GE Power India FY26: Revenue +21%, order book ₹1,628 cr

What GE Power India reported and why it matters

GE Power India has flagged a stronger operating profile in its latest updates to stock exchanges, led by higher revenue, a sharp swing in profits, and a service-focused strategy. The company said its order book stood at ₹1,628 crore, which it described as providing around two years of execution visibility. Alongside the operational update, management guidance highlighted a shift toward an asset-light model and an intention to sustain normalized EBITDA margins at 11% for FY26, positioning it as a floor for the future. A key moving part is the demerger of the Durgapur manufacturing facility to JSW Energy, which is expected to streamline the portfolio and reduce fixed cost exposure. The company has also highlighted working capital actions, including a settlement-driven cash receipt from BHEL.

FY26 performance: revenue up, profits rebound

For FY26, GE Power India reported revenue of ₹1,269 crore, up from ₹1,047 crore, a 21% year-on-year increase. The same period saw a significant improvement in profit before tax (PBT) compared with the prior year. FY26 PBT was reported at ₹340 crore versus ₹22 crore last year. The scale of improvement suggests that the company’s restructuring actions and service-led execution are translating into reported profitability. Management also referred to disciplined cash management and portfolio actions as contributors to a materially improved financial position.

Quarterly momentum: Q4 and Q3 details

In Q4, the company reported revenue of ₹316 crore, up 19% quarter-on-quarter. Q4 PBT (pre-exceptional) stood at ₹119 crore, compared with a loss of ₹15 crore in the year-ago period. Separately, in the quarter ended December 2025 (Q3 FY26), revenue was reported at ₹386 crore, driven by core services and up from ₹317 crore in the corresponding quarter last year. For that December 2025 quarter, profit before tax and exceptional item from continuing operations was reported at ₹131 crore, compared with ₹23 crore in the prior-year quarter. Taken together, these datapoints underline that the turnaround is visible across multiple quarters, not only on a full-year basis.

Order book visibility: two-year runway

GE Power India stated that its order book was ₹1,628 crore, providing approximately two years of execution visibility. In another update tied to the December 2025 period, the company said its order book stood at ₹1,671 crore, again indicating about two years of visibility from continuing operations. Elsewhere in the provided material, order backlog was described as having decreased from ₹2,662 crore to ₹1,825 crore, attributed to the termination of two FGDEP contracts. Since these numbers are presented in different contexts, investors typically track the date and scope used in each disclosure, such as whether the figure relates to continuing operations or includes specific project categories.

Settlements and cash inflow: ₹343 crore received from BHEL

A notable working-capital event disclosed by the company was the receipt of ₹343 crore from BHEL as part of a settlement for legacy receivables. The company also referenced settlements signed with BHEL and Jaypee during the year as part of steps to reduce financial exposure. Such receipts can improve liquidity and reduce uncertainty tied to older claims, especially in businesses that carry milestone-based billing and retention receivables. The material also noted that receivables remain a concern in the broader discussion, with portions tied up in settlements and retention linked to project milestones.

Margin guidance: 11% normalized EBITDA as a base

In management guidance, GE Power India set normalized EBITDA at 11% for FY26 and described this as a floor for the future. The same guidance highlighted a change from previously volatile margins to a steadier base level. The company also outlined a market-share ambition in services, targeting expansion from its stated current 18% share in core services. The addressable market referenced in the material is a ₹4,000 crore power fleet service segment. Separately, one part of the provided text flagged that gross margins for a quarter were 33%, down from 42% in the corresponding quarter of the previous year, indicating that margin trends may vary by period and mix.

Asset-light pivot and Durgapur demerger timeline

A central strategic action is the demerger of the Durgapur manufacturing facility to JSW Energy, described as a step toward an asset-light, service-led structure. The transaction has been referenced with an effective date of July 1, 2025, while remaining subject to approvals, including the National Company Law Tribunal (NCLT). The company indicated that NCLT approval is anticipated within calendar year 2026, and that the demerger closure is expected within 12 months from March 31, 2026. The company also referenced that the target remains three months ahead of that expectation. To ensure continuity of customer support, the company said it has signed a five-year agreement with JSW Energy, which can be extended by mutual consent.

Balance sheet markers and dividend recommendation

The company stated that its standalone net worth was ₹378 crore as of December 2025, describing it as significantly stronger. On shareholder returns, GE Power India recommended an exceptional dividend of ₹7 per equity share, described as 70% of face value, subject to shareholder approval at the ensuing AGM. The company also described this as the highest dividend recommended in at least the last 10 years. This dividend decision sits alongside the company’s stated focus on financial prudence and stronger operational discipline.

Disclosure trail and investor communication

The company’s investor presentation was shared as an announcement under Regulation 30 of the LODR framework, with the provided material referencing a BSE timestamp of 16 Feb, 2026 at 05:55 pm. Another disclosure stated that the investor earnings conference call was rescheduled to be held on 12 May 2026 at 10:00 a.m. Such disclosures help the market track management’s operational updates, restructuring milestones, and margin guidance on a consistent timeline.

Key data points at a glance

What investors may track next

The next milestones highlighted in the disclosures are linked to the Durgapur demerger process and the required approvals, including NCLT. Investors will also likely track whether the company maintains the stated 11% normalized EBITDA level and how the revenue mix evolves as it leans further into services. Another monitorable item is execution conversion from the current order book into revenue across coming quarters, given the company’s stated two-year visibility. Finally, market participants may watch updates around receivables and settlement-linked cash flows, which the company itself has positioned as an important part of reducing legacy exposures.

Conclusion

GE Power India’s FY26 updates show a combination of higher revenue, a clear profit rebound, and a defined strategic pivot toward a service-led, asset-light model. The company has paired this with an 11% normalized EBITDA base guidance and a restructuring roadmap centered on the Durgapur demerger to JSW Energy. The next set of disclosures, including the scheduled May 2026 earnings call and further regulatory approvals for the demerger, will be key checkpoints for investors following execution and governance timelines.