This article first appeared on GuruFocus .
-
Revenue:INR386 crore for the quarter ended December 2025, up 22% from INR317 crore in the corresponding quarter last year.
-
Order Backlog:INR1,671 crore as of December 31, 2025, down from INR2,662 crore as of March 31, 2025.
-
Profit Before Tax and Exceptional Items:INR131 crore for the quarter, a significant increase from INR23 crore in the quarter ended December 31, 2024.
-
Core Services Orders:Increased from INR112 crore in December 2024 to INR136 crore in December 2025, marking a 21% increase.
-
Net Worth:Standalone net worth of INR378 crore as of December 2025.
-
Exceptional Items:Reversal of ECL provision for BHEL collections amounting to INR37 crore, Solapur extension of time received an LD settlement done and provision reversal of INR22 crore, and Jaypee Bina and Nigrie settlement with INR25 crore positive impact.
-
Settlement Receipts:INR216 crore received year-to-date from BHEL and INR25 crore from Jaypee as full and final settlement.
-
Labor Code Provision:Provision of INR42 crore recorded, including INR15 crore for discontinued operations.
-
Warning! GuruFocus has detected 6 Warning Sign with BOM:532309.
-
Is BOM:532309 fairly valued? Test your thesis with our free DCF calculator.
Release Date: February 17, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
-
GE Power India Ltd ( BOM:532309 ) reported a significant increase in profit before tax and exceptional items, reaching INR131 crore for the quarter, up from INR23 crore in the previous year.
-
The company has successfully reduced its losses and improved profitability across its Core Service portfolio, indicating strong operational and financial progress.
-
Order intake for Core Services increased by 21% year-over-year, demonstrating strong demand and effective strategic focus.
-
The company has a robust order book of INR1,671 crore, providing visibility for nearly two years of execution from continuing operations.
-
GE Power India Ltd ( BOM:532309 ) has made significant progress in strengthening its balance sheet, including successful settlements with BHEL and Jaypee, enhancing financial stability.
Negative Points
-
The company experienced a decline in order intake for the quarter, securing INR141 crore compared to INR461 crore in the previous year, primarily due to the absence of large orders like the Vindyachal turbine upgrade.
-
The order backlog decreased from INR2,662 crore in March 2025 to INR1,671 crore in December 2025, driven by the termination of two FGD/EP contracts worth INR775 crore.
-
There are concerns about the sustainability of current margins due to one-off items contributing to profitability, such as settlements and provision reversals.
-
The company faces challenges in the FGD market, with slow progress and no new orders following government notifications affecting the sector.
-
GE Power India Ltd ( BOM:532309 ) is not focusing on nuclear projects, which could limit growth opportunities in this emerging sector.
Q & A Highlights
Q: What is the long-term sustainable EBITDA margin for GE Power India's Core business, and what is the total addressable market (TAM) for the services business? A: Aashish Ghai, CFO, stated that the target is to deliver a double-digit EBITDA margin, aiming for 10% plus on a normalized basis. Puneet Bhatla, Managing Director, added that the TAM for the services business is around INR2,500 crore, which includes both GEPIL and non-GEPIL assets.
Q: Are you deliberately moving away from low-margin contracts to focus on higher-margin opportunities? A: Puneet Bhatla confirmed that the company is focusing on shorter cash cycles and high-margin deals, moving away from long gestation projects. The strategy includes focusing on digital control systems and mechanical upgrades that allow for more efficient operations.
Q: Will GE Power India benefit from GE's USD 165 million nuclear order? A: Puneet Bhatla clarified that nuclear sector operations are outside the domain of GE Power India Limited, and they are not focusing on nuclear opportunities at this time.
Q: What is the expected revenue mix from Core Services over the next two years, and how do margins differ between services and EPC work? A: Aashish Ghai mentioned that Core Services are expected to contribute around 60% of revenue in the next two years, growing to 80% post that period. While specific segment margins were not disclosed, the company expects a 30% plus gross margin and an EBITDA of 10% plus.
Q: What is the status of the FGD catalyst orders, and are there any near-term opportunities? A: Puneet Bhatla noted that following government notifications, no new FGD orders have been placed. The progress has been slow, with about 8 gigawatts remaining in Category A and 2 gigawatts under tendering preparation.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
