Independent equity research · Initiating coverage

CG Power and Industrial Solutions (NSE: CGPOWER)

The price needs about 35% revenue growth a year for a decade. Initiate at SELL.

SELLRating

₹402Target price (−54%)

₹879Price, NSE close 1 Oct 2026

₹934Street average target (Outperform)

Heatmap of value per share by 10-year revenue CAGR and free-cash-flow margin; only 35–40% CAGR cells reach the share price — Reverse DCF: value per share by 10-year revenue CAGR and FCFF margin at a 14.8% WACC. Bold cells are at or above ₹879.

Read

Initiating-coverage report7 pages: thesis, reverse DCF, forecasts, valuation, risks One-page pitchThe call, three reasons, valuation and risks Report (PDF)Print-ready version Pitch (PDF)Print-ready version

Model and code

Excel modelHistoricals, segment forecast, DCF, reverse DCF, comps, commodity sensitivity Python cross-checkRebuilds the valuation and checks every output against Excel RepositorySources, method and verification log