GE Power India Ltd
GE Power India Q3 FY26 earnings call: Revenue & Margins
Q3 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
GE Power India Limited expects a top-line growth of 5% to 8% compounded annually for FY 2027 and the year after, considering both core business growth and a decline in new-build (EPC) volumes. GE Power India targets sustaining double-digit EBITDA margins, aiming for 10%+ normalized EBITDA yearly, reflecting operational profitability improvements.
From GE Power India Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- GE Power India Limited expects a top-line growth of 5% to 8% compounded annually for FY 2027 and the year after, considering both core business growth and a decline in new-build (EPC) volumes.
- Core services revenue is forecasted to account for around 60% of total volume over the next two years, increasing to about 80% sustainably post two years.
- The company is actively pursuing steam turbine upgrade orders which, if secured, could accelerate growth beyond the 5%-8% range due to their high ticket size, but these are long gestation projects typically taking 3-4 years to commission.
- Growth in “other OEM” core services business has been strong, with 53% of recent orders coming from non-GE assets.
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Profitability & Margins
See what GE Power India Ltd said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- GE Power India Limited is moving towards an asset-light, service-led business model with a focus on high-margin, shorter cash cycle opportunities.
- The company has signed a 5-year multi-year agreement with JSW Energy for sourcing boiler and mill components as part of the demerger.
- They are developing an alternate supply chain to replace manufacturing assets sold to JSW, indicating limited capital investment in manufacturing.
- The strategy emphasizes selective make-or-buy decisions based on cost and schedule considerations rather than heavy capex.
- Management is focused on sustaining profitability through operational excellence, core services growth, and disciplined cash management.
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Top-ranked in Electrical Equipment
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
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Order Book & Pipeline
- As of December 31, 2025, the order backlog is INR 1,671 crores.
- The backlog includes approximately INR 450 crores from EPC (new-build) projects.
- The remaining balance (~INR 1,221 crores) is from services business including FGD O&M projects.
- Orders secured in the December 2025 quarter were INR 141 crores, down from INR 461 crores in the previous year's corresponding quarter.
- The prior year's higher orders included a large Vindhyachal turbine upgrade order worth INR 348 crores.
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GE Power India Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹316 Cr, net profit ₹113 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What GE Power's management said in earlier quarters
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Frequently Asked Questions
What were GE Power India Ltd Q3 FY26 results?
GE Power India Limited expects a top-line growth of 5% to 8% compounded annually for FY 2027 and the year after, considering both core business growth and a decline in new-build (EPC) volumes. GE Power India targets sustaining double-digit EBITDA margins, aiming for 10%+ normalized EBITDA yearly, reflecting operational profitability improvements.
What is GE Power India Ltd share price analysis?
GE Power India Ltd currently shows a neutral. The stock trades at a P/E of 17.9 with a market cap of ₹4,992 Cr. Investors should review the full earnings analysis for detailed insights.
Is GE Power India Ltd planning capital expenditure?
GE Power India Limited is moving towards an asset-light, service-led business model with a focus on high-margin, shorter cash cycle opportunities.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.