• The document contains the transcript of an Investors Conference Call held on Monday, 06 July 2026, hosted by GE Power India Limited.
  • The purpose of the event was to share business progress, the company's turnaround journey, and the strategic rationale behind the proposed demerger of the Durgapur business unit to JSW Energy Limited.
  • Management participants included Mr. Puneet Bhatla (Managing Director) and Mr. Rahul Rojal (Chief Financial Officer).
  • The company stated that the meeting was for discussion purposes and did not indicate that any unpublished price sensitive information (UPSI) would be shared.

Financial and Strategic Highlights Disclosed

  • Financial Turnaround: GE Power India demonstrated significant financial improvement over two years:
  • Net worth increased from INR 57 crores (March 2024) to INR 483 crores (March 2026) - an eight-fold growth.
  • Liquidity position improved from a deficit of INR 66 crores (2023) to INR 880 crores (March 2026).
  • Bank guarantee exposure reduced by INR 1,364 crores over two years.
  • EBITDA turned positive from a loss of INR 251 crores (FY 2023) to INR 277 crores (FY 2026).
  • ICRA credit rating improved to BBB+ with stable outlook (June 2026).
  • Dividend declared in 2026.
  • Business Performance:
  • Order bookings grew from INR 299 crores (2021-2022) to INR 734 crores (2025-2026), representing a CAGR of approximately 25%.
  • In FY 2025-2026, core services order booking grew by 34% compared to previous year.
  • Other oOEM segment order growth increased from INR 162 crores to approximately INR 320 crores.
  • International expansion into Saudi Arabia, Turkey, Austria, UAE, Malaysia, Indonesia, and Morocco.
  • Durgapur Demerger Rationale:
  • The Durgapur facility includes industrial factory unit and residential township spread across 661 acres of leasehold land.
  • Facility utilization has been limited to service work and non-coal activities in recent years.
  • The unit incurred average losses of approximately INR 27 crores per year during 2023-2025.
  • The demerger aims to simplify GEPIL's portfolio by exiting an underutilized asset.
  • Demerger Terms:
  • Demerger to JSW Energy Limited under a Scheme of Arrangement.
  • Effective retrospectively from 1st July 2025 upon NCLT sanction.
  • Share entitlement: For every 139 fully paid equity shares of GE Power India Limited, shareholders will receive 10 fully paid-up equity shares of JSW Energy.
  • Existing GEPIL shareholding remains unchanged - no dilution of current position.
  • Third-party independent valuers provided Fairness Opinion on the entitlement ratio.
  • Post-Demerger Arrangements:
  • Five-year manufacturing services agreement with JSW Energy to secure reserved capacity at pre-agreed schedules and pricing.
  • Concurrent efforts to establish independent supply chain progressing well.
  • Full supply chain independence targeted to be achieved soon.
  • Phased transition intended to protect order execution and maintain service delivery commitments.

Additional Notes Section

  • The document was submitted to NSE and BSE pursuant to Regulation 30 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.
  • The transcript was enclosed as an attachment to the regulatory filing.
  • No financial data beyond what was presented in the conference call transcript was disclosed in this announcement.