Thank you, Nazneen. A very good afternoon, everyone.

On behalf of IIFL Capital, we like to welcome the management team of CG Power for the second quarter FY '27 earnings call. From the leadership team today, we have with us Mr.

Amar Kaul, Managing Director and CEO; Mr. Susheel Todi, Chief Financial Officer; Mr.

Maran L, EVP Drives and Automation and International Motors Business; Mr. Gaurav Makhija, Vice President Switchgears and EPD Business; Mr.

Dhananjay Bapat, Vice President Railway Business; Mr. Jatinder Kaul, EVP Motors Business, India Subcontinent; and Mr.

Samit Khanna, Vice President Consumer Products Business. With these words, I now welcome the management for the opening comments.

Once again, Amar and your team, many congratulations for a strong result. Sir, over to you for your opening comments.

Thank you.

Thank you. Thanks, Renu and rest of the team.

Good afternoon, everyone, and welcome to the CG earnings call. At the outset, I'm pleased to share that CG has continued to build on the growth momentum, delivering record-high quarterly revenue along with margin expansion.

Our quarter two and H1 performance reflects the continued strength of our diversified portfolio, disciplined execution, and continued focus on operational excellence leveraging CG Edge, which is our operating rhythm. Our Q2 sales grew by 32% year-over-year, and order intake grew by about 90% year-over-year, and profit before tax grew by 47% year-over-year, ensuring the positive leverage and also outpacing the revenue growth with about 180 basis points on the margin expansion.

This makes it another one of the strongest quarter performance in the recent times. Further, our orders remain robust with 90% growth year-over-year, and order book strengthened further at 21,820 crores, offering multi-quarter visibility for the organization.

Now, as I go deeper into the standalone performance, aggregate sales for the quarter was at 3,505 crores, recording a growth of 32% year-over-year. PBT had a growth of 47% at 602 crores, which is 17.2% of sales, as against 409 crores, which was 15.4% in Q2 in the previous year.

So, 180 bps better margin improvement year-over-year, primarily driven by the power systems segment and also a contribution from our motors business as well. Return on capital employed annualized was at 27%.

Order intake for the quarter was 8,016 crores, which is 90% growth year-over-year. Unexecuted order backlog as of 30th September 2026 was 21,820 crores, which is 61% higher year-over-year.

Now, if I double-click on each segment, going to the industrial segment first, strong growth across revenue and PBIT despite a dynamic cost environment. Aggregate sales for the quarter was 1,738 crores, which is 25% year-over-year, driven by strong growth across all the businesses.

PBIT was at 164 crores, which is 9.4% of the sales, against 135 crores in Q2 last year, which is 60 bps improvement in a sequential manner versus the previous quarters, driven by the margin expansion in motors. Order intake for the quarter was 1,758 crores, which is 12% year-over-year, and unexecuted order backlog as of 30th September remains healthy at 2,856 crores, providing visibility for the coming quarters.

Now, if I double-click on the power systems performance, there was strong growth and further margin expansion reflecting continued operating momentum and the robust demand. Aggregate sales for the quarter was 1,769 crores with a sharp rise of 41% year-over-year, supported by the disciplined execution using our vehicle of CG Edge.

PBIT was at 443 crores, which is 25% of sales, as against 260 crores, which was 20.7% in sales in Q2 financial year '26, 430 basis points improvement year-over-year underpinned by the strong price realization and better operating leverage amid resilient demand. Order intake for the quarter was 6,258 crores, which is 137% growth year-over-year, and unexecuted order backlog as of 30th September was 18,964, which is 81% up, providing again the multi-quarter visibility.

With that, we conclude deep dive into our standalone performance, and I'll now move to the consolidated performance. For consolidated results, it includes performance of our operating subsidiaries in Sweden, Germany, and Netherlands; CG Adhesive Products, which is based in Goa; CG Semi Private Limited; Giga Semiconductor; and other non-operating subsidiaries.

