{"id":182712,"date":"2026-05-12T01:35:36","date_gmt":"2026-05-12T05:35:36","guid":{"rendered":"https:\/\/alphastreet.com\/india\/ge-power-india-limited-gepil-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-12T01:38:52","modified_gmt":"2026-05-12T05:38:52","slug":"ge-power-india-limited-gepil-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/ge-power-india-limited-gepil-q4-2026-earnings-call-transcript\/","title":{"rendered":"GE Power India Limited (GEPIL) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

GE Power India Limited (NSE: GEPIL) Q4 2026 Earnings Call dated May. 12, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Puneet Bhatla<\/strong> \u2014 Managing Director<\/em><\/p>\n

Aashish Ghai<\/strong> \u2014 Chief Financial Officer and Whole-time Director<\/em><\/p>\n

Analysts:<\/h2>\n

Unidentified Participant<\/strong><\/p>\n

Tushar Bhavsar<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and Gentlemen, good day and welcome to the GE Power India Limited Q4FY26 investors conference call. 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 this conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Puneet Batla.<\/p>\n

Thank you. And over to you sir.<\/p>\n

Puneet Bhatla<\/strong> \u2014 Managing Director<\/em><\/p>\n

Thank you. Good morning, Good evening all whosoever are there over the globe in case somebody is joining us from the other side of the world. And thank you for joining us for the GE Power India Limited Q4 and the full year FY26 earnings call, I would like to extend a warm welcome to our investors, analysts and all the stakeholders. Our financial result for the quarter and the full year has been released and are available on the stock exchanges and on our website. Joining me on this call is our Chief Financial Officer Mr.<\/p>\n

Ashish Ghai who will take you through the financial performance in details after my remarks. Let me begin with a brief perspective on the business environment. India’s power sector continues to be supported by structurally strong demand driven by industrial growth, urbanization and the need for reliable baseload power. At the same time, customers are increasingly focused on plant availability, efficiency improvement, emission compliances and life cycle cost optimization. This continues to create opportunity for the service led offering upgrade and the targeted performance improvement solutions.<\/p>\n

Coal based power generation remains critical for ensuing baseload reliability and the grid stability even as the renewable energy capacity continues to expand rapidly. India’s approach to energy transition is calibrated balancing sustainability goal with the energy security. In the environmental and the compliance landscape there has been a recalibration of emission norms particularly around the flue gas desulfurization. The revised framework prioritizes the installation in the high impact area while excluding certain categories of plant, thereby taking a more practical and a phased implementation approach.<\/p>\n

While this may impact the near term ordering, but for affordable, reliable and sustainable electricity need, such solutions would remain in the need for the upgrade perspective. Against this backdrop, FY26 has been an year of steady operation and strategic progress for GE Power India Limited. Over the course of year we remain focused on strengthening the company as more service led, execution driven and financially disciplined business. Our emphasis continued to be higher margin, shorter cycle and lower working capital in capital intensive opportunities and selective approach to orders that do not meet our returns and the cash flow threshold.<\/p>\n

This disciplined strategy has supported better business quality, improved execution consistency and the stronger cash flow visibility. During the year we saw encouraging momentum across our core services and upgrade portfolio. Better project selection, tighter execution and sustained cost discipline contributed to improved operating performance performance. At the same time, we continue to expand our offerings across both GE Power India and non GE Power India installed thermal basis supporting a healthy flow of service led orders.<\/p>\n

Core orders the backbone have risen by 32% from FY24 25 with the revenue for the same period witnessed 12% upside and for this year 15% above the budget for the core services. As of 3-31-2026 our order book stood at 1628 crores which remains healthy and provides a visibility for close to two years of execution from continuing operations. Importantly, this order book is now increasingly aligned with our strategic priorities with a higher share of service LED margin accretive opportunities during FY26 we also made meaningful progress in strengthening our balance sheet.<\/p>\n

Resolution of legacy receivables have been a key focus area and we have seen encouraging movements to the structured settlements and the improved collection. The settlement of Bharat Sevy Electricals Ltd. Has significantly enhanced cash flow visibility while the amicable closure of members with Jay Prakash Power Ventures limited has reduced uncertainties and strengthened our financial position this year. On the portfolio front, we have taken decisive steps to simplify and sharpen our business model.<\/p>\n

Following the earlier exit from hydro and gas businesses, we are on track for the demerger of Durgapur manufacturing facility to JSW Energy. This transition marks a significant shift towards an asset light service LED structure reducing fixed cost exposure while ensuring continued access to manufacturing and the service capabilities through appropriate commercial arrangements. As a result of these actions combined with disciplined cash management, our financial position has improved materially, our network has strengthened and we are now operating with more efficient capital structure better aligned with the nature of our business going forward.<\/p>\n

From a growth perspective, we have also made steady progress in diversifying our order inflows. During the year we have expanded our presence across multiple international markets including Saudi, Turkey, Australia, uae, Malaysia, Indonesia and Morocco. These engagement support of service across a meaningful installed base and reinforce our positioning as a reliable and preferred partner in thermal services and solutions. Operationally, the year also saw several important milestones across the business.<\/p>\n

