GE Power India Limited (NSE: GEPIL) Q3 2026 Earnings Call dated Feb. 17, 2026
Corporate Participants:
Puneet Bhatla — Managing Director
Aashish Ghai — Chief Financial Officer and Whole-time Director
Analysts:
Akash Jain — Analyst
Tushar Bhavsar — Analyst
Sanjay Kohli — Analyst
Mehul Panjwani — Analyst
Nikhil — Analyst
Aman Shah — Analyst
Tejas — Analyst
Smit Shah — Analyst
Sunil Jain — Analyst
Hrushikesh Shah — Analyst
Ramakrishnan V — Analyst
Premal Shah — Analyst
Sunny Shah — Analyst
Presentation:
Operator
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 Power India Limited. [Operator Instructions].
I now hand the conference over to Mr. Puneet Bhatla, Managing Director of GE Power India Limited. Thank you, and 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 Limited’s performance for the third quarter and the nine months ended December 2025. I’m joined today by our CFO and WTD, Mr. Aashish 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 presentation, 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 underscores a balanced energy outlook for India, ensuring reliable baseload supply while progressively scaling renewable and cleaner technologies. Recent policy 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 revised the notification limiting FGD installation to about 30 gigawatts of India’s thermal power station by December ’27 and December 2028 progressively while taking category C about 70 gigawatts 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 the termination 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 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’m pleased to share that the strategic reset undertaken over the 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 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 Core Services and business upgrades. Our sustained focus on strengthening capabilities and the product offerings for both GEPIL and non-GEPIL thermal assets basis has translated into healthy and consistent order inflow during the year for Core. This quarter, your company has booked about 53% from non-GEPIL assets in the overall Core Services order. As of December 2025, company’s order book stands at INR1,671 crores, providing visibility to close to around two 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 DHL 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 JSW Energy effective July 1, 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-led 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 INR378 crores 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 Aashish, who will walk you through the financial performance in much greater detail. Over to you, Aashish.
Aashish Ghai — Chief Financial Officer and Whole-time Director
Thank you, Puneet. Good evening, everyone. Thank you for taking time to join today’s earnings call. I would like to build on the commercial updates, which Puneet has just shared and share a few insights on the financial performance for the quarter.
Starting with commercial updates. During the current quarter, your company secured orders worth INR141 crores compared to INR461 crores in the corresponding period of the previous year. Now while [Indecipherable], this is a steep quarter-on-quarter decline. However, the prior year’s figures included a single significant order for Vindhyachal turbine upgrade valued at INR348 crores. Notably, your company’s pivot to margin and cash accretive Core Services business is on the right track with orders increasing from INR112 crores in December 2024 to INR136 crores in December 2025. This marks a 21% quarter-over-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 December 31st, 2025, your company has an order backlog of INR1,671 crores, which is down from INR2,662 crores as of March 31, 2025. This reduction is driven by termination of two FGD/EP contracts, JPVL Bina and Nigrie, which collectively is INR775 crores worth.
Coming to the financial performance now. Revenue for the quarter ended December 2025 stood at INR386 crores, driven by Core Services, up from INR317 crores in the corresponding quarter last year, marking a 22% increase again. Profit before tax and exceptional items from the continuing operations of the business for this quarter stood at INR131 crores. This is a significant increase when you compare with INR23 crores in the quarter ended 31st December 2024. This reflects sustained efforts in improving the operating performance of the company.
This steep quarter-on-quarter profitability increase is also complemented by certain one-off items like reversal of ECL provision for the BHEL collections that we have done in the quarter amounting to INR37 crores, Solapur extension of time received an LD settlement done and provision reversal of INR22 crores and Jaypee Bina and Nigrie full and final settlement with INR25 crores of positive impact.
