GE Power India Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript GE Power India Ltd filed with BSE on 19 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
GE Power India reported Q4 FY26 revenue of Rs 316 crore, up from Rs 266 crore a year earlier, and full-year revenue of Rs 1,269 crore, up 21% from Rs 1,047 crore, driven by growth in Core Services and Upgrades. Profit before tax and exceptional items rose sharply for the quarter and year, aided by one-off items including a BHEL ECL provision reversal, and the company recommended a dividend of Rs 7 per share. Management also discussed the progress of the Durgapur manufacturing facility demerger to JSW Energy, the decline in overall order backlog to Rs 1,628 crore due to termination of FGD-EP contracts, and a 32% year-on-year rise in core services order intake.
Numbers mentioned
Revenue: INR 316 crores (Q4 FY26)
p. 5
“Revenue for the quarter ended March 2026 stood at INR 316 crores driven by upgrade volumes in the quarter, which is up from INR 266 crores in the corresponding quarter last year.”
Aashish Ghai, page 5 of the filed PDF · View the filing
Revenue: INR 1,269 crores (FY26)
p. 6
“Revenue for the full financial year stood at INR 1,269 crores, which is up from INR 1,047 crores.”
Aashish Ghai, page 6 of the filed PDF · View the filing
Profit before tax and exceptional items from continuing operations: INR 119 crores (Q4 FY26)
p. 6
“Profit before tax and exceptional items from continuing operations for the quarter stood at INR 119 crores compared to loss of INR 15 crores in the quarter ended 31st March 2025.”
Aashish Ghai, page 6 of the filed PDF · View the filing
Profit before tax and exceptional items from continuing operations: INR 340 crores (FY26)
p. 6
“Profit before tax and exceptional items from continuing operations for the full year stood at INR 340 crores compared to INR 22 crores in the previous financial year.”
Aashish Ghai, page 6 of the filed PDF · View the filing
Order backlog: INR 1,628 crores (as of March 31, 2026)
p. 5
“As of March 31, 2026, your Company has an order backlog of INR 1,628 crores, down from INR 2,662 crores 12 months back as on March 31, 2025.”
Aashish Ghai, page 5 of the filed PDF · View the filing
Orders booked: INR 877 crores (FY26)
p. 5
“your company has booked orders worth INR 877 crores in current financial year compared to INR 2,183 crores in the previous financial year.”
Aashish Ghai, page 5 of the filed PDF · View the filing
Orders secured: INR 254 crores (Q4 FY26)
p. 5
“during the quarter, your company secured orders worth INR 254 crores compared to INR 285 crores in the corresponding period of the previous year.”
Aashish Ghai, page 5 of the filed PDF · View the filing
BHEL settlement receipt: INR 343 crores (FY26)
p. 6
“the company has successfully received INR 343 crores in the financial year 25-26.”
Aashish Ghai, page 6 of the filed PDF · View the filing
EBITDA margin (excluding one-offs): 11% (FY26)
p. 6
“your company delivered 11% EBITDA at the entity level in the current financial year, reflected solely by the operational performance.”
Aashish Ghai, page 6 of the filed PDF · View the filing
EBITDA margin (excluding one-offs): 18% (Q4 FY26)
p. 15
“The same at the quarter level is at 18% because you mentioned 37% for the quarter.”
Aashish Ghai, page 15 of the filed PDF · View the filing
Core services order growth: 32% (FY24-25 to FY26)
p. 4
“Core orders, the backbone have risen by 32% from FY24-25, with the revenue for the same period witnessed 12% upside and for this year 15% above the budget for the core services.”
Puneet Bhatla, page 4 of the filed PDF · View the filing
Core services order backlog growth: 40% (year-over-year)
p. 9
“order in hand for core services alone has increased by around 40% year-over-year.”
