ECONOMIC OVERVIEW
GLOBAL ‘SOCIO-ECONOMIC LANDSCAPE
The global socio-economic landscape in 2024 was marked by a complex interplay of challenges and transformations. Economic uncertainty loomed as high infiation, rising interest rates, and geopolitical tensions disrupted markets and supply chains. The Russia-Ukraine confiict, significant trade frictions between major economies, and instability in key regions strained global trade and investment fiows. Simultaneously, the rapid adoption of artificial intelligence (AI) and digital transformation reshaped industries, raising both opportunities and ethical concerns. Climate change and ESG (Environmental, Social, and Governance) pressures pushed businesses toward sustainable practices, while labor shortages and shifting workforce dynamics challenged traditional employment models. Yet, amidst these disruptions, global markets adapted, businesses innovated, and economies demonstrated remarkable agility. Despite this, the global economy remained resilient.
Global Economic Growth
The International Monetary Funds latest (January 2025) World Economic Outlook (‘WEO) has projected Global Growth at 3.3% both in 2025 and 2026, as against 3.2% achieved in 2024. Global headline infiation is expected to decline to 4.2 percent in 2025 and to 3.5 percent in 2026, converging back to target earlier in advanced economies than in emerging market and developing economies.
SOCIO-ECONOMIC LANDSCAPE: INDIA
Indias vision of Viksit Bharat 2047—a roadmap for a fully developed and self-reliant nation—gained strong momentum in 2024, driven by transformative policies and large-scale economic reforms. The government focused on modernizing infrastructure, boosting manufacturing, enhancing digital governance, and fostering sustainable development. Flagship initiatives like Make in India, Digital India, and the Gati Shakti Mission accelerated economic growth, while investments in green energy, semiconductor manufacturing, and AI-driven innovation positioned India as a global technology hub. While global headwinds, infiationary pressures, and workforce skill gaps remained areas of concern, Indias policy-driven economic approach and thriving entrepreneurial ecosystem continued to fuel its growth trajectory, reinforcing its position as a key driver of global economic progress.
GDP Growth: India
India stands as a beacon of growth and innovation, emerging as one of the worlds fastest-growing economies. India is set to achieve a GDP growth of 6.6% in FY2024-25, propelled by financial stability and strategic policy measures. Its economic momentum is reinforced by strong FDI infiows, a growing export sector, and significant progress in infrastructure development and financial regulations, positioning the country to outpace major global economies. Currently ranked as the fifth-largest economy with a GDP of USD 3.7 trillion, India is on track to become the third-largest economy, reaching USD 5 trillion within the next three years and further expanding to USD 7 trillion by 2030.
INDUSTRY OVERVIEW - INDUSTRIAL SYSTEMS
Indias Manufacturing Boom: A New Era
Fuelled by the rapid expansion of diverse industries - including engineering, automotive, chemicals, pharmaceuticals, and consumer durables - Indias manufacturing sector is emerging as a powerful engine of economic growth. Positioned among the fastest-growing sectors, it has the capacity to achieve USD 1 trillion in exports by 2030. This evolution signifies Indias transition from an import-reliant economy to a dominant force in global manufacturing.
With a current contribution of approximately 17% to GDP, Indias manufacturing sector is backed by strong physical and digital infrastructure. Over the next 6-7 years, it is projected to expand further, reaching 21% and solidifying its role as a key driver of economic growth.
Over the past decade, India has placed a strong emphasis on expanding its manufacturing sector through strategic policy measures under the ‘Make in India initiative. Simultaneously, global economies are actively seeking alternatives to China for their supply chains, a shift driven by the disruptions caused by the COVID-19 pandemic and concerns over excessive dependence on a single manufacturing hub. This changing global landscape has created fresh opportunities for India to establish itself as a competitive manufacturing powerhouse.
Industrial Production as well as core sector growth is muted in the current year witnessed a growth of around 3.7% on an average basis, the sequential deacceleration is indicative of ongoing weakness on account of the third wave led disruptions and surging commodity prices.
The Company is strategically positioned to seize growth opportunities across various industries.
The Cement industry, driven by economic expansion and infrastructure projects, requires a diverse range of motors for efficient production. Similarly, advancements in the Sugar sector and the rising demand for ethanol present new avenues for business expansion. The rapid growth of Data Centres, fuelled by the increasing digitization of the economy, further escalates the need for reliable motor solutions.
In Infrastructure, the National Infrastructure Pipeline (NIP) emphasizes substantial investments in Energy, Roads, Railways, and Urban Development, reinforced by higher allocations in the Interim Union Budget 2024-2025. Meanwhile, the Agriculture sector benefits from government-backed initiatives and infrastructure developments, fostering new growth opportunities. Lastly, the Oil and Gas industry, driven by Indias expanding energy demands, continues to attract significant investments, offering promising prospects for the Companys Motors business.
Between April – March 2025 FHP, LT and HT motors recorded a quantity growth of 55%, 4.2% and -1% respectively over last financial year, as per the latest IEEMA report issued in March 2025. In our own assessment, spurt in demand in FHP is seen especially in Air Handling Segment which will contribute to growth of the FHP motor segment. However, LT Motors market is on declining trend due to stagnancy in industrial growth and lack of new projects. The growth in the HT motor segment is primarily driven by demand from irrigation and water infrastructure projects, supported by substantial government investments through initiatives like the Jal Jeevan Mission and the National River Linking Project.
RAILWAYS
Indian Railways: Embracing Technological Transformation
Indian Railways is undergoing a significant technological transformation, focusing on automation, digitization, and smart systems to enhance efficiency, safety, and sustainability.
Key Advancements Include:
• KAVACH: An indigenous train protection system designed to improve rail safety.
• AI-driven predictive maintenance: Enhancing operational reliability while minimizing downtime.
• Real-time monitoring and 5G connectivity: Optimizing scheduling and improving passenger experience.
• High-speed rail projects: Including the Mumbai-Ahmedabad Bullet Train and Vande Bharat Express, revolutionizing passenger transport.
• Dedicated Freight Corridors (DFCs): Enhancing logistics efficiency and streamlining cargo movement.
• 100% electrification by 2030 & net-zero emissions: Promoting sustainability through renewable energy, hydrogen-powered trains, and battery-operated locomotives.
Government Initiatives Driving Railway Growth
The Indian government has introduced several strategic initiatives to modernize and expand the railway sector:
• Bharatmala & Sagarmala: Strengthening rail connectivity for freight corridors.
• Dedicated Freight Corridors (DFCs): Boosting freight efficiency and easing congestion.
• 100% Electrification by 2030: Reducing carbon emissions and promoting green energy solutions.
• Mumbai-Ahmedabad Bullet Train (MAHSR) & Vande Bharat Express: Advancing high- speed rail development.
• Kavach Train Protection System: Enhancing railway safety standards.
• Public-Private Partnerships (PPP) & 100% FDI: Encouraging private investment to accelerate infrastructure growth.
• These initiatives are positioning Indian Railways as a global leader in modern, sustainable rail transport.
The Indian Railways Budget 2025-2026 has allocated Rs. 2,65,000 crores towards capital expenditure, emphasizing infrastructure expansion, modernization, and safety enhancements. Key investment areas include:
• Rs. 32,235 crores for new railway lines,
• Rs. 32,000 crores for doubling existing tracks, and
• Rs. 58,895 crores for rolling stock acquisition.
• Additionally, Rs. 8,601 crores is set aside for traffic facilities and yard remodelling
INDUSTRY OVERVIEW - POWER SYSTEMS
Indias power sector is evolving rapidly through policy reforms, technological advancements, and a strong push for renewable energy. As one of the worlds largest electricity markets, India aims to source 50% of its power from non-fossil fuel sources by 2030, aligning with its 2070 net-zero commitment. The sector has seen significant investments, improved grid infrastructure, and initiatives like the Green Energy Corridor to support renewable integration, alongside targeted incentives for solar, wind, and hydropower. In fact, India successfully met an all-time maximum power demand of 250 GW during FY 2024-25. Besides, India reaffirmed its climate agenda at COP26 in 2021 and through its Long-Term Low Greenhouse Gas Emission Development Strategies (LT-LEDS) submitted to the UNFCCC in 2022. LT-LEDS outlines key transitions, including low-carbon energy, sustainable transport, industrial decarbonization, and financial frameworks for net-zero. Sustainability efforts focus on forest conservation, compensatory afforestation, and eco-restoration, while climate resilience is integrated into national programs like AMRUT, Smart Cities, and PMAY. The National Clean Air Programme (NCAP) drives air pollution mitigation, and coastal and marine ecosystems are protected through initiatives like MISHTI and Integrated Coastal Zone Management (ICZM), reinforced by regulatory measures such as the CRZ Notification. These initiatives refiect Indias steadfast commitment to sustainability and climate action.
The Central Electricity Authoritys National Electricity Plan (NEP) 2023, which lays out Indias roadmap for a reliable, efficient, and sustainable power ecosystem through 2031-32, has projected a total installed capacity of over 669 GW by 2026-27, with significant additions from renewable energy sources complemented by battery energy storage systems (BESS) and fiexible thermal capacity. It underscores the need for high-efficiency, grid-stabilizing generation assets and a robust transmission backbone to support seamless RE integration across regions. This directional shift toward cleaner energy, coupled with investments in advanced transmission infrastructure such as HVDC corridors and smart substations, aligns seamlessly with CGs product portfolio and strategic focus. With proven capabilities in power transformers, smart switchgears, automation systems, and energy-efficient motors, CG is well-positioned as a key enabler of Indias ambitious energy transition journey.
Indias power sector has undergone significant transformation, with continuous improvements in transmission and distribution ensuring a more stable and efficient electricity supply. As of March 31, 2025, the countrys total installed power capacity stood at 4,75,212 MW, marking a 6.99% growth in generation compared to the previous year. Strengthening the transmission network has been a key focus, with the system now extending over 4,81,326 ckm of transmission lines and a transformation capacity of 12,25,260 MVA as of January 31, 2024. During 2024, 10,273 ckm of transmission lines (of 220 kV & above), 71,197 MVA of transformation capacity (of 220 kV & above) and 2200 MW of Inter-regional Transfer Capacity have been added.
Significant policy reforms have been introduced to modernize and streamline transmission operations. The Electricity (Transmission Planning, Development, and Recovery of ISTS Transmission Charges) Rules, 2021, brought in a more structured framework for planning and cost recovery. A key institutional change was the separation of the Central Transmission Utility (CTU) from POWERGRID, resulting in the formation of Central Transmission Utility of India Ltd., which has been operating independently since April 2022. In addition, the government has encouraged greater private sector participation in transmission projects, fostering increased competition and efficiency in the sector.
This year, under the Revamped Distribution Sector Scheme (RDSS), efforts to improve the operational efficiency and financial sustainability of power distribution companies (DISCOMs) continued to make progress. A total of 19,79,24,902 prepaid smart meters, 52,52,692 distribution transformer (DT) meters, and 2,10,704 feeder meters have been sanctioned at a cost of Rs. 1,30,670 crores. Additionally, loss reduction projects worth approximately Rs. 1,46,000 crores. have been approved, with Rs. 18,379 crores already released for implementation. As a result of these initiatives, AT&C losses have reduced to 15.37%, and the gap between the average cost of supply and revenue (ACS-ARR) has decreased to Rs. 0.45 per kWh in FY2023—signifying a step forward in building a more efficient and financially sound power distribution system.
Looking ahead, the demand for medium-voltage (MV) switchgear is projected to rise significantly, with estimated procurement worth Rs. 5,500 Crores over the next three years. This includes advancements in Air Insulated Switchgear (AIS), Gas Insulated Switchgear (GIS), and automated systems, supporting the continued modernization of Indias power infrastructure.
BUSINESS SEGMENTS REVIEW
At CG Power and Industrial Solutions Limited ("CG"), the business operations are spread across two business divisions:
Industrial Systems |
Power Systems |
| Motors (LT/HT/FHP) & Stamping, | Transformers, Switchgears, and |
| Drives & Automation, Railway | Turnkey Solutions |
| Products, Fast Moving Electrical | |
| Goods (FMEG) |
INDUSTRIAL SYSTEMS
One-stop-shop for Integrated Motion Automation Solutions
1) INDUSTRIAL MOTORS
As a pioneering force in Indias motor manufacturing industry, CG delivers innovative and high-performance solutions tailored to a wide spectrum of customer needs. With decades of expertise, the company remains a trusted provider of cutting-edge products and services across various sectors.