Aggregate sales for the quarter was up at 3,802 crores and a growth of 30%. Profit before tax was 44% higher at 559 crores, which is 14.7% of sales, as against 388 crores, which was 13.3%.

Now, margin expansion led by strong power performance partially offset by continued talent investments that we are doing in our subsidiaries like CG Semi and Exir, which is a semiconductor business, and the impact of about 35 crores, which is 91 bps. Return on capital employment for the quarter was 25%, order intake for the quarter was 78% year-over-year at 8,485, and the unexecuted backlog as of quarter ending 30th September was 58% up at 23,646 crores.

Now, some of the key events that I would like to highlight is post today's board meeting, CG strengthened India's power infrastructure manufacturing capabilities with the rollout of first power transformer from India's largest transformer manufacturing facility at Sehore in Madhya Pradesh. On 4th of September, the greenfield facility was made operational within 13 months and is spread over 50-plus acres.

This facility is India's one of the largest single-location power transformer manufacturing facility built for 220 kV to 1,200 kV class power transformers with the capacity to roll out 35 power transformers every month reaching its peak. We were honored to have honorable Chief Minister of Madhya Pradesh, Dr.

Mohan Yadav, who graced the occasion of the first transformer rollout. Exir Semiconductor, which is the wholly owned subsidiary of CG, acquired 100% of equity stake in Throttle Systems Private Limited for 16.4 crores.

The transaction was completed on 20th of August and makes Throttle a wholly owned subsidiary of Exir. Throttle is engaged in the business of providing semiconductor and embedded engineering services company, providing silicon design, verification, and physical implementation, embedded software, and Linux BSP development with edge AI engineering services to global semiconductor and electronics OEMs.

Now, this is a step forward in the direction of what I have been saying earlier into building our competency and capability in the design capability of semiconductors. CG's existing manufacturing facility in switchgear business is witnessing peak capacity utilization.

In view of the increasing order pipeline and growing demand for extra high voltage products, and in order to cater to the growing domestic and export demand, CG proposes to undertake the following capital expenditure projects: S1 unit, which is based in Ambad in Nashik, the proposed project involves an investment of 300 crores to increase the manufacturing capacity of OIP bushings and instrument transformers up to 800 kV by 4,236 equivalent units per year, taking the total capacity of S1 unit to 11,436 equivalent units per year. The project will involve augmentation of manufacturing, assembly, testing, and associated infrastructure with production tentatively expected to be commenced within 30 to 36 months.

S3, which is again at the same location in Nashik, Unit 2, Phase 2, further to our disclosure dated 4th of June 2026, we wish to inform that the board has approved an additional investment of 15.31 crores to enhance EHV circuit breaker manufacturing capacity by 3,600 units annually at S3 Unit 2 facility, taking the total capacity to 10,800 units per annum. The proposed capacity addition is planned to be completed within a period of 6 to 9 months.

Going to the GIS division in Vilholi, further to our disclosure on 24th of July '26, we wish to inform that the board has approved enhancement of capex investment for the GIS brownfield at Vilholi, Nashik from 35.14 crores to 44.62 crores, representing an additional investment of 9.45 crores. The enhancement primarily provides for procurement of 800 kV high-voltage testing system along with contingency to enable testing of 245 kV and 400 kV gas insulated switchgears.

Approximately 90% of the project assets are expected to be transferred to the greenfield facility when it comes up and is commissioned fully. Accordingly, the capacity per annum will increase from 228 equivalent bays last year to 468 equivalent bays as it matures.

The above investments are part of greenfield investment proposed for switchgear business, and the existing power transformer manufacturing facility, which we name as T3, is currently operating at its maximum capacity. CG has taken as part of CG Edge, the lean manufacturing initiative, and basis the work done by the teams there, the scope is to enhance the capacity by another 10,000 MVA within the same facility, taking T3's overall capacity to 75,000 MVA.

Given the current and projected order pipeline for the division, the board has approved the capacity enhancement. The total estimated project investment is 68 crores net of taxes.

