GE Power India Limited (NSE: GEPIL) Q3 2026 Earnings Call dated Feb. 17, 2026
Corporate Participants:
Puneet Bhatla — Managing Director
Aashish Ghai — Whole-Time Director and Chief Financial Officer
Analysts:
Unidentified Participant
Rahul Kapur — Analyst
Tushar Bhavsar — Analyst
Sanjay Kohli — Analyst
Mehul Panjwani — Analyst
Nikhil Chaudhary — Analyst
Smit Shah — Analyst
Sunil Jain — Analyst
Hrushikesh Shah — Analyst
Ramakrishnan V — Analyst
Presentation:
operator
Sa. Sam. It. It. Sa. Sam. Foreign. Ladies and gentlemen, good day and welcome to the Earnings Conference call in respect of, inter alia, the unaudited financial results for the quarter ended on 31st December 2025 hosted by GE Par India Ltd. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchtone phone. I now hand the conference over to Mr. Puneet Batla, Managing Director of GE Power India Ltd.
Thank you Anne over to you.
Puneet Bhatla — Managing Director
Thank you. Dear investors, Good afternoon. Good evening. Thank you for joining today’s call to discuss ge Power India LinkedIn performance for the third quarter and the nine months ended December 2025. I am joined today by our CFO and WTD, Mr. Ashish Ghai to update you on our financial performance across the business and to address any queries you may have. We trust that you have had the opportunity to review our financial results and the investor presentations which have been made available on our website as well as on the stock exchanges. Would like to touch upon quickly a brief context on the broader macroeconomic and the sectoral environment into which we continue to operate before moving to the highlights of our quarterly performance against challenging backdrop of global economy, India’s macroeconomic fundamentals remain resilient as per the Economic Survey 2025 2026, real GDP growth for 2026 is projected at around 7.4%, supported by broad based demand, improving rural consumption and strengthening industrial activities.
This momentum is expected to continue into FY27 with real GDP growth projected in the range of 6.8 to 7.2%. Inflation pressures have moderated to 1.7% and monetary conditions remain supportive amid easing policy rates. These trends, coupled with robust capital expenditure provide a constructive backdrop for investment in infrastructure and energy sectors, including power. The government signaled continued strategic support for energy and related sectors which underscore a balanced energy outlook for India, ensuring reliable baseload supply while progressively scaling renewable and cleaner technologies. Recent quality developments further reinforce this balanced approach to India’s evolving energy landscape. In the Union Budget for FY27 presented on in February 2026.
In parallel, the Ministry of Environment, Forest and Climate revive the notification limiting FTD installation to about 630 GW of India Thermal Power Station by December 27 and December 2028 progressively while taking Category C about 70 GW out of the scope of the policy. Your company is watching this very carefully as how to how does the market momentum of the new order builds up on this segment in the coming months while the market is also witnessing determination of few awarded orders as we move ahead. Your company has played and continue to play a critical role in delivering reliable, affordable electricity to communities accompanying our customers in their energy transition endeavors in the third quarter ended December 2025.
Within nine months, the interventions done by your company to keep the electricity reliable, affordable and sustainable goes to the tune of food 14 gigawatts of assets. Very happy to state this work has been essentially to lifting the quality of the life of the million of people. We are proud this mission and the impact it has had now turning towards our business performance of this quarter, I am pleased to share that the strategic reset undertaken over past few years continue to translate into sustained operational and financial progress as we approach the end of FY 2026. Revenue remains resilient and losses have continued to narrow and the profitability across the core service portfolio has improved sequentially, providing clear momentum as we progress on our deliberate shift towards the high margin, shorter cash cycle and lower working capital intensive opportunities alongside a calibrated scaling back from long gestation projects has further strengthened the business stability over the period.
As you will see it in the results, the success of such typical business comes from the operational excellence with better and all rounded project management along with the consistent order intake. Core order the backbone has risen by 21% from December 2024 along with the revenue for the same period witnessed 4% upside. Execution discipline and operational excellence have continued to drive meaningful margin expansion across our our core services and business upgrades, our sustained focus on strengthening capabilities and the product offerings for both JPL and non JPL thermal assets. This is has translated into healthy and consistent order inflow during the year for core this quarter your company has booked about 53% from non Jepil assets in the overall core services order as of December 2025 companies order books stand at 1,671 crores providing visibility to close to around 2 years of execution from the continuing operations.
As already informed last quarter, we also have made important progress in strengthening the balance sheet. Legacy receivables including BHL outstanding have progressed into structured settlement and collection phases during this quarter. Team has successfully conducted record 11 PG tests during last nine months. The strategic demerger of Durgapur facility to GSW Energy effective 07.01.2025 as shared in the last quarter is moving with the correct pace and direction. This transaction will streamline our portfolio, reduce fixed cost exposure and sharpen our focus on asset light service net opportunities while ensuring continuity of the supply and the services support for the customer through appropriate commercial agreements.
As a result of disciplined cash management and portfolio realization, Our standalone net worth 378 crore remains significantly stronger as of December 2025. Reflecting the benefits of these strategic actions and improving working capital discipline, we are moving into the end of 2026 with a sharp focus on financial prudence and stronger operational discipline. With focused portfolio, improving margins and a healthy order book, we are very well positioned. I will now hand over to Ashish who will walk you through the financial performance in much greater detail. Over to you Ashish.
Aashish Ghai — Whole-Time Director and Chief Financial Officer
Thank you Puneet Good evening everyone. Thank you for taking time to join today’s earnings call. I would like to build on the promotional updates which Puneet has just shared and share few insights on the financial performance of the quarter starting with commercial updates. During the current quarter your company secured orders worth 141 crores compared to 461 crores in the corresponding period of the previous year. Now while primarks applied, this is a steep quarter on quarter decline. However, the prior year’s figures included a single significant order for Vindachal Turbine Upgrade valued at Rupees 348 crores. Notably, your company’s pivot to margin and cash accretive Core services business is on the right track with orders increasing from 112 crores in December 2024 to 136 crore in December 2025.