The Company offers an extensive range of products and solutions including Low Voltage (LV) Motors of up to 710 k; Medium Voltage (MV) Motors of up to 20 MW; Fractional Horsepower Single-Phase Motors of up to 5.5 kW; AC Drives & Drive Panels, which are available in multiple configurations and standards; and Custom-Designed Solutions – Built to meet distinct industrial needs. Backed by decades of experience, CG has established itself as a leader in motor technology through relentless research, innovation, and a track record of delivering high-quality solutions. This dedication drives ongoing enhancements across its product range. CG holds the distinction of being the first company in India to design and manufacture a comprehensive range of high-efficiency motors, from IE2 to the cutting-edge IE5 Ultra-Premium Synchronous Reluctance Motors, setting new benchmarks in energy efficiency and innovation.
Additionally, the Company leads the way in domestically developed EV Motors and Controllers for various vehicles like 3-wheelers, LCVs, MCVs, HCVs, Trucks, and Buses. CGs ‘Smart
Motor Solution enables remote monitoring of motor operations and health, facilitating preventive maintenance.
CG is also at the forefront of indigenous EV motor and controller development, catering to a wide range of vehicles, including three-wheelers, LCVs, MCVs, HCVs, trucks, and buses. Additionally, its advanced ‘Smart Motor solution enables remote monitoring of motor performance and health, ensuring proactive maintenance and enhanced operational efficiency.
Business Performance
CG Motors Division has strengthened its market dominance in the motor segment, driven by robust order bookings and strong performance across diverse market verticals, driven by infrastructure growth, sustainability efforts, and increased industrial activity. The divisions product lines ranging from LV and MV motors to generators and FHP motors, continued to support key national and sectoral priorities.
• Low Voltage (LV) Motors: LV motors were supplied for critical infrastructure applications including cooling water pumps and desalination systems, contributing to large-scale public utility projects. Additionally, the division played a role in industrial sustainability through supplies to recycling plants, supporting circular-economy initiatives in tyre and metal processing.
• Medium Voltage (MV) Motors: MV motors saw demand from irrigation, resource management, and heavy industry sectors. Deployed in high-load environments, these motors enhanced performance in material handling and water infrastructure projects, reinforcing CGs reliability in demanding industrial applications.
• Fractional Horsepower (FHP) Motors: CGs FHP motors found applications in agriculture, specifically in chaff cutters used under rural development initiatives. This reflects CGs ongoing contribution to agri-mechanization and productivity enhancement in the farming sector.
Besides, in the renewable energy space (Generators and Windmill Applications), CG supported clean power generation through supplies of generators and components for windmill systems. These efforts aligned with global energy transition goals and further strengthened CGs position in the green energy ecosystem.
Exports Growth Strategy
The Division focused on strengthening its international presence and customer service capabilities. In the previous year, the division set up a regional office in Dubai to cater to the Middle East and Africa (MEA) region, supported by a dedicated service network. This strategic move enhances responsiveness, enables closer customer engagement, and positions CG to tap into emerging opportunities in global markets through localized support and faster turnaround.
Manufacturing and Testing Expertise
The Companys manufacturing facilities are equipped with cutting-edge technology, ensuring optimal efficiency, productivity, and quality.
These state-of-the-art plants embody industrial innovation, integrating advanced machinery, automation, and sustainable practices. Committed to environmental responsibility, they reduce ecological impact while maintaining high standards of excellence. The Company operates world-class production units across nine locations in India and one in Sweden.
The Companys motor manufacturing facilities are located at three locations in India:
• LT Motors manufacturing units in Ahmednagar and Goa.
• HT Motors unit in Bhopal.
• Stampings units in Ahmednagar and Goa.
• Single-Phase Motor manufacturing unit in Goa.
• CG Drives and Automation operates cutting-edge Engineering Centers in Germany and the Netherlands, along with two world-class manufacturing facilities featuring in-house design and manufacturing capabilities. One facility is located in India, and the other is in Sweden, serving the global market. Both these facilities are CE as well as UL certified and supply directly to customers across the globe.
Capacity Expansion
In FY25, CG continued to invest in strengthening its manufacturing capabilities to meet rising demand and enhance operational scalability. With the CAPEX of Rs. 332 crores planned in FY25, the Company undertook capacity expansion for LT Motors, LIM Motors and Stampings. The outlay was partly utilized to enhance capacity of 80–132 frame range from monthly output of 14,000 units to 40,000 units and another expansion of 160–250 frame range is expected to be completed in Q4 of FY 26. This expansion refiects CGs commitment to delivering high-quality motor solutions on scale while supporting the growing needs of core industries and infrastructure projects.
Industry 4.0 and Digital Transformation Initiatives
• Commissioning of Jenda Mark Auto Line: Successfully commissioned the Jenda Mark automated assembly line for Motors up to 132 Frame, enhancing production efficiency and consistency.
• Digitisation of Torque Tools: Implemented digital monitoring and control systems for torque tools, enabling real-time data capture, improved accuracy, and traceability in assembly processes.
• Automation of Material Inward Process: Completed automation of the material inward process, streamlining inventory management and reducing manual intervention, thereby increasing operational efficiency.
Operations Efficiency Initiatives – Large Industrial Motors
• Streamlined product platforms based on a mass customization approach to better align with customer-specific needs.
• Achieved notable improvement in First Pass Yield (FPY) through targeted quality initiatives on both product and process fronts.
• Formed dedicated Project Management and Application Engineering teams to enhance customer responsiveness and execution efficiency.
• Recorded a more than 50% reduction in CCRP (Customer Complaint Rate Percentage), reflecting improved quality and service delivery.
• Conducted 33 safety promotional activities and 31 EHS trainings to reinforce workplace safety culture.
• Achieved a 2-week improvement in average lead time (from Customer Purchase to Test OK) compared to the previous year.
Sustainability Initiatives
As part of its long-term commitment to environmental responsibility, CGs Motors Business continued to implement impactful initiatives focused on reducing resource consumption, enhancing biodiversity, and achieving key sustainability certifications.
• Certified SUP-Free Premises: The FHP unit received the Single-Use Plastic (SUP) Free Certification for a period of three years.
• Zero Waste & Water Management: The LT Motors Unit 1 facility achieved the ZWTL "Aspiring" certification and is in the final stages of securing "Zero Liquid Discharge" certification.
• Biodiversity Enhancement: A Miyawaki forest, along with dedicated butterfly and herbal gardens, was developed at the Ahmednagar Unit 1 plant to enrich local biodiversity.
• Resource Efficiency: The LV Motors unit recorded a 16% reduction in per equivalent unit electricity consumption and a 7.25% reduction in water consumption compared to the previous year.
R&D and New Products Development
The Company maintained a strong commitment to research and development (R&D) in the field of industrial motors, with a focus on driving innovation, improving efficiency, and addressing the evolving demands of modern industry. The Company actively explored opportunities in energy-efficiency, noise reduction, and predictive maintenance to deliver reliable and cost-effective solutions and remain future-ready for the growing demand.
New Products Developed During the Year:
1. Fluxtron – High-Efficiency MV Induction Motors
The Company introduced Fluxtron, a next-generation medium voltage induction motor designed to set new standards in energy efficiency and reliability. Engineered for rugged industrial environments, Fluxtron motors offer superior performance, low energy consumption, and minimal maintenance needs. With seamless VFD compatibility and optimized speed-torque control, they empower industries to enhance productivity while progressing toward sustainability and net-zero targets.
2. Axelera – LT Process Performance Motors
CG launched Axelera, an advanced range of low-tension Process Performance Motors tailored for demanding industrial applications. Ranging from 0.37kW to 1000kW, Axelera motors feature robust cast-iron construction, Class F insulation, inverter compatibility, flexible speed configurations, and high load-bearing capacity. With a strong focus on durability, efficiency, and adaptability, Axelera exemplifies CGs commitment to indigenous innovation and delivering high-performance, future-ready motor solutions.
2) DRIVES AND AUTOMATION
Aiming to become a one-stop solution for the entire motor value chain, CG took a strategic step in 2011 by acquiring Emotron, a Sweden-based technology company, and establishing CG Drives and Automation (CG D&A). This move enabled the company to expand its portfolio with a comprehensive range of Drives and Automation solutions.
With manufacturing facilities in Sweden and Germany, the Sweden headquarters serve as the central hub for European operations, catering to four key markets: the Nordic region, Germany, the Netherlands, and the MEA region. Beyond these core markets, distribution is facilitated through an extensive network of distributors and partners worldwide.
Backed by a global partner network, the business has expanded into key markets such as the Middle East and South America. Additionally, new channels have been successfully established—either directly or through channel partners—in France and North America. Strengthened by authorized service partners, distributors, and a dedicated workforce of 148 employees across Europe, the business continues to grow its presence steadily.
Business Performance
During the year, the Company continued to expand its client base with notable orders from India and across the globe. Despite geopolitical impacts, CG Emotron managed to grow in orders and sales, in the marine, material handling, water and wastewater sectors. The Company further managed to grow in the Green Solutions Energy Power solutions sector, through Battery Energy Storage Systems (Bess), Hydrogen and Solar products and solutions. Backed by a Global partner network the business expanded their markets in key areas like the Middle East and South America. Additional channels were successfully entered directly or through Channel partners in France and North America.
Operational Highlights
CG D&A embarked on the expansion of their India Production facility to meet the increase of demand in standard products, and project specific solutions in Sweden and Germany. The alignment with the CG Motor business unit further enables the Company to offer a more tailored and value-adding product to meet the overall need for energy efficiency and savings. In several key geographical areas, CG with the Drives & Automation business in conjunction with Motor offerings.
R&D and New Products Development
By leveraging cutting-edge design tools and techniques, CG D&A accelerated product development while ensuring compliance with international standards. This forward-looking approach positions the Companys D&A offerings to remain competitive, sustainable, and aligned with the future of smart manufacturing.
New Products Developed during the Year:
1. Modular Converters for Green Energy
CG D&A Emotron unveiled its advanced range of modular converter solutions, designed to meet the rising global demand for flexible, efficient, and reliable green energy systems. These converters support a wide array of energy sources—including batteries, wind turbines, and fuel cells—ensuring seamless integration and grid feedback through Grid Code Ready AFG units. With features like overcurrent handling, minimal
Modular Converters for Green harmonics, and unique grid- Energy support software (enabling FFR, FCR, reactive power, and black start), these converters are future-proof solutions for marine, onshore, and hybrid applications.
2. Power Conversion Systems (PCS) for Energy Storage
Addressing the rapid growth in battery energy storage, CG Emotron launched its Power Conversion Systems (PCS) tailored for peak shaving, load shifting, and bidirectional energy flow. The PCS range includes highly flexible, scalable AC-DC, DC-DC, and DC- AC solutions with grid-forming and anti-islanding capabilities. Engineered to maximize battery performance without requiring isolation transformers, these systems offer modularity and high efficiency—positioning CG Emotron as a key enabler in smart energy transition projects worldwide.
CG D&A Emotron is actively working on Product Innovations and R&D projects to enhance and grow their product portfolio to meet the needs of the different geographical regions in conjunction with CG Motor Division, and several new launches have been planned for 2025 to serve geographical expansion.
Marketing and Business Development Initiatives: Motors and Drives and Automation
The marketing and business development initiatives of the industrial motors and drives businesses were designed to strengthen brand presence, expand market reach, and drive customer engagement across key industries. The Company is actively focused on channel partner expansion, seeking to build and strengthen relationships with key distributors and resellers to extend its reach and drive growth in new and existing markets. The Company also participated in numerous exhibitions during the year including the following:
Elecrama 2025, Noida
CG made a significant impact at ELECRAMA 2025 with the showcase of our cutting-edge smart solutions from the Motors, Drives and Automation, Switchgears, Transformers, and FMEG divisions. The participation saw a footfall of 2000+ current and prospective customers, channel partners and leaders from across sectors vising our stall, refiecting our comprehensive connections and capabilities in smart energy and sustainable technology. ELECRAMA, organized by the Indian Electrical and Electronics Manufacturers Association (IEEMA), is the worlds largest standalone electrical exhibition, covering a complete spectrum of solutions for power, transmission, distribution, power electronics, and renewables.