The project is planned to be completed within a period of 12 to 15 months and is expected to significantly enhance the plant's manufacturing capacity, enabling the division to meet the growing market demand and strengthen its competitive position. That sums up summary of our financial performance and key events.

Looking ahead, we remain focused on capitalization on the opportunities across power infrastructure, industrial manufacturing, railways, semiconductors, and while continuing to invest in technology, capacity, and capabilities. We'll maintain our focus on the profitable growth, execution excellence, and a long-term approach to value creation for all our stakeholders.

With this, I conclude my opening remarks. The unaudited financial statements with detailed notes are available as part of stock exchange filings and on our company's website.

Thank you for listening in, and back to you, Renu, for Q&A.

Sure. Nazneen, we can open the session for Q&A, please.

Hello?

Prathamesh.

Thank you, sir. Thank you for the opportunity, and congratulation on a great set of numbers.

Just wanted to understand the new Madhya Pradesh facility, when we say 35 transformers per month, is it our peak potential? What kind of transformer capacity or like 100 MVA transformer or 100 kVA or transformer are we--

Hello?

Hello?

Prathamesh, can you hear us?

Sir. I can hear you.

Am I audible?

Yes, very well.

Yeah. Sir, just wanted to understand when we are saying that this Madhya Pradesh transformer capacity at 35 units per month, what specification of transformers are we talking about, and is that our peak output capacity?

This is our peak output capacity, and as I mentioned in the notes, it's the transformers ranging from 200 kV to 1,200 kV.

Okay. No, but when we say 35 units capacity, so that must be when you're taking in consideration of.

No, this is the way it is done is typically averaging it out basis the order pipeline that we have. You take averaging out from the highest area, which is 1,200 kV to the smallest one, and then average it out.

Approximately, it comes to 35. It could be 30 also, it could be 40 also, depending on what kind of orders you get.

This is a ballpark kind of figure.

Okay. Can we put it out in terms of total MVA produced in a month, or can we have a idea on that number?

No, right now, this calculation is based at approximately 70,000 MVA, because that's the direction we are getting into.

Sir. On the commissioning front, was it difficult, or there been any labor issue or skilled labor issue getting at the new plant at Madhya Pradesh?

No, see, the labor skill issue will happen if we don't plan it well. We have been working on this project for more than two years, even before we conceptualized.

From all our technical people to everybody, they were all hired much in advance, and since we already have the existing plant, a lot of these people were trained on the job in action for almost 6 months to 12 months. All that investment has already gone inside training and development of people.

Sir. Thank you, sir.

Thank you.

Hi. Good afternoon, sir, and thanks always for your time.

First, on the order inflows in the power systems side, we've seen this very strong growth. I think typically you do about 3 3 3.5 thousand crores of quarterly run rate.

This quarter is closer to 6,200-odd crores. If you could just help us understand where and what is this order, and are these anything recurring there?

How are you seeing that, yeah?

No, it's not recurring. I think it's a combination.

Again, if your question is hinting towards is it specific to a sector or anything? No, it's not like that.

It's a combination of, if I look at the orders that have come in, it's right from utility companies to your AI to your data centers. It's a common domestic, exports, it's a combination of all of those.

It's not skewed towards one direction.

No. Sorry.

I meant is there any large order there? Any large couple of thousand crore order there, or is it spread over?

No, it's not material. If it were material, then we would have informed the stock exchange.

It was not material, but yes, larger size of orders, yes, were there, but not material that it justified reporting.

Okay. Then therefore the last piece on this would be can you kind of sustain this kind of momentum given the pipeline that you see at this point?

It's the same thing, every meeting I keep saying that future is bright, look at it positively. Unless something is changing worldwide or which we cannot control, but yes, our efforts are on.

Perfect. Okay.

Just the second question would be on the motor side. If you could just help, especially on the LT motors, which is our largest piece, what kind of price hikes have you really taken, say, over the last 6, 12 months?

How much more remains to be done? You did talk about some margin recovery on a Q-on-Q basis, right?

