GE Power India Limited reported its audited standalone and consolidated financial results for the quarter and full financial year ended 31 March 2026, with the Board of Directors approving the results at its meeting held on 11 May 2026. The company delivered a strong performance in FY26, with total income from continuing operations rising 23.7% year-on-year and a significant turnaround in profitability. Statutory auditors Deloitte Haskins & Sells issued an unmodified (unqualified) opinion on both the standalone and consolidated annual financial results. Reflecting the improved financial health, ICRA upgraded the company's credit rating to BBB+ (Stable) from BBB (Stable).

Standalone Financial Performance

GE Power India's standalone continuing operations recorded robust growth across key financial metrics for the year ended 31 March 2026. The following table summarises the standalone income statement highlights:

For the full year FY26, total income from continuing operations was ₹13,839.1 million, up 23.7% compared to ₹11,183.9 million in FY25. Profit before tax and exceptional items from continuing operations stood at ₹3,399.0 million, a sharp improvement from ₹224.6 million in FY25. The EBITDA margin before exceptional items from continuing operations for FY26 was 27.0%, compared to 5.5% in FY25. For Q4 FY26, total income from continuing operations was ₹3,358.7 million, up 21.3% from ₹2,767.8 million in Q4 FY25, with the EBITDA margin before exceptional items reaching 37.6% compared to (3.7)% in Q4 FY25.

Standalone Balance Sheet Highlights

The standalone balance sheet as at 31 March 2026 reflects a strengthened financial position. Total assets stood at ₹20,995.6 million, up from ₹19,895.2 million in the prior year. Total equity improved to ₹5,437.7 million from ₹2,939.8 million, driven by higher retained earnings. Other equity as per the audited balance sheet was ₹4,765.4 million, compared to ₹2,267.5 million as at 31 March 2025. Cash and cash equivalents from continuing operations were ₹4,244.6 million at year-end, against ₹4,383.2 million in the prior year.

Standalone Cash Flow Summary

For the year ended 31 March 2026, net cash generated from operating activities from continuing operations was ₹4,692.5 million, compared to ₹3,790.4 million in FY25. Net cash used in investing activities from continuing operations was ₹(4,358.8) million, largely reflecting a loan to related parties of ₹4,500.0 million. Net cash used in financing activities from continuing operations was ₹(472.3) million. Overall, net cash flows from continuing operations during the period were ₹(138.6) million.

Earnings Per Share

The standalone earnings per share (EPS) figures for FY26 and FY25 are presented below:

Consolidated Financial Performance

The consolidated results include GE Power India Limited (the holding company), its subsidiary GE Power Boilers Services Limited, and its joint venture NTPC GE Power Services Private Limited. The consolidated financials closely mirror the standalone results, with the addition of the joint venture's share of profit.

Consolidated other equity as at 31 March 2026 stood at ₹5,153.1 million, compared to ₹2,494.2 million as at 31 March 2025. Total consolidated assets were ₹21,383.8 million as at 31 March 2026, against ₹20,122.4 million in the prior year. The consolidated EPS from continuing operations (basic and diluted, not annualised) for FY26 was ₹47.95, compared to ₹5.01 in FY25, while total consolidated EPS was ₹37.58 versus ₹30.20 in FY25.

Turnaround Metrics

The investor presentation highlights GE Power India's multi-year financial turnaround, with net worth, bank balance, and profitability all showing marked improvement. Outstanding bonds have declined significantly, reflecting a strengthened balance sheet. The following tables present the key turnaround indicators:

*Includes ₹295 crores gain from Hydro & Gas slump sale

The company achieved an 8x+ improvement in net worth and an 18x+ increase in bank balance over two years, alongside a ₹1,364 crores reduction in bank guarantees.

Dividend Recommendation

The Board of Directors has recommended a final dividend of ₹7 per equity share (face value of ₹10 each), aggregating to ₹470.6 million, for the financial year ended 31 March 2026. The dividend is subject to approval by shareholders at the ensuing Annual General Meeting. The company will inform shareholders of the AGM date and the dividend payment date in due course.

Order Backlog and Order Intake

The order backlog for continuing operations as at the end of FY26 stood at ₹16,278 million (₹1,631 crores), down 38.9% compared to ₹26,623 million (₹2,662 crores) at the end of FY25. The decline was primarily driven by the termination of two FGD EP contracts — Jaypee Bina and Nigrie — amounting to ₹775 crores. Within the backlog, the services component stood at ₹1,218 crores as at March 2026, up from ₹1,124 crores in March 2025, reflecting continued momentum in the core services business.

Order intake for continuing operations is summarised below:

The reduction in full-year order intake versus FY25 is largely attributable to large one-off orders in FY25 — specifically, Jaypee Bina & Nigrie FGD EP orders worth ~₹775 crores and Vindhyachal and Wanakbori Turbine upgrade (Large Upgrade) orders worth ~₹591 crores — leading to an ~80% reduction in upgrade order intake versus FY25.

