GE Power India has made available the audio recording of its investor meet held on July 10, 2026, on its website. The meeting was conducted to discuss corporate developments, including the proposed demerger of its Durgapur business to JSW Energy Limited. This disclosure was submitted to the National Stock Exchange of India Ltd. and BSE Ltd. pursuant to Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.

Financial Turnaround

Management highlighted a significant financial turnaround over the past two years. The company’s net worth grew more than eight-fold, climbing from ₹57 crores in March 2024 to ₹483 crores by March 2026. Liquidity improved from a deficit of ₹66 crores in 2023 to a robust ₹880 crores by March 2026. Additionally, the company reduced bank guarantee exposure by ₹1,364 crores over two years. EBITDA turned positive, reaching ₹277 crores in FY 2026 from a loss of ₹251 crores in FY 2023. The credit rating was upgraded to BBB+ with a stable outlook as of June 2026, and a dividend was declared in 2026.

Operational Performance

Order bookings in the core services business grew from ₹299 crores in 2021-2022 to ₹734 crores in 2025-2026, representing a CAGR of approximately 25%. The company also reported strong progress in the oOEM segment, where order growth increased from ₹162 crores to around ₹320 crores.

Demerger Details

The Durgapur facility, which has faced significant underutilization and average losses of approximately ₹27 crores per year from 2023 to 2025, will be demerged to JSW Energy. The transaction is subject to sanction by the National Company Law Tribunal and will be effective retrospectively from July 1, 2025.

Share Entitlement

Under the Scheme of Arrangement, shareholders will receive shares without any dilution in their existing holding of GE Power India. The entitlement ratio is as follows:

A five-year manufacturing services agreement with JSW Energy has been established to ensure reserved capacity at pre-agreed schedules and pricing, ensuring no disruption to the core services business. The Board of Directors has unanimously approved the resolution.

GE Power India has detailed the proposed scheme of arrangement to demerge its Durgapur business unit to JSW Energy Limited, offering shareholders a specific exchange ratio. The company announced that shareholders will receive 10 fully paid-up equity shares of JSW Energy for every 139 fully paid-up equity shares held in GE Power India. The scheme is effective retrospectively from July 1, 2025, subject to National Company Law Tribunal (NCLT) sanction.

The strategic demerger involves the transfer of the Durgapur facility, which manufactures power boilers, pressure vessels, piping, and coal mills, to JSW Energy on a “going concern, as-is-where-is” basis. This move aims to simplify GE Power India's portfolio by exiting an under-utilized asset that booked an average loss of ₹27 crore per year over the last two years. The company believes JSW Energy is well-positioned to utilize the facility given the Indian power industry's demand.

To ensure operational continuity for its core services business, GE Power India has secured a 5-year manufacturing services agreement with JSW Energy. This agreement reserves capacity at pre-agreed schedules and pricing while the company concurrently establishes an independent supply chain. The transition is designed to protect order execution and service delivery commitments.

The presentation highlighted a significant turnaround in financial metrics since FY24. Net Worth recovered from ₹57 crore in March 2024 to ₹483 crore in March 2026, while Bank Balance improved from ₹49 crore to ₹880 crore in the same period. Outstanding Bonds reduced from ₹2,128 crore to ₹764 crore. The company reported an EBITDA of ₹312 crore in FY25 and ₹277 crore in FY26, aided by a ₹295 crore gain from the Hydro & Gas slump sale.

Core services have shown robust growth, with order bookings increasing at a CAGR of 25% over the past five years to reach ₹734 crore in FY26. Orders from the third-party fleet (oOEM) grew approximately 1.9 times year-on-year to ₹320 crore. The ICRA Long term credit rating was upgraded to BBB+(Stable) in March 2026 from BBB+(Neg) in March 2023.

*Includes ₹295 crore gain from Hydro & Gas slump sale.