How's that kind of shaping up? That's all from my side.

Yeah. It's a direct correlation of the way commodity has been increasing.

Some of that has not been playing a good towards the favor of the industry. We increase the prices upwards of 30% plus the last 12 months, if I look at it.

Will there be more increases? Immediately, I would say no, because you have to see how much the market is able to take and how much the commodity inflation is happening.

It's a pricing game technically that if I look at. I think what is important is over and above price is also our operational excellence.

If I see the good results done by the motors business is fundamentally the work on CG Edge on the operational excellence that we have been doing, optimizing our portfolio, eliminating the waste in the system, I think that is giving much more results than really the price increase. Price increase is directly only nullifying the commodity inflation.

The improvement that you see is coming purely from the work done by our teams in motors.

Sure. Just on margins in this segment, can we expect double-digit margins given I'm hoping a lot of the price increases have been taken here?

See, if you see, sequentially, we are improving consistently on at least 50, 60 basis points every quarter, and motors is already gone to double digits.

Okay. It's more of the rail side?

Is that kind of weighing on?

Yes. Yes, rail, it's the same story; even last quarter, I mentioned the same thing.

Railways, I would say, either flat or it might go down as well, and that's a conscious decision. We could still be making the top line meet, but then we don't want it at the expense of bottom line.

We'll see, as we are progressing, our strategy work is happening on the railway side as well. We might take a bit of step back on that instead of just worrying about the top line and bleeding bottom line.

We are working on the technology upgradation and build on the capabilities that we don't have there. Of course, we don't declare it, but then I'm sharing what I am supposed to share is that for a year or so, we will not have huge improvements in the railway side because that's the time we want to use to build on our capabilities around technology and what is required for the market.

Got that. Sir.

Great. Thank you so much, and all the best.

Thank you.

Yeah. Hi, sir.

Good evening, and congrats for a very strong set of results. My first question is pertaining to again power system order inflow.

If you could help us with the number on domestic and export side separately, and what was the growth on a year-on-year basis in domestic power system and export power system in terms of order inflows?

Yeah. Thanks, Umesh.

The orders are definitely strong, but we don't give the split of between export and domestic. Yes, there's a good mix that what the direction that we wanted, it's getting in that direction.

Hello? Am I audible?

Yes. Could you hear me?

Yeah. Any color on year-on-year growth at least on the export side, how it was during the second quarter in terms of inflows?

Any color in terms of geographical mix as well if you are seeing traction in terms of export order intake from North America, Europe, or any other market?

I can maybe give you a flavor of percentage increase. Quarter-over-quarter increase is about 200% for the exports.

Understood. Geographical color?

No, you are asking me too many details, my friend.

Hello?

Yes? Sir, can you

Is it audible?

My second question is pertaining to industrial segment where if I look at subsidiary revenue number, that has increased by about 10%. Is it fair to assume that we have started execution on Kavach order side, or is it pending for the quarter?

No, Kavach has not started yet, although their routine business is improving. Yes, Kavach should start very soon, because most of the approvals are in place.

We're just waiting for the final approval, should happen anytime now, definitely in current quarter.

Understood. Thank you.

Thank you so much. I'll join back the queue.

Thank you very much for the opportunity, and congratulations on a great set of results. Sir, firstly on our capex, I think we have already spent about 600 crores in the first half of FY '27, and you have announced another 400 crore of capex across various projects.

On top of that, a lot of greenfield and brownfield projects are already going on. Could you just summarize on what will be our overall capex for both FY '27 as well as FY '28?

Of course, excluding the OSAT capex that we are already doing.

If you look at our core business, as we spent this first half around 550 crore to 600 crore. Maybe we are looking at some 300 to 400 crore for this another six months.

Maybe it will touch 1,000 crore for this year. Next year, again that remains in the similar range, around 700 to 800 crores.

Understood. This is excluding OSAT, right?

That is on top of this.

Correct, yeah.

Understood. Sir, my second question is on Exir.

