GE Power India (532309) Investor update summary

Business Transformation and Financial Turnaround

• Focus shifted to high-margin, cash-accretive opportunities and international market expansion since 2024, including entry into Saudi Arabia, Turkey, Australia, UAE, Malaysia, Indonesia, and Morocco.

• Portfolio actions included hydro and gas slump sale, BHEL settlement, and the proposed Durgapur demerger, boosting EBITDA and cash inflow.

• Net worth increased from INR 227 crore in March 2023 to INR 483 crore by March 2026, with significant growth in bank balance and reduction in outstanding bonds.

• Liquidity improved from a deficit of INR 66 crore in 2023 to INR 880 crore by March 2026; market capitalization and EBITDA also improved.

• Credit rating upgraded to BBB+ (Stable) by ICRA, with a planned dividend declaration for 2026.

Core Services and Order Growth

• Order bookings grew from INR 299 crore in 2021-2022 to INR 734 crore in 2025-2026, a 25% CAGR, with core services order bookings rising 34% year-over-year in FY 2025-2026.

• Achieved 1.9x growth in third-party fleet orders and increased other OEM segment orders from INR 162 crore to INR 320 crore.

• Focus on emergency repair opportunities and increasing part readiness to unlock sustainable profitability and cash flow.

Durgapur Facility Demerger Rationale and Structure

• Durgapur facility has been underutilized, causing average annual losses of INR 27 crore over the last two years.

• Demerger to JSW Energy aims to simplify the portfolio, ensure better utilization, and focus on profitable growth areas.

• JSW Energy, a leading public energy company, will acquire the facility; shareholders will receive 10 JSW Energy shares for every 139 GE Power India shares held, with no dilution of existing holdings.

• Demerger effective retrospectively from July 1, 2025, upon regulatory approval.

• Transaction ensures continued manufacturing support via a five-year agreement with JSW Energy and independent supply chain development for long-term resilience.