1. QIP of ₹3,000 cr - no deviation across stated objects On track - The ₹3,000 cr QIP was raised with stated objects: ₹1,062.85 cr for CG Semi OSAT capex, ₹601.78 cr for the power transformer plant, ₹255.20 cr for leasehold land and ₹330 cr for acquisitions. As of 30 June 2026, ₹184.67 cr was utilised toward CG Semi and ₹241.72 cr toward the power transformer plant, with nil on the other two objects and ₹0.00 deviation on all.
2. AMX next-generation drives - launches from April onwards Pending - At the Q4 FY26 call, management said a series of new drive product launches (AMX next-generation drives) planned from April onwards, with low voltage drives almost 100% indigenous. No disclosure of AMX drive launches appears in Q1 FY27 notes.
3. EV motors - 3-wheeler motor and drive approval in next few months Missed - At the Q1 FY26 call, management said the 3-wheeler motor and drive passed homologation and was at OEM-level testing, with approval hopefully in the next few months. Progress stayed slow through Q2 FY26 and development was "almost done" at Q3 FY26; no approval was disclosed through Q1 FY27.
4. Axiro margins - double-digit over medium to long term Pending - At the Q1 FY26 call, management said Axiro margins would "easily" be double-digit over the medium to long term. Axiro was at lower single-digit margins in Q1 FY26 and reached breakeven by Q2 FY26, with no double-digit margin disclosure since.
5. PBT margin aspiration - bounce back to 14-15% at company level Delivered - At the Q1 FY26 call, management aspired to bounce back to 14-15% PBT margins at company level, and for Power margins above 20%-odd to go "even better". Company-level PBT (before EI) reached 14.5% in Q1 FY26 and 15.6% in Q3 FY26; Power Systems PBIT margin hit 21.9% in FY26.
6. Full IE3/IE4/IE5 motor range - complete in next 12 months On track - At the Q1 FY27 call, management said the first full range across IE3, IE4 and IE5 motors will be complete "in the next 12 months". The FY26 Annual Report states CG became the first Indian company to design and manufacture a complete high-efficiency range from IE2 to IE4; IE5 is not yet complete.
7. TIIL resolution plan - 58.6% controlling stake, ₹6,500 cr infusion Delivered - TIIL's August 2020 resolution plan committed to acquiring 58.6% of CG Power - 53.2% via a ₹6,500 cr infusion and 5.4% more over 18 months - plus need-based financial support. Preferential issues raised ₹587.50 cr on 26 Nov 2020 and ₹100 cr on 19 Dec 2020, and India Ratings upgraded CG Power from 'IND D' to 'IND AA-' in February 2021 on implementation of the restructuring.
8. Expansion projects totalling ₹662 cr - completion in next 18 months Delivered - The FY24 Annual Report stated expansion projects totalling ₹662 cr were under implementation, expected complete in the next 18 months. Transformer capacity reached 40,000 MVA by October 2025, the switchgear S3 Unit-II was commissioned in June 2026 and motors capacity expanded in FY25; no aggregate completion figure for the ₹662 cr programme was disclosed.
9. Nashik switchgear capacity expansion - ₹155 cr Delivered - The Board approved expansion of switchgear manufacturing capacity at the Nashik plant at ₹155 cr. The EHV switchgear facility S3 Unit-II in Nasik was commissioned on 4th June 2026, expanding EHV circuit breaker capacity by 80%.
10. Bhopal and Malanpur transformer expansion - ₹126 cr Delivered - The Board approved expansion of transformer manufacturing capacity at the Bhopal and Malanpur plants with an investment of ₹126 cr. By Q4 FY26, brownfield expansions were completed at Gwalior (6,000 → 10,000 MVA) and Mandideep/Bhopal, where planned capacity of 40,000 MVA was raised to 65,000 MVA; no disclosure isolates the ₹126 cr project specifically.
11. OSAT facility at Sanand - ₹7,600 cr, 1.5 crore units/day On track - The FY24 Annual Report set out the OSAT facility in Sanand, Gujarat as a JV with Renesas and Stars Microelectronics - ₹7,600 cr over five years, ramping to 1.5 crore units per day, CG holding 92.34%. ISM/MeitY approval came at a total project cost of ₹7,584 cr; G1 is operational and G2 under construction, with the \~1.5 crore chips/day target reiterated.