India Bio Energy Expo 2024, Delhi
CGs Drives and Automation division took part in the India Bio Energy Expo 2024, presenting our innovative LT Motors, Drives, and Automation solutions, aimed at enhancing industrial efficiency and supporting the transition to sustainable energy. The response from visitors, including Shri Nitin Gadkari Ji, Honble Minister of Road Transport and Highways, demonstrated the relevance of our offerings.
The India Bio Energy Expo brings together industry stakeholders, policymakers, and technology providers to discuss advancements in energy efficiency and bioenergy technologies.
Automation Expo 2024, Mumbai
CGs Drives and Automation division showcased the latest range of LT Motors, Drives, and Automation products at Automation Expo 2024, emphasizing CGs role in driving efficiency and productivity in industrial applications. Our exhibit attracted significant interest from industry experts, highlighting CGs role in the evolving the industrial automation landscape. Automation Expo is Asias leading trade show for automation technology, IoT, AI, and smart manufacturing. It serves as a hub for businesses to discover future-ready solutions and connect with technology innovators.
AGRI INTEX 2024, Coimbatore
At AGRI INTEX 2024, CGs Consumer Products division presented energy-efficient FHP motors and pumps, reinforcing our support for the agricultural sector through reliable and sustainable motor solutions.
AGRI INTEX, held at the CODISSIA Trade Fair Complex, is one of Indias largest agricultural trade fairs, focusing on advancements in agriculture, dairy farming, horticulture, and food processing.
Green Energy Seminar 2024, Netherlands
As part of its global business development strategy, CG Drives & Automation hosted the Green Energy Seminar in the Netherlands, engaging key customers from the renewable energy sector. The event highlighted CGs innovations in drives, modular converters, and energy- efficient power conversion technologies for applications such as battery storage and hydrogen systems. Through technical sessions and live demonstrations, the seminar positioned CG as a forward-looking partner in sustainable energy solutions and strengthened its market presence in the green energy space.
SPS Fair 2024, Germany
CG Drives & Automation Germany made a significant mark at SPS – Smart Production Solutions 2024 by showcasing our state-of-the-art Emotron Modular Converter Solutions tailored for green energy applications. With a spotlight on our range of converters, motor inverters, and DC/DC converter units, our booth attracted leading players from renewable and sustainable industries.
SPS (Smart Production Solutions) is one of Europes leading exhibitions for smart and digital automation, held annually in Nuremberg, Germany.
HANNOVER MESSE 2025, Germany
At HANNOVER MESSE 2025, CG Drives & Automation focused on pioneering solutions for the hydrogen industry. We presented our next-gen modular Switch Mode Power Supply converters, designed for hydrogen production and fuel cell applications, delivering unmatched efficiency, low grid harmonics, and adaptability for evolving energy systems.
HANNOVER MESSE is one of the worlds largest and most infiuential industrial trade fairs, held in Germany that brings together key players driving industrial transformation.
Dutch Water Fair 2025, Netherlands
CG Drives & Automation participated in the Dutch Water Fair 2025, presenting a focused portfolio tailored for the Water and Wastewater sector. On display were our trusted FDU and VFX drives, widely adopted for water management applications, alongside our versatile range of Modular Converters designed for emerging green energy systems.
The Dutch Water Fair is a leading industry event in the Netherlands, bringing together utilities, municipalities, engineers, and technology providers from across the water sector to explore solutions in water treatment, wastewater management, sustainability, and infrastructure modernization.
Indumation Fair 2024, Belgium
CG Drives & Automation participated in the Indumation Fair 2024 in Belgium, showcasing its trusted FDU and VFX drives in the Motion Control & Drives section. The team engaged with a diverse audience of industry professionals, presenting CGs capabilities in drive technology and discussing how our solutions contribute to enhanced efficiency, reliability, and control in automation systems across sectors. Indumation is the largest trade fair for industrial automation in the Benelux region, attracting professionals from manufacturing, process industries, energy, logistics, aerospace, and beyond.
3) CONSUMER PRODUCTS
In 2019, CG strategically re-entered the Fast-Moving Electrical Goods (FMEG) market with the launch of Pumps and Industrial Exhausts. Building on this momentum, the Company expanded its portfolio with a diverse range of Ceiling, Table, Pedestal, and Wall Fans, as well as instant and storage Water Heaters. Most recently, CG introduced a new line of Air Coolers, further strengthening its presence in the segment. Designed with precision, these products are the result of extensive research and a deep understanding of evolving consumer needs and applications.
Business Performance
In FY2425, CGs Consumer Products Division delivered a robust performance and witnessed an increase in market share. The division launched over 50 new SKUs, and expanded its presence across e-commerce platforms, regional chain stores, and national modern retail formats. The Company bagged many breakthrough orders during the year from various eminent clients across locations. With a growing network of over 300 Authorized Service Centres and 85% TAT adherence, the business continued to prioritize after-sales service as a critical pillar for consumer satisfaction.
The division deepened its presence across Central and Western India in the pump segment, while continuing to expand in Northern and Eastern markets. In the ECD segment, CG strengthened its e-commerce footprint and appointed high-quality channel partners in the Southern region.
Industry 4.0 and Digital Transformation Initiatives
The Division advanced its Industry 4.0 journey by embracing digitization and process automation. The division launched the CG Vishwas app, a unified digital platform offering paperless warranty registration, and serving as a loyalty and engagement hub for retailers, plumbers, and consumers. This initiative streamlined post-sale operations and improved influencer engagement, while also contributing to more efficient inventory tracking and real- time customer service alignment.
Operational excellence was further supported by supply chain modernization efforts aimed at reducing fulfilment delays, improving stock availability, and enhancing distributor engagement in key regions.
R&D and New Products Development
The business aligned its R&D efforts with evolving market needs and sustainability goals. Key developments included:
Pumps
• CG SmartSense: Launched with an industry-first auto on/ off functionality.
• MNRE-certified solar pumps: Approved by NABL, enabling eligibility for major government procurement schemes like KUSUM.
• V4 Domestic – Sand Fighter: Developed to combat wear and tear due to sandy groundwater.
Fans
• Introduction of BLDC fans including models like CG AeroSwift, AeroSwift Prime, and EliteAir Prime, delivering up to 60% energy savings with superior aesthetics and durability.
• Launch of TulipAir Deco, HyperAir Neo, and VivaAir, meeting consumer demand for stylish, energy-efficient options.
Air Coolers
• 8 new models across Desert, Personal, Tower, and Window formats using JetChill™ technology for enhanced airflow and cooling.
A robust pipeline of appliances including irons, room heaters, induction cooktops, mixers, and kettles, aimed at building a well-rounded domestic appliance portfolio.
Marketing and Business Development Initiatives
The business undertook various high-impact marketing and brand-building activities to boost visibility and deepen stakeholder engagement. Key initiatives included:
• Channel Partners Conference in Hanoi, Vietnam: A landmark event that brought together 100 top distributors, unveiled the "Always On" CG CPD positioning for consumer segment, and showcased new product launches.
• Festive Campaigns during Diwali and New Year that blended consumer promotions with channel partner appreciation.
• CG Vishwas Program, which successfully engaged over 5,000 influencers (plumbers and borers) within four months, driving loyalty and brand preference through personalized reward programs.
• Additionally, CG amplified its presence through Tamil Nadus largest consumer expo, engaging with over 4,000 end-consumers and securing prominent coverage on regional television.
PRODUCT PORTFOLIO Motors
Product |
Range |
Industry Application |
| Low Tension Motors and IE2, IE3, and IE4 efficiency Motors | 0.18kW to 710kW | Multiple variants and standards, customizable to configurations required for any industry / equipment, and EV Motors for e-mobility |
| Fractional Horse Power (FHP) Motors / Single Phase Motors, BLDC, PMSM, SRM Motors | 0.02kW to 5.5kW | Used for all general-purpose applications in Domestic, Commercial, Agricultural, Industrial, Healthcare and Construction segments |
| Hazardous area application Motors (LV and HV) | 0.37kW to 12000kW | Designed to suit the ignitable atmospheres present in hazardous Locations such as Zone1, Zone 2 or Class1 Div 1 and 2 |
| Large Stamping and Laminations (HT Motors) | Up to 12000KW | Energy efficient and intelligent motors for various applications in IP23, IP55, IP56 and IP65 enclosures |
| Stamping and Laminations | Consumer products to HVDC Generator & Alternators | For Industrial Motors, Alternators, Generators, Consumer goods motors like fan pump etc., Railway Motors, Electric Vehicle Laminations |
Drives & Automation
Product |
Range |
Industry Application |
| Industrial AC Drives (LV&MV) | 0.75kW to 4000kW | Used for all industrial segments such as Cement, Water, Metals, Oil & Gas, Marine, Sugar, etc. |
| Active Front End AC Drives (AFE ) | 11kW to 4000kW | Used for Low harmonics and regenerative applications |
| Soft Starters | 5.5kW-1000kW | Industrial applications such as Pumps and Fans |
| Power Conversion Systems | Up to 3000kW | Marine and Industrial hybrid electric drive systems, renewable energy, energy storage, hydrogen electrolysis. |
| Industrial Panels | Up to 4000kW | Customized Panel Solutions for all type of Industrial users |
| Customized products | 11kW-250kW | Completely customized and branded products for diverse applications such as compressors, battery energy storage, pumps, servo drives. |
| Test Benches | Up to 10MW | Routine type, back-to-back regenerative test setups |
| Shaft power Monitor | Up to 999Amp | Patented technology to protect motors from dry runs, over / under load conditions |
| Solar Drives | 0.75kW to 110kW | Used for Renewable energy applications and Solar water pumping for Agriculture |
| PLC & HMI | Automation | Automation the Industrial application like packaging, printing, special purpose machines, etc. |
Consumer Products
Product |
Range |
Industry Application |
| Pumps, Fans, Air Coolers and Water Heaters | Domestic, Agricultural, and Industrial Usage | Domestic and Commercial |
Pumps
Product |
Range |
Industry Application |
| Domestic Pumps | Mini series / Shallow-well jet/ Openwell | Normal water supply through Municipal Pipeline – filling storage / overhead tanks |
| Domestic Pumps | Submersibles | Getting ground water through borewells to overhead tanks |
| Agricultural Pumps | Monobloc | Getting water through rivers / ponds and borewells |
| Agricultural Pumps | Submersibles | Ground water lifting for Agriculture use (farm irrigation) and Dripwater / Sprinklers applications |
| Industrial Pumps | V6 submersible / Monobloc | Building segment (Water supply) |
| Industrial Pumps | Fire-Fighting system | Fire-Fighting installations |
| Industrial Pumps | Pressure Booster | Pressure Pumps |
| Industrial Pumps | Monobloc/Openwell | Fountains |
| Industrial Pumps | Monobloc/Openwell | Cooling towers |
| Industrial Pumps | Sewage Pumps | Sewage treatment in Households /Hospitals / Hotels / Treatment Plants & Construction sites |
RAILWAYS
Business Performance
The railways business performed exceptionally well during the year, marked by numerous order wins and significant market expansion across geographies. The company successfully secured a range of high-profile contracts, underscoring its strong reputation for providing reliable and innovative solutions within the railway sector. This growth was complemented by an expanded market presence in both existing and new regions, as the company tapped into emerging opportunities and strengthened its foothold in key markets. The combination of strategic partnerships, operational excellence, and a customer-centric approach enabled the company to achieve remarkable growth and position itself for continued success in the railways sector.
Exports Growth Strategy
As part of CGs export growth strategy in the railways segment, the company developed a 380V AC Trailable Point Machine for Malaysian Railways, marking a significant step in strengthening its footprint in Southeast Asia. Simultaneously, CG initiated the development of an Isolation Amplifier for the U.S. railway market, expanding its presence in North America and aligning with its vision to diversify offerings and deepen engagement in advanced global rail systems.