Could you help us with the first half of FY '27 performance in terms of either EBITDA or the PBIT margins? I believe obviously much of the revenues of the semiconductor segment would have come from Exir only.

If you can bifurcate the PBIT between OSAT and Exir, that will be very helpful.

If you look at the number, revenue number is only coming from the Exir. Exir is quarter two, they were at break-even point.

Understood, sir. Just lastly, on the consumer business, if you can give us an update, the revenue scale currently and have we reached a break-even level in this business or not yet?

That will be my last question.

Consumer business, as we restarted that couple of years back. We are almost there because some months will be positive, some will be close to that.

It has been positive, but we have been reinvesting the money that is being earned back into the marketing, as it's a B2C business. We are reinvesting it back into the business.

Now, we had a leadership change also there. We have a new leader joining in, Samit, who is on the call as well.

He's looking at the overall strategy on this business, another additional product portfolio, any innovation that we can bring in. Excited to see how it is going to grow in future.

Understood, sir. Thank you very much for answering my questions.

All the very best.

Thank you.

Hi. Thanks.

Most of the questions are answered, but just on this Kavach part, I think this still certification pending, right? Just on the timeline of execution, would it be there any risk of execution on Kavach if the approvals are delayed, or just your view on that?

The risk, I would say, I think the basis where we stand on the project, I think this quarter we should definitely get it, and the production should commence, including installation commissioning of these Kavaches. Worst case scenario, to your question if it goes, then definitely risk could be in terms of some of the orders may lapse next quarter, end of next quarter, but it doesn't mean that it's lost kind of thing.

It gets re-tendered and again you will get it back. It's additional work.

That's the only thing that I'm worried about. Okay.

Okay. Thank you.

That was also from my side.

Thank you.

Thanks for the opportunity, and my compliments on the strong quarter. My first question is on CG Semi's G2 facility.

What is the progress there? Are you on track to meet your timelines on commissioning, and could you give us some flavor of how the ramp-up is likely to happen over the next few quarters?

Hope I was audible.

Oh. Sorry, we were on mute.

Can you hear me?

Yes. Yes, now I can hear.

Yeah. On the G2, your question is specific to G2, the construction is progressing well.

We are targeting the qualification to commence middle of next year. The commercial production, because it takes about two to three quarters to get the qualification done, I would say somewhere towards the end of '28 or '29 is where we should be seeing the commercial production.

Okay. On G1, is there any sort of new customers that you have tied up, or could you give us a flavor of how things are progressing for initial pieces that got rolled out?

That's the work that's happening in parallel with, that's our business development team is continuously working on. As you would know, this qualification time is very high.

Yes, the work is continuously on that.

Okay. Just to repeat question on power system inflows, which kind of doubled during the quarter.

Okay.

Hey, Amar. Hi.

Congratulations on great set of results. Sir, I have a question on your overall the capacity expansion and orders for that.

Where are we in the journey of qualifications in US grid utilities? Do you think the ordering is already reflecting orders from clients in US who are large utilities, or we will take time to get qualified, because that's a spread out market, we need to go utility by utility.

Any color on that?

I think your question is absolutely valid, and that's a long-term work that is happening in parallel, and as it takes time. That's happening in parallel, but again, that's not the only thing we are banking on for the American market.

Okay. Fair point.

Second question on industrial. A lot of emerging segment has a very different product requirement, a very different grade of motors and drives.

For us, can I say right now we are Because if you see the revenue run rate and the order run rate, I think pricing is double digit now for last six months holding up. Right.

I'm sure if I I don't have the exact break of rail right now. If you can help us understand the growth rate in orders in industrial ex of rail, do you think the industry short cycle improvement in volume and then pricing is enough for us to have a 20% kind of growth in this business in the next 12 months, or do you think it's too ambitious a number?

Yeah. Yes, if you would have seen that NPD, which is the core to our business, we already accelerated for motors.

