Core Services Orders (Q3)
₹136 crore
+21% YoY
Core services orders grew 21% YoY, reflecting successful pivot to high-margin, short-cycle business.
GEPOWERINDIA
Energy
12 Feb 2026
GE Power India Limited — Q3 FY26
GE Power India delivered a strong Q3 FY26 with revenue of ₹386 crore, up 22% YoY, driven by core services growth of 21% YoY.
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
Order Book
₹1,671 crore
-37% vs Mar'25
Decline due to termination of two FGD contracts worth ₹775 crore; provides ~2 years execution visibility.
Non-Japanese Asset Orders Share
53%
+53pp YoY
Over half of core services orders now from non-GE assets, expanding addressable market.
BHL Collections Received
₹216 crore
N/A
Received as of reporting date; total expected collection of ₹340 crore by FY26 end.
Management Guidance
Double-digit EBITDA margin target
Management targets normalized EBITDA margin of 10%+ for FY26 and going forward, with Q3 normalized margin at ~14.5%.
marginsRevenue CAGR of 5-8% over next two years
Company expects top-line growth of 5-8% compounded annually, driven by core services growth offsetting EPC decline.
revenueCore services mix to reach 80% in 2+ years
Volume mix of core services expected to rise from ~60% in next two years to ~80% thereafter.
growthBHL collections of ₹340 crore by FY26 end
Total expected collection from BHL settlement is ₹340 crore, with ₹216 crore already received as of reporting date.
otherKey Risks
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.
high · management_commentaryDependence 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.
medium · data_observationExecution risk in turbine upgrade orders
Turbine upgrades are long-gestation projects (3-4 years), which could strain cash flows and delay revenue recognition.
medium · analyst_questionNCLT 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.
medium · management_commentaryNotable 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.