In , GE Power India Ltd (Infra - General) is outperforming Nifty 500 with +95.9% relative strength. Fundamentals: Strong. On a 5-week streak.
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
Based on Q3 FY26 earnings • Updated Apr 18, 2026
What: Headcount reduction: 170 employees
Impact: INR 50 crores provision reversal potential
“The demerger transaction is expected to be closed within 2026... this discontinued operation will be carved out from our financial post that.”
What: BHEL Settlement: INR 340 crores total
Impact: INR 37 crores reversal in Q3
“Within this financial year, we expect around INR 340 crores in total to collect from BHEL.”
What: Core Service Mix: 60% to 80%
Impact: 10% plus EBITDA target
“Sustainably, I would say 60% in the next two years will grow and would go up to 80% post two years.”
What: FGD Installation: 630 gigawatts
“Ministry of Environment, Forest and Climate revised the notification limiting FGD installation to about 630 gigawatts of India's thermal power stations.”
What: Export Orders: INR 4 crores
Impact: INR 450-600 Cr TAM
“We have been able to penetrate 7 countries by securing orders so far... they also gave additional impetus to our Core Services segment.”
What: Normalized EBITDA margin of 14.5% for Q3
“Now considering all of this, I'm saying that for the quarter, yes, it is in the range of around 14.5% for me, the way I calculate.”
Earnings deceleration risks from management commentary
Trigger: Progress on category A plants has been very slow with minimal new ordering.
Management view: Monitoring market momentum carefully and focusing on core services instead.
Monitor: regulatory
Trigger: Regulatory driven requirement based on draft rules from the Ministry of Labour.
Impact: PAT impact: INR 42 crores
Management view: Classified as an exceptional item; non-recurring in nature.
Monitor: labor
Trigger: Multiple government authorities and banking institutions are involved in the court-driven process.
Management view: Working actively with JSW to cross all tollgates.
Monitor: litigation
Key quotes from recent conference calls
“Core is poised to build on its momentum and deliver double-digit year-over-year growth. [Previous Core Service Order Growth guidance]”
“This transaction will streamline our portfolio, reduce fixed cost exposure and sharpen our focus on asset-light, service-led opportunities. [Initiative: Demerger of Durgapur facility]”
“So far the progress has been very, very slow, and no ordering done so far after the notification. [Risk (regulatory): MEDIUM]”
“Following the notification of New Labour Codes, we have recorded a provision of INR 42 crores. [Risk (labor): LOW]”
Headline numbers from the latest earnings call
Revenue
INR 386 crores
Why: Growth was primarily driven by the core services segment and the execution of the existing order backlog.
Revenue showed strong sequential and year-on-year growth as the company pivots toward service-led execution.
EBITDA
INR 131 crores
Why: Profitability was boosted by one-off items including a BHEL provision reversal of INR 37 crores and a Jaypee settlement impact of INR 25 crores.
While the reported EBITDA is high due to one-offs, management estimates a normalized EBITDA margin of 14.5% for the quarter.
Other Highlights
• Standalone net worth increased to INR 378 crores as of December 2025 from INR 298 crores in September.
• Core service orders increased 21% year-on-year to INR 136 crores in the December 2025 quarter.
• Non-GEPIL assets contributed 53% of the overall core services order booking during the quarter.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Order Backlog
INR 1,671 Cr
Why: Reduction driven by termination of two FGD contracts with Jaypee worth INR 775 crores.
Core Service Order Growth (YoY)
21%
Why: Increased focus on non-GEPIL fleet and high-margin service opportunities.
Non-GEPIL Asset Order Mix
53%
Why: Strategic expansion into geometrically similar Chinese and Indian manufacturer fleets.
Normalized EBITDA Margin
14.5%
Why: Excludes one-off settlement gains and provision reversals.
BHEL Receivables Collected (YTD)
INR 216 Cr
Why: Execution of structured settlement agreement signed earlier in the year.
Target Service Revenue Mix
80%
Why: Long-term strategy to exit low-margin EPC and focus on high-margin services.
Total Receivables
INR 1,000 Cr
Why: 35% of this is from BHEL, which is currently being collected via settlement.
Standalone Net Worth
INR 378 Cr
Why: Reflects disciplined cash management and portfolio realization.
Forward-looking targets from management for Next 2 years
Revenue Growth Target
5%
OPM Guidance
10%
5% to 8% compounded growth
REAFFIRMED
Guidance Changes
EBITDA Margin: 10% plus → 10% plus
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +22% | -26% | Stable |
| PAT (Net Profit) | +479% | +61% | Stable |
| OPM | 32.0% | +3100 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
GE Power India Ltd's latest quarterly results (Dec 2025) show
GE Power India Ltd's profit is growing with an stable trend.
GE Power India Ltd's revenue growth trend is stable.
GE Power India Ltd's operating margin is volatile.
GE Power India Ltd's long-term compounding rates
GE Power India Ltd's earnings growth is stable with improving on a sequential basis.
GE Power India Ltd's trailing twelve month (TTM) performance
GE Power India Ltd appears significantly undervalued based on our fair value analysis.
GE Power India Ltd's current PE ratio is 25.9x.
GE Power India Ltd's current PE is 25.9x.
GE Power India Ltd's price-to-book ratio is 11.2x.
GE Power India Ltd is rated Strong with a fundamental score of 74.62/100. This score is calculated from objective financial metrics
GE Power India Ltd has a debt-to-equity ratio of N/A.
GE Power India Ltd's return ratios over recent years
GE Power India Ltd's operating cash flow is positive (FY2025).
GE Power India Ltd currently does not pay a significant dividend (yield 0.00%).
GE Power India Ltd's shareholding pattern (Mar 2026)
GE Power India Ltd's promoter holding has remained stable recently.
GE Power India Ltd has been outperforming Nifty 500 for 5 consecutive weeks, indicating building momentum.
GE Power India Ltd is a re-entry — it briefly dropped off the outperformance list but has now returned. Re-entries can signal renewed strength.
GE Power India Ltd has 6 key growth catalysts identified from recent earnings analysis
GE Power India Ltd has 3 key risks worth monitoring
In Q3 FY26, GE Power India Ltd's management highlighted
GE Power India Ltd's management has provided the following forward guidance for Next 2 years
GE Power India Ltd's most important sub-sector-specific KPIs from the latest concall
Based on quantitative research signals, here is why GE Power India Ltd may be worth studying
GE Power India Ltd investment thesis summary:
GE Power India Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
