Overview

Detailed Summary

GE Power India Limited (GE VERNOVA) designs, manufactures, supplies and services steam, hydro and related power plant equipment, and increasingly focuses on high‑margin, shorter‑cycle core services including outages, upgrades and spare parts for GE and non‑GE fleets across India; the company is transitioning to an asset‑light, service‑led operating model after demerger actions in 2025.
The company reported a strong quarter with Q3 revenue of INR 386 crores (up ~22% year‑on‑year) and profit before tax from continuing operations rising to INR 131 crores; balance sheet improvements include net cash rising to INR 657 crores as of December 2025, aided by settlements and provision reversals that materially boosted quarterly profitability and liquidity.
Management has pivoted decisively to core services, targeting sustainable double‑digit EBITDA at the company level and expecting core services to represent ~60% of revenue in the next two years and 80% thereafter; non‑GE fleet work now accounts for ~53% of recent core orders, showing meaningful diversification beyond GE‑owned assets.
Strategic portfolio moves are underway: the Durgapur manufacturing demerger to JSW Energy (appointed date July 1, 2025) and associated five‑year supply agreement enable continuity while reducing fixed costs and allowing GE Power India Limited to focus commercially on service growth and margin improvement amid macro and regulatory headwinds.

Sector: Infrastructure Developers & Operators
Industry: Engineering - Turnkey Services
Market Cap: 3,028 Cr
Volatility: High Risk
P/E Ratio: 10.0
Industry P/E: 23.4
PEG Ratio: 0.0
P/B Ratio: 7.8
52W High: 552.05
52W Low: 196.00

Sales CAGR

1Y: 0.81%
3Y: -26.34%
5Y: -15.61%
10Y: -5.59%

Profit CAGR

1Y: 218.48%
3Y: —
5Y: —
10Y: —

ROE

TTM: 16.11%
3Y: -66.17%
5Y: -27.69%
10Y: -7.66%

ROCE

TTM: 28.23%
3Y: -34.04%
5Y: -12.76%
10Y: 1.09%

Technicals

‌

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
ORIANA	1818.35	3,695 Cr	22.87	7.25	0.00	36.38	36.11	13.66
RELINFRA	90.02	3,647 Cr	0.58	0.22	0.00	24.27	35.16	16.34
PACEDIGITK	163.15	3,522 Cr	10.01	1.67	0.00	19.06	26.93	8.57
ASHOKA	122.30	3,432 Cr	1.21	0.82	0.00	36.41	35.00	15.01
BONDADA	283.60	3,165 Cr	27.59	5.48	0.00	28.26	32.13	11.54
GVPIL	452.80	3,028 Cr	10.03	7.84	0.00	16.11	28.23	15.80
EIEL	144.55	2,537 Cr	11.69	2.23	0.00	17.62	20.71	13.22

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	241	456	391	246	217	317	266	287	281	386
Expenses	267	471	426	265	222	329	301	299	253	261
Operating Profit	-26	-15	-36	-18	-4.90	-12	-35	-12	28	125
OPM %	-10.74	-3.19	-9.11	-7.46	-2.25	-3.71	-13.18	-4.25	9.96	32.36
Other Income	10	37	82	7.65	28	28	19	56	28	-11
Interest	16	17	15	9.55	9.42	4.11	1.64	5.58	5.66	6.29
Depreciation	3.71	5.03	5.12	3.56	3.57	3.68	3.65	3.60	2.63	3.21
Profit Before Tax	-36	0.37	26	-24	10	8.86	-22	35	48	104
Tax %	0.00	0.00	0.00	0.00	0.00	0.00	-149.13	0.00	6.02	1.09
Net Profit	-36	0.37	26	-24	10	8.86	-55	35	45	103
EPS in Rs	-9.20	0.06	3.86	-1.41	9.95	-2.76	24.43	5.16	4.81	10.75

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	2,041	1,343	1,903	2,446	3,343	2,620	1,796	1,625	1,047	1,088
Expenses	1,951	1,213	1,724	2,315	3,193	2,781	2,124	1,856	1,117	1,152
Operating Profit	90	130	179	131	150	-160	-329	-231	-70	-64
OPM %	4.42	9.69	9.39	5.36	4.50	-6.12	-18.29	-14.22	-6.70	-5.88
Other Income	94	-7.90	40	158	66	-3.98	81	147	82	131
Interest	51	24	41	49	67	82	61	67	25	21
Depreciation	60	51	31	66	50	44	23	20	14	15
Profit Before Tax	26	42	146	173	99	-291	-331	-171	-27	32
Tax %	109.57	37.12	48.44	51.17	28.98	0.60	-33.00	0.00	0.00	102.87
Net Profit	-2.46	27	75	85	70	-289	-441	-171	-27	-0.91
EPS in Rs	—	—	11.20	12.58	10.48	-42.97	-65.54	-25.48	30.21	45.15
Dividend Payout %	-810.81	75.76	53.48	15.90	9.54	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	67	67	67	67	67	67	67	67	67	67
Reserves	758	760	761	815	849	904	609	165	1.58	249
Borrowings	0.00	0.00	0.00	0.00	137	453	388	359	163	29
Other Liabilities	2,762	3,039	3,085	2,677	2,316	2,569	2,394	2,272	2,349	1,667
Total Liabilities	3,588	3,867	3,913	3,559	3,370	3,993	3,458	2,864	2,581	2,012
Fixed Assets	374	350	271	151	307	283	133	110	98	63
CWIP	39	28	9.04	12	4.63	1.70	2.31	0.69	3.55	4.37
Investments	2.67	2.67	2.67	2.67	2.67	2.67	10	13	19	30
Other Assets	3,172	3,486	3,630	3,394	3,056	3,705	3,312	2,740	2,461	1,915
Total Assets	3,588	3,867	3,913	3,559	3,370	3,993	3,458	2,864	2,581	2,012

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	62	430	48	-241	-563	-478	49	90	173	320
Cash from Investing Activity	-182	-91	-700	223	917	63	-5.03	6.20	-7.35	54
Cash from Financing Activity	-84	-1.72	-28	-39	-86	254	-79	-48	-240	-66
Net Cash Flow	-205	337	-680	-57	267	-160	-35	48	-74	308

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	68.58%	68.58%	68.58%	68.58%	68.58%	68.58%	68.58%	68.58%	68.58%	68.58%	68.58%	68.58%
FIIs	0.15%	0.07%	0.23%	0.12%	0.25%	0.39%	0.43%	0.85%	0.41%	0.56%	0.11%	0.15%
DIIs	9.14%	8.84%	5.66%	4.26%	3.90%	3.38%	3.19%	3.19%	2.69%	0.86%	0.80%	0.83%
Public	22.14%	22.51%	25.53%	27.04%	27.27%	27.65%	27.80%	27.38%	28.33%	30.01%	30.51%	30.45%
Total Shareholders	56,516	56,726	59,304	61,262	61,201	63,524	70,299	71,747	71,868	73,480	70,321	67,500

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