GE Power India (532309) Q4 25/26 earnings summary

Executive summary

• Achieved strong operational and strategic progress, with a focus on service-led, execution-driven, and financially disciplined business, resulting in robust year-over-year growth in revenue, profitability, and margins.

• Core Services growth strategy led to a 34% year-over-year increase in order inflows and improved Core Services margins.

• Expanded presence in international markets and diversified order inflows, while streamlining the portfolio by exiting hydro and gas businesses and progressing with the demerger of Durgapur manufacturing facilities.

• Credit rating upgraded to BBB+ (Stable) by ICRA, reflecting improved financial stability.

• Audited standalone and consolidated financial results for Q4 and FY 2025-26 were approved, with auditors issuing unmodified (clean) opinions.

Financial highlights

• FY26 standalone revenue was ₹13,839.1 million (INR 1,269 crore), up 23.7% year-over-year; Q4 revenue was ₹3,358.7 million, up 21.3% from Q4 FY25.

• Profit before tax and exceptional items for FY26 was ₹3,399.0 million (INR 340 crore), up from ₹224.6 million in FY25.

• EBITDA margin for FY26 was 27.0% (excluding one-offs, 11%); Q4 EBITDA margin was 37.6% (excluding one-offs, 18%).

• Net cash position improved to ₹8,800 million (INR 880 crore) as of March 2026.

• Dividend of ₹7 per share (INR 7 per share), the highest in a decade, recommended for FY26.

Outlook and guidance

• Management is focused on higher-margin, shorter-cycle, and lower working capital-intensive opportunities, with 85-90% of core services order book expected to be executed in FY27.

• Strategy targets sustainable profitability and cash flow through operational improvements and market expansion.

• Normalized EBITDA margin base set at 11% for future years.

• Demerger and transfer of the Durgapur facility to JSW Energy expected within twelve months, pending approvals.