In new build boiler, we achieved contract closure with BHGL which I just mentioned, completed three PG tests for the key units and reached synchronization and the facility closure milestones across multiple projects in AQCs and FGD. We have received seven operational acceptances and completed completion of facilities for four units in the services, we continue to invest in capability building and delivered first time products generator repairs behind Upgrade Control system solutions. This year we have had a pleasure of receiving orders for 18 new first of its kind products which is happening.<\/p>\n

Our automation and control business also secured and executed multiple orders across the domestic and the international market. The team is highly skilled in executing the projects for DCS turbine controls, generator excitation generator, health monitoring with various product lines like Alpha, Marx, etc. Looking ahead, our priority remains clear driving disciplined execution, accelerating cash conversion and sustaining profitability. We will continue to focus on strengthening our core service franchise, improving margins and maintaining financial disciplines with a streamlined portfolio, improved profitability and order book position.<\/p>\n

We have closed 2026 on a positive note and are well positioned to build on this momentum as we move forward. We are pleased to also announce that the Board has recommended dividend payout of 70% of the face value which is subject to the approval of the shareholders of the company at the ensuing and annual general meeting. Thanks for your patience and belief in us for last four years. Your company could not declare the dividend in those tough periods. With that I will now hand it over to Ashish who will walk you through the financial performance in much more details.<\/p>\n

Thank you. Over to Ashish.<\/p>\n

Aashish Ghai<\/strong> \u2014 Chief Financial Officer and Whole-time Director<\/em><\/p>\n

Thank you Puneet Good morning everyone. Thank you for taking time to join today’s earnings call and once again congratulations to all the investors for the strong financial performance for the quarter and year ended 3-31-2026. I would share a few insights in that context starting with commercial updates. During the quarter your company secured orders were 254 crores compared to 285 crores in the corresponding period of the previous year. Please note prior year figures include general and m orders worth 52 crores but notably your company’s pivot to margin and cash accretive core services business is on the right track with orders increasing by 22% quarter over quarter from 207 crores to 253 crores and for the complete financial year your company has booked orders worth 877 crores in compared to 2183 crores in the previous financial years.<\/p>\n

There is a steep decline which Is contributed by FG EP orders of JP, Bina and Nigri worth 775 crores which we booked last year and also two large complex upgrade orders of Vindachal and Vanapuri worth 591 crore again booked in the previous financial year but again on the core services which as Puneet mentioned rightly is the backbone of the current and the future strategy of the company. We have successfully delivered a strong year over year 32% growth which reflects the continued strength of our strategy execution and market positioning in that portfolio.<\/p>\n

As of 3-31-2026 your company has an order backlog of 1628 crores down from 2662 crores 12 months back as on 3-31-2025. This reduction is driven by the termination of two FGDC contracts of JP B9\u00b0 which we declared or disclosed in the due course Coming to the financial performance now. Revenue for the quarter ended March 2026 stood at 316 crores driven by upgrade volumes in the quarter which is up from 266 crores in the corresponding quarter last year. This marks a 19% quarter over quarter increase.<\/p>\n

Revenue for the full financial year stood at 1269 crores which is up from 1047 crores. This marks an impressive 21% increase in year over year performance which is driven by core services and upgrades and it grew by 14 and 24% respectively. Profit before tax and exceptional items from continuing operations for the quarter stood at 119 crores compared to loss of 15 crores in the quarter ended 31st March 2025. This reflects the sustained efforts in improving the operating performance across the business and transition to a healthier project and portfolio mix.<\/p>\n

The steep quarter over quarter profitability increase is also complemented by certain one off items like reversal of PCL provision for BHEL collection which is around 44 crores. I would also like to update our investors that pursuant to the settlement agreement signed with BHL earlier this year, the company has successfully received 343 crores in the financial year 2526 with receipt of the above stated amount. All the obligations from your company in respect to the projects covered under the settlement agreement stand closed and both parties have fully released and discharged each other against any and all future claims.<\/p>\n

Profit before tax and exceptional items from continuing operations for the full year stood at rupees 340 crores compared to 22 crores in the previous financial year. This substantial increase also comes from operational excellence excellence but at the same time complemented by certain one off items like reversal of ECL provision for BHL which was around 116 crores, Sholapur extension of time and LD settlement around 22 crores and insurance claim from Sholapur and setup fire which was around 18 crores.<\/p>\n

There have been certain one off gain in the financial year which augmented the strong performance. However, I’m happy to share that excluding the one offs, your company delivered 11% EBITDA at the entity level in the current financial year reflected solely by the operational performance with an exceptional performance in the financial year. Your company has recommended an exceptional dividend of rupees seven per equity share which is 70% of the face value subject to approval of the shareholders at the ensuing AGM which is the highest dividend recommended in the last 10 years at least of the company.<\/p>\n

Your company took certain critical actions in the financial year such as signing of settlements with BHL and JP 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 disciplined execution. Execution and the quarter over quarter profitability in this financial year is a testament to the effectiveness of the strategy.<\/p>\n