This marks a 21% quarter increase. Core Services is poised to build on its momentum and deliver double digit year over year growth again in this year. As of 12-31-2025, your company has an order backlog of Rupees16.71 crore which is down from 2662 crore as of March 31, 2025. This reduction is driven by termination of two FGDEP contracts, JPVlpina and Negri, which collectively is Rupees Seven Hundred and Seventy Five Crores worth. Coming to the financial performance now, revenue for the quarter ended December 2025 stood at rupees 386 crore driven by core services up from 317 crores in the corresponding quarter last year, marking a 32% increase.
Again, profit before tax and exceptional item from the continuing operations of the business for this quarter stood at rupees 131 crores. This is a significant increase when you compare with rupees 23 crores in the quarter ended 31st December 2024 this reflects sustained efforts in improving the operating performance of the company. This cheap quarter on quarter profitability increase is also complemented by a certain one off items like reversal of ECL provision for the BHL collections that we have done in the quarter amounting to 37 crore Sholapur extension of time received and LD settlement done and provision reversal of 22 crores and JP Bina and Negri full and final settlement with 25 crores of positive impact.
I would also like to update our investors that pursuant to the settlement agreement with BHL signed earlier this year, we as on reporting date have received rupees 2,216 crore year to date. Additionally during the current quarter we received rupees 25 crore from JPS full and final settlement. With this the settlement with GP has been successfully concluded and both parties stand fully discharged with no further obligation outstanding on these two projects. Following the Notification of New Labor Codes, we have recorded a provision of rupees 42 crore including rupees 15 crore for discontinued operations based on the draft rules issued by Ministry of Labor and Ambition.
Given it is regulatory driven and non recurring in nature, this has been classified as an exceptional item in the Financials. We continue to closely monitor further regulatory developments and will assess any incremental impact if applicable. Your company has taken few critical steps in the last nine months such as signing of settlements with BHEL and JP plus signing of the merger transaction for Durga Court with JSW nic. These actions are decisive and reflect our commitment to continue to reduce financial exposures, optimize operational cost and mask towards sustained profitability at the back of core services business and maintain the disciplined execution at site and this quarter’s performance is another testament to the effectiveness of the strategy.
Despite the challenges posed by the limitations on HD installations, we have managed to maintain a solid financial footing from operations. Our ability to secure key core orders and a healthy backlog position us well for the year ahead. Before I open the forum for Q and A I humbly want to convey to you all that as management we remain fully committed to drive sustainable growth in strategic areas like CO Services focusing on generating consistent profits and cash flow. 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.
Thank you for joining once again and I know now open the forum for Q and A.
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on the touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We’ll take a first question from the line of Akash Jain from Money Curve Analytics. Please go ahead.
Rahul Kapur — Analyst
Yeah, thank you so much, sir. I’m a little new to the company so some of the questions may be quite basic in nature. So I apologize upfront for that. So there have been a lot of one offs, right? Even in this quarter we have seen settlements and insurance claims, etc. Plus obviously a lot of cost on the items as well. So if I just want to understand what is the long term sustainable EBITDA margin for the core business, how should we look at it from an ongoing perspective? For the services business that we are focusing now, what is the sustainable EBITDA margin? That is the first question.
The second question is also regarding the overall TAM of the business because is my understanding correct that primarily we will be doing repairs and maintenance and spare parts etc. For equipments which are installed by GE in the past and also in the future or are we also doing contracts for other manufacturers as well? So can you give us a little bit of a sense of the TAM, growth opportunities for the business, etc. That will be my second question. Thank you so much.
Puneet Bhatla — Managing Director
Thank you. Thank you for this. So first on your bigger part of the question, I would put a request. Ashish, you can take the first question.
Aashish Ghai — Whole-Time Director and Chief Financial Officer
Sure. Thank you Mr. Jain, and welcome to the first Mr. Call that you are attending. So on your first question, yes, you are right. There are a lot of, there are certain one off which I have already highlighted the key ones. On the sustainable basis, our target and endeavor for this and future years is to deliver a double digit EBITDA for the business. Right. And I think we are on track on the normalized basis. I’m saying excluding the one off that I mentioned, we are on track for that in this year and the target remains to deliver 10% plus EBITDA on.
Year over year basis. On your second point, which is on the target market that we serve. Puneet, if you can respond to that.
Puneet Bhatla — Managing Director
So thanks for joining this call but probably I think I will start, I’ll just put a little bit of an addition to what Ashish has said. We have taken a turnaround of our strategy last year wherein we started focusing more towards the shorter cash cycle, cash accretives, lower capital investment projects. With that we were also Focused on getting into our backlogs executed as disciplined as possible. So what you are seeing as one of as part and parcel of the execution business or project execution missions which keeps on coming over the course of the part over the course of the project execution.
So yes you are right, it’s they are one off but they are not like that. They are something very unique for a project business. Second thing, at that point of a time the strategy was more which we have created and which has actually started giving a lot of results back which we are all witnessing now. Now that we wanted to actually get into the services of the installed base. And today India’s installed base is. Which is more or less the target market for us would be about 2,500 crores or something like that which comprises of the assets which are both Jaipal assets as well as non JPL assets.
And we are progressing quite strongly into the non JFL assets. Also as I mentioned in my starting speech that we have seen 53% of the orders which are coming to us from the non JFL assets. So this strategy is giving us the returns and I would like to answer it in this way in case you have anything else probably do ask us.
Rahul Kapur — Analyst
I’ll get back in the queue. Thank you so much for your for your answer.
operator
Okay, thank you. We’ll take our next question from the line of Tushar Bowser from Cognizance 4D. Please go ahead.
Tushar Bhavsar — Analyst
Congratulations for the exceptional number sir. Can you guys hear me clearly? Yes. Yeah. So I have like a couple questions like you know, one is are we deliberately getting out of low margin contracts? Like and I’ve seen from the decline in the back orders and anticipating higher margin orders. Like you know, we, we. When I see like and when I go through the details I see like you know that we are installing the digital control systems and mechanical upgrades that allows companies like NTPC and state plans to operate at like you know, differential loads at 40% or lower. Like you know those kinds of systems which are pretty I would say difficult like you know, for other companies.
