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Revenue
₹315 Cr
verified against source
Revenue YoY
19%
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 Q4 FY26 with revenue of ₹315 crore (+19% YoY) driven by upgrade volumes and core services growth. Full-year revenue rose 21% YoY to ₹1,269 crore, with core services orders up 32% YoY. EBITDA margin for Q4 was 37.6%, though this includes a one-off ECL reversal of ~₹44 crore from BHL settlement; normalized EBITDA margin for FY26 was 11%. The company continues its pivot to asset-light, high-margin service-led business, with the demerger of Durgapur facility to JSW Energy on track. Order backlog stands at ₹1,628 crore, with core services backlog up ~40% YoY. Management guided for sustained profitability and cash generation, but near-term revenue visibility is limited as new build orders decline. Key risk: slower-than-expected ramp-up in core services orders could pressure revenue growth.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects core services orders to grow further, targeting increased market share from current 18%.
- The demerger of Durgapur facility to JSW Energy is targeted to close within 12 months from March 31, 2026, with a goal of completion within calendar 2026.
- Management indicated that the normalized EBITDA margin (excluding one-offs) for FY26 was 11% and expects to at least maintain this level going forward.
Risks flagged
- Government notification in July 2025 exempted Category C plants (over 50% of installed base) from mandatory FGD installation, significantly shrinking the FGD opportunity.
- 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.
- 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.
Key quotes
- We have successfully delivered a strong year-over-year 32% growth which reflects the continued strength of our strategy execution and market positioning in that portfolio.
- The relevant metrics at this stage for us is the earnings quality rather than the order backlog.
- We have fully honored and executed our settlement agreement with BHL and both the parties have duly discharged each other of all the obligations under the settlement agreement and the agreement stand closed as on date.
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