With a strong heritage in the Railways sector, CG boasts the most comprehensive portfolio of railway products, categorized into three main product lines. These include:
Traction Machines & System (TMS)
CG Traction Machines & Systems (TMS) provides an extensive portfolio of AC & DC Traction Motors, Traction Alternators, and tailored solutions for self-propelled railway vehicles. With a strong reputation in the Railways sector, CG collaborates with original equipment manufacturers (OEMs) in India and international markets, delivering high-efficiency, cost- effective locomotive traction motors and alternators through advanced engineering and optimized production processes.
The Company specializes in rewinding and vacuum-pressure impregnation (VPI) of both epoxy and silicone resins. Its AC motor test rig is designed for dynamic evaluation of AC and DC traction motor performance across all specifications. To ensure the highest quality, CG utilizes rotor bar crack detection, automated TIG welding, and precise undercutting equipment. Additionally, all traction coils are produced and rigorously tested in-house, maintaining strict quality control and seamless supply chain management.
CG supports customers through every stage of the product lifecycle, from conceptualization and design to installation, commissioning, and in-field performance optimization. By leveraging advanced diagnostic tools, the Company offers predictive maintenance and data-driven trend analysis. Its service offerings include fiexible maintenance contracts, real-time equipment monitoring, and expert troubleshooting to maximize system reliability.
With a strong commitment to quality and continuous improvement, CG operates certified Management Systems in compliance with IRIS, ISO 9001, ISO 14001, and OHSAS 18001 standards, ensuring consistent innovation and operational excellence.
Rail Transportation Traction Electronics (RTTE)
CG is at the forefront of traction electrification, offering state-of-the-art IGBT-based Propulsion Systems and Loco Panels. Its Rail Transportation Traction Electronics (RTTE) solutions harness cutting-edge power conversion technology to deliver superior efficiency, safety, and reliability. Built with a modular and scalable design, these solutions streamline railway infrastructure, lowering complexity, environmental footprint, and long-term costs.
Backed by deep expertise in design, engineering, and manufacturing, CG provides high- performance Rail Propulsion Systems for a range of transportation modes, including RRTS, Metrorail, Metrolite, Metro Neo, Monorail, and High-Speed Rail. The Company delivers holistic support across all aspects of system development, from traction and auxiliary converters to high-voltage and battery-powered systems. Its rigorous testing ensures every product meets stringent industry standards.
CG adheres to EN 50657 and EN 50128 software standards, with its Propulsion Systems integrating Traction Converter-Inverters, Auxiliary Converter-Inverters, and TCMS for seamless and optimized performance.
Designed for efficiency and future readiness, CGs Traction Converters for Electric Locomotives feature advanced voltage regulation, safety mechanisms, and microprocessor-driven switching. With MVB/ Ethernet-based communication and remote diagnostics, they offer adaptability to evolving railway needs.
Railway Signalling (RS)
This segment includes critical railway signalling components such as signalling relays, point machines, and data loggers, ensuring the reliability and safety of signalling systems. CG is a leading provider of Railway Signalling Systems and Technology solutions in India, leveraging its deep industry expertise and technological leadership.
CG also manufactures a diverse range of railway products, including Coach panels, Carriage fans, and key trackside and locomotive components such as trackside transformers, traction motor stampings, auxiliary motors, circuit breakers, surge arrestors, and instrument transformers. These solutions contribute to the seamless functioning and efficiency of railway networks.
Further, during the year, CG acquired 55.60% stake in G.G.Tronics India Private Limited, a company specializing in Electronic Safety Embedded Signalling Systems including ‘KAVACH, for the Railway Transportation Segment. This acquisition was in line with CGs strategic intent to expand its Railway product portfolio by diversifying into closely related or adjacent areas poised for growth. The integration has been leveraging synergies between the companies. CGs extensive expertise in manufacturing, engineering, and project management, complemented by GGTs specialized knowledge in Railway Transport Safety, particularly in the Train Collision Avoidance System ‘KAVACH, and embedded systems has been enabling CG to actively pursue ‘KAVACH and other Rail Safety projects, in the areas of Electronic Signalling Sector through this vehicle.
As a comprehensive solutions provider for Electric Locomotives, CG is a trusted partner in the technological transformation of Indian Railways, supporting advancements in efficiency, safety, and performance across the railway sector.
PRODUCT PORTFOLIO
Traction Machines & System (TMS)
Product |
Specifics |
| AC Traction Motors | Electric Loco, Diesel Loco, Trainset/ Metro/EMU/MEMU and DEMU |
| DC Traction Motors | Electric Loco, Diesel Loco, DEMU, DETC SPIC / Other Self-propelled Vehicle |
| Traction Alternators | Diesel Electric Loco, DEMU, DETC SPIC / Other Self-propelled Vehicle |
| Complete Electrics | Including integrated power pack with traction alternator, Traction motors, Control equipment, Rectifier, Auxiliary alternator for Diesel Electrics Tower Car (DETC) with on board and underslung electrics, Self- Propelled Inspection car (SPIC) & Diesel Electric Multiple Units (DEMU) |
Rail Transportation Traction Electronics (RTTE)
Product |
Specifics |
| IGBT Based Traction and Auxiliary Converters | For Electric Locomotive. |
| IGBT Based Composite Converter / Hotel load converter | For 3 phase Electric Locomotive. |
| Vehicle Control Unit (VCU) and Control Panels | For Locomotive. |
| Propulsion System and electrics | For EMU/MEMU/ Trainset |
| Auxiliary converters | For Diesel / Electric Locomotives, DEMUs & EMUs. |
| Train Control and Management System (TCMS). | |
| Propulsion system | 9000 HP for Electric Locomotive. |
Railway Signalling (RS)
Product |
Specifics |
| Q-Type Signalling Relays | |
| Electric Point Machines | Operating Voltage – 110 V DC & 380 V AC |
| - Non-trailable – 143 mm / 220 mm throw | |
| - Trailable – 175 mm / 220 mm throw | |
| - Non Trailable – Dual Gauge Point Machine (143mm / 220 mm throw | |
| DC Series Motor | For Electric Point Machines |
| DC Series Motors IP67 | 160 V & 400 V ACI for Electric Point machines |
| Back Drive | Secondary Drive with 220mm Throw Point Machine |
Rail Traction SCADA & Power Management System BLDC Industrial fans
Coach Applications
Product |
Specifics |
| BLDC Carriage Fans | AC, DC |
| Universal Carriage Fan | AC, DC |
Control Panels for Locomotives and Coaches
Product |
Specifics |
| Switch Board Panels | For Locomotives – SB1, SB2, HB1, HB2, Cubicle F |
| Filter Cubical Panels | For Locomotive |
| Panels, EDTS 355 | For LHB EOG Non-AC Coaches |
| Switch Board Cabinet | For LHB EOG/HOG AC COACHES- SBC 184, |
| SBC 192, SBC 200 |
Manufacturing and Testing Expertise
The Company operates advanced manufacturing facilities for its Railways business in Mandideep and Pithampur, Madhya Pradesh, India. Additionally, CG has a dedicated in-house testing facility that complies with both Indian and international standards.
In its unwavering pursuit of excellence, the Company has significantly expanded capacity to enhance production efficiency and meet rising market demand. The Rail Transportation Traction Electronics facility now spans 1,260 sq. meters, with load capacity increased by 500 KW through a new HT substation that enables a second test bed for IGBT Propulsion Equipment. Further, a New Electronic Lab dedicated to electronic product development, testing, and assembly, ensuring adherence to high-quality standards was also set up.
Industry 4.0 and Digital Transformation Initiatives
Under its LEAN initiative, the Traction Machines & Systems (TMS) business introduced multiple cost reduction strategies that delivered significant annual savings, allowing the company to sustain its market leadership even as Product UPR decreased. With 179 Kaizens implemented, improvements have been realized in cost efficiency, productivity, safety, and other essential business metrics.
The Rail Transportation and Traction Electronics segment also implemented numerous cost optimization measures and lean methodologies to enhance efficiency across procurement and logistics operations. 180 Kaizens were implemented impacting cost, productivity, safety and other key business aspects.
Market-aimed technological initiatives that help remain in line or ahead of the technology curve: The Company has strategically evolved its product development approach in alignment with Indian Railways transition towards procuring complete electrical propulsion packages and turnkey solutions. To meet these changing demands, it has embarked on pioneering projects such as:
• Vande Bharat Express: Development of key propulsion components, control systems, and power converters.
• 9000 HP Locomotive Upgrade: Engineering high-efficiency traction motors and drive systems.
• Main Line Electric Multiple Units (MEMU): Innovating TCMS, traction converters, and advanced control panels.
• Green Mobility Initiatives: Advancing smart locomotives with predictive maintenance capabilities and pioneering electric propulsion systems for hydrogen fuel cell trains.
R&D and New Products Development
The Companys R&D efforts for the railways sector focus on developing innovative solutions to enhance safety, efficiency, and sustainability. By leveraging advanced technologies, the company aims to improve railway infrastructure, rolling stock, and signaling systems, with an emphasis on energy efficiency, reduced maintenance costs, and enhanced performance. Ongoing research is also directed towards the integration of automation and smart technologies to support the evolving demands of modern rail transport. These R&D initiatives ensure that the company remains at the forefront of railway innovation, delivering cutting-edge products that meet the highest industry standards.
The business undertook focused R&D initiatives to drive innovation, enhance product offerings, and maintain a competitive edge in the market
• Developed high-performance traction motors and alternators tailored for the U.S. market, including 658kW and 500kW variants, as well as multiple models of companion and axle cap alternators.
• Strengthened presence in the African market with advanced axle cap traction motors designed for regional operational needs.
• Successfully tested and installed next-generation traction motors, including models for MEMU and 9000HP locomotives, meeting stringent IEC-60349-2 standards under RDSO and CLW oversight.
• Advanced development of traction motors for flagship trains like Vande Bharat, progressing towards full-scale manufacturing and deployment.
Trailable – 380V AC Point Machine (220 mm throw)
Designed for high-speed (Meter Gauge) turnouts (UIC 54 kg Thick Web Tongue Rail), this machine enables precise locking and detection of individual switch housings. It has been developed to meet the specific requirements of Malaysian Railways, marking CGs entry into global railway infrastructure solutions.
Switch Board Cabinet (SBC) for LHB Coaches
Used in LHB-type coaches of Indian Railways, these cabinets efficiently control and distribute electricity to various onboard systems, including coach lighting, passenger addressing systems, mobile charging, compressors, boilers, and RMPUs (Roof Mounted Package Units).
BLDC Industrial Fans
CGs heavy-duty BLDC Oscillation Air Circulators are designed for various industrial applications, offering superior energy efficiency with BLDC motor technology.
Product Range Includes:
• 18-Inch / 24-Inch Sweep Energy-Efficient Wall Mounted Fan
• 18-Inch / 24-Inch Sweep Energy-Efficient Pedestal Fan
• SCADA System for 25kV & 2x25kV Single Phase 50Hz AC Traction Power Supply
Advanced SCADA (Supervisory Control and Data Acquisition) systems
for Indian Railways to monitor and control traction power distribution.
• SCADA systems ensure real-time monitoring, efficiency, and safety. They comply with RDSO Specification TIfiSPCfiRCCfi SCADAfi0134, and adhere to Cybersecurity standards (IEC 62443), enhancing protection against cyber threats.
ACD Panel (Automatic Control Device Panel)
A key component of the IGBT-based propulsion system in modern locomotives, the ACD panel ensures seamless communication between the locomotive operator and control systems, allowing efficient monitoring and control of locomotive functions for enhanced safety and operational efficiency.
Marketing and Business Development Initiatives
The marketing and business development initiatives for the Railways business focus on expanding the Companys presence in key markets and strengthening relationships with major industry players.
AAIM-EX Industrial Expo 2025, Bhopal : CG Railways participated in the AAIM-EX Industrial Expo held at Mandideep, Bhopal (Madhya Pradesh), showcasing its latest smart solutions and product capabilities. The event served as a key industry platform for connecting with OEMs, partners, and stakeholders from the regional industrial and railway ecosystem.
POWER SYSTEMS
CGs Power Systems business specializes in Power Transmission and Distribution and the development of integrated power systems with associated service offerings. As a leader in electrical energy management, the Company manufactures a broad range of switchgear and transformer equipment. Additionally, the business delivers turnkey solutions for Transmission and Distribution (T&D) through substation projects and provides comprehensive Engineering, Procurement, and Construction (EPC) services, along with full-spectrum solutions across the value chain.
