| Order Book | ₹23,646 CrRecord High |
|---|---|
| Market Cap | ₹1,31,127 CrGeneral Industrials |
| Revenue TTM | ₹13,699 CrTrailing 12 Months |
| RSI | 44.01Neutral Zone |
Key highlights
- Axiro joins ThinSiC as Lead Investor in its latest financing round for SiC power devices
- Partnership targets next-generation applications in rail traction and grid infrastructure
- ThinSiC technology addresses cost barriers that have limited Silicon Carbide adoption
- Axiro to serve as a strategic commercial channel for ThinSiC technology in India
- CG Power reported record unexecuted order book of 23,646 crore as of September 2026
Strategic Expansion into Power Electronics
CG Power reported a 30.1 percent year-on-year increase in quarterly revenue to 3,801.54 crore for the period ended September 2026. During the same quarter, net profit rose 43.7 percent to 412.04 crore, with operating margins improving to 14.2 percent. This strong financial performance supports Axiro strategy to move beyond its core RF and mmWave design capabilities into the high-growth power electronics sector.
The partnership with ThinSiC specifically targets cost-effective Silicon Carbide solutions, which are emerging as a critical alternative to traditional silicon in power transmission and industrial drives, where CG Power maintains a significant market presence.
Advancing the Semiconductor Ecosystem
- Axiro acquired 100 percent equity in Tosil Systems for 16.44 crore in August 2026
- Strategic partnership with EdgeCortix for edge AI platform development signed in April 2026
- Fiscal Support Agreement with India Semiconductor Mission for Sanand OSAT project in January 2025
- Scheduled commissioning of the second semiconductor OSAT facility G2 slated for late 2026
- Record consolidated quarterly order inflows reached 8,485 crore in September 2026
Overcoming Cost Barriers in SiC Adoption
This investment reflects our conviction that silicon carbide will be central to the next generation of power electronics and that cost has been the single biggest barrier to its broader adoption. ThinSiC technology addresses exactly the cost and scalability challenges that have held high-voltage SiC back.
Leveraging Industrial Footprint for Commercialization
The semiconductor foray aligns with the group massive unexecuted order book and domestic industrial footprint. Axiro is positioned as a commercial channel for ThinSiC technology in India, targeting essential segments like rail traction and grid infrastructure. This follows the 302 crore asset purchase of Renesas Electronics RF components business in late 2024, signaling a sustained shift toward integrated semiconductor design and manufacturing.
With a current price to earnings ratio of 95.34 compared to the sector average of 52.22, the market continues to price in significant growth from these high-technology diversifications and the upcoming capacity expansions in power transformers.
| Date | Announcement | Amount |
|---|---|---|
| 17 Aug 2026 | Securities Purchase Agreement by subsidiary Axiro Semiconductor to acquire 100% equity in Tosil SystemsSource: BSE filing | ₹16.44 Cr |
| 15 Apr 2026 | Strategic partnership and investment by subsidiary Axiro Semiconductor with EdgeCortix for edge AI platform developmentSource: edgecortix.com | – |
| 17 Feb 2026 | Strategic partnership joining the India Deep Tech Alliance for semiconductor and deep tech collaborationSource: prnewswire.com | – |
| 11 Aug 2025 | Strategic partnership between US subsidiary CG DE SUB and Flanders Electric to expand footprint in the US rail sectorSource: angelone.in | – |
| 17 Jan 2025 | Fiscal Support Agreement signed with India Semiconductor Mission for the Sanand OSAT semiconductor projectSource: pib.gov.in | ₹7,600.00 Cr |
| 04 Oct 2024 | Asset Purchase Agreement with Renesas Electronics America to acquire its RF components business and semiconductor design IPSource: NSE filing | ₹302.00 Cr |
What to watch next
- Commissioning of the second semiconductor OSAT facility in Sanand by December 2026
- Completion of 10,000 MVA power transformer capacity expansion by October 2027
- Integration of ThinSiC power devices into CG Power industrial drive product lines
- Next quarterly financial results announcement scheduled for January 2027
“We are pleased to support ThinSiC as investor and strategic partner. This investment reflects our conviction that silicon carbide will be central to the next generation of power electronics and that cost has been the single biggest barrier to its broader adoption.”
“We are excited to have Axiro as an investor and partner. Their semiconductor expertise, their strategic vision for power, and their access to one of India's leading industrial groups would help us accelerate the commercialization our advanced SiC devices”
| Share price | ₹832.3 |
|---|---|
| Market capitalisation | ₹1.31L Cr |
| Revenue (annual) | ₹12,417.95 Cr |
| Net profit (annual) | ₹1,206.27 Cr |
| Revenue (latest quarter) | ₹3,801.54 Cr+15.87% vs previous quarter |
| Net profit (latest quarter) | ₹412.04 Cr+31.64% vs previous quarter |
| P/E (TTM) | 95.34×Sector 52.22× |
| Promoter holding | 56.34%-0.02% QoQ |
| FII holding | 11.08%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by CG Power and Industrial Solutions Limited announcing a strategic investment by its subsidiary Axiro Semiconductor in ThinSiC Inc. Market figures from a third-party data provider.
