GE Power India Limited FY26 Performance Overview

Exceptional Financial Results

GE Power India Limited reported outstanding financial performance for FY26, with net profit from continuing operations surging 860% year-over-year to ₹3,223.5 million. Revenue from operations grew 21.2% to ₹12,692.7 million, while basic EPS from continuing operations reached ₹47.95. The company's cash position strengthened significantly, with cash and cash equivalents standing at ₹4,244.6 million as of March 31, 2026.

Dividend Declaration and Corporate Actions

The Board recommended a final dividend of ₹7 per equity share (70%) aggregating ₹470.6 million, subject to shareholder approval at the 34th Annual General Meeting scheduled for August 14, 2026. The company completed major business restructuring, including the demerger of its Durgapur facility with JSW Energy Limited at an entitlement ratio of 10 JSW shares for every 139 GE Power shares, with an appointed date of July 1, 2025.

Significant Settlements and Operational Achievements

Key settlements included a ₹3,430.6 million receipt from the BHEL agreement (resulting in ₹1,050.5 million ECL reversal) and a ₹250 million settlement with Jaiprakash Power Ventures. Operational highlights included securing a ₹430 million order from NTPC, 500 MW generator stator repair from Monnet Power, and 50% growth in services business in other OEM markets.

Management and Governance Changes

The company underwent significant leadership changes with Mr. Craig Martin Richards appointed as Chairman, Mr. Rahul Rojal as CFO, and Mr. Vipul Sharma as Company Secretary. The Board recommended reappointment of Deloitte Haskins and Sells as statutory auditors for a second five-year term.

Regulatory and Compliance Matters

The company made an additional provision of ₹425.7 million due to implementation of new Labour Codes effective November 21, 2025. Contingent liabilities stood at ₹4,576.1 million for various tax and legal matters, though the company believes it has strong cases. The company surrendered its EPFO exemption effective April 1, 2026.

Financial Position and Ratios

Key financial ratios showed substantial improvement: current ratio improved to 1.34 (from 1.14), debt service coverage ratio surged to 29.54 (from 3.12), and return on equity reached 0.72 (from 0.17). The company maintained strong liquidity with undrawn borrowing facilities of ₹3,140 million.

Forward Outlook

The company aims to focus on high-margin, cash-accretive opportunities with shorter cash conversion cycles. The demerger with JSW Energy is expected to be completed within twelve months from the reporting period end, subject to regulatory and shareholder approvals.