I would also like to update our investors that pursuant to the settlement agreement with BHEL signed earlier this year, we as on reporting date have received INR216 crores year-to-date. Additionally, during the current quarter, we received INR25 crores from Jaypee as full and final settlement. With this, the settlement with Jaypee 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 INR42 crores, including INR15 crores for discontinued operations based on the draft rules issued by Ministry of Labor and Employment. 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 a few critical steps in the last nine months, such as signing of settlement with BHEL and Jaypee, plus signing of demerger transaction for Durgapur with JSW Energy. These actions are decisive and reflect our commitment to continue to reduce financial exposure, optimize operational costs and march towards sustained profitability at the back of Core Services business, and maintain the disciplined execution at sites. And this quarter’s performance is another testament to the effectiveness of the strategy. Despite the challenges posed by the limitation on FGD installations, we have managed to maintain a solid financial footing from operations. Our ability to secure key core orders and a healthy backlog positions us well for the year ahead.
Before I open the forum for Q&A, I humbly want to convey to you all that as management, we remain fully committed to drive sustainable growth in strategic areas like Core 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 now open the forum for Q&A.
Questions and Answers:
Operator
Thank you very much. We will now begin the question-and-answer session. [Operator Instructions]. We’ll take a first question from the line of Akash Jain from Moneycurve Analytics. Please go ahead.
Akash Jain
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. Sir, there have been a lot of one-offs, right? Even in this quarter, we have seen settlements and insurance claims, et cetera, plus obviously, a lot of cost on the exceptional 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 margins? That is the first question.
The second question is also regarding the overall TAM of the business, sir, because my — is it — is my understanding correct that primarily we will be doing repairs and maintenance and spare parts, et cetera, 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, et cetera? That will be my second question. Thank you, sir.
Puneet Bhatla
Thank you. Thank you for this. So first, on your bigger part of the question, I would put a request, Aashish, you can take the first part and probably I can take the TAM portion.
Aashish Ghai
Sure, Puneet. Thank you, Mr. Jain, and welcome to the first investor call that you are attending. So, on your first question, yes, you are right, there are a lot of — there are certain one-offs, which I have already highlighted the key ones. On the sustainable basis, our target and endeavor for this and future year is to deliver a double-digit EBITDA for the business, right? And I think we are on track on a normalized basis, I’m saying, excluding the one-offs 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 markets that we serve, Puneet, if you can jump to that.
Puneet Bhatla
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 Aashish has said. We have taken a turnaround of our strategy last year, wherein we started focusing more towards the shorter cash cycles, cash accretive, lower capital investment projects. With that, we were also focused on getting into our backlog executed as disciplined as possible. So, what you are seeing as one-offs are part and parcel of the execution business — of a project execution business, which keeps on coming over the course of the project execution. So yes, you are right, it’s — they are one-offs, but they are not like that they are something very unique for our 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 that we wanted to actually get into the services of the installed base. And today, India’s installed base which is more or less the target market for us would be about INR2,500 crores or something like that, which comprises of the assets which are both GEPIL assets as well as non-GEPIL assets. And we are progressing quite strongly into the non-GEPIL 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-GEPIL assets. So, it’s — 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.
Akash Jain
I’ll get back in the queue, Puneet. Thank you so much for your for your answer.
Puneet Bhatla
Okay.
Operator
Thank you. We’ll take our next question from the line of Tushar Bhavsar from Cognizance 4D. Please go ahead.
Tushar Bhavsar
Congratulations for the exceptional numbers, sir. Can you guys, hear me clearly?
Puneet Bhatla
Yes.
Tushar Bhavsar
Yeah. So, I have like a couple of questions. Like one is, are we deliberately getting out of low-margin contracts like as seen from the decline in the back orders and anticipating higher-margin orders? Like we — when I see — when I go through the details, I see like that we are installing the digital control systems and mechanical upgrades that allows companies like NTPC and state plans to operate at like differential loads at 40% or lower, like those kinds of systems, which are pretty, I would say, difficult like for other companies? That’s one of the questions.
Puneet Bhatla
Okay. So Tushar, anything else before I answer you or answer your first question? Maybe if you can put the second question also, then probably I think we can take it all together.
Tushar Bhavsar
Yeah, sure. It’s a different question, right? Will GEPIL like benefit from the USD165 million order for the nuclear from the GE’s team and they’ll by getting the maintenance contract in the later years or like how that impacts our approach to the nuclear?
