We analyse the progress of CG Power in consumer durables as it completes two years after the launch in H2FY22. We note: (1) It has reached revenue of INR ~4bn and is currently profitable, (2) it has 2%+ market share in fans, 3%+ in pumps and geysers have just been introduced and (3) its products are available pan-India and manufacturing is outsourced. Since CG Power is generating profitability and its product pricing is comparable with peers, we do not model any material impact on industry profitability in the short term.