GE Power India Limited has announced a credit rating upgrade from ICRA Limited, reflecting improved creditworthiness for the company's banking facilities. The rating agency has enhanced both long-term and short-term ratings for the company's Line of Credit facilities.

Credit Rating Enhancement Details

ICRA Limited has upgraded the company's credit ratings across two categories. The changes demonstrate the rating agency's confidence in the company's financial position and credit profile.

Regulatory Compliance and Communication

The company communicated this development to stock exchanges on March 3, 2026, in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The notification was made under Para A of Part A Schedule III of the regulations.

This announcement follows an earlier intimation made by the company on July 16, 2025, regarding the same subject matter. The company secretary and compliance officer, Kamna Tiwari, signed the regulatory filing digitally on March 9, 2026.

Company Information

GE Power India Limited operates under CIN L74140MH1992PLC068379 and is part of GE Vernova. The company maintains its corporate office in Noida, Uttar Pradesh, while its registered office is located in Mumbai, Maharashtra. The company trades on stock exchanges under the symbol GVPIL.

GE Power India Limited held its Q3 FY26 earnings conference call on February 17, 2026, with Managing Director Puneet Bhatla and CFO Aashish Ghai presenting the company's financial results for the quarter and nine months ended December 2025.

Financial Performance Overview

The company delivered strong financial results for Q3 FY26, demonstrating the effectiveness of its strategic transformation initiatives.

Revenue growth was primarily driven by core services business, which has become the backbone of the company's operations. The significant increase in profit before tax reflects sustained efforts in improving operational performance and execution discipline.

Core Services Business Momentum

The company's strategic pivot towards margin and cash accretive core services business continued to show positive results. Core services orders increased from INR 112 crores in December 2024 to INR 136 crores in December 2025, marking a 21% quarter-over-quarter increase.

Notably, 53% of core services orders in the current quarter came from non-GEPIL assets, demonstrating the company's successful expansion beyond its traditional installed base. Management expects core services to deliver double-digit year-over-year growth again this year.

Settlement Achievements and One-off Items

The quarter included several significant one-off items totaling INR 84 crores, which contributed to the strong financial performance:

• BHEL Settlement: Reversal of ECL provision amounting to INR 37 crores
• Solapur Project: Extension of time and LD settlement provision reversal of INR 22 crores
• Jaypee Settlement: Full and final settlement with positive impact of INR 25 crores

Pursuant to the settlement agreement with BHEL signed earlier this year, the company has received INR 216 crores year-to-date as of the reporting date. Management expects to collect around INR 125 crores further from BHEL in February and March, bringing the total expected collection to INR 340 crores for the financial year.

Strategic Initiatives and Market Position

Management highlighted the company's focus on asset-light, service-led opportunities while maintaining execution discipline. The strategic demerger of the Durgapur facility to JSW Energy, effective July 1, 2025, is progressing as planned and is expected to streamline the portfolio while reducing fixed cost exposure.

The company operates in a target market of approximately INR 2,500 crores annually for core services, which includes both GEPIL assets (around INR 500 crores) and non-GEPIL assets. This represents a significant opportunity for growth as the company continues to develop capabilities to serve geometrically similar non-GEPIL fleets.

Future Outlook and Guidance

For the next two years, management expects approximately 60% of revenue to come from core services, growing to 80% in the longer term as turbine upgrade orders in the current backlog get executed. The company targets a normalized EBITDA margin of 10% plus going forward, with revenue growth expected in the range of 5% to 8% annually.

The order backlog of INR 1,671 crores provides visibility for approximately two years of execution from continuing operations, with around INR 450 crores from EPC/new-build business and the balance from services business including FGD O&M projects.