Key Levers Driving Growth
• The Company has an integrated presence throughout the entire Power Transmission & Distribution (T&D) value chain.
• It provides a broad suite of products and solutions that adhere to rigorous national and international standards.
• It operates state-of-the-art manufacturing facilities with a well-established record of excellence.
• It leverages deep domain expertise and is recognized as a pioneer in technological innovation.
• It employs industry-leading engineering practices.
• CG consistently ensures punctual delivery and on-time project completion.
• The Company delivers prompt and efficient after-sales support.
Transformer Business
CG offers a comprehensive portfolio of Power and Distribution Transformers, ranging from 160kVA to 1500MVA and 12kV to 765kV, along with Reactors from 3MVAr to 125MVAr (single and three-phase up to 765kV). All products adhere to IEC, ANSI, IS, BS, and other international standards. Serving a broad spectrum of customers—including Power Utilities, Process Industries, Railways, Mines, Electricity Boards, and Industrial users—CGs transformers are engineered for durability across diverse climates and challenging environments. These include sub-zero temperatures, extreme heat, high seismic zones, heavily polluted areas, humid regions, offshore conditions, and noise-sensitive localities.
PRODUCT PORTFOLIO
Product |
Range |
Application |
| Power Transformers | • Auto Transformer upto 500 MVA, 1200kV; | Generation, Transmission, Distribution, Railways |
| • Generator Transformer upto 765kV; | ||
| • Shunt & Series Reactor upto 110MVAr (765kV) and upto 125MVAr (400 kV); | ||
| • Variable Shunt Reactor(VSR) upto 400kV; | ||
| • STATCOM application Transformer upto 400kV; | ||
| • Traction, V-connected and Scott connected Transformer upto 220kV; | ||
| • Green Transformer upto 400kV | ||
| Distribution Transformers | 315 kVA to 4 MVA (3.3kV to 33kV Class) | Industry, Distribution |
| Cast Resin Transformers | Up to 33kV, 10MVA | Industry, Infrastructure |
| Locomotive Transformers | Up to 7775 kVA (25 kV) | Railways |
| Inverter Duty Transformer | Up to 12.5 MVA, 33 kV | Solar Power |
Switchgear Business
The Company offers a comprehensive range of switchgear products. Its Extra High Voltage (EHV) portfolio includes SF6 Circuit Breakers (available in live and dead tank configurations), Gas Insulated Switchgears (GIS), Oil Filled Current Transformers (CT), Inductive Voltage Transformers (IVT), Capacitive Voltage Transformers (CVT), Surge Arresters, Off Load Disconnectors, and Condenser Bushings (RIP and OIP). Additionally, the Company provides Medium Voltage (MV) Switchgears, such as Indoor and Outdoor AIS, MV GIS, Ring Main Units, Vacuum Interrupters, Compact Substations, Numerical Protection Relays, Auto-Reclosers, Vacuum Contactors, Lightning Arresters, and Isolators. A full range of Instrument Transformers and Bushings is also available.
Products Portfolio
TRANSFORMER BUSINESS
Business Performance
Over the past year, the business continued its upward trajectory, winning several high-value orders from key clients from across various segments including utilities, transmission players, renewable players, data centres, railways, oil & gas as well as electronics and IT players. Product Type Testing was completed for the following products:
• Successfully completed the highest rated short circuit testing of 50MVA 132/33kV power Transformer for NTPC
• Successfully completed the short circuit testing of 2.5MVA 11/0.433kV EEL-1 Distribution Transformer as per IS1180
• Successfully completed the short circuit testing of 2.5MVA 6.6/0.433kV Dry Type Transformer as per ECBC
Exports Growth Strategy
A renewed strategic focus was placed on expanding CGs exports footprint and re-establishing its legacy in global markets. Channel partnerships and business alliances were strengthened to widen customer reach across key regions. Efforts continue to be directed towards enhancing presence in Africa, Southeast Asia, North America, Latin America, and the Indian subcontinent. These initiatives have already started to translate into business wins from countries like Africa, Nepal, and the UAE, paving the way for sustained international growth.
Manufacturing and Testing Expertise
The Companys transformer manufacturing facilities are strategically located in Malanpur, Madhya Pradesh, specializing in distribution, small power, dry-type, and locomotive transformers, while its Bhopal unit focuses on power transformers. These facilities are certified to globally recognized standards, including ISO 9001, ISO 14001, ISO 18001, and OHSAS 18001, ensuring excellence in quality, safety, and environmental management.
To uphold the highest industry standards, the Company operates advanced, fully automated Transformer Testing Facilities accredited by NABL (National Accreditation Board for Testing and Calibration Laboratories). These cutting-edge facilities are designed to meet stringent Indian and international standards, supported by a team of skilled experts. Leveraging sophisticated software and testing technologies, they guarantee precision, reliability, and comprehensive performance validation of transformers.
Further, during the year, the Company undertook significant capacity expansion to meet rising demand in both domestic and international markets.
Following the previously approved brownfield expansion from 25,000 MVA to 35,000 MVA, an additional 5,000 MVA capacity was approved in October 2024, taking the total installed capacity to 40,000 MVA. To further strengthen market leadership, a greenfield expansion of 45,000 MVA at an investment of Rs. 712 Crores (net of taxes) was also planned targeting a total manufacturing capacity of 85,000 MVA by FY 2028. This will enhance the Companys ability to cater to increasing transformer demand, including exports.
The Business undertook the following initiatives towards transitioning to Industry 4.0:
• Implemented SHWAAS (Shopfloor Work Automated Assignment System), which has optimized workforce efficiency, resulting in an annual saving of 497 man-shifts.
• Deployed a Laser Curtain (Auto Cut-Off) System to enhance safety in critical shop floor activities and key workstations.
• An AI-powered Vision Solution is also being introduced to ensure safe crane operations on the shop floor, with a targeted completion date of April 2025.
• A Paperless Shop Floor initiative is being implemented in collaboration with IBM to enhance operational efficiency and sustainability.
Driving Innovation, Efficiency, and Sustainability
• Deployed state-of-the-art simulation tools for design validation to ensure reliability in critical design aspects.
• Implemented a knowledge dispersion program to develop competence in the young workforce.
• Facilitated skill diversification through inter-departmental transfers and on-the-job experience.
• Developed sustainable solutions, including transformers for renewable energy plants like solar and wind.
• Established an Automation and Productivity Cell to reduce cycle times and enhance quality.
• Standardized products and components to improve operational effectiveness.
• Developed Ester Oil Filled and Biodegradable Oil Filled Transformers.
• Implemented cycle reduction initiatives to enhance efficiency.
Operational Highlights
Focused lean manufacturing initiatives in FY25 led to notable gains in lead time reduction, capacity enhancement, and overall productivity across key transformer categories.
• Lead time reduced for 500 MVA / 400 kV, 63 MVA / 132–220 kV Vee-connected, and 16.5 MVA / 55 kV Auto Transformers through process improvements.
• Enhanced monthly output of 500 MVA / 400 kV units through capacity optimization.
• Improved shop floor efficiency by 17% by shifting to vertical storage systems.
• Achieved over 20% increase in production volumes through lean-driven execution.
Cost Saving Initiatives
Through focused sustainability initiatives, the Transformers division annually, generated
achieved a carbon emission reduction of 736 tCO2 6.5 lakh units of renewable energy, and delivered substantial cost savings across operations. These results were driven by a combination of process improvements, clean energy adoption, and energy-efficient upgrades, like:
• Improving thermal efficiency by insulating aging systems such as the vapor phase drying plant, autoclave, oil tanks, and chilled water pipelines—significantly reducing heat loss and energy consumption.
• Commissioning a 500 kW rooftop solar plant, generating 6.5 lakh units of clean energy annually.
• Replacing diesel forklifts with battery-operated alternatives, lowering on-site emissions and maintenance requirements.
• Upgrading conventional ACs and fans with energy-efficient models across plant and office areas.
• Installing motion sensors and smart lighting systems to minimize idle energy consumption.
• Improving power factor and reduced energy losses through capacitor banks and motor efficiency enhancements.
• Introducing smart solar street lighting across the plant campus.
Major Alliances and Partnerships during FY25
• Lazariev Laboratories, Estonia who are globally recognized for their expertise/specialization in Performance Evaluation have been engaged
• Consulting services from Softteam Group are being sought for critical designs and new product developments
• Collaborated with Aetos Design & Engineering, India as FEA software supplier
• Collaborated with Softteam Group, Ukraine as FEA software associate
• Collaborated with ANSYS, India as FEA software associate
R&D and New Products Development
The R&D efforts for the Transformers business were focused on enhancing energy efficiency and improving the reliability of transformer designs. Through dedicated and advanced R&D efforts, the Company aims to deliver high-performance transformers that meet the growing demands of power distribution and industrial applications.
New Products Developed during the Year
• 38/53/63 MVA 132/2*27 kV Trackside V-Connected Transformer
• 38/53/63 MVA 220/2*27 kV Trackside V-Connected Transformer
• Trackside Transformer 50MVA, 110/27.5 kV for Metro Project
• Trackside Transformer 40MVA, 66/27.5 kV for Metro Project
• 3.6MVA, 33/0.95 kV Transformer for wind application
• Highest rated transformer in LPT range 60MVA, 33/11.3kV Transformer
• Developed 315 MVA 400 kV Dual LV Power Transformer for Solar Application
• Product upgrade concluded for Low noise shunt reactors for Indian and export market
Application Segment Expansion or Upgrades
• Development of Environment Friendly Ester Oil Filled Power Transformers
• 765 kV 1-Ph Reactors design upgrade for performance reliability
• 500 MVA 765 kV autotransformer design upgrade for performance reliability
SWITCHGEAR BUSINESS
Business Performance
The Switchgear division maintained strong operational efficiency, with highest capacity utilization reaching peak levels. Continuous improvement through LEAN initiatives and the addition of advanced equipment, such as the Helium Leak Detection Machine for SF6 gas systems, have enhanced manufacturing capabilities. Notably, new product lines such as RMUs and MV GIS gained significant traction in the market, resulting in growing sales which was also supported by the Companys strong dealer network.
Technological progress remained a key driver, with several new products developed, type tested and approved. CG continues to hold a leading position as the only Indian manufacturer offering 800kV bushings compliant with seismic Zone V requirements. The indigenous development of RIP bushings up to 145kV was successfully achieved, and a new facility in Nashik is being established for 245kV to 420kV RIP bushing production.
Key Highlights
• First-time execution of 420kV polymeric GCB for the European market
• Entry into the Mexican market and continued market penetration in the Middle East with supply of 170kV GCB
• Execution of a large GCB order for GETCO and vendor approval from POWERGRID for GIS
• Vendor approval from POWERGRID for GIS
• Introduction and export of Circuit Breaker Watcher to Europe
• Major type tests completed for key products including: o 27.5kV, 20kA, 2000A Vacuum Interrupter o 36kV, 16kA, 800A Automatic Circuit Recloser o 35kV Loco Head Bushing o 72kV, 5000A Condenser Bushing o 145kV Cast Tank CTs and IVTs
Notable Order Executions
• Auto Reclosers (12kV & 36kV) in Odisha
• APFC Panels (1.2 & 2.4 MVAR) in Sangli
• 145kV CTs and VTs in Andhra Pradesh
• 36kV CTs and VTs, and 145kV CTs in Nigeria
• Primary Voltage Transformer in Patiala
Exports Growth Strategy
The business strengthened its global footprint with successful entry into markets such as the Middle East, Northern Europe, Brazil, Israel, and Tunisia. Key milestones included orders for RIP bushings, 400kV instrument transformers, and surge arresters, along with GIS product approvals. The Company also entered Europes TSO grid and expanded its presence through a system house for HV switchgear. Additionally, new products like the 33kV auto recloser, manual load break switch, and 15kV vacuum contactor were developed for international markets, with a focus on the Middle East.
Manufacturing and Testing Expertise
The Company operates world-class switchgear manufacturing facilities for Switchgears at two locations in India - Nashik and Aurangabad, Maharashtra. These units are accredited with prestigious certifications, including ISO 9001, ISO 14001, ISO 18001, and Integrated Management OSHAS 18001.
