This Multibagger Electrical Equipment Stock Rises 640% in 5 Years: From Turnaround to Transformer Boom

This multibagger electrical equipment stock has turned Rs 1 lakh into roughly Rs 7.4 lakh over the past five years. A 5-year return of 639.81% ranks it 13th in a screen of 101 large-cap and mid-cap NSE shares, as of 10 September 2026.

The company is CG Power and Industrial Solutions Ltd (NSE: CGPOWER), the Murugappa Group business that makes transformers, switchgear, motors, railway equipment and, more recently, semiconductors. The CG Power share price traded near Rs 915 on Thursday afternoon, down about 1.3% from the previous close of Rs 926.95, giving the company a market value of approximately Rs 1,46,044 crore.

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How Much Has This Multibagger Electrical Equipment Stock Returned?

The short answer is 639.81% in five years. In September 2021 this multibagger electrical equipment stock traded around Rs 124. Today it sits near Rs 915, after touching a 52-week high of Rs 980.90 in early July 2026.

The shorter windows are far less dramatic. This multibagger electrical equipment stock is up 106.78% over three years, 35.87% over six months and only 23.57% over one year. That 1-year figure ranks 57th out of 101, which shows most of the wealth creation in this multibagger electrical equipment stock happened before 2025.

Period	Return	Rank (out of 101)
1 Month	3.79%	52
6 Months	35.87%	45
1 Year	23.57%	57
3 Years	106.78%	40
5 Years	639.81%	13

The past year was a round trip. The multibagger electrical equipment stock slid from around Rs 790 in September 2025 to a 52-week low of Rs 525.50 in late January 2026, a fall of roughly one third. It then rallied about 87% to its July peak before settling near current levels.

There was no stock split or bonus issue in the five-year window. The face value has stayed at Rs 2 throughout, so the 640% gain in this multibagger electrical equipment stock reflects genuine price appreciation. The company did raise Rs 3,000 crore through a qualified institutional placement in July 2025, which added shares but does not distort the price return.

Why Did the CG Power Share Price Rise Over Five Years?

Five forces explain the rally in this multibagger electrical equipment stock: a governance and balance sheet turnaround, steady growth in sales and profit, a boom in power transmission equipment, an entry into semiconductors and, most recently, large export orders. The early years were about repair. The later years were about growth.

The Murugappa Turnaround

In 2019 the company was in crisis after nearly Rs 3,000 crore was found to have been diverted under its former promoters. In 2020 Tube Investments of India, a Murugappa Group company, invested about Rs 700 crore for a controlling stake of approximately 56%.

The new management repaid lenders, cleaned up the balance sheet and refocused on core products. Debt to equity fell from 2.01 in FY22 to 0.14 in FY23 and has stayed near 0.01 since. Much of the early rerating of this multibagger electrical equipment stock came from investors rewarding that cleanup.

Five Years of Earnings Growth

For this multibagger electrical equipment stock, revenue climbed from Rs 5,521 crore in FY22 to Rs 12,662 crore in FY26, a rise of about 2.3 times. Net profit grew from Rs 630 crore to Rs 1,197 crore over the same period, while operating margins improved from 12.5% to around 15%.

That consistency matters. A multibagger electrical equipment stock rarely sustains a five-year run on hope alone, and this one had a rising profit line underneath the price for almost every year of the rally.

A Power Transmission Boom

India's spending on grids, renewable energy integration, railways and data centres created strong demand for the transformers and switchgear sold by this multibagger electrical equipment stock. The power systems segment became the main engine of this multibagger electrical equipment stock. In Q1 FY27 its sales rose 31% to Rs 1,402 crore, with segment margins of 23.1%.

Transformer capacity across the Gwalior and Bhopal plants has reached about 65,000 MVA and is planned to rise to 110,000 MVA by the end of calendar 2026. A new extra high voltage switchgear plant near Nashik, commissioned in 2026, expands that capacity by approximately 80%. More capacity lets this multibagger electrical equipment stock bid for larger domestic and export orders.