Aashish Ghai, page 9 of the filed PDF · View the filing
Dividend: INR 7 per equity share (FY26)
p. 6
“your company has recommended an exceptional dividend of INR 7 per equity share, which is 70% of the face value, subject to approval of the shareholders at the ensuing AGM, which is the highest dividend recommended in the last 10 years at least of the company.”
Aashish Ghai, page 6 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Core services order execution — 85% to 90% of order backlog executed · FY26-27
stated firmly by Aashish Ghai
p. 8
“the order in hand that you see as on, say, 31st March 2026, expect around 85% to 90% of that to be executed in FY'26-'27.”
Aashish Ghai, page 8 of the filed PDF · View the filing
Durgapur demerger completion — close within 12 months of March 31, 2026, target three months ahead · within calendar year / 12 months from March 31, 2026
stated conditionally by Aashish Ghai
p. 13
“The realistic timelines, well within 12 months is definitely there.”
Aashish Ghai, page 13 of the filed PDF · View the filing
Alternate supply chain development post long-term JSW agreement — independent supply chain for core services · next 18 months
stated as an aspiration by Aashish Ghai
p. 15
“over the next 18 months, I would say, we would be in a very good shape to have developed an alternate supply chain”
Aashish Ghai, page 15 of the filed PDF · View the filing
EBITDA margin base for future years — future years
stated as an aspiration by Aashish Ghai
p. 15
“I can safely say that the base is set and, you know, the efforts it should be, you know, at par if not more at least but at least at par for the for the future years.”
Aashish Ghai, page 15 of the filed PDF · View the filing
Core services market share growth — grow market share in ~INR4,000 crores target fleet · next year or so
stated as an aspiration by Aashish Ghai
p. 9
“Our endeavor is to grow that market share, stabilize for the next year or so, and then think of expanding if we have to in other areas.”
Aashish Ghai, page 9 of the filed PDF · View the filing
Business focus — core services, margin improvement, financial discipline
stated firmly by Puneet Bhatla
p. 17
“we will continue to focus on the strengthening of our core services franchise, improving the margins, and maintaining the financial discipline.”
Puneet Bhatla, page 17 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said typically 85-90% of the order backlog is executed within 12 months.
Answered by Aashish Ghai
Asked by Rahil Dasani: How much of the core services order book is executable in FY27?
p. 8
“So typically these are short cycle orders which gets complete within 12 months. So the order in hand that you see as on, say, 31st March 2026, expect around 85% to 90% of that to be executed in FY'26-'27.”
Aashish Ghai, page 8 of the filed PDF · View the filing
Management estimated the target market at INR3,500-4,000 crores with 32% growth in core orders intake.
Answered by Puneet Bhatla
Asked by Rahil Dasani: What is the market size for maintenance, upgrades and repair services?
p. 8
“Market size, it will be about INR3,500 crores to INR4,000 crores as a target market.”
Puneet Bhatla, page 8 of the filed PDF · View the filing
Management explained the decline is due to termination of an FGD-EP contract and closure of new-build projects, while core services orders are growing.
Answered by Aashish Ghai
Asked by Tushar Bhavsar: Why has the order backlog declined and how quickly will it grow back?
p. 9
“order in hand for core services alone has increased by around 40% year-over-year.”
Aashish Ghai, page 9 of the filed PDF · View the filing
Management explained it is surplus working capital cash lent to a promoter group cash pool entity benchmarked with HSBC.
Answered by Aashish Ghai
Asked by Tushar Bhavsar: What is the INR 450 crores loan deployed as?
p. 9
“That is the surplus working capital cash which is lent to be used as and when we require by the company.”
Aashish Ghai, page 9 of the filed PDF · View the filing
Management said rates ranged 5.5-6.35% during the year, benchmarked competitively, and the lending is reviewed by management, board and auditors annually.
Answered by Aashish Ghai
Asked by Milind Karmarkar: What yield and safety applies to the INR450 crores lending via HSBC?
p. 11
“the rates vary, of course, as the time goes as also the benchmark rates change, but it remains in the range of 5.5 to 6.35% during the year”
Aashish Ghai, page 11 of the filed PDF · View the filing
Management said the mandate now applies to a much smaller category of plants after recent notification changes, reducing near-term business opportunity.