We didn't have the full range of IE3, IE4 motors, which starting with 3rd of August was our first frame 280 frame that we launched. Every 45 days, we are launching additional frame that is coming into the picture.

That'll upgrade our whole portfolio over the next 9 months to 12 months, we should get upgraded to that. Then in parallel, we are also looking at advanced technologies, whether it's permanent magnet motor or it is the IE5+ kind of motors, which will help us open the doors for export market as well.

That work is absolutely happening. We also have on the call our Chief Technology Officer who joined us recently.

That's also to help us give a boost to our technology leadership in the market.

Sure. Sure.

We'll wait for more color on industrial upgrade in product. Thank you, Amar, and good luck.

Thank you.

Yes. Thanks a lot.

Sir, on your power systems margins, now you are hitting 25%, and previously, you have alluded that margins will improve, you have achieved that. Can margins improve from here as well?

Atul, I keep saying the same thing, future is always bright. If you don't think positive, it will not happen.

Again, I think that's the intention where we want to get into, but it's not only the pricing game that comes from the customer, because customers will always have a threshold beyond which it will not go. I think important is how are we becoming efficient day-by-day, week-over-week, year-over-year.

That's exactly where we spend a lot of our energy on. I'm pretty hopeful that either maintain or go above these margins.

Great, sir. Sir, my last question is on transformer manufacturing capacity.

Just confirming, with this commissioning of this facility in MP, now we are at 75,000 MVA currently? Is that the right understanding, or

Which one, the old facility or the new facility?

The total transformer manufacturing capacity today after commissioning of the new facility in MP, what is the current capacity? See,

the existing plant which we have in Bhopal, that's about 65,000 MVA. The new plant will start hopefully in a quarter, should be about 10,000 MVA plus.

Then you have distribution transformer, which is about 12,000 approximately.

Sir. Thanks.

Hi, sir. Thanks for the opportunity.

Just a quick bookkeeping question. What would be your order book right now in GG Tronics?

Have you received any new orders so far here? Last quarter, you had mentioned it's around 1,000 crores.

Has there been any update there?

No, currently, it's about the same, 1,069 crores approximately. That's for the moment you start shipping out, then it gets reduced.

There are other tenders coming up, and we're looking forward it to be a positive side.

Got it, sir. Sorry, just a follow-up on the capacity.

The new 10,000 MVA that you just announced, that will take your Bhopal plant up from 65,000 to 75,000, and balance, you still have a 45,000 greenfield manufacturing facility coming up, right? Including all of that, your power transformer manufacturing capacity should eventually come to around 120,000 MVA.

Is that correct?

Still counting.

Sure. Sure, sir.

Got it. Thank you so much.

Thank you.

Hi, thank you for the opportunity. Am I audible?

Yes.

Congratulations, sir, on the strong set of results. My question is regarding the new Sehore facility that we have started, I think, last month.

I just wanted to understand, would we require fresh short-circuit testing approvals from PGCIL for starting shipping from this facility, or would our existing approvals be sufficient?

That work is going on. Depends on the customer and the country.

Somewhere it is required, somewhere it's not required. It goes case-to-case basis.

Right. Sir, what would be the timeline for getting that approval?

No, it's different. That's why I said it's order-to-order.

Right now, for our ramp-up plan on the order book that we have placed on the new facility, there's no bottleneck there.

Understood. Understood.

Sir, recently, we also heard that GEC-III has been approved. Just wanted a sense from you on how that impacts the overall demand scenario for us.

Secondly on that one, I think going forward, the addition would be more in the intrastate segment. Also wanted to understand whether the intrastate would be more focused towards 400 kV category, while the interstate was more towards 765?

It's

a mix of everything. Intrastate is more about HVDC.

No,

we didn't get your question. Can you be more specific on your question?

Sure, sir. Sir, given that GEC-III has been approved, firstly, I wanted to understand what would be the impact on demand for us from this approval.

Secondly, would the mix of transformers change from 765 kV which were there in interstate towards more 400 kV in intrastate?