The Company boasts state-of-the-art, fully automated, NABL-accredited in-house switchgear testing facilities that adhere to both Indian and international standards. These facilities are backed by highly qualified, experienced, and dedicated teams and are equipped with advanced software and cutting-edge programs.
Additionally, as part of its strategic capital expenditure plan, the Company approved the expansion of facilities for 245kV and 420kV RIP Bushings and capacity enhancement for 800kV OIP Bushings. Construction work is being accelerated to ensure timely completion. Expansion of MV Switchgear facility for GIS and RMUs is nearing completion.
During the year, the division undertook several automation and modernization initiatives, including:
• Automating the design process for manufacturing instructions.
• Implementing automated testing for numerical protection relays.
• Upgrading PDM & Autodesk Inventor software to the 2023 version for optimized design data management.
• Establishing an in-house capacitor testing facility to enhance reliability.
• Introducing digital displays for assembly training sessions tailored for blue-collar workers and review meetings on the shop floor.
Some of the initiatives undertaken towards augmenting manufacturing expertise include
Several initiatives were undertaken to strengthen manufacturing expertise. New capacity expansion projects included setting up winding machines for 800kV Instrument Transformers and Bushings, an external fiooding station for 245kV CTs, and approved capacity enhancements for RMUs and MV GIS. Additionally, a new facility was initiated for 800kV Circuit Breaker manufacturing.
Partnerships and Alliances that solidify our tech offerings to the market:
1. Strategic collaborations were formed for the manufacture of composite insulators used in Instrument Transformers, Surge Arresters, and RIP Bushings.
2. Contract manufacturing was initiated for Instrument Transformer sub-assemblies, along with development partnerships for casting components and hollow composite insulators.
3. In the sustainability space, development of a 36kV GIS using is underway through alliances
an eco-friendly alternative to SF6 with specialized gas manufacturers.
4. Additionally, production and testing of Dead Tank Breakers commenced for the North American market.
Operational highlights
Operational efficiency was strengthened through the integration of a gas testing, enhancing in-house helium leak detection system for SF6 manufacturing capabilities. A significant boost in 420kV and 800kV substation packages - especially for renewable-focused transmission projects. This drove increased supply of EHV Instrument Transformers.
Cost Saving Initiatives
Cost efficiencies were achieved through design optimizations, alternate sourcing strategies, and import substitutions - leading to reduced lead times, FOREX savings, and enhanced order infiow. Product-level cost reductions were driven across RMUs, AIS panels, GIS units, protection relays, and PCVCBs. Additional initiatives such as recycling and supplier re-negotiations contributed to waste elimination and improved procurement effectiveness.
R&D and New Products Development
The business continued to advance its technology leadership with a strong focus on new product development across MV, HV, and EHV segments, reinforcing CGs commitment to reliable, future-ready power systems.
New Products Developed during the year: MV Business:
• 12kV 40kA 3150A 1 sec IAC AFLR
• 12kV 21kA 630A Switch E3 class Vertical RMU
• 650mm wide 12kV 26.3kA 2000A Indoor AIS S1 Class E2 C2
• 12kV 26.3kA 2000A 0.1 sec IAC AFLR
• 600mm wide 36kV 31.5kA GIS S1 Class E2 C2 M2. 31.5kA GIS 1 sec IAC AFLR.
EHV Business: In the Extra High Voltage segment, CG developed Gas Circuit Breakers with enhanced creepage 800kV and 420kV SF6 distance and composite insulators. These products are positioned for both domestic and international markets, including India and Europe. Recent developments include:
• 420kV OIP condenser bushings with polymer insulators, compliant with seismic zone V standards
• High-current transformers bushings (245kV, 2500A and 4000A) meeting the latest utility specifications
• 420kV air-to-air type bushings for high voltage laboratories
• Moulded Polymeric lightning arresters up to 245kV based on WRAP/CAGE design
• 624kV porcelain lightning arresters designed for UHV grid applications in India for 800kV system. 35kV Loco Head Bushing: A 35kV loco head bushing was successfully developed for railway applications in India, enabling high-voltage connections to locomotive transformers through loco grounded walls. The bushing meets stringent Indian railway technical specifications and completed type tests as per CLW specifications in line with requirement given in IEC standard 61869 and EN 61373.
High Current OIP Bushing: To support Indias growing renewable energy integration and reactive power needs, CG has developed high current condenser bushing for the transformers used in reactive power compensation system like STATCOM coupling transformer. Condenser bushings are vital components of the power transformers to carry the rated current safely in circuit.
Industry 4.0 and Digital Transformation Initiatives
• Enhanced VCB breaker assembly process through LEAN automation, improving operational efficiency
• Introduced QR-based product manuals, promoting easy access and eco-friendly practices
• Streamlined manufacturing instructions via automated design processes for better workflow
• Boosted relay testing accuracy and efficiency through automation
• Improved leak detection reliability with Helium Leak Test system for RMU and GIS
• Strengthened design data management with upgraded engineering software tools
• Enabled a paperless work environment through complete digitalization of shop floor and office operations
• Advanced quality control with digital tools like motorized pull testers, torque screwdrivers, 3D scanners, and precision measurement instruments
• Established an in-house NABL-accredited lab for transformer temperature rise testing, enhancing self-reliance and reducing external dependencies
Marketing and Business Development Initiatives (Transformers and Switchgears)
Alongside regular participation in key industry exhibitions, focused seminars and training sessions were conducted for utilities and EPC contractors to support spec-in and technical sales. CG also contributed to technical conferences by presenting articles on critical product performance and reliability. A notable highlight was CGs participation in the ‘One Day Workshop on New Trends/Technologies in EHV Substations organized by MSETCL, Mumbai where the development journey of RIP Bushings was showcased.
Exhibition participations include:
IET-K K Wagh EXPO 2025, Nashik
CGs Switchgear division, took part in the IET-K K Wagh EXPO 2025 where the Company engaged with aspiring engineers, inspiring them to innovate and engineer a better tomorrow. This emphasized CGs commitment to nurturing young talent and promoting forward-thinking solutions. The event, organized by the K K Wagh Institute of Engineering Education and Research, serves as a dynamic platform for aspiring engineers to explore advancements in technology and innovation. It aims to bridge the gap between academia and industry by fostering interactions between students and professionals.
GRIDCON 2025, New Delhi
CGs Power division, showcased our advanced Switchgear and Transformer solutions, focusing on unmatched reliability, efficiency, and sustainability at GRIDCON 2025. Our presence demonstrated CGs leadership in power transmission and distribution solutions and our role in driving innovation in the power sector. Organized by Power Grid Corporation of India Limited (PGCIL) in association with CIGRE-India, GRIDCON is a premier international conference and exhibition focused on power transmission and grid innovations. The event brings together global experts, decision-makers, and industry leaders to discuss the latest advancements in power grids and network infrastructure.
Elecrama 2025, Noida
CG made a significant impact at ELECRAMA 2025 with the showcase of our cutting-edge smart solutions from the Motors, Drives and Automation, Switchgears, Transformers, and FMEG divisions. The participation saw a footfall of 2000+ current and prospective customers, channel partners and leaders from across sectors vising our stall, refiecting our comprehensive connections and capabilities in smart energy and sustainable technology.
ELECRAMA, organized by the Indian Electrical and Electronics Manufacturers Association (IEEMA), is the worlds largest standalone electrical exhibition, covering a complete spectrum of solutions for power, transmission, distribution, power electronics, and renewables.
Nepal Electric, Power and Lights International Expo 2024, Nepal
CGs Power division showcased our advanced Power Systems portfolio, including Power and Distribution Transformers, Switchgears, RMUs, GIS, relays, auto-reclosures, sectionalizers, vacuum interrupters, and vacuum contactors. Our participation emphasized CGs dedication to supporting Nepals evolving power infrastructure.This prestigious expo focuses on innovations in electronics, lighting, power, and energy, offering a platform for manufacturers and buyers to connect and explore new technologies.
ESG FOCUS ACCREDITATIONS RECEIVED
Motors
• Motors Large Industrial Machine Division, Mandideep facility received Certification for Zero Waste to Landfill (ZWTL) by Bureau Veritas Group
• Motors Large Industrial Machine Division, Mandideep facility received Certification for SuP Free Certification by Confederation of Indian Industry (CII)
• Motors Low Tension Motor Division, Ahmednagar received Certification for ‘Aspiring towards ZERO Waste to Landfill Facility by The Confederation of Indian Industry (CII)
Switchgears
• Switchgears Nashik Facility received certifications for ‘Zero Discharge of Treated Process and Domestic Liquid to Outside Factory Premises by Bureau Veritas
• Switchgears Aurangabad facility received certification for Zero discharge for treated industrial and domestic effluent within factory premises by TUV India Pvt. Ltd.
Transformers
• Transformers Distribution Transformer Division, Malanpur facility received the SuP Free Certification, eliminating single-use plastics and embracing eco-friendly alternatives by Confederation of Indian Industry (CII)
• Transformers Power Transformer Division, Madideep facility received SuP Free Certification from CII and Certification for Zero Liquid Discharge
Railways
Railways Traction Machines and System Unit, Mandideep received certification for Single Use Plastic free premises by Prosure
In the upcoming financial years, the Company is looking forward to publicly report on our ESG Targets along with its Net Zero Journey. It will also be on its Supplier Assessment results.
Materiality
The variety of issues that could be classified under ESG can make it daunting for any company to address and manage all of them. Hence, a materiality assessment helped CG to identify and prioritize issues that are most "material" to its business and most relevant to stakeholders.
The material topics were identified using a 5-step methodology.
| Stakeholder Identification | Evaluating Standards and Fra meworks | Online Surveys | Diagnostic Assessment | Mappi ng |
| Stakeholder groups – Peers, Boardo f Directors, Seni or Management, investors, suppliers, customers, and emplo yees were sele cted | Review of standards and f r ameworks li ke SASB, Refin itiv , BRSR, Susta n i alytic s, DJSI, and MSCI was underta ken | Online surveys wit h identif e i d stakeholder in ordert o capturet he stakeholder materia lity preference was underta ken | Assessment of the materia l issues of stakeholders was consid ered and a scor e was a rriv ed at | The fi nal scores were mappedf or CG, and oth er stakeholders and a mat rix of the issues were finaliz ed |
Materiality Assessment
Materiality Topic |
SDG Linkage |
Priority |
Focus Areas |
| Climate Actions | Very High | • Scope 1, 2 and 3 emissions and GHG intensity | |
| • Use of renewable energy | |||
| • Energy efficiency measures | |||
| • Energy intensity | |||
| Corporate Governance | Very High | • Incorporate risk mitigation and governance processes | |
| • Upholding Shareholder Rights and Relations | |||
| • Brand Management | |||
| • Maintaining Transparency and Disclosure | |||
| Human Capital Development | Very High | • Measures for employee wellbeing, health, safety and motivation | |
| • Reduction in incident rate | |||
| • Diversity and inclusion, Talent retention | |||
| • Employee engagement and appreciation programs | |||
| • Training and skills development | |||
| • Performance appraisal and incentives, fair compensation | |||
| Product Stewardship | High | • Quality and standard of products as per regulations and industry benchmarks | |
| • Grievance redressal mechanism | |||
| • Resource Efficiency | |||
| Innovation Management | High | • Innovations considering Sustainability parameters | |
| • Recording of patent held, applied, received for each Financial Year | |||
| Responsible Supply chain | High | • Sustainable and responsible sourcing | |
| • Proximity, Preferential procurement | |||
| • Risk identification & mitigation | |||
| • Supplier ESG assessment, trainings and ESG sensitization | |||
| Responsible Investment Practices | Moderate | • Investment in research on new products and related risks | |
| • Investments in sustainable financing | |||
| Human Rights | Moderate | • Human rights impact assessment | |
| • Training of internal and external stakeholders on human rights issues | |||
| Customer Relationship Management | Moderate | • Customer satisfaction surveys and studies | |
| • Consumer grievance redressal mechanism | |||
| • Upgradation of products basis the survey result |
Materiality Topic |
SDG Linkage |
Priority |
Focus Areas |
| Community Relations | Moderate | • CSR projects and spends | |
| • CSR impact assessment | |||
| • Partnerships for achieving CSR goals | |||
| • Community relations and redressal mechanism |
MAJOR AWARDS AND RECOGNITIONS RECEIVED
World Record for Industrial Safety Awareness (LT Motors – Ahilyanagar, Maharashtra):
CG made it to the London Book of World Records for contribution to the Largest Industrial Safety Awareness Event, held in collaboration with MARG (Mutual Aid Response Group). With participation of 22,250 individuals, three of our LT Motors units in Ahilyanagar played a role in promoting workplace safety and fostering a culture of well-being. This global recognition underscores our unwavering commitment to health, safety, and responsible industrial practices.