That’s one of the like you know, questions.
Puneet Bhatla — Managing Director
Okay, so anything else before I answer you or answer your first question? Maybe if you can put the second question also then probably I think you can take it all together.
Tushar Bhavsar — Analyst
Yeah, sure. It’s a different question, right? You know, will GBP I like, you know benefit from the 165 million US dollar like you know, order for the nuclear from the G Steam and bill by getting the maintenance contract in the later years or like and how that impacts our approach to the nuclear.
Puneet Bhatla — Managing Director
Let me take both the things together. I first take that nuclear one first. For you, for you the nuclear. The. Nuclear sector for us on the servicing or the OM contract is out of the domain of Japan or g Power India Ltd. So that’s not what we are, that’s not the area what we are looking at and what the number, what we have talked about a little bit before about 2,500 crores or something that doesn’t include nuclear. So that’s the first part of the question. Second part of the question was with respect to the installed base. So when we are talking of the installed base, yes there would be few areas wherein as I said to Mr.
Jain also beforehand, we have changed our strategy where we want to really focus on to the low cycle high margin deals because of a very conscious decision which we have taken last year wherein we do not want to risk into the long projections or long gestation projects which are basically cash destroying. So yes we would be putting our big efforts towards the continuous services business. But that having said this thing we would, we are still doing, we are changing our strategy from then EPC to the EP side which means only the equipment supplier. So with this I would like to rest my answer in case you have any questions do let us know.
And I think you have, you also had a flexible flexibility aspect of the Indian grid which is asking the plants to work. So we have got a capability and we are working with our customers wherein we can give the solutioning the technical solutions and we can work together. So far nothing has come up at this point of time wherein the beyond design conditions have to be achieved at this point of time because the plants have to achieve only the design conditions. So this would be the last part of the answer to your question.
Tushar Bhavsar — Analyst
Okay, so. So we don’t have any. Yeah just so we don’t have any plans for the non renewable ligand or nuclear ever as of now. No plans.
Puneet Bhatla — Managing Director
No plans for now. Never say never. But no, it is not a part of the strategy and I’m not at this point of time and I was just gonna refer to that also to kind of complement to what Puneet said also on your deliberately coming out of these projects. So we launched a strategy seven quarters back. Getting into nuclear was not part of it. It is not part of it, part of the strategy today as well. That’s one to whatever we had already booked. Right. This is the new order, the new commercial new orders or commercial strategy for the company. But whatever we have booked we continue to complete those projects. So there is no deliberate attempt of coming out of any project which is booked by Jabil. It got triggered from the announcement or notifications from the ministry and many customers including JP were exploring their options for the category B and category C plants. And we have now amicably, we have amicably settled that that you know, decision or that dispute between with JP Because JP is not only a customer for these two projects, JP is a customer for services projects as well.
So it is important to continue to have a good relationship with the customer. So it was not. There is no deliberate attempt to kind of come out of any contract whatever we have booked. We continue to serve our customers, customers to the best of our ability. But yes, from a commercial standpoint we launched a strategy seven quarters back and we stick to it if there is no change in that strategy. And Core services is the center pillar of that strategy and we continue to focus on that.
Tushar Bhavsar — Analyst
Thank you very much sir.
operator
Thank you. Next question is from the line of Sanjay Kahuli from Goldstone Capital. Please go ahead.
Sanjay Kohli — Analyst
Thank you for the opportunity.
operator
Can you use your headset mode please? I’m sorry, audio is not very handful.
Sanjay Kohli — Analyst
Can you hear me? Hello?
operator
It is better now.
Sanjay Kohli — Analyst
Please go ahead because my audio also is very, very bad. The audio throughout this call so far. It’S been and not particular to this call. It’s I don’t know just through this conference center but only restricted to this concurrently. Make the adjustments please. So yeah. We can hear you. Well if you. I’ll ask a question. I can’t hear you but I’ll ask the question. A couple of you know these one time numbers in this quarter. JP Bina, Solarpur, LD Vega and we’ve taken these in the top line and this is in the normal course. I mean I’m just trying to grapple. With the fact, you know how this accounting works and how you are sort. Of synchronizing your contract conditions with the, you know the accounting revenue recognition as for accounting requirements. So you know we can, we can. Also let us know what the expenses are again. So if you were to total up this JP we. 25 and 22 and 37. This is page eight of your presentation. This amounts to 84 crores. What are the expenses we booked against this during the quarter?
Puneet Bhatla — Managing Director
Sure. Are you able to hear us? I mean.
Sanjay Kohli — Analyst
Yeah, yeah, yeah. It’s better, a lot better.
Puneet Bhatla — Managing Director
Sure. Thanks Mr. So, so yes, I mean there were three parts of the question. Number one, it is absolutely in accordance with the accounting policies that the company follows. Of course it is. It is duly verified, validated quarter over. So in terms of revenue recognition principles laid down by the. You know in the accounting standard this is in line with that all these, all these three. Right. And the first two which is JP and Shola four flow from the top line and the last BHL is not a top line item. It is more of a reversal of costs item.
Yes. Totality These numbers are 84 crores. The 33 significant item that I spoke about in this quarter there is almost nil expenditure on these three tickets. Because if you kind of go back to the previous quarter just September quarter itself we recorded an expense of 25 crore on almost 25 crore on GP. And we put a note in the financial and also in the investors call we clarified that we are in discussion with the customer. However there is no settlement which is achieved so far. In the event, you know we, we are done with all the obligations under the settlement and the settlement comes effective in that case we will.
We will be having a P and L gain in the next quarter but the obligation was still not done by the time so. So the expense was recorded in the previous quarter. The gain is now since we have fully discharged our obligations we are recording that that revenue in this quarter 25cr. Likewise the other two are an outcome of either a settlement achieved or in line with the accounting policy that we follow. There is a provision reversal. So you can take that almost nil cost is recorded against these three tickets in the quarter and all three goes directly to the bottom line.