Answered by Roshan Singh
Asked by Sunny Shah: What is the impact of the FGD government mandate on GE Power's business?
p. 12
“Only category A left it is hardly 8 gigawatts, which is supposed to install the FGD with respect to the notification of 11th June 2025.”
Roshan Singh, page 12 of the filed PDF · View the filing
Management said the cash is under continued evaluation for deployment towards growth in the services-focused strategy.
Answered by Puneet Bhatla
Asked by Sunny Shah: What are the plans for the INR 880 crores net cash?
p. 12
“This cash is into our continued evaluation so that we can effectively and efficiently deploy it towards our business growth and the operational strengthening, while also creating the shareholders' value.”
Puneet Bhatla, page 12 of the filed PDF · View the filing
Management said the process is with NCLT, requiring creditor, shareholder and government approvals, with a realistic close within 12 months and a target three months earlier.
Answered by Aashish Ghai
Asked by Prateek Shrivastava: What regulatory approvals are pending for the Durgapur-JSW demerger and what is the timeline?
p. 13
“The target is to close within this calendar year, that's the target, but I can say that within 12 months from, say, 31st March of 2026 is definitely the expectation.”
Aashish Ghai, page 13 of the filed PDF · View the filing
Management said no, as a five-year long-term service agreement with JSW Energy secures manufacturing capacity while an alternate supply chain is developed.
Answered by Aashish Ghai
Asked by Prateek Shrivastava: Will the demerger cause loss of manufacturing capability supporting core services?
p. 15
“we have signed a five-year contract with them, which can be extended as mutually convenient to both the parties.”
Aashish Ghai, page 15 of the filed PDF · View the filing
Management clarified normalized EBITDA excluding one-offs was 11% for the full year and 18% for the quarter, and said the base is set for future years without giving a specific guidance range.
Answered by Aashish Ghai
Asked by Prateek Shrivastava: What is the underlying EBITDA margin excluding one-offs, and is that the FY27 run rate?
p. 15
“for FY'25-'26, after all these one-offs, I said in the in my opening remark that the normalized EBITDA or the underlying after all these one-offs remains for at the entity level is at 11%.”
Aashish Ghai, page 15 of the filed PDF · View the filing
Management said the BHEL settlement is fully closed as of March 31, 2026 so no further such impact is expected.
Answered by Aashish Ghai
Asked by Prateek Giri: Will ECL-related one-off benefits continue into FY27?
p. 16
“BHEL agreement impact on ECL is done as of 31st March 2026.”
Aashish Ghai, page 16 of the filed PDF · View the filing
Risks flagged
Recalibration of FGD emission norms may impact near-term ordering
p. 3
“While this may impact the near-term ordering, but for affordable, reliable and sustainable electricity need, such solutions would remain in the need for the upgrade's perspective.”
Puneet Bhatla, page 3 of the filed PDF · View the filing
Reduced applicability of FGD mandate lowers addressable business
p. 12
“Only category A left it is hardly 8 gigawatts, which is supposed to install the FGD with respect to the notification of 11th June 2025.”
Roshan Singh, page 12 of the filed PDF · View the filing
Growth of renewable energy could slow demand for thermal services
p. 13
“On the threat side as the renewable is coming in, there could be a little bit of a slowness.”
Puneet Bhatla, page 13 of the filed PDF · View the filing
Unpredictability of machine failure affects services demand timing
p. 8
“Unfortunately, it cannot be predicted when a machine is going to fail”
Puneet Bhatla, page 8 of the filed PDF · View the filing
Underutilization of Durgapur factory led to reported losses
p. 14
“we have seen quarter-over-quarter we have reported losses in that from that factory or from that business.”
Aashish Ghai, page 14 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.