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Revenue
₹386 Cr
verified against source
Revenue YoY
21.8%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
GE Power India delivered a strong Q3 FY26 with revenue of ₹386 crore, up 22% YoY, driven by core services growth of 21% YoY. Profit before tax and exceptional items surged to ₹131 crore from ₹23 crore last year, aided by one-off reversals of ₹84 crore (BHL ECL reversal, JP settlement, LD reversal). Normalized EBITDA margin for the quarter was ~14.5%, with 9-month normalized margin at ~10%. Management reiterated a double-digit EBITDA margin target and guided for 5-8% revenue CAGR over the next two years, as core services mix rises from 60% to 80%. Order book stands at ₹1,671 crore, providing ~2 years visibility. Key risk: FGD market remains stalled post government notification, with no new orders since the policy change.
Colored figures show movement against the previous available record.
Guidance to track
- Management targets normalized EBITDA margin of 10%+ for FY26 and going forward, with Q3 normalized margin at ~14.5%.
- Company expects top-line growth of 5-8% compounded annually, driven by core services growth offsetting EPC decline.
- Volume mix of core services expected to rise from ~60% in next two years to ~80% thereafter.
- Total expected collection from BHL settlement is ₹340 crore, with ₹216 crore already received as of reporting date.
Risks flagged
- No new FGD orders have been placed since the Ministry notification limiting installations; only ~8 GW of category A remains, with slow progress.
- Q3 PBT included ₹84 crore of one-off reversals; normalized EBITDA margin for 9 months is only ~10%, indicating underlying profitability is still thin.
- Turbine upgrades are long-gestation projects (3-4 years), which could strain cash flows and delay revenue recognition.
- The demerger of Durgapur facility to JSW Energy is subject to multiple approvals; any delay could impact the planned asset-light strategy.
Key quotes
- Our deliberate shift towards the high margin shorter cash cycle and lower capital intensive opportunities alongside a calibrated scaling back from long gestation projects has further strengthened the business stability.
- We are on track to deliver 10% plus EBITDA on a normalized basis this year and the target remains to deliver double-digit EBITDA on a year-over-year basis.
- We have made a lot of ground in this journey of financial turnaround of your company. But as I always say, this is a marathon and we are taking one quarter at a time.
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