| Revenue TTM | ₹1,269 CrUp 21% YoY |
|---|---|
| Market Cap | ₹4,513 CrHeavy Electricals |
| Net Profit TTM | ₹253 CrTurnaround year |
| RSI | 72.7High Momentum |
Key highlights
- Core services orders grew by 32% YoY, reflecting a strategic shift toward shorter-cycle, high-margin opportunities
- Full-year revenue reached ₹1,269 crore, an increase of 21% from ₹1,047 crore in the previous fiscal year
- Company received ₹343 crore from a legacy settlement with BHEL, significantly improving cash flow visibility
- Management recommended a dividend of ₹7 per equity share, representing 70% of the face value
- Order backlog stood at ₹1,628 crore as of March 31, 2026, providing visibility for roughly two years of execution
- Normalized EBITDA at the entity level stood at 11%, supported by operational excellence and a better project mix
- Expansion into international markets including Saudi Arabia, UAE, and Australia to diversify the service portfolio
Financial Performance and Strategic Pivot
GE Power India delivered a robust financial performance in FY26, characterized by a 21% growth in total revenue to ₹1,269 crore. This growth was primarily driven by the company's core services and upgrade segments, which witnessed year-on-year growth of 14% and 24%, respectively. Profitability saw a significant uplift, with profit before tax from continuing operations reaching ₹340 crore compared to ₹22 crore in the prior year.
While one-time gains from settlements like BHEL (₹44 crore provision reversal) and insurance claims (₹18 crore) aided results, the company achieved an 11% normalized EBITDA margin solely through operational improvements. Management highlighted that this performance stems from a disciplined approach to selecting high-margin, low working capital-intensive orders.
Management Outlook and Asset-Light Strategy
The company is actively transitioning toward an asset-light, service-oriented business model. A key component of this strategy is the ongoing demerger of the Durgapur manufacturing facility to JSW Energy, which aims to reduce fixed cost exposure while maintaining access to manufacturing capabilities through commercial arrangements. Management expressed confidence in the core services segment as the primary growth engine, noting that the order backlog is increasingly aligned with these strategic priorities.
The company is also expanding its global footprint, securing orders in Saudi Arabia, Turkey, and Morocco, leveraging its expertise in both GE and non-GE installed thermal power bases to drive long-term value.
Sector Dynamics and Market Environment
The Indian power sector continues to show strong demand for reliable baseload power, maintaining the criticality of coal-based generation even as renewable capacity expands. Management noted a recalibration of emission norms, particularly concerning Flue Gas Desulfurization (FGD) installations, which has caused a near-term slowdown in EPC ordering. However, this shift is expected to increase focus on plant availability, efficiency improvements, and life cycle cost optimization.
GE Power India is positioning itself to capture these opportunities through its automation and control business, which successfully executed projects for turbine controls and generator health monitoring during the fiscal year.
What to Watch
- Completion timeline of the Durgapur manufacturing facility demerger to JSW Energy
- Execution of the ₹1,628 crore order backlog and its impact on near-term cash conversion
- Sustainability of the 11% normalized EBITDA margin as the project mix shifts entirely to services
- Recovery of remaining legacy receivables and their impact on future dividend capacity
- Success in securing high-value international service contracts in emerging thermal power hubs
Management Quote
Our emphasis continued to be higher margin, shorter cycle, and lower working capital intensive opportunities and a selective approach to orders that do not meet our return and the cash flow thresholds.
“The settlement of Bharat Heavy Electricals Limited has significantly enhanced cash flow visibility, while the amicable closure of matters with Jaiprakash Power Ventures Limited has reduced uncertainties and strengthened our financial position.”
“Excluding the one-offs, your company delivered 11% EBITDA at the entity level in the current financial year, reflected solely by the operational performance.”
| Share price | ₹671.3 |
|---|---|
| Market capitalisation | ₹4,512.98 Cr |
| Revenue (annual) | ₹1,047.10 Cr |
| Net profit (annual) | ₹203.00 Cr |
| Revenue (latest quarter) | ₹316.40 Cr-17.95% vs previous quarter |
| Net profit (latest quarter) | ₹113.21 Cr+56.54% vs previous quarter |
| P/E (TTM) | 17.87×Sector 58.9× |
| Promoter holding | 68.58%0.00% QoQ |
| FII holding | 1.26%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by GE Power India Limited announcing Q4 and full-year FY26 financial results and dividend recommendation. Market figures from a third-party data provider.
