See Bull Run's pages for ABB India and CG Power. Related comparisons include Siemens vs ABB India, CG Power vs BHEL and Siemens vs CG Power.

April–June 2026 scorecard

ABB produced more revenue, CG produced more standalone EBITDA

This is the central operating contrast.

ABB generated nearly ₹500 crore more revenue.

Yet CG's standalone EBITDA was approximately ₹57 crore higher.

That reflects CG's unusually profitable Power Systems business.

ABB's Operational EBITA margin was 13.0%

Operational EBITA reached ₹461 crore.

It increased 23% year on year.

Margin improved approximately 20 basis points.

Revenue increased 21%.

ABB therefore converted strong demand into operating leverage

Management said positive factors included:

• higher volumes;
• cost optimization;
• effective price management.

These were partly offset by:

• freight inflation;
• energy cost;
• copper;
• silver;
• electrical steel;
• price-transmission lag.

CG's standalone EBITDA margin was even stronger at 16.9%

This produced substantial positive operating leverage.

Standalone PAT increased 27% to ₹364 crore.

The biggest contributor was Power Systems.

CG Power Systems is the current profit engine

Q1 FY27 Power Systems generated:

• ₹1,402 crore sales;
• 31% YoY growth;
• ₹324 crore PBIT;
• 23.1% PBIT margin;
• ₹3,106 crore order intake;
• ₹14,434 crore backlog.

These are exceptional heavy-electrical-equipment economics.

More than 80% of CG's standalone backlog is Power Systems

₹14,434 crore of a ₹17,333 crore standalone backlog sits in the segment.

This concentration gives CG enormous exposure to:

• transformers;
• switchgear;
• grid expansion;
• renewables;
• data centres;
• transmission infrastructure.

Concentration creates both upside and risk

If transformer and switchgear demand remains supply constrained, CG can sustain high utilization and strong margins.

If the grid-equipment cycle weakens, a large part of the backlog and profit engine is exposed to the same theme.

ABB is structurally more diversified

ABB India's continuing portfolio spans:

• Electrification;
• Motion;
• Automation.

These businesses address different parts of industrial capex.

Electrification serves the power-distribution layer

Products include:

• low-voltage systems;
• medium-voltage systems;
• switchgear;
• ring-main units;
• smart power products;
• building infrastructure;
• power protection.

This overlaps directly with parts of CG Power Systems.

Motion is the closest comparison with CG Industrial Systems

ABB Motion includes:

• low-voltage motors;
• specialized motors;
• drives;
• traction;
• high-power applications;
• services.

CG Industrial Systems includes:

• motors;
• drives;
• automation;
• railway equipment;
• industrial machines.

CG Industrial Systems is currently the weaker segment

Q1 sales were approximately ₹1,671 crore, up 6%.

PBIT fell to approximately ₹148 crore.

PBIT margin was 8.8%.

A roughly ₹20 crore one-time Railways provision contributed to the weakness.

Motors themselves continued growing double digits

Management specifically highlighted strong double-digit growth in motors.

This suggests the segment's weak profit result is not equivalent to weak motor demand.

The drag is more related to mix and the Railways provision.

ABB Motion had broad-based revenue growth

ABB said all Motion divisions contributed to Q2 revenue growth.

Export orders also helped the business area.

ABB's India manufacturing is increasingly serving both domestic and international customers.

Automation is ABB's differentiation layer

CG has drives and automation capability.

ABB's automation footprint is much broader.

It includes solutions for:

• energy industries;
• process industries;
• marine and ports;
• measurement and analytics;
• industrial control;
• digitalization.

This gives ABB more exposure to software-like industrial value

The ability to combine:

• electrical equipment;
• motors;
• instrumentation;
• control systems;
• digital monitoring;
• automation;

can increase wallet share per industrial customer.

CG's differentiation layer is moving in a completely different direction

This is not a natural extension of motors in the same way that ABB Automation is.

It is a new industry.

CG Semi started commercial production in July 2026

The G1 OSAT facility in Sanand moved into commercial production after Q1.

The platform is backed by:

• CG Power;
• Renesas Electronics;
• Stars Microelectronics.