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The Semiconductor Bet

In February 2024 the government approved the company's outsourced semiconductor assembly and test (OSAT) project in Sanand, Gujarat, built with Renesas and Stars Microelectronics. The total planned investment is approximately Rs 7,600 crore over five years. It marked a shift in how the market viewed this multibagger electrical equipment stock.

The G1 facility was inaugurated in August 2025 and began commercial production on 4 July 2026. The G2 plant is due by the end of calendar 2026. The company also acquired a chip design business, Axiro Semiconductor, in 2025. This gave the multibagger electrical equipment stock a new growth story beyond motors and transformers.

Export Orders and the 2026 Recovery

On 19 January 2026 the maker behind this multibagger electrical equipment stock won its largest single order ever, worth approximately Rs 900 crore, for specially engineered transformers for a hyperscale data centre project in the US. Deliveries run over 12 to 20 months from its Indian plants.

Strong March quarter results in May 2026 and rising export hopes then lifted the CG Power share price by about 48% in calendar 2026 by late June. A foreign brokerage argued that long lead times for transformers in the US and Europe give Indian makers a large opening, and expects exports to reach about 25% of order inflows by FY29.

How Strong Are the Financials Behind This Multibagger Electrical Equipment Stock?

The latest five quarters show steady growth with some volatility in margins. Total income for this multibagger electrical equipment stock rose from Rs 2,906 crore in the June 2025 quarter to Rs 3,364 crore in the June 2026 quarter, up about 15.8% year on year.

Quarter	Total Income (Rs Cr)	EBITDA (Rs Cr)	Net Profit (Rs Cr)	Operating Margin	Net Margin
Jun 2025	2,906	409	267	14.23%	9.35%
Sep 2025	2,989	443	284	15.15%	9.81%
Dec 2025	3,252	474	284	13.80%	9.74%
Mar 2026	3,519	544	363	15.85%	10.56%
Jun 2026	3,364	481	308	14.66%	9.54%

Consolidated net profit for Q1 FY27 was Rs 308 crore, up 15.5% year on year, while standalone profit grew 27% to Rs 364 crore. The gap reflects early-stage losses in the semiconductor subsidiaries, which are consolidated into group results.

The order book is the strongest number. Consolidated order backlog reached Rs 18,965 crore at the end of June 2026, up 45% year on year, after Rs 5,211 crore of new orders in the quarter. For a multibagger electrical equipment stock, that backlog covers roughly 1.5 years of FY26 revenue.

This multibagger electrical equipment stock does have soft spots. Operating cash flow fell to Rs 702 crore in FY26 from Rs 916 crore in FY25, while capital spending rose to Rs 778 crore. The industrial systems segment grew just 6% in Q1 FY27 and carried a one-time railway provision of Rs 20 crore.

Who Owns the CG Power Share?

The promoter group holds a steady 56.36%. The more interesting shift is between institutions, as domestic funds have steadily added to their stake in this multibagger electrical equipment stock while foreign investors trimmed theirs.

Quarter	Promoters	FII	DII	Public
Jun 2025	56.38%	12.68%	16.33%	14.62%
Sep 2025	56.37%	13.02%	16.26%	14.35%
Dec 2025	56.36%	12.02%	17.56%	14.06%
Mar 2026	56.36%	12.03%	18.08%	13.53%
Jun 2026	56.36%	11.97%	18.30%	13.37%

DII holding in this multibagger electrical equipment stock rose by nearly two percentage points in a year, to 18.30%. Several large and mid-cap mutual funds and index funds hold the share. Retail and other public holding fell from 14.62% to 13.37%.

What Are the Risks for This Multibagger Electrical Equipment Stock?

The biggest risk is valuation. At a PE of approximately 118, the multibagger electrical equipment stock trades at about 2.5 times the industry PE of around 48, and at roughly 18 times book value. Return on equity is 15.13%, which is solid but does not fully explain that premium.

