FGD market stagnation post government notification
No new FGD orders have been placed since the Ministry notification limiting installations; only ~8 GW of category A remains, with slow progress.
GEPOWERINDIA / bear-case history
Track the concerns that keep returning.
GE Power India · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
high
Dependence on one-off items for profitability
Q3 PBT included ₹84 crore of one-off reversals; normalized EBITDA margin for 9 months is only ~10%, indicating underlying profitability is still thin.
Execution risk in turbine upgrade orders
Turbine upgrades are long-gestation projects (3-4 years), which could strain cash flows and delay revenue recognition.
NCLT approval delay for demerger
The demerger of Durgapur facility to JSW Energy is subject to multiple approvals; any delay could impact the planned asset-light strategy.
FGD regulatory changes reduce addressable market
Government notification in July 2025 exempted Category C plants (over 50% of installed base) from mandatory FGD installation, significantly shrinking the FGD opportunity.
Declining order book may pressure future revenue
Total order book fell 39% YoY to ₹1,628 crore due to FGD contract termination and new build ramp-down, raising concerns about revenue visibility beyond FY27.
Dependence on parent for global expansion limited
Management clarified that GE Power India's mandate is restricted to India and 13 countries for boiler services, and non-GE services are limited to India only, capping international growth.