Despite the challenges posed by the limitations on FCD installations, we have managed to maintain a solid financial footing from operations our ability to secure E Core orders position as well for the year ahead Before I open the forum for Q and A, I humbly want to convey to you all that Jepyl’s management remains fully committed to drive sustainable growth in strategic areas like core services, focusing on generating consistent profits and cash flow. We have made a significant progress in our financial turnaround journey over the course of this year and the results delivered reflect the strength of our execution as we enter the new financial year.<\/p>\n

We remain focused on sustaining this momentum and continuing to strengthen the business across key operating and financial parameters. I, on personal note, would also like to thank all our investors for their continued support and trust that you have shown in us during the last few years. Your trust motivates the management to drive the results and turnaround like the one we are witnessing in the company. I enjoyed every opportunity of engaging with you all through the quarterly calls and I wish you all the very best.<\/p>\n

Thank you for joining the call once again and I now open the forum for queue.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on the Touchstone telephone. If you wish to remove yourself from the question queue, you may press Star and two Participants. You are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. A reminder to all you may press star N1 to ask a question. We will take the first question from the line of Raheel Dasani from mapl.<\/p>\n

Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, I’m audible. Yes. Yes<\/p>\n

Operator<\/strong><\/p>\n

Sir, you’re audible.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. Good morning sir. First of all, congrats on consistently showing such strong numbers. I’m a bit new to the company, so just some basic questions to begin with. We are seeing that all the gas turbine manufacturers are having these large orders and these turbines also need the HRSD systems and we have mentioned about these systems a few times over the years. So if you can please share more on the same. And what do we do here exactly? I believe GE used to manufacture for the same in the Dorgakur facility.<\/p>\n

So if you can just give me a broad outline as to what are we doing here.<\/p>\n

Puneet Bhatla<\/strong><\/p>\n

Thanks. Thanks Rahim for taking time and connecting onto the earnings call. With respect, yes, you are right that there is a sort of a spurt and there is a spike of the gas plants in the global arena. But as per the. As per the business object for the Jetel today we are not in the gas turbines first. Second, you are asking for a follow up which is on the tail side of a gas plant and you are talking of the HRSGs and others. So that also belongs to as business. We JetPil is focused only on the team for the thermal business.<\/p>\n

So that’s not. It’s not your company which is at this point of time working on. Okay,<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. But I believe the HIV systems are also used in thermal as a part of the combined cycle turbine, right along with the normal steam turbine.<\/p>\n

Puneet Bhatla<\/strong><\/p>\n

So a gas plant normally has a gas turbine if it is a combined cycle, a gas turbine and HRSG and a steam. This entails the gas business of the and it is not in the objects for DEPIL at this point.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it. Got it. And if I were to ask this as to how much of the core services order book is executable for us in FY27<\/p>\n

Aashish Ghai<\/strong><\/p>\n

Ashish. So typically these are short cycle within 12 months we execute the orders for core services portfolio. So the order in hand that you see as on say 31st March 26th, expect around 85% to 90% of that to be executed in 2067.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it. Got it. And a much broader question regarding the maintenance upgrades, decarbonization and on site repair of whole floods, how should we understand the overall market size or demand for that as of date considering if I look at the fail order book we have seen in the last three years what kind of rise they have seen for the thermal plants after the long 10 years of waiting so as of date according to you, how is this market shaping up? How big of a demand are we seeing here annually for our sort of services?<\/p>\n

And yes.<\/p>\n

Puneet Bhatla<\/strong><\/p>\n

So Raheel, it’s a good observation which you have made. And I think there is a lot of focus which is coming on the thermal power stations. And when we are talking about the power station its reliability, its PLF and its availability all becoming very, very important. Better to the need of the economy. With that means when the PLFs are increasing I’m putting a simple logic. It means the residents are doing a heavy more duties and when they are doing the more details the requirement for the services business will keep on increasing.<\/p>\n

Unfortunately you cannot pick when is going to fail. But if you have seen the. You have observed the order book position for the code for last many years. I think we have been consistently improving it out year after year. And this year also I think we have improved it to 32% or something like that. That’s I think, I hope your questions. You said 32%<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Of the market share. I didn’t hear you clearly.<\/p>\n

Puneet Bhatla<\/strong><\/p>\n

32% from the previous year. Growth and. Okay. And the market size. If you. If you are talking of the market size or so I think it will be about 3,500 4,000 crores as a whole. When I say as a whole exchange post. The jetpack is both the jetel as well as non jetel effect.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it. Okay. Yeah. I have a few more questions but I’ll get back in the queue. Thank you and congratulations again.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We will take the next question from the line of Tushar Deepak bhai bhavaskar from cognizant 4d. Please go ahead.<\/p>\n

Tushar Bhavsar<\/strong><\/p>\n

Good morning sir. Good morning. I have a couple questions. Yeah, I have a couple questions. Right. Like you know our order backlogs have declined, right. Because of the 200 and I would say like 1627 crores. So when you say like you know 85% like you know we’ll be clearing off in the year. So are we expecting like revenues of around 1300 crores for the year 27. That’s so one question<\/p>\n