Sanjay Kohli — Analyst
So 37 comes in the goes towards improving the margins. It doesn’t add to the top line. It goes reduces the expenditure the 37. Yes, you’re right. Okay. And okay. My other question pertains to any near. Term FGB catalyst orders that we can look forward to.
Puneet Bhatla — Managing Director
So what we have been saying post the government notification there is no ordering which has taken place so far on the. On the FGDs. And just to remind our ourselves that about C categories were already out of the has been out of the notification which is which amounted to be about 70 gigawatts or so. And today for category A which are. Left behind there are about 8 gigawatts. Or so and 2 gigawatts are under tendering profession. But so far the progress has been very very slow and no ordering done so far after the notification.
Sanjay Kohli — Analyst
Thank you.
operator
Thank you ladies and gentlemen. In order to ensure management is able to answer queries from all participants kindly restrict your question to one at a time. You may join back the queue for follow up questions. We’ll take our next question from the line of Mehul Panjwani from 40 cents please go ahead.
Mehul Panjwani — Analyst
Hello sir. Thank you so much for the opportunity. So my question is what percentage of. Revenue will come from our core services over the next two years and how does margin differ between services and the EPC work?
Puneet Bhatla — Managing Director
Ashish, would you like to.
Aashish Ghai — Whole-Time Director and Chief Financial Officer
Sure, sure. So I will for the next two years since we have given a time frame here. Next two years volume mix would be something like this that I expect around 60% coming from core services. But post two years which is like, I would call it like a more stable because we have these two big turbine upgrade orders in the backlog today which would get executed in the next two years and hence you have lower core services and, and a lot of upgrade also coming in the next two years. But sustainably I would say the 60% in the next two years will grow and would go up to 80% you know, post two years.
So 80, 20 sustainably would be the volume mix is our expectation. To answer you Mr. Mehal. Right. On the volume mix we do not give segment profitability or margin. But what I can tell you is that the gross margins or at the weighted gross margins we expect you know, a good 30% plus gross margin number and effectively an EBITDA of 10% plus is what we are expecting, you know, going forward. But yeah, we can’t give you segment margin at this point.
Mehul Panjwani — Analyst
So what remaining visibility do we have for FY27 based on the executable order book?
Aashish Ghai — Whole-Time Director and Chief Financial Officer
Again we don’t. I, I think we have been a part of that. We don’t give future statement but at least I can give you a read that we expect in the, in the range where we are in this year plus minus 5% so we will be for the next year and the year after we expect a plus 5 to 8% kind of compounded growth in the top line.
Mehul Panjwani — Analyst
Okay, thank you so much sir. I’ll get back in with you.
operator
Sure. Next question is from the line of Nikhil from Toro Wealth Managers llp. Please go ahead.
Nikhil Chaudhary — Analyst
Yeah. Hi. Thank you so much for the opportunity. Am I audible? Yes, yes. Actually. Congratulations. On what? Probably the numbers and the turnaround that we are seeing which you had actually discussed even in the agm. So sir, just wanted to understand if we exclude the one off the operational level profitability is around 12% already like around 46 crores of maybe an operational profitability. So we’ve been focused on telling 10% plus. So is it Fair to assume that this is probably a base level margins that probably will be there and maybe go going forward. And I’ll come to the second question or probably you’ll be answering this first.
Puneet Bhatla — Managing Director
Sure. I missed your name again, Nikhil. Thanks Nikhil for that question. Really good question I must say and I’m glad that you have gone through the financial and analyzed it well. So yes, firstly for this quarter, yes your, the normalized margins that you’re talking about, the profitability are in that range. So in terms of the nine months so far I am calling it a 10% normalized EBITDA so far, not 12%. So one and second to your point, if this the base, like I said we are on Track to deliver 10% plus in this year and but at the same time we continue to optimize our cost and we continue to focus on pricing.
We have had very good success in the OEM or G or Japil own machinery or Geo machinery that’s in this year which helps in the, in the margins. Right. So we continue to focus there and we would, yeah we would definitely aim to maximize that EBITDA levels. But as a, a call out, we stick to 10% plus for next year and years to come but we are on track for 10% this year.
Nikhil Chaudhary — Analyst
Got it, got it. Understood. So also on the like just following on to the earlier question, you just said 5 to 8% growth. Isn’t it too conservative or you being more cautious than like in calling out the numbers or you don’t want to specifically call out.
Puneet Bhatla — Managing Director
Yeah, it’s not conservative Nikhil. Like there are two elements. We are growing on coal and we like I said there are turbine upgrades which we would see significant execution in 26, 27. So that’s where our top line growth would, would majorly come from from these two things. And, and I’m confident that could come. However, there’s another element that we are, we are not focusing on commercial efforts on the greenfield site. That is not a part of the commercial strategy which means that the volume coming from the greenfield project for the EPC business would keep shrinking.
So there is an element of growth on the services side but at the same time a compensating decline on the newbie side also. So keeping both in mind, I still believe we will be having a growth trajectory in terms of the, the revenue numbers. But I’ve kept the decline of the new build also in mind. When I get that 5 to 8% figure and I don’t think it’s. Yeah.
Nikhil Chaudhary — Analyst
Yeah, thank you yeah. Okay. I have one more question.
operator
Can I ask that please join back the queue. Thank you. Next question is from the line of Amanshah, an individual investor. Please go ahead.
Unidentified Participant
Yeah, Hi, good evening Dean. So my question is we said India’s installed base for core service business is 2500 crores. If I see that on an annual. Basis and if we see a nine. Month order wins, would it mean that we have a market share of 2530% in core service currently?
Puneet Bhatla — Managing Director
Yes. This is inclusive of our core as well as our the non.
Unidentified Participant
Okay, who are the other competitors in the in the core service business and what is the reason like on other OEM business has grown quite well over successive years. So what are the key elements that. Has allowed us to gain so much?