The broader semiconductor investment exceeds ₹7,600 crore

Two facilities—G1 and G2—form the main programme.

G2 is much larger.

The opportunity is substantial because India is trying to localize semiconductor manufacturing and packaging.

But semiconductor optionality is currently a cost

CG consolidated PAT was approximately ₹308 crore.

Standalone PAT was ₹364 crore.

Management indicated that semiconductor investment reduced Q1 consolidated performance by roughly ₹43 crore.

This is why standalone and consolidated CG numbers tell different stories

Investors therefore need to distinguish:

• existing electrical earnings;
• semiconductor startup losses;
• future semiconductor optionality.

ABB's recent portfolio change moved in the opposite direction

ABB has been simplifying its business portfolio globally.

ABB India's Q2 key figures are disclosed for continuing business.

The company declared a ₹90 special dividend reflecting Robotics-divestment proceeds and H1 operating profits.

This is important because the operating numbers used here are not simply inflated by the disposal proceeds.

ABB's April–June order intake reached a record Q2 level

Orders were approximately ₹4,363 crore.

They increased 50% year on year.

First-half orders reached approximately ₹8,643 crore, up 36%.

Order growth was broad-based

ABB highlighted:

• data centres;
• metals and mining;
• renewables;
• food and beverage;
• cement;
• automotive;
• building infrastructure.

This is exactly what diversified industrial demand looks like.

ABB's backlog reached ₹11,898 crore

It increased 22% year on year.

That is materially smaller than CG's backlog.

But ABB's business contains a larger proportion of short-cycle orders and products, so backlog-to-revenue ratios should not be compared without context.

CG's backlog is ₹17,333 crore standalone

It increased 45% year on year.

Consolidated backlog reached approximately ₹18,965 crore.

CG therefore has materially more contracted revenue visibility relative to current sales.

Q1 book-to-bill favours CG

Using standalone CG numbers:

• orders: ₹4,692 crore;
• sales: ₹3,061 crore;
• book-to-bill: approximately 1.53x.

For ABB:

• orders: ₹4,363 crore;
• revenue: ₹3,559 crore;
• book-to-bill: approximately 1.23x.

Both exceed 1x.

CG currently has the stronger relative order inflow.

CG Power Systems is even stronger

Power Systems order intake was ₹3,106 crore against sales of ₹1,402 crore.

That is an approximate segment book-to-bill ratio of 2.22x.

Again, this is a Bull Run analytical calculation.

It highlights enormous transformer and switchgear demand.

CG is adding physical capacity to meet that backlog

The company commissioned its S3 Unit-II EHV switchgear facility in Nashik.

The facility added approximately 7,200 EHV circuit breakers of annual capacity.

Management disclosures indicate this increases EHV circuit-breaker manufacturing capacity by about 80%.

This is attractive because the demand exists before capacity arrives

Manufacturing investment is less risky when:

• backlog is already large;
• order intake exceeds revenue;
• lead times are extended;
• customer demand is visible.

CG currently meets all four conditions in Power Systems.

ABB is making a broader $75 million India investment

The programme includes:

• Bengaluru;
• Peenya;
• Hyderabad;
• Nashik;
• Vadodara.

The investment is deliberately spread across several end markets

ABB is expanding capabilities for:

• renewables;
• metro rail;
• data centres;
• power protection;
• motors;
• drives;
• circuit breakers;
• R&D;
• testing.

This is different from CG's more concentrated transformer, switchgear and semiconductor capacity bets.

ABB's local-for-local strategy is already deep

The company says approximately 85% of products and solutions sold in India are manufactured locally.

India also serves export markets.

This reduces imported-content dependence and can shorten customer lead times.

ABB's Nashik investment directly overlaps with CG

ABB is investing approximately $22 million in Nashik.

The facility expansion covers:

• indoor circuit breakers;
• outdoor circuit breakers;
• vacuum interrupters;
• 33kV gas-insulated switchgear localization;
• future SF6-free technologies.

CG also has significant switchgear capacity in Nashik.