12. CG Semi mass production for leading global IDM - commence in FY27 On track - The FY26 Annual Report stated CG Semi mass production for a leading global IDM customer is expected to commence in FY27. CG Semi completed qualification with that IDM on its first attempt and G1 commenced commercial production; the specific IDM mass production was not yet disclosed as of Q1 FY27.
13. Motors 160-250 frame range expansion - complete in Q4 FY26 Missed - The FY25 Annual Report stated the 160-250 frame range expansion (Motors) was expected to be completed in Q4 of FY26. No completion disclosure appears in Q4 FY26 or Q1 FY27 notes, and at Q1 FY27 management said the first full range across IE3, IE4 and IE5 will be complete only "in the next 12 months".
14. Motors exports - 20-25% of aggregate sales Missed - At the Q3 FY23 PPT, CGPISL targeted exports at 20% to 25% of aggregate sales, later restated to 25%. At Q4 FY26, exports from India were \~5% of consolidated sales (\~8-9% including Sweden, Germany, Netherlands), though export order bookings more than doubled year-over-year; no specific motors export mix was disclosed.
15. Motors expansion - incremental revenue ₹506 cr in FY25 to ₹2,500 cr by FY28 Partial - At the Q3 FY23 PPT, management projected incremental motors expansion revenue of ₹506 cr in FY25, rising through 1,250, 1,850 and 2,500 by FY28. Industrial Systems revenue rose to ₹6,376 cr in FY25, an increment of roughly ₹394-947 cr depending on basis, but FY26 revenue of ₹6,747 cr added only \~₹371 cr against the ₹1,250 cr target; no disclosure isolates the motors project.
16. Motors expansion project - capex ₹327 cr, completion by FY25 Delivered - The Q3 FY23 PPT put the Motors Expansion Project at ₹230 cr capex, completion progressively by FY 2024-25, revised to ₹327 cr including modernization and automation with the timeframe unchanged. FY25 delivered the milestones: the 80-132 frame range capacity rose from 14,000 to 40,000 units monthly, and the Jenda Mark automated assembly line was commissioned.
17. Motors price increase - \~5% effective 1st July 2025 Delivered - At the Q1 FY26 call, management said motors prices increased almost 5% effective 1st July 2025, showing up over 2-3 months. By Q2 FY26 the hike was "coming up well" and compensating copper and steel, and cumulative increases reached almost 17% over 9 months by Q3 FY26, with a further \~5% taken at Q1 FY27.
18. US power transformer order (₹900 cr) - execution over 12-20 months On track - At the Q4 FY26 call, management said the ₹900 cr ($99.2M) US power transformer order would be executed over 12 to 20 months, FAS Mumbai port. The order was received on 16th January 2026; no delivery completion has been disclosed as of Q1 FY27, with the earliest window closing \~January 2027.
19. Greenfield switchgear expansion - ₹748 cr investment Pending - At the Q2 FY26 call, the Board approved a greenfield expansion for the Switchgear business at ₹748 cr (net of taxes) for MV/EHV circuit breakers, instrument transformers and GIS for domestic and export markets, reiterated at Q4 FY26. Board approval was confirmed on 29th October 2025; no completion or commissioning disclosure exists as of Q1 FY27.
20. Switchgear brownfield expansion - ready in next couple of months, \~₹400 cr incremental revenue Partial - At the Q3 FY26 call, management said the switchgear brownfield expansion approved at that Board meeting would be ready "in the next couple of months" and give close to ₹400 cr incremental revenue. The EHV facility S3 Unit-II in Nasik was commissioned on 4th June 2026, expanding EHV circuit breaker capacity by 80% - incrementally 7,200 vs existing 9,000 units annually; no revenue figure was disclosed against the ₹400 cr target.
21. Transformer capacity to 65,000 MVA - in next 1 quarter Delivered - At the Q3 FY26 call, management said the company would go from 40,000 MVA to 65,000 MVA "in the next 1 quarter or so". At Q4 FY26, combined Gwalior plus Bhopal capacity was 75,000 MVA, with management noting "today we are almost close to 65,000 MVA"; operational capacity was \~75,000 MVA at Q1 FY27.
22. 400 kV GIS Make in India solution - from Nashik in FY27 On track - At the Q2 FY26 call, management guided that a complete Make in India 400 kV GIS solution should come out of the Nashik factory "in the next fiscal year". At Q4 FY26, commercialization was expected in FY2027 with type testing phase two scheduled between Q2 and Q3; no commercialization had been disclosed as of Q1 FY27.