Puneet Bhatla — Managing Director
So maybe Aman, I think I will. There was a little bit of a disconnect on in the, in the voice. So probably just come up again with your question.
Unidentified Participant
Okay, sorry. So I was saying there has been very good growth in the other OEM. Business in the core service. What has allowed us to grow so well for a couple of years in that business and who are the competitors we are competing with in that segment?
Puneet Bhatla — Managing Director
Okay, so I’ll give you those pieces of information but just to give you a little bit of a more clarification of 2500 course and market share. This is with respect to our target market. I’m not talking about the complete India install this stuff because we would like to get into our own fleet as well as our those targeted fit which we would like to venture upon. And this is our very very well calculated strategy and the capability metrics which we have been working on it over last wherein we have developed the capability to serve the non JPL assets and we are focusing only on those assets which are geometrically similar so that our efforts and our costs are well restrained and constrained.
Today we are looking at the Chinese base as well as few Indian manufacturers also and a substantial amount of the NPI which we call it as a new product introduction. Efforts have been getting along onto these activities so that we get into the capability of serving the non Japanese assets.
Unidentified Participant
Thank you. Okay.
operator
We’Ll take our next question from the line of Tejas. Private investor participants are restricted to restrict to one question at a time please. Thank you. Tejas. Please go ahead.
Unidentified Participant
Good evening. Thank you for the opportunity. Most of my questions are answered. I just had one question regarding the EBITDA margin. I’d like to mention that currently our core is around 12% this quarter. And you’re saying we’re looking at double digit plus. So can you give us a range? Are we looking at 10% to 20%? 10 to 15% is that simple range that you can share with us please Sir.
Puneet Bhatla — Managing Director
Sorry, at first just a correction. I didn’t say 10% is for core, I said that’s for company. So the, the numbers which were being discussed was for jeffed at a company, not just. Yeah, yeah, I I meant is removing.
Unidentified Participant
The other income part. It’s about. Which is 32% overall. Correct, correct, correct.
Puneet Bhatla — Managing Director
That’s right. That’s right. And, but sorry, we can’t give you a range or beyond 10% plus. That is what we have been maintaining that it would be more than 10% if the endeavor is the target. We are on track for this year and we have a good pipeline for the following year as well. But I would not be able to give you a range of certain number beyond that.
Unidentified Participant
Okay. Okay sir, fair enough. Thank you.
operator
Thank you. Next question is from the line of Smith Shah from JHP Securities. Please go ahead.
Smit Shah — Analyst
Yeah, hi sir, can you call out the exact revenues and the EBITDA margins excluding the one offs? Because if I calculate it, it comes to somewhere around 13.6% as the EBITDA margin. So can you call out without all the one offs the exact numbers?
Puneet Bhatla — Managing Director
Yeah, so actually everyone has their own way. So I’m sure for me for the quarter I would say the 84Cr is the primary which we just highlighted in our presentation also are the primary one offs. Right. But important to know that the 2 out of 10, 25 and 22 are a part of revenue and 137 are part of the cost. So we have to take that also into account. Now considering all of this, I’m saying that for the quarter, yes, it is in the range of around 14 and a half or percent. For me, the way I calculate the 10% EBITDA which I was telling it for nine months, not just for the quarter.
So for the quarter yes, it’s around 14.5 and for nine months it’s around 10%.
Smit Shah — Analyst
Okay, got regarded. And now can you give us a breakup of the current order book which is somewhere on 1671 crores. Right. Now can you give the breakup of this in terms of the core services and the upgrades which are there?
Puneet Bhatla — Managing Director
Sure. You mean the backlog, not order but orders in hand, right?
Smit Shah — Analyst
Yeah, right.
Puneet Bhatla — Managing Director
Yes, for sure. So we have 1671 crores worth of orders in hand as in 31st December. In this consider around 450 crores from the the EPC side or the new build site and the balance is from the services business including the HBO and AM of cheddar. So that’s the split between between the services business and legal business.
operator
Thank you and Smith, I request you to join back the queue please. Thank you. Next question is from the line of Sunil Jain from Nirmal Bank Securities. Please go ahead.
Sunil Jain — Analyst
Yeah, thanks for the opportunity. So you said that 2500 crore is. The target market in India and out. Of that how much is your legacy GE assets and how much is known GE assets and apart from that you have some opportunity in the international market. What could be the market size in. That is the one question and second thing this 2500 crore which is the market size is doing to expand this.
Puneet Bhatla — Managing Director
So Sunitji, the market which is our own installed base is about 500 crores or so, not more than that. Rest of them are non jet in the. In the Indian segment of the Indian market. Now getting into the expansion side of it, the expansion side of this market because the new installed base will be coming we are very selective on selecting the target leads onto which we would like to work which has got various parameters, various commercial parameters and the return parameters. So it will increase but not immediately because normally the install base which is coming today would get ready for the services after some period of operation which is.
Which could vary five years to six years. So for the time being this 500 crores is our own market out of 252,500 crores and we will be selecting this now export side of it. Yeah now on the export side of it. Export side of it that we are very very on the export market we are not targeting anything which is non GE machine, non G machines we are targeting only the GE machines from a boiler perspective. So it’s not an apple to apple comparison because we are targeting only the boiler side which would be around more or less like 450 to 600 crores or something like that and that to be only for the supply of the spare parts not all the segments of the surfaces business like the overhauling.
I hope that I have answered your.
Sunil Jain — Analyst
Question just to continuation that this 2500 crore is the yearly opportunity.
Puneet Bhatla — Managing Director
Yes, it’s an early opportunity which is an average down because one plant may get for will do a little bit of an outage for some equipment then there would be second year, second equipment will start coming into. It’s an average. It’s not like you just take it as particular one unit divided by the number of megawatts and all this stuff. So it’s. It’s a general average and for ge.
operator
Sunil, I request you to join back the queue please as we have other.
