This article first appeared on GuruFocus .
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Order Book:1,628 crores as of March 31, 2026.
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Quarterly Revenue:316 crores, up 19% from the previous year's corresponding quarter.
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Annual Revenue:1,269 crores, a 21% increase year-over-year.
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Quarterly Profit Before Tax:119 crores, compared to a loss of 15 crores in the previous year.
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Annual Profit Before Tax:340 crores, up from 22 crores in the previous financial year.
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EBITDA Margin:11% at the entity level, excluding one-off items.
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Dividend Payout:70% of the face value, or Rs. 7 per equity share.
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Core Orders Growth:32% year-over-year increase.
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Quarterly Orders Secured:254 crores, up from 207 crores in the previous quarter.
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Warning! GuruFocus has detected 7 Warning Sign with BOM:532309.
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Release Date: May 12, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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GE Power India Ltd ( BOM:532309 ) reported a 32% increase in core service orders year-over-year, reflecting strong execution and market positioning.
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The company achieved a 21% increase in annual revenue, driven by core services and upgrades.
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GE Power India Ltd ( BOM:532309 ) has a healthy order book of 1,628 crores, providing visibility for nearly two years of execution.
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The company has successfully resolved legacy receivables, enhancing cash flow visibility and strengthening its financial position.
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A dividend payout of 70% of the face value has been recommended, marking the highest dividend in the last decade.
Negative Points
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The order backlog has declined from the previous year, primarily due to the termination of two FGDP contracts.
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The company's focus on transitioning to a service-led model has resulted in a reduction of new build orders.
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The recalibration of emission norms may impact near-term ordering for FGD installations.
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Despite strong financial performance, the company faces challenges from the limitations on FGD installations.
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The demerger of the Durgapur manufacturing facility may lead to a loss of manufacturing capabilities, although mitigated by a long-term service agreement.
Q & A Highlights
Q: Can you explain the role of HRSG systems in your operations and whether GE Power India is involved in their production? A: Puneet Bhatla clarified that GE Power India is not involved in the gas turbine or HRSG systems production. The company focuses solely on thermal business, and HRSG systems are part of the gas business, which is not within GE Power India's current scope.
Q: What percentage of the core services order book is expected to be executed in FY27? A: Ashish Ghai, CFO, stated that typically 85% to 90% of the core services order book is executed within 12 months, indicating a strong execution pipeline for FY27.
Q: How does the company plan to utilize its net cash of 880 crores, given the shift to a low capital-intensive business model? A: Puneet Bhatla mentioned that the company is evaluating effective deployment strategies for the cash, focusing on growth in high-margin, short-cycle, and cash-accretive service areas to enhance shareholder value.
Q: What is the impact of the government's FGD mandate on GE Power India's business? A: Roshan Singh explained that recent government notifications have reduced the scope of mandatory FGD installations, limiting the business opportunity primarily to category A plants, which constitute a small portion of the installed base.
Q: What are the expected EBITDA margins for FY27, excluding one-time items? A: Ashish Ghai indicated that the normalized EBITDA margin for FY26 was 11% at the entity level, and the company aims to maintain or improve this base in FY27 through continued cost optimization and portfolio health improvements.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