Puneet Bhatla
So Tushar, let me take both the things together. I’ll take the nuclear one first for you. The nuclear sector for us on the servicing or the O&M contract is out of the domain of GEPIL, for GE Power India Limited. 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 INR2,500 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 the 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 also had a 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
Okay. So we don’t have any plans for the non-renewable like nuclear ever as of now?
Puneet Bhatla
No plans.
Aashish Ghai
No plans for now, Tushar. Never say never, but no, it is not a part of the strategy and —
Puneet Bhatla
Not at this point of time.
Aashish Ghai
And I was just going to refer to that, also to kind of complement to what Puneet said 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 the strategy today as well. That’s one.
Two, whatever we had already booked, right? This is the 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 GEPIL. It got triggered from the announcement or notifications from the ministry and many customers, including Jaypee were exploring their options for the category B and category C plants. And we have now amicably — I’m glad that we have amicably settled that decision or that dispute between Jaypee because Jaypee is not only a customer for these two projects, Jaypee is a customer for services projects as well. So, it is important to continue to have a good relation 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 to the best of our ability. But yes, from a commercial standpoint, we launched the strategy seven quarters back, and we stick to it, 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
Thank you very much, sir.
Operator
Thank you. Next question is from the line of Sanjay Kohli from Gold Stone Capital. Please go ahead.
Sanjay Kohli
Thank you for the opportunity, and congratulations —
Operator
Sanjay, can you use your headset mode, please? Sanjay, I’m sorry, your audio is not very clear, please use your handset.
Sanjay Kohli
I am using my handphone. Can you hear me? Hello?
Operator
It is better now. Please go ahead.
Sanjay Kohli
Because my audio also very, very bad, 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 call. Could you make the adjustments, please?
Operator
The audio is clear for us, yeah.
Puneet Bhatla
Mr. Kohli, we can hear you well. If you —
Sanjay Kohli
Yeah.
Puneet Bhatla
We can hear you well.
Sanjay Kohli
I guess — I’ll ask you questions. I can’t hear you well, but I’ll ask the questions. So, there are a couple of these onetime numbers in this quarter, Jaypee, Bina, Solapur, LD, Aviva. 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 on how this accounting works and how you are sort of synchronizing your contract conditions with the accounting revenue recognition as per accounting requirements. So, we can — also let us know what the expenses are against? So, if you were to total up this Jaypee, INR25 crores and INR22 crores and INR37 crores, this is Page 8 of your presentation. This amounts to INR84 crores. What are the expenses we have booked against this during the quarter?
Puneet Bhatla
Sure. Are you able to hear us? I mean —
Sanjay Kohli
Yeah, it’s better. A lot better.
Puneet Bhatla
Sure. Thanks, Mr. Kohli. 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 duly verified, validated quarter-over-quarter. So in terms of revenue recognition principles laid down by the — in the accounting standard, this is in line with that, all these three, right? And the first two, which is Jaypee and Solapur flow from the top line and the last BHEL is not a top line item. It is more of a reversal of cost item.
Yes, totality, these numbers are INR84 crores, the three significant items 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 INR25 crores on — almost INR25 crores on Jaypee. And we put a note in the financials 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, we are done with all the obligations under the settlement and the settlement comes effective. In that case, we will be having a P&L gain in the next quarter, but the obligations were still not done by the time.
So, the expense was recorded in the previous quarter. The gain is now — since we have fully discharged our obligation, we are recording that revenue in this quarter, INR25 cr. 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
So INR37 crores comes in the — goes towards improving the margins. It doesn’t add to the top line. It goes — it reduces the expenditure?
Puneet Bhatla
The INR37 crores, yes, you are right.
Sanjay Kohli
Okay. And — okay. My other question pertains to any near-term FGD catalyst orders that we can look forward to?
Puneet Bhatla
So, what we have been saying post the government notification, there is no ordering, which has taken place so far on the FGDs. And just to remind ourselves that about C categories were already out of the — have been out of the notification, 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 preparation. But so far, the progress has been very, very slow and no ordering done so far after the notification.
Sanjay Kohli
Okay. Thank you.