Sunil Jain — Analyst
Participants waiting for their continuation of what was answered. And this GE assets of 500 crore. You will be the sole survivor, I.
Puneet Bhatla — Managing Director
Mean soul serving the company. Sunish, I would refrain from answering because it’s a dynamic market. Yes. We have got a good grip onto our own assets and we would defend it. We would defend, keep defending our fleets. Okay, great sir, thank you.
operator
Thank you. Next question is from the line of Rishikesh Shah from Alchemy Capital. Please go ahead.
Hrushikesh Shah — Analyst
Hope I am audible. Hi.
operator
Yes, please go ahead.
Hrushikesh Shah — Analyst
Congrats on a great set of numbers. Mostly all my questions are answered. I just one question. The cash that we have on our balance sheet, so what is our plan for that cash? Because our company will be growing 5% or something. We will not be requiring that kind of working capital. So what do we plan to do?
Puneet Bhatla — Managing Director
Okay. So Rishikesh ji. Yes. The observation is right. And as we as if you would have been following our company for last few years we have passed through a very difficult time and we have now, we are now standing onto this. So we would like to get more towards our sustainability perspective. And as as has said that we are moving quarter by quarter. So yes, we will be coming out how we will move ahead to make our next quarters and the next strategy more stronger in line with what we have already decided onto what we have tested.
And it is start it is working.
Hrushikesh Shah — Analyst
Okay, got it. And sir, one more question regarding the margins. Like you said that 60% will be service going to almost 100%. So don’t you think that, that we’ll. Have better margins going forward?
Puneet Bhatla — Managing Director
So let me take that. So again just a correction. So I said 60% for the next two years going to 80%, not 100%. Number one. Number two, typically yes, core services margins are higher than the upgrades the back in the backlog. We are getting a healthier backlog now because we are our volume from services is increasing. So fundamentally, directionally I would agree. But like I said we are targeting for a double digit normalized EBITDA this year and we will continue to work on our cost and we will continue to work on our driver but the market remains dynamic.
So you know that’s why we are refraining from any you know, sky commitment at this point.
operator
Okay. And thank you Rishikesh. Please rejoin the queue as we have other participants. Thank you. Next question is from the Line of Ramakrishnan V from Equity Intelligence. Please go ahead.
Ramakrishnan V — Analyst
How many employees, employees will remain in the company after all this restructuring and what is the average? Our turnover on a quarterly basis will be around 300 to 320 crores. Is that right?
Puneet Bhatla — Managing Director
So maybe I can, I can take that one. So thank you, Mr. Ramakrishnan. So firstly, we have not announced any restructuring. I just want to clarify that we have not announced any restructuring in this company. So. Yeah, but you are selling off that to jsplna. Now it is clear. Now it is clear. Yes, you are right. Yes. So There are around 170 employees, 170 employees in the perimeter of the transaction. So currently the number of headcount in the company is around 600. And so you can, you can, you know, you can make the math. And two on your. Sorry, I missed the second question. That one was an employee headcount and then two on the average quarterly turnover. Right? Yeah, yeah. So that your, your, your guess is right. We expect between 300 to 350 as the average range.
What in the top line. And you will be sourcing all this. Equipment for the upgradation of the boiler and all that from JSW where you are sold. So it would go like this. We have, we have signed a multi year agreement, five years agreement with JSW Energy as part of the demerger. So we would have access for those boiler and milk components for five years in a, you know, phase by phase manner. So it would be in the decline manner while we have the time to develop our own supply chain, alternate supply chain to the factory. So we would have the exit so that we continue to serve our market, we continue to serve our customers and have sufficient time to develop an alternate supply chain.
But that will not be a permanent solution. So we would work on alternate supply chain.
Ramakrishnan V — Analyst
So you will be outsourcing all the equipment. You. So rather than manufacturing yourself and you’ll be focusing only on the service.
Puneet Bhatla — Managing Director
No, I think I would like to answer it. We have gotten a very prudent make or buy policy stuff. And yes, as we stand with our assets or our footprint, we will take the relevant calls, taking, taking care of the specific project, of the specific equipment which needs to be delivered or something like that. Okay, thank you. Thank you. Yeah. And just since we are on this topic, I just want to kind of reiterate and remind all the investors and everyone on the call that the demerger transaction is a code driven process and all of this would only become active once we have the NCLT approval. So there are toolkits which we have to cross. We are working towards it and post that all the answers that we have given in respect to this demojet transaction become effective only after the NCLT approvals that we are working towards very actively along with the sw.
Ramakrishnan V — Analyst
Thanks. All the very best.
operator
Thank you. Thank you. Next question is from the line of Mehu. Please go ahead.
Mehul Panjwani — Analyst
Sorry your line is not good. We missed the name and everything from 40 Cent. Yeah, thank you sir for the follow up opportunity. Sir, when do we expect this MCL team? How long will it take to get to a decision?
Puneet Bhatla — Managing Director
This is very difficult to answer Mr. Mehru honestly because there are many toolkits in that NCLT is the last step. But before that there are other toolkits. So it is very difficult to answer. Our expectation is that within the calendar year 2026 we should get it. That is our expectation at this point. But it is a very because there are multiple government authorities, you know, banking institutions, there are a lot of external parties involved in it. So so difficult to kind of pinpoint. But our expectation is that within the calendar year 26 we will get it more towards the later part of the year.
Mehul Panjwani — Analyst
Right sir. And sir, can you just elaborate on the. The what you mentioned about the you have won a fire contract.
Puneet Bhatla — Managing Director
So that was not one. So I said as part of the transaction what we have done is to make sure that we have continuity in the boiler spare part orders that we serve and boiler market in the country on the course side that we have and the upgrade side we have signed a multi year supply agreement with JSW Energy that is a part of the transaction itself which and under that agreement we have access to the factory for five years where it will be a simple arm slant, you know, kind of transaction with JSW that the equipment that we get manufactured today in Durgatpur, we can get it tomorrow as well post.
Mehul Panjwani — Analyst
The mergers effectiveness also.