This makes Indian switchgear one of the clearest direct battlefields

Both companies are increasing capacity because demand is being driven by:

• grid modernization;
• data centres;
• renewables;
• industrial capex;
• commercial buildings;
• transport infrastructure.

ABB has a strong data-centre position

The company has stated that ABB technology already powers a significant share of Indian hyperscale data centres.

Q2 orders included:

• low-voltage switchgear;
• medium-voltage switchgear;
• ring-main units;
• smart power products.

CG recently entered global data-centre transformers

The company won a major export order for power transformers for a US data-centre project.

This expands CG beyond India's domestic grid investment into global digital infrastructure.

Data centres need both companies—but at different layers

CG can provide:

• large transformers;
• high-voltage power equipment;
• switchgear.

ABB can provide:

• medium and low-voltage distribution;
• switchgear;
• UPS and power protection;
• automation;
• motion systems.

The opportunity is therefore not zero-sum.

Rail is another area of overlap

ABB provides:

• traction motors;
• propulsion systems;
• power-distribution equipment;
• drives.

CG supplies:

• traction motors;
• railway equipment;
• industrial electrical systems;
• propulsion-related products.

ABB has the broader installed-base advantage

ABB states that its technology is used across more than 80% of Indian metro networks.

An installed base can generate recurring:

• service revenue;
• retrofits;
• replacement orders;
• upgrades.

CG has stronger current profit density in Power Systems

ABB's diversification is valuable.

But no disclosed ABB India segment currently presents a directly comparable 23.1% PBIT margin with 31% growth like CG Power Systems.

This is why CG's current electrical earnings look so powerful.

ROCE reverses the operating-margin conclusion

ABB has the higher standardized return on capital

Approximately 30.0% versus CG at 25.7%.

ABB also has:

• higher standardized ROE;
• larger five-year cumulative free cash flow;
• better standardized operating-cash-flow conversion.

This is a major counterweight to CG's higher current EBITDA margin.

Why can ABB have higher ROCE with lower operating margin?

ROCE depends on both:

• profitability;
• capital intensity.

A business earning a slightly lower margin can still produce higher ROCE if it requires less capital relative to revenue.

ABB's mix of products, services, installed base and automation can support strong capital turnover.

CG's capital base is expanding rapidly

CG is spending on:

• transformers;
• switchgear;
• rail equipment;
• semiconductor facilities;
• international subsidiaries.

Much of this capital has not yet reached mature revenue.

Future ROCE could increase if capacity fills.

It could fall if semiconductor utilization disappoints.

Valuation is where the comparison becomes difficult for CG

The market values both companies almost equally

ABB's market capitalization is approximately ₹1.526 lakh crore.

CG Power is approximately ₹1.463 lakh crore.

The difference is only around 4%.

Yet ABB currently has:

• higher revenue;
• slightly higher reported PAT than CG standalone;
• higher standardized ROCE;
• higher ROE;
• stronger historical free cash flow;
• dramatically lower P/E.

CG's valuation therefore prices in a major future earnings step-up

Investors are paying for:

• Power Systems backlog;
• switchgear and transformer capacity;
• high current power margins;
• export expansion;
• semiconductor optionality.

The company needs more than ordinary growth to justify 150x trailing earnings.

ABB's 59x P/E is not cheap in absolute terms

ABB also trades at a premium industrial valuation.

Its price-to-book is actually slightly higher than CG's.

The investment case assumes:

• structural electrification growth;
• continued industrial capex;
• automation penetration;
• data-centre demand;
• high capital returns.

ABB has less need for a heroic earnings scenario

At 59x, earnings still need to compound strongly.

But ABB does not require a new semiconductor business to become profitable to justify the current operating franchise.

Its existing business already generates strong returns.

CG needs semiconductor discipline

Important variables include:

• customer qualification;
• package mix;
• yield;
• equipment utilization;
• pricing;
• technology transfer;
• government incentives;
• global semiconductor cycles.

CG's electrical business does not need semiconductors to be good

This is worth emphasizing.

Power Systems alone currently produces:

• 31% growth;
• 23.1% PBIT margin;
• 59% backlog growth.

That is already a high-quality industrial franchise.

Semiconductors change the range of possible future outcomes.