Puneet Bhatla<\/strong><\/p>\n

We can also ask. Second question.<\/p>\n

Tushar Bhavsar<\/strong><\/p>\n

Correct. Correct. The other question is like you know you. I see. Like you know that we generated like around 40469 crores in operating cash from a continued operation. But we have deployed like 450 crores as a loan to some party. What is this loan about?<\/p>\n

Puneet Bhatla<\/strong><\/p>\n

And just explain it to Mr. Tushar.<\/p>\n

Aashish Ghai<\/strong><\/p>\n

Yeah. Mr. Tushar, I think you had a follow up, maybe you can complete. You said rv. Yeah,<\/p>\n

Tushar Bhavsar<\/strong><\/p>\n

Yeah. Okay. I didn’t get it, sir. Sorry.<\/p>\n

Aashish Ghai<\/strong><\/p>\n

So if I your questions complete, shall we answer?<\/p>\n

Tushar Bhavsar<\/strong><\/p>\n

Yeah, sure. Like you know, one small question is. Yeah, one small other question is like you know, so once we exhaust this backlog, like you know how quickly we anticipate like you know, for the backlog to grow and are we increasing like you know the core sector that we have to only coal or like we are expanding it to other areas too?<\/p>\n

Aashish Ghai<\/strong><\/p>\n

Sure. The services<\/p>\n

Tushar Bhavsar<\/strong><\/p>\n

Too. Yeah,<\/p>\n

Aashish Ghai<\/strong><\/p>\n

Sure, sure. Thank you. Thanks for that. So I would, I would answer it one by one. Your post and the third question are very interlinked. So I’m gonna take them together and then we’ll talk about the operating cash and the loan which you have. So yes, the order in hand have declined from previous year. And like I said in the beginning, there are two reasons to it. One, we have terminated one of the FGDEP contract which was worth 770 crore. So that we have terminated for reasons which we disclosed.<\/p>\n

So that’s one big driver of it. Number two, if you see the journey of the company, we are in a project closeout or a ramp down mode on the new build side while we are endeavoring to grow our core services on the services side. That is the strategy of the company which we launched in July 2024 and that is what we are implementing for the last two years as a result of that, at least for this year growth. NEET mentioned 32% in core orders in particular, but also over four years the CAGR is 25%. So I think that strategy is proven to be quite effective in terms of the growth.<\/p>\n

But at the same time there is new build which is when I say new build I’m talking about the green field project or actually EP solution projects. Those are on the project loose, meaning that it would consistently go down and down and down and down because we are closing out those projects. So you will see reduction in order in hand. That’s the nature of or that’s the effective strategy itself. What remains important is that in the portfolio where we are spending, the commercial efforts, where we are going to continue our business and our future performance at the, at the back of those that portfolio, which is core services, how are we doing there?<\/p>\n

And I can tell you that in order in hand for core services alone have increased by around 40% year over year. So what is declining is the new build orders backlog which is the study of the company anyways. But what is increasing is the core order Backlog. So that message is important. I want you to take away from this call now why that order in hand is increasing for core is because our orders are also increasing. So to your third point. Yes, we expect and we are working towards growth in core services at this point of the time.<\/p>\n

The I think there is. Puneet in the previous question to Mr. Dahil answered that there is around 4000 crores of targeted fleet which we are working on and currently we have roughly 18% of the market share there. Our endeavor is to grow that market share, stabilize for the next year or so and then think of expanding if we have to in other areas. For for now we remain committed on the strategy we had announced and we are delivering on that one. Coming to the last point which you said about the operating cash and the loan, the 450crore loan that you see is loan or lending to our cash pool account which is any surplus cash.<\/p>\n

We either we have two options. We have taken a kind of a diversification. We have invested in FDs for the working capital surplus with the commercial banks and we have also benchmarked our internal cash pool Vernova cash pool, you know, entity which is benchmarked with HSBC and we lend that money and earn interest on that which is reflected in the other income of the financial. So that is the surplus working capital cash which is recommended to be used as and when we require, you know, by the, by the company.<\/p>\n

So that is the 450 crores that you see in the, in the deployment. I hope you, you have received your answers.<\/p>\n

Puneet Bhatla<\/strong><\/p>\n

Yeah, maybe. I do. I do. Thank you. I can hang on to this. Mr. Tushar, I just remind you with respect to the strategy which we have changed or onto which we have pivoted about a year and a half back wherein we got into our service led strategy and we are, we are, we really understand that the headline for the order intake is remaining muted. But I think this is in line with the strategy which we have taken. And this was taken because we always believe that the relevant metrics at this stage for us is the earnings quality rather than the order backlog.<\/p>\n

And I would even like to extend it that historically we have seen in the industries there are several examples which were largely focusing, focusing on the epc but they could not translate into back into the shareholder value because of the weak margins or the long gestation cycles and the uncertainty. And for that just to remind everybody that we took a conscious call about a year, year and a half back or two years back and get into a Quick short cycle, highly accretive margin opportunities onto which we are working.<\/p>\n