Puneet Bhatla — Managing Director
So that is what we have unlocked through this agreement so that we have continued and we serve our customers in the same way as we are serving today.
operator
Thank you. We’ll take our next question from the line of Nikhil from Toro Wealth Managers llp. Please go ahead.
Nikhil Chaudhary — Analyst
Yeah, hi, thank you for the follow up. Just wanted to probably get your sense around nuclear, although you have mentioned that you’re not actively looking. But recently we have seen lot of trust with respect to government on the privatizing this sector. A lot of couple of private is already winning some sort of equipment with respect to that. So isn’t it a new Lever that especially a company like ours can lever the kind of background and the parentage that we have and try to increase our tam. Which probably seems to be okay for now considering that we are only focusing on core services now and in the export also you mentioned that it is just 450 to 600 crores.
So I’m just trying to think the kind of balance sheet we have and the kind of cash that we have on the balance sheet we should be probably growing at much higher rates. Probably rather than just mid single digits or say double digits.
Puneet Bhatla — Managing Director
The nickel point. Understood. But I would, I would like to remind you and all the investors on this, on this call that we took a prudent change in our strategy last year wherein we got into the short cycle project and none of the nuclear projects are short cycles. They range. Even the start of the first electricity electron to come out of to the grid would take more or less like 7 to 8 years which is at this point of time which this is a market which we are not focusing at. So we would still believe that the strategy on which we are working should move strongly and as we see the momentum it has started building up.
So so far nuclear is not the area wherein we are focusing. Having said it is coming out of the prudence which we have done last year.
Nikhil Chaudhary — Analyst
Got it, got it. So. So, so thank you.
operator
Nikhil, I request you to join back the queue please as we have other participants waiting for their turn.
Nikhil Chaudhary — Analyst
I just had one question like probably I just asked one question. My second question is pending. So yeah, so thank you for so just trying to clarify. You said that we’ll be growing probably say mid single digit but that is on the over revenue because our other than the core will try to be like like the base will keep reducing and that is why but optically it will look like a mid single digit but the services will keep on growing. That is what probably is the correct understanding to understand.
Puneet Bhatla — Managing Director
That is a fair assessment. Nikit.
Nikhil Chaudhary — Analyst
Yeah, got it. So what you meant is the overall company level.
Puneet Bhatla — Managing Director
What I meant was overall G Power India limited as a company’s top.
Nikhil Chaudhary — Analyst
Got it. Got it. Because yeah because the core services will grow at higher rates maybe. And as and when the share increases maybe the margin also could be trending higher which is logical also. Yeah. Thank you.
operator
Thank you. Next question is from the line of Aman Shah, an individual investor. Please go ahead.
Unidentified Participant
Hi. Thank you for the follow up. I just add on the steam turbine upgrade opportunity. Sir, we will not be focusing or will be focusing very less on the new opportunities on steam turbine upgrades because it would also fit with the overall theme of making the existing plants much better. So we will not be focusing on that opportunity.
Puneet Bhatla — Managing Director
No, that’s not the. That’s not what you have understood. Aman. The. I’ll just give you a little bit of a background that the Central Electricity Authority has already rectified about 200 plus units which are going for the upgrades and the renovation amounting to more on it like 70 gigawatts or so out of which 1 gigawatt has already been ordered and your company is delivering that which is. So we. We have seen the moment which are happening so far into this domain and company is also active in that. We have seen that apart from the steam turbine, the boiler management systems are also coming up about more. More or less like 1 GW turbines are still the RFQ for which we are getting prepared is more or less again 1.1Gw or so.
And in addition to all these things, I would like to emphasize on this that this is. This would also give a sort of play to us on our port business moving forward. Once these new units have been installed, of course they are not out of our sight. We are fully focused on that and we are fully working. Your company is fully working on that.
Unidentified Participant
So for manufacturing for this will we be using the Durga Pool facility or there will be a different facility.
Puneet Bhatla — Managing Director
We work with the. With a global ecosystem and we would be again as I said in my one of the earlier answers. We take a very, very relevant call at that point of our time for a specific product, for a specific commodity or of a specific component make by whatever works out the best. It’s not only the cost, it’s also the schedule.
Unidentified Participant
So just on the follow up. So on this like so this will. This can increase our growth rates of what we said of 5 to 8% range if we get a big order on steam turbine side upgrade. Because they are high ticket.
Puneet Bhatla — Managing Director
Yeah, if it comes. Yes, you’re right. It will definitely. Yeah. But just on the turbine of grade. You know these are typically long, long decision projects. One long distance from a commercial standpoint and also once it is booked. These are not like core services projects where you know within a year you have maybe around 40% book to bill. You convert 40% of orders into revenue the same year. These typically take you know three to four years until. Until commissioning. So these are long term projects. So we have to keep that in mind. You know when we kind of think about.
Unidentified Participant
Okay, thank you sir.
operator
Next question is from the line of Premal Shah, an individual investor. Please go ahead.
Unidentified Participant
Yeah. Good evening gentlemen and congratulations for a superb set of numbers. I specifically have one question is that the provisions that you’ll have made for. The. Turgapur factory over the last nine months, those are going to be reversed as and when the transaction takes place, is that right? Is my understanding correct?
Puneet Bhatla — Managing Director
Principally is not one to one. So it’s not that exactly, you know, the field would get reversed. But in principle these are, you know, discontinued operation and the appointed date which is set is 1st July 2025 after the demergest. So not 9 months but if anything after 1st July 2025 if and when this demerger gets approved by NCST and become effective, the economic benefit and burden should transfer.
Unidentified Participant
Okay. Yeah, that’s about it. Because that amount is quite substantial. It’s almost more than 50 crores.
Puneet Bhatla — Managing Director
Yeah, but that’s. I would just have a discussion that. Just like for nine months.
Unidentified Participant
Yeah, yeah, yeah, that’s.
Puneet Bhatla — Managing Director
That’s okay. I think that’s about it.