Operator
Thank you. [Operator Instructions]. We’ll take our next question from the line of Mehul Panjwani from 40 Cents. Please go ahead.
Mehul Panjwani
Hello, sir. Thank you so much for the opportunity. Sir, 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
Aashish, would you like to —
Aashish Ghai
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 year and hence, you have lower core services 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% post two years. So, 80-20 sustainably would be the volume mix is our expectation to answer you, Mr. Mehul, right, on the volume mix. We do not give segment profitability or margin. But what I can tell you is that the gross margins for — the weighted gross margins, we expect a good 30% plus gross margin number and effectively an EBITDA of 10% plus is what we are expecting going forward. But yeah, we can’t give you segment margins at this point.
Mehul Panjwani
Sir, what revenue visibility do we have for FY ’27 based on the executable order book?
Puneet Bhatla
Again, we don’t — I think we have been a part — we don’t give future statements, but at least I can give you a range that we expect 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
Okay. Thank you so much, sir. I’ll get back in the queue. Thanks.
Puneet Bhatla
Sure.
Operator
Next question is from the line of Nikhil [Phonetic] from Toro Wealth Managers LLP. Please go ahead.
Nikhil
Yeah, hi. Thank you so much for the opportunity. Am I audible?
Puneet Bhatla
Yes.
Operator
Yes.
Nikhil
Sir, 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-offs, the operational level profitability is around 12% already, like around INR46 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, that probably will be there and maybe going forward? And I’ll come to the second question or probably you’ll be answering this first.
Puneet Bhatla
Sure. I missed your name, again.
Nikhil
Nikhil?
Puneet Bhatla
Nikhil, okay. Thanks, Nikhil, for this question. I mean, a really good question, I must say. And I’m glad that you have gone through the financials 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’m calling it a 10% normalized EBITDA so far, not 12%. So, one.
And second, to your point, is 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 GEPIL-owned machineries or G-owned machineries as well in this year, which helps 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 — let’s say, call out, we stick to 10% plus for next year and years to come. But we are on track for 10% this year.
Nikhil
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’re being more cautious than like in calling out the numbers or you don’t want to specifically call out?
Puneet Bhatla
Yeah. No, it’s not conservative, Nikhil. It’s like — there are two elements. See, we are growing on Core 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 majorly come from, from these two things. And I’m confident that could come. However, there is another element that we are not focusing on commercial efforts on the greenfield side. That is not a part of the commercial strategy, which means that the volume coming from the greenfield projects or 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 new build side also.
So, keeping both in mind, I still believe we will be having a growth trajectory in terms of the revenue numbers. But I’ve kept the decline of the new build also in mind when I gave that 5% to 8% figure. And I don’t think it’s — yeah.
Nikhil
Yeah, yeah. Got it.
Operator
Thank you.
Nikhil
Yeah, okay. I have one more question. Can I ask that?
Operator
Please join back the queue. Thank you. Next question is from the line of Aman Shah [Phonetic], an Individual Investor. Please go ahead.
Aman Shah
Yeah. Hi, good evening team. Sir, my question is, we said India’s installed base for Core Service business is INR2,500 crores. If I see, that’s on an annual basis. And if we see a nine-month order wins, would it mean that we have a market share of 25%, 30% in Core Service currently?
Puneet Bhatla
Yes. This is inclusive of our old assets as well as our non-GEPIL assets.
Aman Shah
Okay. Who are the other competitors in the Core Service business? And what is the reason like our 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
So maybe, Aman, I think I will — there was a little bit of a disconnect in the voice. So, probably just come up again with your question, the last one.
Aman Shah
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
Okay. So, I’ll give you those pieces of information. But just to give you a little bit of a more clarification of INR2,500 crores and the 25% market share, this is with respect to our target market. I’m not talking about the complete India installed base stuff, because we would like to get into our own fleet as well as our — those targeted 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 the last few years, wherein we have developed the capability to serve the non-GEPIL assets, and we are focusing only on those assets which are geometrically similar so that our efforts are — our costs are well restrained and constrained.
Today, we are looking at the Chinese base as well as a 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-GEPIL assets.