Core Services Growth

Core services recorded ~26% growth over the March 2025 quarter and ~34% year-on-year growth in order inflows, reflecting sustained momentum in execution. The third-party fleet (oOEM) segment delivered approximately 1.9x order growth versus FY25, rising from ~₹162 crores to ~₹320 crores. The following table presents the core services order booking trajectory:

Core services order bookings have grown at a CAGR of ~25% over the five-year period. The company's strategy focuses on targeting emergency repair opportunities, supporting customers to restore units to the grid in the shortest possible time, and increasing parts readiness to drive continued growth.

Key Corporate Developments

Several significant corporate and operational developments shaped the financial year:

• Durgapur Demerger: On 18 September 2025, the Board approved a Scheme of Arrangement for the demerger and transfer of the Durgapur facility to JSW Energy Limited, with an appointed date of 1 July 2025. The Durgapur business has been classified as a discontinued operation and held for sale, pending receipt of requisite approvals.
• Labour Codes Provision: Following the Government of India's notification of four Labour Codes on 21 November 2025, the company made an additional provision of ₹425.7 million (including ₹150.0 million for discontinued operations) for Q3 FY26 and FY26, presented as an exceptional item. The labour code impact amounted to ~₹42 crores (including ₹16 crores in discontinued operations).
• BHEL Settlement: The company executed a settlement agreement with Bharat Heavy Electricals Limited (BHEL) on 9 September 2025, under which BHEL agreed to make payments totalling ₹3,400 million in a phased manner till 31 March 2026. The company has received ₹3,430.6 million till date, including the impact of foreign exchange translation. A provision release from this settlement contributed ₹44 crores to Q4 FY26 profitability.
• JPVL Settlement: Contractual disputes with Jaiprakash Power Ventures Limited (JPVL) related to FGD systems at Bina and Nigrie projects were amicably settled through an agreement dated 3 October 2025, with JPVL making a payment of ₹250 million (excluding taxes) during Q3 FY26.
• Gas Power Business Sale: The sale of the Gas Power business undertaking to GE Renewable Energy Technologies Private Limited was completed on 30 September 2024, for a lumpsum consideration of ₹438.6 million (excluding applicable taxes).
• Hydro Business Sale: The sale of the Hydro business undertaking to GE Vernova Hydro Power India Private Limited was completed on 31 March 2025, for a lumpsum consideration of ₹1.

The company's business activity falls within a single operating segment — Power Generation equipment and related services — as determined by the Chief Operating Decision Maker.

Management Commentary

Puneet Bhatla, Managing Director of GE Power India Limited, commented that FY26 represented a year of steady operational and strategic progress. He noted the company's continued emphasis on higher margin, shorter-cycle, and lower working capital-intensive opportunities, with a selective order strategy and operational excellence supporting meaningful margin improvement across core services and upgrade businesses.

GE Power India Limited's Board of Directors convened on 11 May 2026 and, acting on the recommendation of the Audit Committee, approved a series of auditor appointments. The board meeting commenced at 05:39 P.M. and concluded at 08:50 P.M. The decisions were disclosed to the stock exchanges pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with the SEBI Master Circular No. SEBI/HO/CFD/CFD-PoD2/CIR/P/0155 dated 11 November 2024.

Key Auditor Appointments Approved

The board approved three distinct auditor-related resolutions at its meeting. The following table summarises the appointments:

Re-appointment of Statutory Auditors

M/s. Deloitte Haskins & Sells, Chartered Accountants (Firm Registration No. 015125N), has been recommended for re-appointment as Statutory Auditors of GE Power India Limited for a second consecutive term of five years. The re-appointment is subject to shareholder approval at the ensuing Annual General Meeting. The first term of the statutory auditors is set to expire upon the conclusion of the ensuing AGM. If approved, the second term will be effective from the conclusion of the 34th (Thirty-Fourth) Annual General Meeting through to the conclusion of the 39th (Thirty-Ninth) AGM, to be held in Financial Year 2031-32. Deloitte Haskins & Sells is described as one of the world's largest professional services firms, with Deloitte India noted as a leading professional services firm in the country.

Appointment of Internal and Cost Auditors

For Financial Year 2026-27, the board approved the appointment of M/s. Ernst & Young LLP as Internal Auditor of the company. EY is a global professional services organisation operating in over 150 countries, delivering assurance, consulting, strategy and transactions, and tax services. The firm is noted for leveraging data, advanced technologies, and deep industry expertise to support organisations in managing risk, driving transformation, and enabling sustainable growth.

Simultaneously, M/s. Yogesh Gupta & Associates, Cost Accountants, was appointed as Cost Auditor for Financial Year 2026-27. The firm's principal is a Fellow Member of the ICAI (Cost) and ICSI, and a graduate of Delhi University with Honours in Commerce. He served as a Regional Council Member of the Institute of Company Secretaries of India from 2000 to 2006, holding the post of Vice-Chairman in 2003 and Chairman in 2004.

Disclosure and Compliance

The intimation was signed by Puneet Bhatla, Managing Director (DIN: 09536236), on behalf of GE Power India Limited. The disclosures were made in compliance with the applicable provisions of the Listing Regulations and the SEBI Master Circular, and have been communicated to both the National Stock Exchange of India Ltd. and BSE Ltd. for their information and records.