• Semiconductor capacity: CG Power's larger G2 facility in Sanand is scheduled to begin production in October 2027, with an estimated revenue potential of $500 million to $600 million and an expected four-year ramp-up to reach 70% utilization.
• Cholamandalam portfolio shift: The company plans to reduce vehicle finance to under 50% of its asset book as housing loans and loan against property drive growth, while overall return on assets (ROA) is expanding alongside improving Stage 2 and Stage 3 asset quality.
• CG Power performance: Backed by near 50% growth, the power business has accumulated an unexecuted order book exceeding ₹14,000 crore and is opening a major transformer facility in Madhya Pradesh, while the industrial systems division has bottomed out and is starting to recover.
• Subsidiary listing strategy: Tube Investments is not planning to take newer businesses—such as clean mobility, contract research, or medical devices—public in the next couple of years, and Shanthi Gears will remain a separate listed entity with no reverse merger planned.