70% at ₹860.65. The move came alongside stronger reported profit and revenue for the March quarter, and updates from multiple brokerages on their price targets. CG Power’s market capitalisation was reported at about ₹1,36,000 crore.

A multibagger run, but RSI not yet in overbought zone

The stock has delivered 889% returns over the past five years and 1,400% over the past 10 years, as cited in the report. Despite the sharp long-term run, the stock’s 14-day relative strength index (RSI) was reported at 66.1. An RSI above 70 is typically treated as an “overbought” signal, implying more buyers than sellers in the market. With the RSI below that threshold, the stock was described as not yet in the overbought zone even after the session’s rise.

Q4 FY26: Profit rises 32% and revenue climbs 25%

CG Power reported a 32% year-on-year rise in consolidated net profit to ₹362 crore in Q4 FY26, compared with ₹274 crore in the year-ago quarter. Revenue from operations increased 25.03% to ₹3,441.76 crore in the March quarter from ₹2,753 crore a year earlier (also cited as ₹2,753 crore in the report). Profit before tax rose 27.83% year-on-year to ₹490.41 crore from ₹383.64 crore. EBITDA increased 30% to ₹544 crore, and the EBITDA margin improved to 15.8% from 15.2%.

Orders: intake up 39% and backlog grows 61%

The company reported strong order momentum for the quarter. Order intake in Q4 FY26 stood at ₹5,335 crore, up 39% year-on-year. The unexecuted order book as of March 31, 2026 rose 61% year-on-year to ₹17,107 crore. In a separate brokerage note cited in the report, order inflows for the full year were reported at ₹19,600 crore, up 34% year-on-year, primarily led by the power systems division.

Margin drivers and the semiconductor drag

CG Power said momentum across its core businesses supported growth, but investments in its semiconductor vertical weighed on margins. The company stated that margin gains from its standalone business were partly offset by continued investments in talent and capabilities for its semiconductor business. The semiconductor segment had a negative impact of ₹38 crore on profitability during the quarter, equivalent to around 110 basis points. The report also cited that the company’s return on capital employed (annualised) stood at 24% for the quarter.

Brokerages lift targets after Q4 order inflows

Brokerage updates in the report leaned positive, with multiple target upgrades and reiterated ratings. Nomura raised its price target to ₹920 from ₹820 and maintained a ‘Buy’ call, citing Q4 consolidated order inflows of ₹5,340 crore as 11% ahead of its estimates. Emkay Global maintained a ‘Buy’ call and raised its target by 13% to ₹875 from ₹775, valuing the company at 55 times estimated FY28 earnings. MOFSL assigned a price target of ₹940 and said it rolled forward its sum-of-the-parts based target price to Jun’28 while reiterating ‘BUY’.

Nuvama set a higher target of ₹955 and highlighted multiple potential levers it expects over the next few years, including GIS in FY27, exports, semicon (FY29) and railways. Nuvama said it raised FY28E EPS by 11%, with FY28E operating profit margin assumed at 14.8%, and cited valuation multiples of 79x/56x FY27E/FY28E EPS at the prevailing market price (as per the report). Jefferies reportedly maintained a ‘Hold’ rating with a revised target price of ₹745.

Seasonal return data for May

The report also flagged a seasonal data point for May performance. It said CG Power and Industrial Solutions has delivered positive returns in May in 11 out of the last 18 years. This observation was presented alongside the post-results price move and the broader set of brokerage target updates.

Key numbers at a glance

Brokerage targets and ratings cited in the report

Why the update matters for investors

The combination of higher quarterly profit, improved EBITDA margin and strong order intake formed the core of the market reaction. The order book figure of ₹17,107 crore as of March 31, 2026 is a key data point because it signals near-term revenue visibility, even as the company continues to invest in its semiconductor vertical. At the same time, the brokerage targets show a wide dispersion, ranging from ₹745 to ₹955, reflecting differences in how analysts factor valuation multiples, segment margins and the impact of new initiatives.

Conclusion

CG Power’s Q4 FY26 results showed higher profit, faster revenue growth and continued strength in order inflows, supporting a fresh 52-week high in the stock. Brokerages largely reiterated positive stances and raised targets, though at least one maintained a ‘Hold’ with a lower target. The next set of cues for the stock will likely remain centred on execution against the order book, segment-level margins, and the pace and profitability impact of investments in the semiconductor business.