Operator
Thank you. We’ll take our next question from the line of Tejas [Phonetic], a Private Investor. [Operator Instructions].Tejas, please go ahead.
Tejas
Sir, good evening. Thank you for the opportunity. Most of my questions are answered. I just had one question regarding the EBITDA margin. Like you mentioned 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 some kind of range that you can share with us, please, sir?
Puneet Bhatla
Sorry, first, just a correction. I didn’t say 10% is for Core. I said that’s for company. So, the numbers which were being discussed was for GEPIL as a company, not just Core Services.
Tejas
Yeah, yeah. Yeah, I meant is removing the other income part, it’s about, which is 32% overall —
Puneet Bhatla
Yes, using the normalized one.
Tejas
Correct. Correct, correct.
Puneet Bhatla
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% is 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 or a certain number beyond that.
Tejas
Okay, sir. Fair enough. Thank you.
Operator
Thank you. Next question is from the line of Smit Shah from JHP Securities. Please go ahead.
Smit Shah
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 on-offs, the exact numbers.
Aashish Ghai
Yeah. So actually, everyone has their own way. So, I’m sure for me, for the quarter, I would say, the 84th year is the primary, which we just highlighted in my presentation also are the primary one-offs, right. But important to note that the two out of them, 25 and 22 are a part of revenue and 137 [Phonetic] 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 14.5-odd percent for me, the way I calculate the 10% EBITDA, which was telling is for nine months, not just for the quarter. So, for the quarter, yes, it’s around 14.5% and for the nine months, it’s around 10%.
Smit Shah
Okay. Got it, got it. And can you give us a breakup of the current order book, which is somewhere around INR1,671 crores right now. Can you give the breakup of this in terms of the core services and upgrades which are there?
Aashish Ghai
So, you mean the backlog, not order, but orders in hand, right?
Smit Shah
Yeah, yeah. Right.
Aashish Ghai
Yes. For sure. So, we have INR1,671 crores worth of orders in hand as on 31st December, in this considered around INR450 crores from the EPC side or the new build side and the balance is from the services business including the [Indecipherable]. So, that’s the split between the services business and newbuild business.
Operator
Thank you.
Smit Shah
Got it. And —
Operator
Smit, I request you to join back the queue, please. Thank you.
Smit Shah
Okay.
Operator
Next question is from the line of Sunil Jain from Nirmal Bang Securities. Please go ahead.
Sunil Jain
Yeah, thanks for the opportunity. Sir, you said that INR2,500 crores is the target market in India. And out of that, how much is your legacy GE assets and how much is non-GE assets. And apart from that, you have some opportunity in the international market. What could be the market size in that? This is the one question. And second thing, this INR2,500 crores, which is the market size [Technical Issues] doing to expand this?
Puneet Bhatla
So Sunil ji, the market, which is our own installed base is about INR500 crores or so, not more than that. Rest of them are non-GEPIL in the Indian segment or 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 fleets on to 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 installed 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, yes, INR500 crores is our own market out of 250 — INR2,500 crores. And we will be very selective on [Indecipherable].
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 machines. We are targeting only the GE machines from a boiler perspective. So, it’s not an apples-to-apples comparison because we are targeting only the boiler side, which around — which would be around more or less like INR450 crores to INR600 crores or something like that. And that to be only for the supply of spare parts, not all the segments of the services business like the overhaul, et cetera, et cetera. I hope that I have answered your question.
Sunil Jain
Just to continue in that, this INR2,500 crores is the yearly opportunity.
Puneet Bhatla
Yes, it’s an yearly opportunity, which is averaged out, because one plant may get for — we’ll do a little bit of an outage for some equipment then there would be, second year, second equipment will start coming in. So, it’s an average. It’s not like you just take it as a particular one unit divided by the number of megawatts and those stuff. So, it’s a general average which comes out.
Sunil Jain
And for GE —
Operator
Sunil, I request you to join back the queue, please, as we have other participants waiting for their turn.
Sunil Jain
Continuation of what was answered. And the GE assets of INR500 crores, you will be the sole survive — I mean, sole serving the company.
Puneet Bhatla
Sunil ji, I would refrain from answering this sir, because it’s a dynamic market. Yes, we have got a good grip on our own assets. And we would defend it. We will keep defending our fleets.
