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 / Q3-FY26 / risks
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GE Power India · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
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.