It's across the board, and for us, it doesn't matter whether it's 400 kV or 765, even up to 1,200, we are fully equipped to cater to the whole range.

Got it. Thank you, sir.

Thank you.

Hi, sir. Congratulations on another strong quarter.

My question is with the new capacity addition in transformer and switchgear, could you share how much revenue they can add and when you expect it to start contributing?

See, I think this is being linked to our business plans, because the way we look at next year, year after coming in, that's why we're making these investments now. We would prefer to execute and then you see where we are getting in.

Our aspiration definitely is to keep high double-digit growth, you can do rest of the calculation backwards.

Okay. Can you give me overall revenue growth guidance for FY '27?

No, we don't give this forward-looking forecast.

Guidance, we don't give that. Yeah.

Okay. Thank you.

That's all from my side.

Thank you.

I hope you're able to hear me now.

I'll use this. I have two questions.

First is on the power side. I want to understand if you were to get a 765 kV transformer order today, when is it that you can deliver it?

Do you have the RFQ for that? We'll be asking delivery [laughter].

Sorry, I didn't get you. What did you say?

That was on the lighter side [laughter]. I said if you No,

no, I didn't hear you only. Sorry [laughter].

Can you hear me now?

Yeah. I can hear you.

Yes.

I said that was on the lighter side. I said if you have any requirement, you tell us, we'll give you priority delivery [laughter].

Okay [laughter].

Typically, depends 765 would be about 18 to 24 months.

Fine. That's great actually.

How much is export in the orders that you've got in this particular quarter or in the backlog? We just need a color on export as a overall share in your backlog or intake.

I think there was a similar question before you as well, what we gave about the numbers we cannot give you the split, but yes, the increase in order booking is about 200%.

Export has picked up. Now, on the semiconductor side, I want to know how much is it that you have spent from the total 7,500 crore, how much have you totally spent, and how much is the money that you have received from the government?

Maybe Susheel can throw more light in terms of how are you accounting for it in your financials.

You are asking I don't know how many questions. First piece about the total investment CG had made so far is around 1,000 crore.

Mhm. What was your second question?

No, no. Total out of that 7,600 crore, how much is totally spent?

CG has invested 1,000 crore, balance 6,600 crore is expected to be spent? Is that what you're saying?

No, because that similar money had come from the government as well. So, 2,000 crore almost 1,000 crore, we got that central government capital support, right?

So, 2,000 crore, we already spent.

Okay. There is no delay in terms of your spending and government money receiving.

Okay. That's great.

How are you accounting for this government money which comes

I can answer it. Maybe we just do the netting with that our assets.

We report as a net numbers in that our balance sheet.

Fine. Thank you very much.

Sure. Thank you, operator.

I would just like to take the last question for today's session for Amar and his team. For power system, I think the kind of capacity expansions, brownfield, greenfield that you have done, that should broadly take us almost 2x the revenues in the next two years.

My question here is we have done variety of initiatives on new product development in the industrial segment. What are we exactly doing to fill in the product gaps and to tap new technology initiatives in the power solutions segment for us beyond the conventional power transformers, distribution transformers, and the switchgear portfolio that we have?

That's the last question of today's session.

Okay. Good.

Thanks, thanks, Renu. I think a very, very intelligent question.

Over and above industrial, you have seen already. On the power side, over and above switchgear transformers, we're actually working on the power electronics side.

I think over the next few quarters and years, you will see us getting ourselves deeper into the holistic solution over and above what we already hold.

Would it be largely organic, inorganic?

Could be anything, because we're looking at both. Yeah.

Got it. On behalf of IIFL Capital, I would like to thank the team of CG Power for this conference call and giving us the opportunity, and the audience for an interactive Q&A session.

Amar, any closing remarks from you would be welcome. No, thank you.

Thank you so much, Renu. Thanks, everybody.

Thanks, appreciate your questions, and continue to support us, and we'll keep doing our hard work. Thank you so much.

Have a good rest of the day.

Sure. Thank you.