Sunil Jain
Okay. Great, sir. Thank you.
Operator
Thank you. Next question is from the line of Hrushikesh Shah from Alchemy Capital. Please go ahead.
Hrushikesh Shah
Hope I am audible. Hi.
Operator
Yes, please go ahead.
Hrushikesh Shah
Congrats on a great set of numbers. Sir, mostly, all my questions are answered. I have just one question. The cash that we have on our balance sheet. So, what is the plan for that cash? So, 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
Okay. So, Hrushikesh ji, yes, the observation is right. And as we — if you would have been following our company for the last few years, we have passed through a very difficult time, and we have now — we are now standing on to this. So, we would like to get more towards our sustainability perspective. And as Aashish has said, that we are moving quarter-by-quarter. So yes, we would be coming out how we would move ahead to make our next quarters and the next strategy more stronger in line with what we have already decided on to what we have tested and it is started working.
Hrushikesh Shah
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 we’ll have better margins going forward?
Aashish Ghai
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. In the backlog also, we are getting a healthier backlog now because we are — our volume from core services is increasing. And 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 costs, and we will continue to work on our pricing. But the market remains dynamic. So, that’s why we are refraining from any sky commitment at this point.
Hrushikesh Shah
Okay. And what is the —
Operator
Thank you. Hrushikesh, please rejoin the queue as we have other participants. Thank you. Next question is from the line of Ramakrishnan V [Phonetic] from Equity Intelligence. Please go ahead.
Ramakrishnan V
Sir, how many employees will remain in the company after all these restructuring? And what is — means average our turnover on a quarterly basis will be around INR300 crores to INR320 crores. Is that right?
Aashish Ghai
So, maybe 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 yes, we said —
Ramakrishnan V
But you’re selling up that through JSPL. Through Jindal you are selling your business.
Aashish Ghai
Okay. [Speech Overlap] Now it is clear, now it is clear. Yes, you’re 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 make the math. And two, on your — sorry, I missed the second question, what was that? One was on employee headcount and then two on the average quarterly turnover, right?
Ramakrishnan V
Yeah.
Aashish Ghai
Yeah. So that — your guess is right. We expect between 300 to 350 as the average range quarterly top line.
Ramakrishnan V
And sir, you will be sourcing all this equipment for the upgradation of the boiler and all that from the JSW where you are sold?
Aashish Ghai
So, it would go like this. We have signed a multi-year agreement, five years agreement with JSW Energy as part of the demerger. So, we would have excess for those boilers and mill components for five years in a phase-by-phase manner. So, it would be in the declining manner. While we have the time to develop our own supply chain, alternate supply chain to the factory. So, we would have the access 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 as well.
Ramakrishnan V
So you will be outsourcing all the equipment, so rather than manufacturing yourself and you will be focusing only on the service?
Puneet Bhatla
No, I think I would like to answer it. We have got a very prudent make-or-buy policy stuff. And yes, as we stand with our assets or our footprint, we will take the relevant costs taking care of the specific projects or the specific equipment, which needs to be delivered or something like that.
Ramakrishnan V
Okay. Thanks, and all the very best.
Operator
Thank you.
Aashish Ghai
And 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 demerger transaction becomes effective only after the NCLT approvals that we are working towards very actively along with JSW.
Ramakrishnan V
Okay. Thanks. And all the very best.
Aashish Ghai
Yeah. Thank you.
Operator
Thank you. Next question is from the line of Mehul Panjwani from 40 Cents. Please go ahead.
Mehul Panjwani
Sorry, your line is not good. We missed the name and everything.
Operator
Mehul Panjwani from Forty Cents.
Aashish Ghai
Oh, Mehul Panjwani. Okay. Yeah. Thank you.
Mehul Panjwani
Yeah. Thank you, sir for the follow-up opportunity. Sir, when do we expect this NCLT — how long will it take to get to a decision?
Aashish Ghai
This is very difficult to answer, Mr. Mehul 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, banking distribution, there are a lot of external parties involved in it. 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
Right, sir. And sir, can you just elaborate on the — what you mentioned about the — you have won a five-year contract.