And I think we have been consistent on that path so far.<\/p>\n

Tushar Bhavsar<\/strong><\/p>\n

Thank you. Thank you sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We will take the next question from the line of Milind Kamarkar Dalalan brochure portfolio managers, please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi. Thank you very much for taking my question. I had a couple of questions. Basically wanted to understand how large is the opportunity for you in core services globally. And while you know trying for this opportunity, do we get help from our parent? That was my first question. The second question was that also wanted to understand more about this 450 crores being lent via HSBC. What kind of aid do we get on this and how safe is this type of lending? So these were the two questions which I had.<\/p>\n

Puneet Bhatla<\/strong><\/p>\n

Thank you. Mr. Milan Milind, I could not take the last line when you mentioned with respect to the promoters, what was that question? What was that line?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So what I was saying was that in your endeavor to basically focus on core services globally, do we get some kind of a help from our parent?<\/p>\n

Puneet Bhatla<\/strong><\/p>\n

Okay. We are a part of the big Jeevanova and the Japil as a legal entity has got a mandate or a perimeter for the India region. So we are not for a larger perspective. We are only focuses focused on the India perspective. But then we are also focusing on 13 countries specifically for the boilers or Saudi or Indonesia. So that gives you the first answer with respect to the global or the promoter support. Yes, we have, we have got these support back to the IP and but you should also take a pride into this that your company within the overall global G1 over perspective is the only company which is working on the G as well as non gsx.<\/p>\n

Normally G ver Nova works gsx. So this is one of the in the overall global perspective which we are carrying at this point of time. I hope that satisfies your. Yeah, the<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Only, only one more addition here was that when it comes to non G then are we restricted to Eurasia or we can sort of service anywhere in the world.<\/p>\n

Puneet Bhatla<\/strong><\/p>\n

Now when it is non G we are our perimeter remains only the India for non G<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Only India. Okay.<\/p>\n

Puneet Bhatla<\/strong><\/p>\n

Okay,<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it. Thank you.<\/p>\n

Puneet Bhatla<\/strong><\/p>\n

Second question, maybe I’ll hand it over to Ashish.<\/p>\n

Aashish Ghai<\/strong><\/p>\n

Yes. Mr. So your second question was to throw more light on the 450crores. Yes. So what we have, what we do and have been doing for ever almost is that all our working capital surplus cash, we have a common pool entity within the promoter group and we lend or we borrow. So in our in our testing times, we borrowed significant money from that pool. And now when we are cash, we are lending to that entity. So we have from our shareholders, we have an approval for both lending as well as borrowing from that entity and that lending and borrowing rates are competitive and benchmarked within nationalized commercial bank.<\/p>\n

In this case, we have benchmarked it with hsbc, which is also mentioned. We kind of disclose it in the AGM every year. The range then your two points was 1 on 3 to 1. The safety of this lending. So the rates vary, of course, between, you know, as the time goes, as also the, the benchmark rates change. But it remains in the, for the year. It has remained in the range of 5.5 to 6.35% during the year. And it, it is, it is like I said, if it is benchmarked, we typically get 0.25% higher, typically higher than what we get in the, in the commercial banks.<\/p>\n

That’s what we get here. Now in terms of the safety, this, these lending is reviewed, approved by not just the management, but by the board of the company and well audited by the auditors also when they come. And we, at our end, we do a thorough financial health check of this company every year. So this is, this is also the entity where do they do other businesses. Also the balance sheet of that company is very healthy. The net worth and the cash position of that company is healthy. So from a safety standpoint, I think it’s a very healthy company.<\/p>\n

And every year we perform the financial health of the entity. We have been doing it for decades now and I mean since beginning, let’s say when we took over. And we have operational benefits of that and also financially very competitive pricing with a safe house when we, when we need it. So, so that’s what is the, is the working surplus cash positioning that we do in the company.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, thank you very much and all the best.<\/p>\n

Aashish Ghai<\/strong><\/p>\n

Thank you. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We will take the next question from the line of Sunesha and individual investor. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello. First of all, congratulations to the management for walking the talk and delivering good numbers. So I have a set of three questions if I may ask one by one.<\/p>\n

Aashish Ghai<\/strong><\/p>\n

Sure, sure.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

All right. So as per what I’ve read about the government mandate regarding the FGD that any coal plant having 250 plus gigawatt capacity must install the FGD. So in that sense, in terms of desulfurization, what scale do we see at GE Power given the fact that we have a technology backing from the parent and if the opportunity is so what is the broad range or a ballpark range of margin expectations in such kind of orders?<\/p>\n

Puneet Bhatla<\/strong><\/p>\n

I’ll hand it over to my commercial leader for mgd.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Good morning. So like your question is what is the business currently as per the government mandate on the FZD part. But if you see the the recent notification what government has notified last year July 25th that is they have categorized. There was already a category of installation of SGD which was category A and category B and category C it was with respect to the population of the cities. Okay. And 11th of July notification it was mandated that all three categories will be will have to compulsory lee install the fgd.<\/p>\n

However, post this notification what has happened? Category C which is more than 50% of the installed base that is more than 200 gigawatt which was supposed to be like BD ready by certain dates. So that was taken out. So first of all that specific segment is out. Then the government said category A has to necessarily install which was like 10% of the total install base and category B has an option. That’s how category B as an option means they have to review the applicability then submit to the government.<\/p>\n