Unidentified Participant
Thank you. Thank you.
operator
Thank you. Next question is from the line of Vaibhav Kumar, an individual investor. Please go ahead. Mr. Vaibhav Kumar, your line is unmuted. Please go ahead with your question. Since there is no response, we’ll move on to the next question from the line of Sunny Shah and individual investor. Please go ahead. Sunny, please go ahead with your question. I’m sorry, his line is disconnected. The next question is from the line of Smith Shah from JHP Securities. Please go ahead.
Unidentified Participant
Yeah. Sir, on the upgrade order that you mentioned that we are not completely defocusing from there. So can you just in, can you just quantify like in the next one or two years where can this upgrade related order book can be?
Puneet Bhatla — Managing Director
So we are what you said we are. We are fully focused on the upgrades by the way not be selective. We would be selective on the, on the, on the solutioning part of it. But yes, the upgrade is in our full focus today. The discussions, the end customers which are working on this are both combination of central and the state side. We have not seen a lot on the IPP site and reason being because IPP piece have been the ones which have been. Which are very recent in terms of their installation. So normally these upgrades starts coming into the picture once they have consumed a considerable life of the asset.
So yes, it’s at this point of time it’s a central advanced state utility.
Unidentified Participant
Okay. And where do you see the debtor days and the creditor day settling? Because right now it seems like it’s too high.
Puneet Bhatla — Managing Director
The debtors, I would say days are reducing, you know, every quarter. And we expect the trend to continue. So we expect for the next two quarters at least we would see, we’ll continue to see that reduction before it kind of normalizes two to three quarters, I would say. And then it would normalize after that and creditors would remain also for the next two quarters. As we continue, we’re in the FAG end of the FTD project and the amount of retention of the creditors that we are going to pay. So that would reduce the overall creditors numbers also.
But at the same time though, the greatest change also, and it would Also normalize after 2 to 3/4 is the expectation.
Unidentified Participant
Okay, thank you. One last question.
operator
Smith, I requested to join back, please. Okay, thank you. We’ll take a last question from the line of Sunesha, an individual investor. Please go ahead.
Unidentified Participant
Hello. Thank you for the opportunity. Actually, I got disconnected in between, so I might be repetitive in my questions. Please excuse me for that. So what I can see is in terms of this particular quarter, as against 401 crores, the profit before tax and before exceptional is coming to around 131. That translates roughly to sub. I mean around 30% as compared to say in the previous quarter being close to around 15%. So, you know, how do we, how do we look at it as a, as a normalized way? Would this be, this figure be close to 30%? It could reduce or.
Because from what I understand previously there had been a statement from the management in terms of a decision that, you know, the high, you know, we’re going in the asset light model and we are going in the higher margin bracket orders so that we make more money for the, you know, in terms of roi. So how do we, how do we look at it as a, I mean, as a ballpark, where do we see this settling? Because this 30%, I mean some, I mean compared to the previous being around in the range of 10 to 15%, this looks too good to be true.
But is it a. Can we consider it as a normalized or it has some one offs because of which is happening. Could you just throw some light on it?
Puneet Bhatla — Managing Director
Yeah. No. So actually there were a lot of questions on this particular aspect and I would just try to summarize it for you. Yeah. So there are certain one off items in this quarter. We talked about the most significant ones. We talked about three items which totaled to 84 crores. Okay. Okay. And we said this normalized EBITDA for the quarter. I Said of course everyone have their own way of calling out the normalized. There is no standard definition of normalized but the range is around 14 to 15% on normalized EBITDA for the quarter and for nine months is around 10%. That’s, that’s our call out excluding these one offs that we talked about. So that’s where we stand today. And you know we expect that we are on track for this double digit EBITDA story for the year and going forward as well.
Unidentified Participant
Right. The second question is in respect of the BHEL settlement, how much amount is yet to be received and is there any tentative timeline and if any other settlements which are to be received other than bhel?
Puneet Bhatla — Managing Director
So all the significant settlements I think we are very prudent in providing the information through investors presentation as well as to notes to accounts in the financial. So all the key settlements if any are, are a part of it. So what there is no significant settlement, a key settlement other than what is already mentioned in the financial results plus the investor presentation. On your question of how much is yet to come around 120 crores. 120 to 125 crores.
Unidentified Participant
This is as of date or from the quarter end. Sorry to interrupt.
Puneet Bhatla — Managing Director
From the reporting date? Yeah. We collected around 216 crores as on reporting date. 11th is when we reported our financials.
Unidentified Participant
Okay.
Puneet Bhatla — Managing Director
And around 124 or 125 crores is what we expect further to come in the month of February and March. So within this financial year we expect around 340 crores in total to collect from BHA.
Unidentified Participant
That’s a significant achievement. All right. And you have some discontinued operations for which you know there’s losses yet to be accounted. When do we see it phasing out?
Puneet Bhatla — Managing Director
So loss is already counted, not yet to be accounted. It is already counted in the financials. And this discontinued operation is on account of the Demerger transaction that we announced on 18th of September. Right. And this I we discussed this also. So again I’ll just summarize. So I said the Demerger transaction is expected to be closed within 2026. More towards later half of the year or maybe last quarter of the year. But all of this is subject to multiple tool gates including but not limited to NCL2 approvals. And the Demerger scheme will become effective only after that. And this discontinued operation will be carved out from our Financial Post act.
operator
Thank you ladies and gentlemen. That was the last question for today. I now hand the conference over to Mr. Puneet for closing comments. Over to you sir.
Puneet Bhatla — Managing Director
Thank you. Thank you all the investors for the interest into our investors call. Hopefully we would have been able to give you a lot of information and satisfy your questions. In case you still have reach out to us. We’ll try to support you on those queries. And I would like to reiterate only one information as we close that we remain disciplined, selective margin, focused and execution conscious as we march ahead with the strong footing and the momentum which we have built so far for the future. Thank you all. Thank you for your time. Good evening.
operator
Thank you. On behalf of GE Power India limited that concludes this conference. Thank you for joining us. And you may now disconnect your lines.