Aashish Ghai
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 core side that we have and on the upgrade side, we have signed a multi-year supply agreeing 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 would be a simple arm’s length kind of transaction with JSW that the equipment that we get manufactured today in Durgapur, we can get it tomorrow as well post the demergers effectiveness also. So, that is what we have unlocked to this agreement so that we have continuity and we serve our customers in the same way as we are serving today.
Operator
Thank you.
Mehul Panjwani
Right, sir.
Operator
We’ll take our next question from the line of Nikhil from Toro Wealth Managers LLP. Please go ahead.
Nikhil
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 a lot of trust with respect to government on the privatizing this sector, a lot of couple of private players 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 INR450 crores to INR600 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
Nikhil, point understood, but I would like to remind you and all the investors on this call that we took a prudent change in our strategy last year, wherein we got into the short-cycle projects. And none of the nuclear projects are short cycle. They range, even the start of the first electrific — electron to come out of — to the grid would take more or less like seven years to eight years, which is at this point of time, 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 it 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 and moving ahead.
Nikhil
Got it, got it. So, just probably —
Operator
Thank you. Nikhil, I request you to join back the queue, please, as we have other participants waiting for their turn.
Nikhil
I just add one question, like probably I just asked one question. My second question is pending. So yeah, so thank you. So, just trying to clarify, you said that we’ll be growing probably say mid-single digits, but that is on the overall revenue because our — other than the core will try to be 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 how we will —
Aashish Ghai
That is a fair assessment, Nikhil.
Nikhil
Yeah. Got it. So what you meant is the overall company level growth?
Aashish Ghai
Yeah. What I — actually, what I meant was the overall GE Power India Limited as a company’s top line.
Nikhil
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 so much.
Operator
Thank you. Next question is from the line of Aman Shah, an Individual Investor. Please go ahead.
Aman Shah
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
No, that’s not what you have understood, Aman. I’ll just give you a little bit of a background that the Central Electricity Authority has already identified about 200-plus units, which are going for the upgrades in the renovation, amounting to more than 70 gigawatts or so, out of which 1 gigawatt has already been ordered and your company is delivering that, which is in [Indecipherable]. So, we have seen the movements 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 or less like 1 gigawatt, turbines are still the RFQs for which are getting prepared is more or less again 1 gigawatt or so. And in addition to all these things, I would like to emphasize on this that this is — this would also give us sort of play to us on our core 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.
Aman Shah
So for manufacturing for this, will we be using the Durgapur facility or there will be a different facility?
Puneet Bhatla
We worked with the 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 time for a specific project, for a specific commodity, or a specific component, made by whatever works out the best. It’s not only the cost, it’s also the schedule.
Aman Shah
Sir, just on a 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, yeah.
Puneet Bhatla
If it comes, yes, you’re right. It will, definitely.
Aashish Ghai
Yeah. But just on this turbine upgrade, these are typically long-decision projects. One, long-decision from a commercial standpoint. And also, once it is booked, these are not like core services projects where within a year, you have maybe around 40% book-to-bill. You convert 40% of orders into revenue the same year. These typically take three years to four years until commissioning. So, these are long-term projects. So, we have to keep that in mind when we kind of think about turbine upgrades.
Aman Shah
Okay. Thank you, sir.
Aashish Ghai
All right.
Operator
Thank you. Next question is from the line of Premal Shah, an Individual Investor. Please go ahead.
Premal Shah
Good evening, gentlemen, and congratulations for a superb set of numbers. I specifically have one question is that the provisions that you have made for the Durgapur 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?
Aashish Ghai
Principally, yes, not one to one. So, it’s not that exactly the same would get reversed. But in principle, these are discontinued operation and the appointed date, which is said is 1st July 2025 as per the demerger team. So not nine months, but yes, anything after 1st July 2025, if and when this demerger gets approved by NCLT and become effective, the economic benefits and burden should transfer.
Premal Shah
Okay. Yeah, that’s about it. Because that amount is quite substantial. It’s almost more than INR50 crores.