Fine. This is what we have found and we require, we don’t require. And if they, if they go ahead for BD then there is not a pass through of tariff under certain conditions. So that’s how category B portion has also come out. Only category we have left and primary if we see in totality it is hardly cut 8 gigawatts so far has been left which is supposed to install the FBD with respect to the notification of 11 June 2025 and which the progress is quite slow. Majorly plants are from Tamil Nadu and Maharashtra and one or two plants in central India.<\/p>\n

Yeah, fair enough. So you’re saying that mandate effectively has not much of weightage in in the business sense for us. Unless obviously it is being done proactively by the power plant itself.<\/p>\n

Tushar Bhavsar<\/strong><\/p>\n

Yeah.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So I’ll come to the second question. We have a net cash of 880 crores in the books. So I mean what are we planning? Are we planning to use it in terms of working capital? But at the same time we have moved from a high capital intensive to a low capital intensive and high margin business is what I would understand as per the last one and a half year talk which we are having with the management. So what are we trying to plan with this? Add crows<\/p>\n

Puneet Bhatla<\/strong><\/p>\n

So sunny. I think a good observation and I was expecting this thing probably but let me be very honest and transparent with you. That company is fully aware of the situation and continue to evaluate the effective and the efficient deployment of this. Our parameter for the growth would will be towards the focus area for us. Sorry to interrupt<\/p>\n

Operator<\/strong><\/p>\n

In between sir, your voice is speaking.<\/p>\n

Puneet Bhatla<\/strong><\/p>\n

Is it. Is it audible now?<\/p>\n

Operator<\/strong><\/p>\n

Yes sir. Please proceed. Thank you. Maybe<\/p>\n

Puneet Bhatla<\/strong><\/p>\n

I start with. I’ll start from the start Sunny. I thanks for this this question and probably I think this is something which I would like to answer and try to give you an understanding on to the onto this aspect.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Right right.<\/p>\n

Puneet Bhatla<\/strong><\/p>\n

This cash is into our continued evaluation so that we can effectively deploy it towards our business growth and the operational strengthening while also creating the shareholders value. But our strategy still remains the same where in which we have been saying for last many many quarters that we would be focused on the service which is high margin, short cycle and cash accretive perimeter. And as we develop further onto this we will keep you updated onto the developments which are taking place onto this so that we also share it out with you.<\/p>\n

And most important for us is the share value shareholders value creation if you would like to use it. I think you have answered. Thank you.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Right, so I’ll come to the last question I could. I mean get. I could understand that the shareholders value in terms of either in the growth of the company or in whatever way is the focus. So I’ll come to my last and third question is if I if. If I were to ask you about a you know, GE Powers SWOT analysis in terms of and a more focus would be in terms of the opportunity and threats and these opportunities and threats let’s say could be highly probable and it could be a low probable thing but if you could define something in terms of what opportunities lack and what are the threats.<\/p>\n

If maybe you know, if you can dwell on that<\/p>\n

Puneet Bhatla<\/strong><\/p>\n

Maybe I’ll start with the the easier one it is the opportunities. We are focused on the thermal business of the installed base and as you would have been seeing in the. In the whatsoever in the media etc. The demand is constantly increasing as the economy is rising. So and we are in the part of the service, the after sales services business this is going to continuously be available to us. So I see that this is one of the. One of the big trends for your company now coming on to the. Or the opportunity whatever you call it as on the threat.<\/p>\n

Yes. On the threat side is as the. As the renewable is coming in there could be a little bit of a slowness but at the same time let me Give you a back of the envelope calculation. Sunny, who can you 100 gigawatt of you still require a 300 gigawatt of the embedded energy. And that embedded energy still the renewables comes in is only coming from the thermal. Now at this point of a time you can like a threat. But again within this thread there is an opportunity. So I see it both ways. I hope I would have conveyed the message.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

All right, thank you so much for patiently answering the questions. You may. I mean I’m done with my questions. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We will take the next question from the line of Pratik Srivastava from Nivesh Wisdom. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. Hello sir. Again, thank you for taking my question. And again congratulations on a wonderful set of numbers. My question is on the Durga for JSW Demerger. So what are the specific regulatory approvals are pending and what is the realistic timeline for these.<\/p>\n

Aashish Ghai<\/strong><\/p>\n

Yeah, Mr. Shivasta, so right now where we are in the process is that the we have filed with NCLT and in the due course there are certain approvals that are needed. One, there are creditors and shareholders approval. Two, we need regulatory approvals from adda, which is the real estate regulation in Gurgapur, which is again one of the most critical element in this. So there are certain approvals. And then of course ultimately NCLT and we also need no FE from the government institutions like the tax institutions and the banks and all that.<\/p>\n

So all those are part of the procedure. The procedure is is initiated after the filing of NCAA filing the petition with NCLT. The realistic timelines will within 12 months is definitely there. The target is to close within this calendar year. That’s the target. But I can say that within 12 months from you know, say the 31st of March of 26 is definitely the expectation. The target remains three months ahead of that.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. And so what do, what does, how does it benefit GE and like minority shareholders like us?<\/p>\n

