GE Power India (532309) Investor update summary

Business transformation and financial turnaround

• Focus shifted to high-margin, cash-accretive opportunities, disciplined portfolio actions, and international expansion, including hydro and gas asset sales and BHEL settlement.

• Net worth increased from INR 57 crores in March 2024 to INR 483 crores by March 2026, with liquidity improving from a deficit of INR 66 crores in 2023 to INR 880 crores by March 2026.

• EBITDA improved from a loss of INR 251 crores in FY23 to a profit of INR 277 crores in FY26, with a one-time EBITDA boost of INR 295 crores from the hydro & gas business sale.

• ICRA credit rating upgraded to BBB+ stable, and a dividend declared for 2026.

• Outstanding bonds and bank guarantees reduced by INR 1,364 crores in two years.

Core services and order growth

• Order bookings grew from INR 299 crores in FY22 to INR 734 crores in FY26, a CAGR of about 25%.

• Core services order bookings rose 34% year-on-year in FY26, with third-party fleet (oOEM) orders nearly doubling.

• Other OEM segment orders increased from INR 162 crores to INR 322 crores.

• Focus on emergency repair opportunities and increasing part readiness to support customers.

Durgapur facility demerger rationale and structure

• Durgapur facility underutilized, incurring average annual losses of INR 27 crores from 2023 to 2025.

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

• Demerger will be executed as a going concern, effective retrospectively from July 1, 2025, upon NCLT approval.

• Shareholders to receive 10 JSW Energy shares for every 139 GE Power India shares held, with no dilution of existing holdings.

• Transaction enables both entities to pursue focused growth strategies and unlock value.