CG Power & Industrial Solutions Ltd, whose shares have rallied 30 per cent in 2026 so far, saw analysts upgrading their earnings estimates and targets, following a strong set of quarterly results. March quarter results were strong but the outlook is even stronger, said Nomura India. Emkay Global said Power Systems growth momentum continued and exports offer large growth opportunity. MOFSL cited a strong pricing power in the Power Systems segment and the company's ability to pass through raw material cost pressures in industrial systems to suggest 'Buy'. 

Nomura said CG Power’s Q4 consolidated order inflows of Rs 5,340 crore  were 11 per cent ahead of its estimate. The brokerage said a 1.5 times expansion in transformer capacity to 110GVA by 2026 underpins robust outlook for Power Systems segment. It maintained 'Buy' on the stock with a revised target of Rs 920 from Rs 820 earlier. 

Emkay Global said it maintained 'Buy' on CG Power & Industrial Solutions Ltd while raising the target price by 13 per cent to Rs 875 from Rs 775, valuing the company at 55 times estimated FY28 earnings. 

It said Q4 performance was better than its expectations, thanks to the Power Systems segment, which was robust underlying execution. 

"However, Industrial Systems performance was muted, with challenges in the Railway business. Besides the domestic market, we see exports as among the large growth opportunities, supported by a global energy transition drive and data-center capex," it said.

MOFSL said higher other income and a lower-than-expected tax rate the led the Q4 earnings outperformance. It said losses from the OSAT division may begin narrowing down from FY28, as the second phase of capacity expansion would be completed by the end of 2026. 

"We expect strong pricing power in the power systems segment, the ability to pass through RM cost pressures in industrial systems, and the narrowing of losses from the OSAT division to result in margin improvement from FY28. We roll forward our target to June 28 and reiterate our BUY rating with a target of Rs 940," MOFSL said.