Aashish Ghai<\/strong><\/p>\n

Sure, I can take that. I see, I see a couple of benefits on the company side. And when I say company I you know, the, the shareholders are part of the company. So I take, you know, all of us together. So one big benefit is I believe it gives the flexibility to our shareholders, to our investors to remain invested in a large part power asset of the of the country. Durgapur is an asset of 660 acres. Now this is no small land. This is no small asset. However, the, the way we have, you know, transformed over the last, you know, 65 years which is the aging of this, of this asset.<\/p>\n

We are into services business now and we are amping down the rebuild business. And hence the asset was underutilized. Now this is not just unfortunate for the company, this is also unfortunate for the country that a large asset is again underutilized. Now with this demerger, it remains, it gives you an opportunity that you can choose to remain invested in the asset because it is going and you would get the asset entitlement ratio, the shares and the resulting company and also the remaining business which is Jepils course at the backpack or services.<\/p>\n

So and it would unlock value in the shareholders wealth, which also Puneet talked about in the previous response. I think it gives you that flexibility, which is one, it gives you. It unlocks value for that asset because it was underutilized. We tried to kind of, you know, we tried a few things to not only fill the factory, but at least be some get some level of profits there. But we could not succeed honestly. And we have seen quarter over quarter we have reported losses in that from that factory or from that business.<\/p>\n

So it goes to a partner or it goes to a company which is, you know, very ambitious and which is growing on that and which would be effectively utilizing that factory a lot. And they have shared the plans for Durgapur, they have shared the employment opportunities of Durgapur. So I think it is good for the country, good for the people in Durgapur and also at the same time gives gives the shareholders an opportunity to remain invested or not remain invested, as you feel, you know, you feel like. But definitely unlock of shareholders value.<\/p>\n

From our side, like from management perspective, we are able to focus on the remainder business. We are able to focus and grow on the core services business and in turn deliver better growth and in turn deliver better results operationally, more importantly. And then of course as a function of operation financially. So that is the whole idea behind or that was the whole intent behind this Demerger proposal which is, you know, put on the table. And I thank you for this question because it’s important that our investors understand the intent of this demo just so that they can vote with the right level of information intent when it comes to you for approval.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you. So now that we are getting into core services with this Demerger, are we going to lose any manufacturing or a fabrication capability which supports our core services contracts.<\/p>\n

Aashish Ghai<\/strong><\/p>\n

So<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Again,<\/p>\n

Aashish Ghai<\/strong><\/p>\n

Thank you for that question. Good question. So the short answer is no, we will not. And the reason for that is that as or boiler. So firstly, what why do we need the factory for core services? Do we even need the factory for Core services. We need manufacturing capabilities. Yes. For our boiler portfolio we need that there are components, well identified components for which we need these, you know, the, the manufacturing capabilities. How are we making sure that as part of this demerger our core services is not getting impacted is by signing a long term service agreement with JSWD Energy.<\/p>\n

We have signed as part of the deal, we have signed a five year contract with them which can be extended as mutually convenient to both the parties. But 5 year contract with them under which we have reserved the right for, you know, at predetermined schedule and price the right for manufacture, not for manufacturing, but the manufacturing will be done by DSW itself and we will, they will be our vendors for it. But we have kind of reserved the capacity so that our core services business is not impacted for the next five years.<\/p>\n

Now five years is a long period where we will then develop an alternate five supply chain. We have already started working on that even before the demerger. We are in, you know, making good progress there. But I think over the next 18 months I would say we would be in a very good shape to have developed an alternate supply chain that you know, post the completion of this long term agreement we would be independent pendant of by ourselves for core. But for the next five years we have secured the order intake or avoided any loss of further intake by signing this long term.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Great, great. And one final question is on EBITDA margin. 37.6% in Q4 EBITDA margin and due to this reversal that roughly is around 14 percentage point it contributes to that. So excluding all these, you know, one time settlement related charges provision reversals and anything other one time what would be the underlying EBITDA margin and what we can take that as for FY 2700.<\/p>\n

Aashish Ghai<\/strong><\/p>\n

Sure. So for 2526 after, after all these one offs I said in the, in my opening remark that the normalized EBITDA or the underlying after all these one offs remain for at the entity level is at 11% at the entity level for full financial year. I’m talking about the same at the quarter level is at 18%. Okay, because you mentioned 37% for the quarter. So that remains at 18% for the full financial year at 11%. This is at the entity level including discontinued operation perimeter. Now our efforts and our optimization initiative both on cost side and then improving the, you know, the health of our portfolio portfolio remains there.<\/p>\n

So I can safely say that the base is set and you know, the effort it should be, it should be, you know, at par. If not more at least, but at least at par for the. For the future here. So I would not. I can’t give you a range or something on the guidance for the future in terms of margin but I can say that at least the base is set in this year.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

When you say at par, should I take like around 18% or 11%?<\/p>\n

Aashish Ghai<\/strong><\/p>\n

No, no, 18 is for the quarter. Sir. We’re talking about the financial year which is 11% for 25. 26.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. So you’re getting more for year.<\/p>\n