23. Current transformer capacity export share - grow from \~10% to \~20% Partial - At the Q2 FY26 call, management guided that exports from current transformer capacities would grow from around 10% to around 20%. At Q4 FY26, exports from India were \~5% of consolidated sales and export order bookings more than doubled year-over-year; at Q1 FY27, exports roughly doubled year-over-year, but no confirmation of reaching 20% transformer export share has come.
24. KAVACH shipments - start by end of December 2025 Missed - At the Q2 FY26 call, management said KAVACH execution was almost on track with a 1-1.5 month delay and shipments should start by end of December, with supplies expected "in this quarter" at Q3 FY26. Shipments did not start by December 2025; as of Q1 FY27 all trials were completed and RDSO approval was expected in 4-6 weeks, with production not yet commenced.
25. Axiro breakeven - no funding required Delivered - At the Q3 FY26 call, management was "very sure" Axiro should breakeven at \~$55-56 million revenue, so no funding would be required. Axiro was already at breakeven by Q2 FY26, with the segment's \~₹22 cr EBIT loss attributable to CG Semi; G.G. Tronics posted FY revenue of \~₹100 cr with PBT of \~₹3-4 cr at Q4 FY26.
26. Axiro revenue - \~$50 million in FY26 Delivered - At the Q2 FY26 call, management guided Axiro to approximately $50 million (\~₹450 cr) of revenue in FY26, "very much on track", revised at Q3 FY26 to about $55-56 million. FY26 semiconductor segment revenue was \~₹500 cr from Axiro, exceeding both the original $50 million and the revised $55-56 million target.
27. CG Semi main plant (G2) - production start in 2027 On track - At the Q1 FY26 call, management said the CG Semi main plant would start production in 2027; at Q4 FY26, G2 completion was expected by end of calendar 2026. As of Q1 FY27, G2 was under construction with no production start disclosed, and the FY26 Annual Report states G2 construction is "on track".
28. CG Semi mini plant (G1) - production start in 2026 Delivered - At the Q1 FY26 call, management said the CG Semi mini plant would start production in 2026, with the project "a little ahead of the target". The G1 OSAT facility at Sanand was unveiled on 28th August 2025 and commercial production commenced, with M1 yields at 98-99% by Q3 FY26.
29. New 45,000 MVA greenfield transformer plant - capacity by FY27-28 On track - At the Q4 FY25 PPT, the Board approved a 45,000 MVA greenfield power transformer expansion at ₹712 cr (net of taxes), lifting overall capacity to 85,000 MVA by FY 2027-28; by Q4 FY26, commissioning was expected between July and August 2026. As of Q1 FY27 the plant was not yet commissioned - operational capacity was \~75,000 MVA power plus \~10,000 MVA distribution - with ₹241.72 cr of the ₹601.78 cr QIP allocation utilised at 30 June 2026.
30. Transformer capacity to 40,000 MVA - by September 2025 Delivered - At the Q1 FY26 call, management reiterated that transformer plant capacity would rise to 40,000 MVA by September 2025, from approximately 20,000 MVA. At Q2 FY26, management confirmed the expansion from 15,000 MVA to 40,000 MVA completed on 1st October 2025, with Power Grid approval up to 35,000 MVA.
31. KAVACH installation commissionings - at least 100 per month Missed - At the Q1 FY26 call, management expected at least 100 KAVACH installation commissionings per month "starting in the next couple of months". No monthly commissioning counts were disclosed in any subsequent quarter; the programme was delayed by approvals and as of Q1 FY27 production had not yet commenced.
32. G.G. Tronics KAVACH order - ₹148 cr executable over 2 years Partial - At the Q1 FY26 call, management stated the \~₹148 cr G.G. Tronics KAVACH order for North Western Railways is executable over 2 years. Execution was delayed by approvals - the first CLW order was cancelled at Q3 FY26 on expiry of its 12-month delivery period - and as of Q1 FY27 all trials were completed with RDSO approval expected in 4-6 weeks and no revenue yet.
33. PowerGrid 765 kV transformer package order - execution in 18-36 months On track - At the Q1 FY26 call, management said the \~₹641 cr PowerGrid 765 kV transformer package order would be completed over 18 to 36 months, though "we can do it much ahead of time", reiterated at Q4 FY26. The order remains in unexecuted backlog as of Q1 FY27, with the 18-month earliest completion falling around December 2026.