GE Power India Limited has reported a significant financial turnaround, with its net worth growing over eight times to ₹483 crore by March 2026, up from ₹57 crore in March 2024. The company detailed its performance and strategic initiatives in an investor presentation for Q1FY27, emphasizing a shift towards high-margin services and a proposed demerger of its Durgapur manufacturing unit to JSW Energy Limited.

The turnaround strategy, initiated in 2024, focused on business restructuring to target only services, resulting in a substantial improvement in financial metrics. The bank balance turned positive, reaching ₹880 crore in March 2026 compared to a negative balance of ₹66 crore in March 2023. Outstanding bonds reduced significantly to ₹764 crore in March 2026 from ₹2,128 crore in March 2024. EBITDA turned positive, recording ₹312 crore in FY25 and ₹277 crore in FY26, against losses of ₹251 crore and ₹90 crore in FY23 and FY24 respectively. The ICRA long-term credit rating was upgraded to BBB+(Stable) by March 2026.

Financial Performance

The company's core services business demonstrated robust growth, with order bookings increasing at a CAGR of approximately 25% over the past five years. Total orders booked rose to ₹734 crore in FY26 from ₹299 crore in FY22. Growth in the third-party fleet (oOEM) was particularly strong, with orders growing 1.9x to approximately ₹320 crore in FY26 from ₹162 crore in FY25.

*Includes INR 295 crs. gain from Hydro & Gas slump sale.

Strategic Demerger to JSW Energy

GE Power India Limited is undertaking a Scheme of Arrangement to demerge its Durgapur business unit, which manufactures power boilers and pressure vessels, to JSW Energy Limited. The Durgapur facility has been underutilized, incurring an average loss of approximately ₹27 crore per year over the last two years. The demerger is intended to simplify the portfolio and allow the remaining business to focus on core services.

The transaction is effective retrospectively from July 1, 2025, subject to sanction by the National Company Law Tribunal (NCLT). Under the scheme, shareholders of GE Power India will receive 10 fully paid-up equity shares of JSW Energy (₹10 each) for every 139 fully paid-up equity shares of GE Power India (₹10 each) held. Existing shareholders will retain their current stake in GE Power India without dilution while gaining equity in JSW Energy.

Operational Continuity

To ensure seamless operations, GE Power India has entered into a 5-year manufacturing services agreement with JSW Energy. This agreement secures reserved capacity at pre-agreed schedules and pricing, ensuring no disruption to the core services business. Concurrent efforts are underway to establish an independent supply chain to achieve full autonomy in the near future.

GE Power India Limited will convene meetings for its equity shareholders and unsecured creditors on July 20, 2026, to consider a proposed scheme of arrangement with JSW Energy Limited. The meetings are being held pursuant to the directions of the National Company Law Tribunal (NCLT), Mumbai Bench, as per its order dated June 2, 2026. The scheme, if approved, will be implemented under Sections 230 to 232 of the Companies Act, 2013.

The meeting for equity shareholders is scheduled for 2:30 p.m. (IST) via video conferencing or other audio-visual means. The cut-off date for determining eligibility for e-voting is Monday, July 13, 2026. Remote e-voting for shareholders will commence on Thursday, July 16, 2026, at 9:00 a.m. (IST) and conclude on Sunday, July 19, 2026, at 5:00 p.m. (IST).

The meeting for unsecured creditors will take place on the same day at 4:30 p.m. (IST), also through video conferencing. The cut-off date for e-voting for creditors was Sunday, May 31, 2026. Remote e-voting for this category begins on Thursday, July 16, 2026, at 9:00 a.m. (IST) and ends on Sunday, July 19, 2026, at 5:00 p.m. (IST).

Meeting Schedule

E-Voting Timelines

The notices and the explanatory statement under Sections 230 and 232 of the Companies Act, 2013, are available on the company's website. The filing was submitted to the National Stock Exchange of India Ltd. and BSE Ltd. on June 18, 2026.