Core Services Orders Growth (FY26 vs FY25)
32%
+32% YoY
Core services orders grew 32% year-over-year, reflecting strong demand for service-led offerings.
GEPOWERINDIA
Energy
01 May 2026
GE Power India Limited — Q4 FY26
GE Power India delivered a strong Q4 FY26 with revenue of ₹315 crore (+19% YoY) driven by upgrade volumes and core services growth.
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
Order Book (as of Mar 31, 2026)
₹1,628 crore
-39% YoY
Order book declined due to termination of FGD contracts and ramp-down of new build projects.
Core Services Order Backlog Growth (YoY)
~40%
+40% YoY
Core services backlog increased ~40% YoY, indicating strong momentum in the strategic focus area.
Market Share in Core Services
18%
flat
Company holds ~18% share of the estimated ₹3,500-4,000 crore core services market.
Management Guidance
Core services order growth expected to continue
Management expects core services orders to grow further, targeting increased market share from current 18%.
growthDurgapur demerger to close within 12 months
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.
otherNormalized EBITDA margin base set at 11% for FY26
Management indicated that the normalized EBITDA margin (excluding one-offs) for FY26 was 11% and expects to at least maintain this level going forward.
marginsKey Risks
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.
high · management_commentaryDeclining 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.
medium · data_observationDependence 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.
medium · analyst_questionNotable 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.