Dun & Bradstreet Business Excellence Award:
CG was honored with a prestigious recognition by Dun & Bradstreet India, acknowledging our outstanding value creation, innovation-led growth, and positive industry impact. This accolade refiects our dedication to delivering transformative solutions that contribute meaningfully to customers and communities alike.
Supplier Performance Excellence Award – Gilbarco Veeder-Root India (FHP Motors):
CG received the Supplier Performance Excellence Award for FY 2024 from Gilbarco Veeder- Root India, recognizing our excellence in quality, reliability, and on-time delivery of FHP motors. This achievement refiects our zero-tolerance approach to non-conformity and our continued pursuit of operational excellence and customer satisfaction.
Runners-up in CII organized competition (Distribution Transformers (T2)):
CGs T2 team secured the 2nd position out of 30 teams from various industries in a competition organised by CII on ‘LEAN Practices, held at Chennai. The team presented a Kaizen case study on ‘Lean Principles deployed at the Companys Distribution Transformer manufacturing facility. The team achieved significant improvement in productivity of Distribution Transformers by deploying the LEAN principles and by adopting Kaizens.
Winners at MP State-Level KAIZEN Competition (Railway Signalling):
CG RS Team emerged victorious at the prestigious out of 38 participants from across industries and various states at the 13th Edition of ‘KAIZEN Competition – Madhya Pradesh State Level organised by CII Indore. The topic for Presentation was on ‘Implementation of Single Piece Flow
Production Line for Point Machine Shop. This accomplishment underscores CGs dedication to continuous improvement and also showcases the transformative power of collaborative innovation.
Recognized by GE Vernova (Switchgears):
CGs Switchgear Division received notable industry recognition during the year. GE Vernova honoured CG at its "Global Supplier Partner Conference 2024" in Vadodara for successfully developing 800 kV Condenser Bushings and delivering exceptional value to customers. Additionally, Southern States LLC acknowledged CG for over two decades of consistent support, commitment to quality, and contribution to sustainable business practices.
STRATEGIC SOURCING INITIATIVES ACROSS BUSINESSES
CG continued to strengthen its strategic sourcing framework to support its diversified business portfolio, encompassing motors and drives, transformers, switchgears, railway and consumer products. Recognizing the critical role of procurement in ensuring operational efficiency and product excellence, the Company implemented several initiatives to enhance its sourcing capabilities.
• Optimizing Supply Chain Resilience: Amid global supply chain disruptions affecting the availability of critical components, CG proactively diversified its supplier base to mitigate risks associated with single-source dependencies.
The Company consolidated its supply chain across different units to leverage on the increased volume and improved cost efficiency for critical commodities. Strategic sourcing team continues to work on: o Digitizing the procurement ecosystem to bring improved spend visibility and control, o Transparency in the supplier base, o Improving compliance, and o Creating easier to implement quality, ESG, and risk management standards.
• Sustainable and Ethical Sourcing Practices: Aligning with global sustainability goals and the companys commitment to responsible business practices, CG emphasized sourcing materials from environmentally conscious and ethically compliant suppliers. In the reporting year, all of our Critical Suppliers were assessed for their performance related to Environment, Health and Safety (EHS) and working conditions by CG. Going forward, CG will improvise its Supplier ESG assessment methodology and will educate to suppliers on various topics such as ESG matters, adherence to environmental regulations and labour standard, and to explore opportunities for working towards CGs and their Sustainability Goals.
• Strategic Partnerships and Collaborations: To foster innovation and access cutting-edge technologies, CG entered into strategic partnerships with key suppliers and industry leaders. These collaborations facilitated knowledge exchange, joint development of advanced components, and ensured priority access to high-quality materials, thereby enhancing the companys competitive edge.
• Support in Capacity Expansion and Localization: Strategic sourcing played a pivotal role in this expansion by securing critical equipment and materials in a timely and cost-effective manner. Additionally, CG focused on localizing its supply chain to reduce dependency on imports, shorten lead times, and support local suppliers.
FOCUS ON GO-TO-MARKET STRATEGY AND KEY ACCOUNT MANAGEMENT
This year, CG initiated a sharper, more structured approach to its Go-To-Market (GTM) strategy, placing strong emphasis on Key Account Management (KAM) and Strategic Account Management (SAM). With the goal of deepening customer relationships and driving long-term value, the Company has focused its efforts on key sectors such as steel, infrastructure, power, and renewables—anchoring strategic engagements with marquee clients. This focused approach is designed to deliver tailored solutions, enhance service responsiveness, and unlock cross-selling opportunities, thereby aligning the Companys offerings more closely with the evolving needs of its most critical customers.
OTHER KEY HIGHLIGHTS
CG Forayed into Semiconductor Design as a Part of its Strategic Diversification.
CG signed a definitive agreement with Japan-based Renesas Electronics and initiated the acquisition of its Radio Frequency Components (RFC) business for $36 million. October 2024 marked CGs entry into the semiconductor design space. And a new subsidiary was formed - Axiro Semiconductor Private Limited. The transaction involved the transfer of IP, assets, and key personnel, aligning with CGs strategy to diversify technologically and contribute to Indias goal of building a robust semiconductor ecosystem, subject to regulatory approvals.
CG Acquired G.G. Tronics India Pvt Ltd. (GGT)
CG acquired a 55.60% stake in G.G. Tronics India Private Limited for Rs. 319.38 Crores, strengthening its footprint in the railway signalling segment. GGT, a Bengaluru-based company, specializes in electronic safety systems and is actively involved in the development of ‘Kavach—Indias indigenous Automatic Train Protection (ATP) system. The acquisition is expected to accelerate CGs role in advancing rail safety solutions, with full integration targeted within 9–10 months.
Development of the Companys Property ‘CG House Situated at Dr. Annie Besant Road, Worli, Mumbai
The Company on 4 July, 2024 entered into a ‘Development Agreement with Skybound Realty Private Limited ("Developer"), a M/s K Raheja Corp. Group Company, for the joint development of the Companys property ‘CG House situated at Dr. Annie Besant Road, Worli, Mumbai, built on leasehold land (leasehold land).
The Company and the Developer entered into a Development Agreement ("Agreement") whereby the Company has granted development rights in respect of leasehold land admeasuring 4,262.34 square meters situate on and being a part of Plot No.1I of the land bearing Cadastral Survey No. Final Plot No. 1079 of Town Planning Scheme IV of Mahim Division and Cadastral Survey No. 1/1030 of Lower Parel Division together with the structures thereon, to the Developer for the purpose of construction and development of a new building/s on the land ("New Building") in the manner set out in the Agreement.
The Developer has to complete the entire construction and development of the New Building, in the manner set out in the Agreement, and the Company and the Developer shall be entitled to an equal share, i.e., 50% (fifty percent) in the New Building.
The Companys share in the New Building shall be the consideration for the Company granting development rights and assignment of the Developers UDI, i.e., assignment of undivided leasehold share, right, title and interest in the leasehold land in favour of the Developer.
The approval cost payable to the Government Authorities shall be borne by the Company the Developer equally.
INFORMATION TECHNOLOGY AND DIGITAL TRANSFORMATION INITIATIVES
This year, CG accelerated its digital transformation journey by implementing key initiatives to enhance operational efficiency, decision-making, and customer engagement.
SD-WAN Implementation: CG rolled out Software Defined-Wide Area Network (SD-WAN) across 20 locations, including factories and offices. This has led to faster and more secure connectivity, reduced hardware costs, and simplified network management—supporting agile IT deployments and better application performance.
Digital Approval Note System: The Company moved away from manual approvals to a fully digital office note system. This has significantly improved workfiow speed, reduced paperwork, operational efforts, courier costs, increased transparency, and supported our sustainability goals by cutting down on printing and courier use.
SAP Group Reporting Migration: CG also transitioned from SAP BPC to Group Reporting in S/4HANA, enabling real-time financial consolidation and insights. This shift reduced system complexity, improved accuracy, and empowered faster, data-driven decisions across business units.
Customer Service Portal Enhancement: This has enhanced its Post-Sales Service Ticketing Tool with several new features to improve business operations and customer experience for CG. The portal now offers improved tracking, faster issue resolution, and better organization of service requests. A WhatsApp chatbot was also added as an additional feature to handle repetitive queries, provide real-time updates, and engage customers more efficiently, further improving satisfaction and support quality.
Ongoing Digital Projects
1. IoT for Manufacturing: Implementation of IoT is underway to boost efficiency and reduce downtime through real-time monitoring and predictive maintenance.
2. GenAI Use Cases: Were integrating GenAI across areas like supply chain, shopfloor operations, and customer support to enhance productivity and decision-making.
3. Power BI Dashboards: New 360? dashboards offer real-time insights, helping teams track KPIs and improve business performance.
4. SAP S/4HANA at GGTronics: A full-scale SAP rollout is in progress at GGTronics, set to go live in April 2025, replacing legacy systems and integrating with CGs core operations.
5. CRM Implementation: A centralized CRM system is being deployed across all divisions to streamline sales, marketing, and support functions—improving collaboration and enhancing customer experience.
FINANCIAL PERFORMANCE
STANDALONE |
CONSOLIDATED | |||
| 2024-25 | 2023-24 | 2024-25 | 2023-24 | |
| 9329 | 7610 | Revenue from operations |
9909 | 8046 |
| 6609 | 5330 | Cost of materials consumed and components consumed and construction material | 6926 | 5552 |
| 480 | 406 | Employee benefits expense | 613 | 508 |
| 967 | 798 | Other expenses | 1065 | 858 |
| 1273 | 1076 | EBIDTA Excluding Other Income (OI) |
1305 | 1128 |
| 162 | 151 | Other Income (OI) | 162 | 106 |
| 1435 | 1227 | EBIDTA Including OI |
1467 | 1234 |
| 6 | 3 | Finance cost | 7 | 3 |
| 87 | 78 | Depreciation and Amortization | 112 | 95 |
| 1342 | 1146 | Profit before share of profit / (loss) of associate, exceptional items and tax |
1348 | 1136 |
| - | - | Share of profit / (loss) of associate | - | - |
| 1342 | 1146 | Profit before exceptional items and tax |
1348 | 1136 |
| - | 143 | Exceptional items | - | 22 |
| 1342 | 1289 | Profit before tax |
1348 | 1158 |
| Less: Tax Expenses | ||||
| 174 | 1 | Current Tax | 185 | 7 |
| 194 | 284 | Deferred Tax (Net) | 190 | 280 |
| 974 | 1004 | PAT for the year from continuing operations |
973 | 871 |
| - | - | Minority Interest | (2) | 1 |
| 974 | 1004 | PAT after Minority Interest |
975 | 870 |
| - | - | Profit from discontinued operation before tax | - | 556 |
| - | - | Tax expenses on discontinued operations | - | (1) |
| - | - | Profit from discontinued operation |
- | 557 |
| 974 | 1004 | Net profit for the year |
975 | 1427 |
| 1231 | 1170 | Cash profit for the year |
1240 | 1245 |
KEY RATIOS (STANDALONE)
RATIOS |
2024-25 | 2023-24 | REMARKS |
Profitability Ratios |
|||
| EBIDTA Margin (Excluding OI) | 13.6% | 14.1% | EBITDA margin has decreased due to increase in cost |
| Operating Profit Margin (Excluding OI) | 12.7% | 13.1% | Operating profit margin has decreased due to increase in cost |
| Net Profit Margin (before exceptional items) | 10.4% | 11.3% | Net profit margin has decreased due to increase in cost |
| RONW on total operations | 24.0% | 30.9% | Return on net worth has declined during the current year due to recogination of current and deferred tax expense. |
| ROCE (excluding exceptional item) (terminal) on continuing operations | 33.3% | 35.9% | Return on net worth has declined during the current year due to increase in cost |
Per share Ratios |
|||
| EPS (Basic) on the basis of total profits from continuing operations (In Rs. per share) | 6.38 | 6.58 | Basic EPS has decreased on account of decrease in profit. |
RATIOS |
2024-25 | 2023-24 | REMARKS |
| EPS (Diluted) on the basis of total profits from continuing operations (In Rs. per share) | 6.37 | 6.57 | Diluted EPS has decreased on account of decrease in profit. |
Leverage Ratio |
|||
| Debt Equity Ratio | 0.00 | 0.00 | - |
| Interest Coverage Ratio for continuing operations | 89.7 | 145.3 | Ratio has decreased on account of increase in interest cost and reduction in earnings. |
Assets Efficiency Ratios |
|||
| Net Sales to gross working capital of continuing operation (Times) | 2.3 | 2.0 | Increase is mainly on account of marginal increase in net revenue as compared to increased in gross working capital resulted increase in ratio |
| Net Sales to net working capital of continuing operation (Times) | 6.2 | 4.5 | Increase is mainly on account of marginal increase in net revenue as compared to increased in net working capital resulted increase in ratio |
Other Ratios |
|||
| Average Debtors Turnover (no of days) | 65 | 65 | - |
| Average Inventory Turnover (no of days) | 48 | 40 | Increase in average inventory turnover days due to increase in average inventory |
| Current ratio | 1.57 | 1.80 | Decrease in current ratio due to increase in inventories, increase in trade payables and increase in other current liabilities |
ENVIRONMENT, HEALTH & SAFETY (EHS)
A detailed write-up on Environment, Health and Safety ("EHS") has been provided in the Business Responsibility and Sustainability Report ("BRSR"), forming part of this report.
