GE Power India Q4 FY26: PAT ₹113 Cr, revenue ₹336 Cr

Results announcement and earnings-call context

GE Power India Ltd announced its Q4 FY26 results on 12 May 2026 and discussed the performance in its earnings call for the quarter and the year ended 31 March 2026. Management said India’s power sector demand remains structurally strong, supported by industrial growth, urbanisation and the need for reliable base-load power. Against that backdrop, the company described FY26 as a year of steady operations and strategic progress.

Management also reiterated that the business is being positioned as a more service-led, execution-driven and financially disciplined company. The focus, as described on the call, has been on better project selection, tighter execution and sustained cost discipline.

Strategic shift toward core services and upgrades

A key theme from the earnings call was the company’s pivot toward core services and upgrade work, which management characterised as margin and cash-accretive. During FY26, the company highlighted momentum in this portfolio, along with an expansion of offerings across GE Power India and non-GE Power India installed thermal base.

Management said core orders increased 32% versus FY24-25. It also stated that core services revenue for the comparable period saw a 12% upside and ended FY26 at 15% above budget for core services.

Order inflows: quarterly moderation, core services growth

In Q4 FY26, GE Power India secured orders worth ₹254 crore, compared with ₹285 crore in the corresponding quarter of the previous year. The company noted that the prior-year figure included orders worth ₹52 crore.

Within the quarter, the company highlighted a rise in core services orders. Core services orders increased 22% quarter-on-quarter from ₹207 crore to ₹253 crore, which management cited as evidence that the service-led strategy is tracking as intended.

Full-year order booking: decline explained by last year’s large wins

For the full year FY26, GE Power India booked orders worth ₹877 crore, compared with ₹2,183 crore in the previous financial year. The company attributed the year-on-year decline to the base effect of large orders booked in FY25, including FGD EP orders related to JP, Bina and Nigrie worth ₹775 crore and two large upgrade orders of Vindhyachal and Wanakbori worth ₹591 crore.

Management maintained that despite the headline decline in total annual order booking, core services remained central to the company’s near- and medium-term strategy.

Order book: down year-on-year, but visibility retained

As of 31 March 2026, the company’s order backlog stood at ₹1,627.8 crore, down from ₹2,662.3 crore a year earlier. Management linked the reduction to termination of the Jaypee Bina and Nigrie FGD EP contracts amounting to ₹775 crore.

On the earnings call, the company said the order book remains healthy and provides close to two years of execution visibility from continuing operations. It also said the order book is increasingly aligned with strategic priorities, with a higher share of service-led opportunities.

Q4 FY26 financials: income up YoY, down sequentially

For Q4 FY26, GE Power India reported total income of ₹335.87 crore, compared with ₹401.25 crore in Q3 FY26 and ₹276.78 crore in Q4 FY25. This translated into a 16.3% decline sequentially and a 21.3% increase year-on-year.

Profitability improved sequentially. Profit before tax (PBT) for Q4 FY26 was ₹118.82 crore, up from ₹103.36 crore in Q3 FY26, and versus a loss before tax of ₹29.99 crore in Q4 FY25. Tax expense for the quarter was ₹2.15 crore, and profit after tax (PAT) was ₹113.21 crore. EPS for Q4 FY26 was ₹16.84.

Revenue from operations and cost movement

The company reported revenue from operations of ₹316.40 crore in Q4 FY26, up from ₹266.38 crore in Q4 FY25, while it declined from ₹385.62 crore in Q3 FY26.

Total expenses for Q4 FY26 were reported at ₹217.05 crore, down from ₹270.32 crore in Q3 FY26 and from ₹306.77 crore in Q4 FY25. In another cost breakdown for the quarter, raw material consumed was stated at ₹169.10 crore and employee expenses at ₹48.77 crore, with interest cost at ₹4.37 crore and depreciation at ₹3.01 crore.

FY26 performance: revenue growth and profit expansion

For FY26, revenue from operations increased 21.23% year-on-year to ₹1,269.39 crore from ₹1,047.10 crore in FY25. One reported set of full-year profitability numbers showed PBT rising to ₹258.78 crore from ₹235.63 crore and PAT increasing to ₹252.61 crore from ₹203.00 crore.

On the earnings call, management also cited profit before tax and exceptional items from continuing operations for the full year at ₹340 crore, compared with ₹22 crore in the previous financial year, and said the entity delivered 11% EBITDA excluding one-offs.

Cash flow, settlements, and one-off items

Management said the settlement agreement signed with BHEL enhanced cash flow visibility and that the company received ₹343 crore in FY26 under this settlement. It also referenced a reversal of ECL provision for BHEL collection of around ₹44 crore, which supported quarterly profitability.

Separately, the company made an additional provision of ₹42.57 crore during FY26 towards the implementation of the four Labour Codes notified by the Government of India, of which ₹15 crore pertained to discontinued operations. This provision was classified as an exceptional item due to its regulatory-driven and non-recurring nature.

Dividend, rating, and stock reaction

The board recommended a final dividend of ₹7 per equity share for FY26, subject to shareholder approval at the upcoming Annual General Meeting.

A separate update noted that ICRA upgraded the company’s credit rating to BBB+ (Stable) from BBB (Stable). Following the Q4 FY26 outcome, the stock hit an upper limit of 5% at ₹671.30, as reported alongside the sequential improvement in profitability.

Key numbers at a glance

What management highlighted on market opportunity

In response to a question on market size, management indicated that the market could be about ₹3,500 to ₹4,000 crore as a whole. The company also spoke about diversifying order inflows and expanding presence in international markets including Saudi Arabia, and said it received orders for 80 new, first-of-its-kind products during the year.

Conclusion

GE Power India’s Q4 FY26 reflected year-on-year growth in income and a sequential improvement in profits, alongside a lower order backlog due to contract terminations and a high base of large FY25 orders. The next key marker for investors is the shareholder vote on the proposed ₹7 final dividend, along with subsequent updates on order inflows and backlog rebuild.