Semiconductor execution is the second risk for this multibagger electrical equipment stock. The OSAT project needs heavy capital, and one domestic brokerage expects its losses to narrow only from FY28 onward. Any delay in customer qualification or ramp-up would weigh on consolidated profit.

Other risks include competition in transmission equipment, including from foreign manufacturers, pressure on prices if the capex cycle slows, weakness in the railway business and lower operating cash flow as capacity is built. The January 2026 fall to Rs 525.50 shows how quickly sentiment can turn in this multibagger electrical equipment stock.

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CG Power Share: Analyst View

Most brokerages remain positive on this multibagger electrical equipment stock but split on the price. The view is built on the order book, capacity expansion and exports, balanced against a valuation that already assumes strong growth for several years.

CG Power Share Price Target

In June 2026 a foreign brokerage raised its CG Power share price target to Rs 1,100 from Rs 1,050, citing export demand and a projected 33% EPS CAGR over FY26 to FY29. That target implies roughly 20% upside from the current CG Power share price of about Rs 915.

After the March quarter results in May 2026, domestic brokerages set targets between Rs 875 and Rs 955, while another foreign brokerage held a Hold rating with a CG Power share price target of Rs 745. Some of the lower targets have since been overtaken by the market.

For traders in this multibagger electrical equipment stock, the key levels are the 52-week high of Rs 980.90 and the 52-week low of Rs 525.50. Any CG Power share price target should be read alongside the high PE, since earnings must keep compounding to support further gains.

Conclusion

CG Power went from a governance crisis to a multibagger electrical equipment stock and one of the best five-year performers in the market. The 639.81% gain was built on a clean balance sheet, rising profits, a transmission equipment boom and a bold semiconductor bet.

The past year has been quieter, with a 23.57% return and a sharp dip in between. For investors tracking this multibagger electrical equipment stock, the order book of Rs 18,965 crore and 110,000 MVA of planned transformer capacity support growth. The valuation, however, already prices in much of that, so earnings delivery and OSAT progress will decide the next move.

Frequently Asked Questions

Which multibagger electrical equipment stock rose 640% in 5 years?

Ans. CG Power and Industrial Solutions (NSE: CGPOWER) is the multibagger electrical equipment stock that gained approximately 639.81% over five years as of 10 September 2026. It ranked 13th among 101 large-cap and mid-cap NSE stocks on 5-year returns.

Why did the CG Power share price rise so much in five years?

Ans. The rise came from the Murugappa Group turnaround after 2020, a near debt-free balance sheet and revenue growing from Rs 5,521 crore in FY22 to Rs 12,662 crore in FY26. Strong demand for transformers and switchgear, a semiconductor project in Gujarat and export orders added further momentum.

What is the CG Power share price today?

Ans. The share traded around Rs 915 on 10 September 2026, down about 1.3% on the day. Its 52-week range is Rs 525.50 to Rs 980.90.

What is the CG Power share price target?

Ans. A foreign brokerage has a target of Rs 1,100, raised in June 2026. Domestic brokerage targets set in May 2026 ranged from Rs 875 to Rs 955, while another foreign brokerage had a target of Rs 745.

How has CG Power performed over one year?

Ans. CG Power has returned 23.57% over one year, ranking 57th out of 101 in the screen. The multibagger electrical equipment stock fell to Rs 525.50 in January 2026 before recovering strongly.

Did CG Power have a stock split or bonus in the last five years?

Ans. No, there was no split or bonus issue in the five-year window and the face value remained Rs 2. The company raised Rs 3,000 crore through a QIP in July 2025, which does not affect the price return.

What is CG Power's order book?

Ans. CG Power reported a consolidated order backlog of Rs 18,965 crore at the end of June 2026, up 45% year on year. The power systems segment accounted for Rs 14,434 crore of the standalone backlog.

What are the main risks for CG Power?

Ans. The main risks for this multibagger electrical equipment stock are a high PE of about 118 against an industry PE near 48, losses in the semiconductor business and competition in power equipment. Slower government capex or delays in new capacity could also hurt earnings.