CORPORATE SOCIAL RESPONSIBILITY
A detailed report of CSR activities of the Company during the year 2024-25 has been mentioned in the CSR Report, which is appended with the Directors Report.
HUMAN RESOURCE
CG Power and Industrial Solutions Limited places people at the centre of its growth journey. The Companys Human Resource strategy is rooted in inclusion, fairness, meritocracy, and continuous development, all aimed at building a strong and future-ready workforce.
Inclusive and Respectful Workplace
CG is committed to creating a workplace that is inclusive, respectful, and free from discrimination. It promotes diversity, fosters harmony, and ensures equal opportunities for all. The Company actively discourages personal bias and values merit as the foundation for growth and recognition. Every individual at CG is treated with dignity and respect.
The Company upholds the highest standards of human rights and integrates these principles across its operations and value chain, ensuring responsible conduct and ethical business practices.
Talent Acquisition and Workforce Strength
In pursuit of excellence, CG continues to attract skilled and passionate talent to support business expansion. During FY 2024–25, the Company recruited 685 professionals across various functions.
As of March 31, 2025, CGs total workforce stood at 7,591, of which 4,183 were engaged on a temporary, contractual, or casual basis.
Performance Management and Talent Development
CG follows a structured Performance Management Framework, PRIDE (Personal Responsibility in Delivering Excellence), which aligns rewards with outcomes and reinforces a merit-driven culture. The framework encourages individual accountability, recognizes performance, and supports professional growth.
Learning and development remain a core focus area. CG continues to invest in programs that enhance employee capabilities and support long-term career progression.
Learning and Development
During the year, CG implemented a wide range of development initiatives aimed at building future-ready skills and leadership capabilities. These included sessions on:
• Performance feedback and leadership effectiveness
• Emotional intelligence and collaboration
• Infiuencing skills and digital readiness, including Generative AI and ChatGPT
• Finance for Non-Finance Professionals
• A specialized Supply Chain Excellence Program to strengthen functional expertise
Technical and industry-focused programs such as Six Sigma Green Belt, Quality Management, and Industry 4.0 were also conducted to align with evolving operational and market standards.
These initiatives underscore CGs commitment to continuous learning and excellence across all levels of the organization.
Employee Engagement and Well-being
CG remains focused on creating a positive, connected, and engaging work environment. During the year, an Employee Engagement Survey was conducted to gather actionable insights and identify areas for enhancement.
The Company launched several initiatives to strengthen employee well-being and morale, including sports tournaments at various locations, festival celebrations, and observances like International Womens Day. Townhalls and leadership connect sessions ensured open dialogue and alignment across the organization.
Diversity and Inclusion
Gender diversity and equal opportunity continue to be key priorities. During FY 2024–25, 9.3% of fresh recruits were women, refiecting CGs commitment to building a balanced workforce. The Company also welcomed specially-abled candidates as part of its inclusive hiring practices.
Talent induction & Succession planning
In FY25, CG strengthened its approach to talent acquisition, and leadership development to support future growth. Focused initiatives were launched to attract, retain, and develop high-quality talent while building a strong leadership pipeline.
Key initiatives:
• Introduced a five-day working policy to enhance employee work-life balance.
• Started social media job postings and bi-monthly employer branding campaigns to attract external talent.
• Planned a Talent Acquisition Centre of Excellence (COE) for focused and streamlined hiring.
• Developed new recruitment policies including employee referrals and internal job transfer frameworks.
• Rolled out a Rewards and Recognition (R&R) program, with expanded initiatives lined up for next year.
• Achieved 6% (yet to come) internal promotions during the year and initiated leadership bench planning through a comprehensive Talent Guide.
INTERNAL CONTROL SYSTEMS & THEIR ADEQUACY
Internal Audit
To maintain its objectivity and independence, Internal Audit is carried out by the independent specialist Internal Audit Firm appointed by the Audit Committee. The Audit Committee has re-appointed PricewaterhouseCoopers ("PwC") Services LLP as the Internal Auditors for the financial year 2024-25.
To further strengthen the control environment, the Company has also established an in-house Internal Audit function during the year. This role of the function is to provide additional assurance by enhanced coverage and to facilitate implementation of the agreed action plans.
The Audit committee approves the Audit plan for the year. The annual plan comprises verticals, business processes, locations and the coverage timelines. The scope and objectives of the internal audit reviews extend beyond the transactional risks to cover business process aspects and emerging risk areas such as regulatory changes, technology risks, etc.
The internal auditor focuses on processes and system audits to assess adequacy and operating effectiveness of internal controls, compliance to the Companys policies, procedures and recommend areas of improvement to strengthen the control environment and to improve the business processes. The company is realizing the benefits from the professional approach and practices implemented by the internal auditors.
Significant internal audit observations, along with the agreed action plan, are discussed with the Audit Committee on a quarterly basis. The Audit Committee evaluates the adequacy and effectiveness of controls and recommends areas for improvement to strengthen the control environment. This ongoing evaluation process by the Audit Committee contributes to the organizations resilience and ability to adapt to changing risk landscapes and, thereby, ensuring a robust and sustainable internal control environment.
Internal Financial Controls
The key internal financial controls within the Company are documented and are commensurate with the size, scale and complexity of its operations. This robust framework includes entity-level policies, process controls, IT general controls, Standard Operating Procedures (SOPs), and Delegation of Authority (DOA).
Entity-level policies include anti-fraud measures, such as the code of conduct, confiict of interest guidelines, insider trading policy, confidentiality agreements, and a whistleblower policy. Additionally, the framework integrates governance policies covering human resources, corporate communication, IT security protocols, risk management, business continuity and disaster recovery plans, along with the establishment of governance committees to evaluate business risk, strategies and performance.
The Company has defined Risk and Control matrices for key business processes, including procure-to-pay, order-to-cash, hire-to-retire, treasury, finance and accounts, fixed assets, inventory management, and IT general controls, covering both entity and business vertical levels.
These internal financial controls are reviewed by Independent Internal and Statutory Auditors every year who evaluate the effectiveness of these controls.
ENHANCED FOCUS ON OPERATIONAL EXCELLENCE
CG embarked on a focused journey towards operational excellence, recognizing it as a critical lever to unlock the next phase of sustainable growth. With enhanced emphasis on optimizing processes, improving agility, and driving efficiency, the Company is strengthening its foundation for scalable and future-ready operations and continues its commitment to streamline operations, reduce turnaround time, and enhance customer satisfaction across all business functions.
One of the initiations of this commitment was the optimized design of the KAVACH installation process during the year. Initially requiring 9 days, the installation time was designed to just 18 hours through strategic resource planning and execution. This breakthrough not only accelerated implementation timelines but also established a standardized operational framework. The redesigned process helped define the organizational structure, inventory policy, and skill repository necessary to support KAVACH deployment at multiple Railway loco sheds across India, starting June 2025. This achievement exemplifies CGs ability to translate operational strategy into measurable, customer-focused outcomes.
RISK MANAGEMENT
CG Power and Industrial Solutions Limited operates in a landscape rife with diverse internal and external risks spanning financial, operational, sectoral, technological, ESG-specific, cybersecurity, and geopolitical domains. Given the breadth of its business portfolio and the geographical spread of its operations, the Company has instituted a Board-approved Risk Management Charter & Policy to implement a structured and comprehensive enterprise risk management system. This charter aims to establish a shared understanding, terminology, and approach for identifying, assessing, responding to, monitoring, and reporting risks. Its primary objective is to assure management that key risks are identified and managed effectively across the Company.
The Enterprise Risk Management (ERM) initiative endeavors to cultivate a ‘risk intelligent organization, enhancing resilience to significant risk exposures while fostering agility and competitive advantage to uphold and elevate long-term stakeholder value.
To oversee this process, the Company has instituted a robust governance structure, led by the Risk Management Committee of the Board (RMC). The RMC meets thrice a year to deliberate on internal and external risks specifically faced by the Company, including financial, operational, sectoral, sustainability (particularly risks related to ESG and BRSR reporting), information, and cybersecurity risks, or any other high-risk areas as may be determined by the Committee.
At the operational level, a dedicated ERM team centrally coordinates the deployment of the ERM framework, ensuring consistent application throughout CG. While final accountability for implementing risk response strategies lies with senior executives or designated risk owners within functional units and businesses, the ERM framework draws on insights gleaned from leading industry practices and international standards such as ISO 31000.
At the business unit level, Unit Risk Management Committees conduct risk reviews every month. At the business level, Business Risk Management Committees conduct risk reviews every two months.
The ERM framework has proven instrumental in identifying and analyzing unforeseen risks, empowering management to make informed decisions. The ERM team fosters process efficacy through extensive engagement with a broad array of internal stakeholders via a bottom-up approach, as depicted in the diagram below, with senior management providing active oversight, review, and guidance at every stage.
BUSINESS OUTLOOK
As CG looks ahead, it does so from a position of momentum and preparedness. The Company has steadily reinforced its ability to adapt to changing industry dynamics through timely investments, resilient focus on operational excellence, and a strong commitment to quality and delivery. With a diversified portfolio and a customer-centric approach, CG is well-aligned to cater to critical sectors in India and abroad.
The Companys strategic priorities - scaling capacity, advancing technology, and deepening operational agility are well-timed against the backdrop of Indias expanding industrial base. Increasing demand across transmission infrastructure, energy-efficient solutions, electrified mobility, and automation is expected to sustain sectoral growth over the medium to long term. CGs focus on execution discipline and product differentiation positions it strongly to capture this momentum.
At the global level, the realignment of sourcing strategies, accelerating energy transitions, and the increasing preference for localised, trusted manufacturing partners create a favourable environment for CGs continued evolution. With the right capabilities in place, the Company remains optimistic about the opportunities that lie ahead and is committed to navigating the future with clarity and purpose.
Forward looking statement
This report contains forward-looking statements, which may be identified by their use of words like ‘plans, ‘expects, ‘will, ‘anticipates, ‘believes, ‘intends, ‘projects, ‘estimates or other words of similar meaning. All statements that address expectations of projections about the future, including but not limited to statements about the Companys strategy for growth, product development, market position, expenditures and financial results, are forward-looking statements. Forward-looking statements are based on certain assumptions and expectations of future events. The Company cannot guarantee that these assumptions and expectations are accurate or will be realized. The Companys actual results, performance or achievements could thus differ materially from those projected in any such forward-looking statements. The Company assumes no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent developments, information or events. The Company has sourced the industry information from the publicly available resources and has not verified that information independently.
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