GE Power India Ltd(GVPIL)

NSE: GVPILBSE: 532309

₹ 591.35-2.89%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 3,976 crWebsite: www.gevernova.com/regions/asia/in/ge-power-india-limitedUpdated: 24 Oct 2026

About

GE Power India Limited (GEPIL) provides aftermarket services, spares and upgrades for thermal power plants in India, operating as an asset-light, services-led business following its strategic pivot away from large EPC projects. The company reported FY26 revenue of INR 1,269 crores, up 21% year-on-year. GEPIL holds an ~18% share of an addressable thermal services market estimated at ~INR 4,000 crores.^[1][2]

Business segments

Core services (spares, repairs, maintenance for GE-installed thermal fleet) contributed the majority of revenue in FY26, with ~55% share of sales as of Q2 FY26.^[3]
Upgrades segment revenue grew 24% YoY in FY26; Core Services grew 14% YoY in FY26.^[1]
FGD EPC and large new-build projects are being wound down; two FGD EPC contracts (Jaypee Bina and Nigrie, totalling INR 775 crores) were terminated in FY26.^[3][1]

Order book and inflows

Core services order backlog grew ~40% YoY in FY26 even as total backlog declined; services backlog alone was INR 1,218 crores as of Mar 2026.^[1][4]
Core services order bookings reached INR 734 crores in FY26, up 34% YoY and compounding at ~25% CAGR from INR 299 crores in FY22.^[4]
oOEM (third-party fleet) orders grew from ~INR 162 crores to ~INR 322 crores in FY26, nearly doubling as GEPIL expands beyond its captive GE fleet.^[4]
Management estimates 85 - 90% of core services order backlog as of 31 Mar 2026 is expected to be executed in FY27 given the short-cycle nature of orders.^[1]

Products and services portfolio

Services portfolio covers boiler spares, generator repairs, turbine upgrades, and control system solutions; GEPIL secured 18 first-of-its-kind product orders in FY26.^[1]
53% of core services orders in Q3 FY26 came from non-GEPIL (third-party) assets, including geometrically similar Chinese and Indian-manufactured fleets.^[5]

Operations and manufacturing

GEPIL proposes to demerge its 661-acre Durgapur manufacturing facility to JSW Energy via an NCLT scheme of arrangement; appointed date is 1 July 2025.^[4]
NCLT sanctioned the scheme of arrangement with JSW Energy, per an exchange filing received 01 Oct 2026.^[6]
The Durgapur facility generated an average loss of ~INR 27 crores per year over the two years preceding the demerger announcement.^[4]
A five-year manufacturing services agreement with JSW Energy is in place at pre-agreed schedules and pricing to secure continued boiler component fabrication capacity post-demerger.^[4]

Key operating metrics

Normalised EBITDA margin (excluding one-off items) was 11% at entity level for FY26; Q4 FY26 normalised margin was 18%.^[1]
Normalised EBITDA margin for Q3 FY26 was ~14 - 15%; nine-month FY26 normalised margin was ~10%.^[5]
Gross margin was ~33% in Q2 FY26.^[3]
GEPIL targets a core services revenue share of ~60% within two years and ~80% sustainably thereafter as EPC and new-build contribution declines.^[5]

Customers and distribution

GEPIL holds ~18% share of an addressable thermal services market estimated at ~INR 4,000 crores in India.^[1]
International presence expanded to 7+ countries including Saudi Arabia, Turkey, UAE, Malaysia, Indonesia, Australia and Morocco for boiler spares and services.^[4][1]
International boiler spares orders secured across 7 countries were worth INR 4 crores as of Q2 FY26, with penetration into ~8 GW of installed base.^[3]

Financial position

Net worth rose more than eight-fold in two years, from INR 57 crores (Mar 2024) to INR 483 crores (Mar 2026).^[4]
Cash and bank balance improved from a deficit of INR 66 crores (2023) to INR 880 crores (Mar 2026); bank guarantee exposure reduced by INR 1,364 crores over FY24 - FY26.^[4]
ICRA upgraded GEPIL's long-term credit rating to BBB+ Stable as of June 2026, from BBB Stable.^[4]

Recent developments

NCLT sanctioned the scheme of arrangement for demerger of the Durgapur undertaking to JSW Energy; GEPIL shareholders receive 10 JSW Energy shares per 139 GEPIL shares held, with no GEPIL share dilution.^[6][4]
BHEL receivables settlement fully completed in FY26: INR 343 crores received, with all obligations under the agreement closed and both parties discharged of future claims.^[1]
Jaypee full-and-final settlement of INR 25 crores concluded in Q3 FY26; both parties stand fully discharged on the two FGD projects.^[5]
Board declared a dividend of INR 7 per share (70% of face value) in FY26, the highest in at least 10 years, ending a 4-year period of no dividend.^[1]

Market Cap

₹3,976 Cr

High / Low

₹1,084 / 271

Stock P/E

15.9

Price / Book

7.4

Book Value

₹87

EPS

₹37.6

No. of Shares

6.72 Cr

ROCE

82.0%

ROE

56.2%

OPM

26.2%

Debt / Equity

0.00

Sales

₹1,269 Cr

Net Profit

₹253 Cr

Promoter holding

68.6%

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