Aashish Ghai<\/strong><\/p>\n

Yes.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Thank you. Thank you sir. Thank you very much. Thank<\/p>\n

Operator<\/strong><\/p>\n

You. Thank you. Before we take the next question, a final reminder to all the participants. If you wish to ask a question, please press star and 1. We will take the next question from the line of Pratik Giri from Shublab Research. Please go ahead.<\/p>\n

Tushar Bhavsar<\/strong><\/p>\n

Hi, good morning sir. I hope I am audible so most of the questions are answered. I have just one clarificatory point so I just wanted to check in our reported revenue of probably 316 crore. If I have to arrive at the right number, I’ll have to deduct 44 crore. Right? The ECL reversion.<\/p>\n

Puneet Bhatla<\/strong><\/p>\n

Sorry.<\/p>\n

Tushar Bhavsar<\/strong><\/p>\n

Or is there more to it? Sir,<\/p>\n

Aashish Ghai<\/strong><\/p>\n

I<\/p>\n

Tushar Bhavsar<\/strong><\/p>\n

Hope. No, no. I’m talking about a quarter. Q4 26.<\/p>\n

Aashish Ghai<\/strong><\/p>\n

Okay. 360. Yes, yes.<\/p>\n

Tushar Bhavsar<\/strong><\/p>\n

So. So out of that 316, sir, I’ll have to deduct 44 which is probably the ECL diversion, right?<\/p>\n

Aashish Ghai<\/strong><\/p>\n

Yeah, around 41 with other benefit. But yes, in that range.<\/p>\n

Tushar Bhavsar<\/strong><\/p>\n

Got it. Understood. Sir. I was just wondering for how long it may continue further because probably for the last two three quarters we have been commenting about it. But I was just wondering can FY27 also will see these kind of. These interruptions from previous ecl?<\/p>\n

Aashish Ghai<\/strong><\/p>\n

No, you know I. I kind of clarified this in my opening remark again Mr. Giri that with the last cranch in March with the amount that we have collected we have fully honored and executed our settlement agreement with phel and both the parties have duly discharge each other of all the other. All the obligations under the settlement agreement and the agreement stand closed as on date. So to your. To your question, you know BHL agreement impact on ESL ECL is done as of 31st March 2026.<\/p>\n

Tushar Bhavsar<\/strong><\/p>\n

Understood sir. I’m sorry I missed it probably in the opening remarks but this is helpful. Thank you. And congratulations again for the kind of performance you guys have delivered. Thank you. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We will take the next question from the line of Abhijain from Tia, please go ahead. Abhay, please proceed with the question. Abhay, please proceed with your question. As there is no response. That was the last participant, ladies and gentlemen, this was the last question. I now hand the conference back to Mr. Puneet Bhat for the closing comments. Thank you. And over to you, sir.<\/p>\n

Puneet Bhatla<\/strong><\/p>\n

Thanks everybody for sparing the time and being available on this earnings call. And Ashish and myself has said thank you for your support to us and thank you for the sort of conviction which you have shown into the company. It has come back onto the track. I would like to close it with saying this thing that we will continue to focus on the strengthening of our core services franchise, improving the margins and maintaining the financial discipline. Looking ahead, our priority remains a clear driving, disciplined execution, accelerating cash conversion and sustaining the profitability.<\/p>\n

With this, I thank you all once again.<\/p>\n

Operator<\/strong><\/p>\n

Thank you members of the management, on behalf of GE Power India limited. That concludes this conference. Thank you all for joining with us today. And you may now disconnect your lines. Thank you.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. GE Power India Limited (NSE: GEPIL) Q4 2026 Earnings Call dated May. 12, 2026 Corporate Participants: Puneet Bhatla \u2014 Managing Director Aashish Ghai \u2014 Chief Financial Officer and Whole-time Director Analysts: Unidentified Participant Tushar Bhavsar […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-182712","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":109778,"url":"https:\/\/alphastreet.com\/india\/infosys-limited-infy-q4-2021-earnings-call\/","url_meta":{"origin":182712,"position":0},"title":"Infosys 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Ravi Jhunjhunwala - Managing Director Between 3Q and 4Q it\u2019s 12% and expecting\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":175464,"url":"https:\/\/alphastreet.com\/india\/ge-power-india-limited-gepil-q2-2025-earnings-call-transcript\/","url_meta":{"origin":182712,"position":5},"title":"GE Power India Limited (GEPIL) Q2 2025 Earnings Call Transcript","author":"News desk","date":"January 22, 2026","format":false,"excerpt":"GE Power India Limited (NSE: GEPIL) Q2 2025 Earnings Call dated Nov. 11, 2024 Corporate Participants: Puneet Bhatla \u2014 Managing Director Aashish Ghai \u2014 Whole-Time Director and Chief Financial Officer Analysts: Primal Shah \u2014 Analyst Smit Shah \u2014 Analyst Presentation: Operator Ladies and gentlemen, good day, and welcome to the\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/182712","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/2377"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=182712"}],"version-history":[{"count":1,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/182712\/revisions"}],"predecessor-version":[{"id":182713,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/182712\/revisions\/182713"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/147581"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=182712"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=182712"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=182712"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}