GE Power India Ltd

- There is no mention of any current or planned new fundraising through debt or equity in the provided transcript. - The company is focusing on improving operational discipline and financial prudence without announcing any restructuring or capital raising. - Discussions highlight settlements, demergers, and focus on cash flow and profitability, but no references to raising new capital. - Management emphasizes sustainable growth through core services and cash accretive projects rather than external financing. - No explicit plans or timelines were disclosed for debt or equity fundraising during the earnings call dated February 17, 2026.

- 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. - No significant new greenfield projects or large capital investments were mentioned; instead, capex is largely geared towards supporting service capability and supply chain development. - The demerger transaction itself is strategic, streamlining portfolio and reducing fixed costs.

- 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. - The targeted Indian installed base market size is approximately INR 2,500 crores annually, with GE's own assets constituting around INR 500 crores of this. - The company remains cautious but confident about growth, factoring in the dynamic market environment.

- GE Power India targets sustaining double-digit EBITDA margins, aiming for 10%+ normalized EBITDA yearly, reflecting operational profitability improvements. - Revenue growth expected in the range of +5% to +8% compounded annually over the next two years, driven by growth in core services and turbine upgrades. - Core services volume share anticipated to increase from 60% in the next two years to 80% sustainably post two years, supporting margin expansion. - Focus on higher-margin, asset-light, and short cash cycle projects enhances profitability and cash flow. - The company is taking cautious revenue guidance to reflect market dynamics, but the strategy is delivering sustained operational and financial progress. - Core services and turbine upgrades are primary growth drivers, with EPC or greenfield volumes likely to decline. - Continued cost optimization and pricing discipline are key to maintaining and improving EBITDA levels. - Order backlog provides visibility for close to two years execution, supporting near-term earnings stability.

- 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. - Core services orders increased to INR 136 crores in December 2025 from INR 112 crores in December 2024, a 21% quarter-over-quarter increase. - The company focuses on margin and cash-accretive core services business while managing legacy projects and backlog reduction due to termination of some FGD contracts (INR 775 crores).