ABB's optionality is more incremental

ABB is expanding:

• local manufacturing;
• data-centre exposure;
• metro technology;
• power protection;
• automation;
• digital services.

These initiatives are extensions of businesses it already understands.

That reduces execution risk

ABB does not need to build a new industry's talent pool, customer base and manufacturing yield curve from scratch.

The trade-off is less transformational upside.

What must ABB India prove?

• Record Q2 order growth must convert into profitable revenue.
• Operational EBITA margin should remain around 13% or improve.
• $75 million of manufacturing investment needs high utilization.
• Electrification should maintain strong data-centre and renewable demand.
• Motion needs continued profitable growth despite commodity volatility.
• Automation should continue recovering.
• 30%-level ROCE should remain sustainable through expansion.

What must CG Power prove?

• Power Systems growth needs to remain strong.
• 23%-plus Power Systems PBIT margin should prove sustainable.
• ₹17,333 crore backlog must convert without bottlenecks.
• New EHV capacity must reach high utilization.
• Industrial Systems margin needs recovery.
• CG Semi must move from cost centre to profitable contributor.
• ROCE must remain high despite more than ₹7,600 crore of semiconductor investment.
• Future earnings need to justify a triple-digit P/E.

What could make CG Power outperform ABB India?

Power Systems can remain in a scarcity cycle for longer than expected.

If transformer and switchgear margins stay elevated while new factories fill and CG Semi reaches commercial scale, CG could add a new profit engine without sacrificing the existing one.

What could make ABB India outperform CG Power?

ABB does not need such an aggressive outcome.

Continued 15–20% revenue growth, stable 13%-plus Operational EBITA margins and 30%-level ROCE would allow earnings to compound from a valuation that is materially lower on P/E.

The diversified installed base also reduces dependence on one capex theme.

Which has higher current revenue?

ABB India.

₹3,559 crore during April–June 2026 versus CG standalone sales of ₹3,061 crore and consolidated sales of ₹3,281 crore.

Which has higher current operating margins?

CG Power.

Standalone EBITDA margin was approximately 16.9% versus ABB Operational EBITA margin of 13.0%.

The accounting definitions are not identical.

Which has the larger order backlog?

CG Power.

Approximately ₹17,333 crore standalone versus ABB at ₹11,898 crore.

Which is more diversified?

ABB India.

It spans Electrification, Motion and Automation across a wide set of industries.

Which has stronger Power Systems economics?

CG Power currently.

Its Power Systems segment generated 31% growth and 23.1% PBIT margin.

Which has higher ROCE?

ABB India.

Bull Run standardized ROCE is approximately 30.0% versus CG Power at 25.7%.

Which has stronger historical free cash flow?

ABB India.

Bull Run records approximately ₹4,318 crore of cumulative five-year free cash flow versus CG at approximately ₹2,578 crore.

Which stock is cheaper?

ABB India by a wide margin on trailing earnings.

Approximately 59.2x P/E versus CG Power at 150.4x.

Price-to-book is much closer at roughly 19.5x versus 18.4x.

Which is better: ABB India or CG Power?

ABB India currently has the stronger valuation-adjusted quality profile. It generates more revenue, similar or higher PAT, earns approximately 30% standardized ROCE, has a stronger five-year free-cash-flow record and trades at less than half CG's trailing P/E while retaining exposure to electrification, motors, automation, metros and data centres.

CG Power currently has the stronger concentrated earnings-growth profile. Its Power Systems business is growing more than 30%, earning 23.1% PBIT margins, carrying a ₹14,434 crore backlog and adding substantial transformer and switchgear capacity.

Semiconductors widen the potential future outcomes.

If CG Semi succeeds, today's company will look fundamentally different several years from now.

If it does not, the existing electrical businesses must absorb a very large capital commitment.

At September 2026 valuations, ABB offers the stronger current balance of ROCE, diversification, cash generation and P/E. CG Power offers the more aggressive growth and scarcity story. CG can justify its premium if Power Systems maintains exceptional economics and semiconductor investment produces real commercial profit; ABB needs only sustained execution across its existing electrification and automation portfolio to support its thesis.

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