Aashish Ghai
Yeah, but that’s for nine month —
Premal Shah
Including the labor cost.
Aashish Ghai
I would just caution that it’s for nine months.
Premal Shah
Yeah, yeah, yeah, that’s [Indecipherable]. Okay. I think that’s about it. Thank you. Thank you, sir.
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.
Smit Shah
Yeah. Sir, on the upgrade orders that you mentioned that we are not completely defocusing from there. So, can you just — can you just quantify like in the next one year or two years, where can this upgrade-related order book can be?
Puneet Bhatla
So, we are — what you said, we are fully focused on the upgrades. By the way, it’s not to be selective. We would be selective 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 to this are both combination of central and the state side, we have not seen a lot on the IPP side and reason being because IPPs have been the ones which have been — which are very recent in terms of their installation, because 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 central as well as state utilities.
Smit Shah
Okay. And where do you see the debtor days and the creditor days settling? Because right now, it seems like it’s too high.
Aashish Ghai
The debtors, I would say, days are reducing 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 quarters to three quarters, I would say, and then it would normalize after that. And creditors would remain also for the next few quarters as we continue — we’re in the fag end of the FGD project and the amount of retention of the creditors that we are going to pay. So, that would reduce the overall creditor numbers also. But at the same time, the creditors chase also and it would also normalize after two quarters to three quarters is the expectation.
Smit Shah
Okay, sir. Just one last question —
Operator
Smit, I requested to join back, please.
Smit Shah
Okay.
Operator
Thank you. We’ll take our last question from the line of Sunny Shah [Phonetic], an Individual Investor. Please go ahead.
Sunny Shah
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 INR401 crores, the profit before tax and before exceptional is coming to around INR131 crores. That translates roughly to sub — I mean, around 30% as compared to, say, in the previous quarter being close to around 15%.
So, how do we look at it as a normalized way? Would this be — this figure be close to 30%, it could reduce, because from what I understand, previously, there had been a statement from the management in terms of a decision that the high — 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 — in terms of ROI.
So, how do we look at it as — I mean, as a ballpark, where do we see this settling? Because is 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 — 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?
Aashish Ghai
Yeah. No. So actually, there was a lot of questions on this particular aspect. And I will just try to summarize it for you.
Sunny Shah
Sure.
Aashish Ghai
There are certain one-off items in this quarter. We talked about the most significant ones. We talked about three items, which totaled to INR84 crores, okay?
Sunny Shah
Okay.
Aashish Ghai
And we said this normalized EBITDA for the quarter, I said, of course, everyone has 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 our call out, excluding these one-offs that we talked about.
Sunny Shah
All right.
Aashish Ghai
So, that’s where we stand today. And we expect that we are on track for this double-digit EBITDA story for the year and going forward as well.
Sunny Shah
Right, 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?
Aashish Ghai
So, all the significant settlement, I think we are very prudent in providing the information through investor presentation as well as to notes to accounts in the financials. So all the key settlements, if any, 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 on how much is yet to come around INR120 crores to INR125 crores is what it is —
Sunny Shah
This is as of date or from the quarter end? Sorry to interrupt.
Aashish Ghai
From the reporting date we collected around 200 — yeah, we collected around INR216 crores as on reporting date. Say, 11th [Phonetic] is when we reported our financials.
Sunny Shah
Okay.
Aashish Ghai
And around INR124 — INR125 crores is what we expect further to come in the month of February and March. So, within this financial year, we will — we expect around INR340 crores in total to collect from BHEL.
Sunny Shah
That’s a significant achievement. All right. And you have some discontinued operations for which there’s losses yet to be accounted. When do we see it phasing out?
Aashish Ghai
So loss has already accounted, not yet to be accounted. It is already accounted in the financials. And the discontinued operation is on account of the demerger transaction that we announced on 18th of September 2025, right?
Sunny Shah
Right.
Aashish Ghai
And this — 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 toolkits, including, but not limited to NCLT approvals. And the demerger scheme will become effective only after that, and this discontinued operation will be carved out from our financial post that.
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
Thank you. Thank you, all the investors for their interest into our investor 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
[Operator Closing Remarks]