GVPIL
GE Power India share price & financials
- Price
- ₹792.95
- Market cap
- ₹4.4k Cr
- Sector
- Capital Goods
- Calls analysed
- 5
GVPIL Q4 FY26
What went well
- Core orders rose by 32% from FY24-25, with core services revenue up 12% and 15% above budget.
- Order book stood at INR 1,628 crores as of March 31, 2026, providing visibility for close to 2 years of execution.
- Core services order in hand increased by approximately 40% year-over-year.
What to watch
- Total order book declined from INR 2,662 crores on March 31, 2025, to INR 1,628 crores on March 31, 2026, primarily due to the termination of two FGD EP contracts worth INR 775 crores.
- Total booked orders for FY26 were INR 877 crores, a steep decline from INR 2,183 crores in FY25, also attributed to the FGD-EP and large complex upgrade orders booked in the prior year.
What GE Power India Limited does
GE Power India Limited (GEPIL) is an Indian steam-power equipment and services company affiliated with the GE Vernova group, serving coal-fired power generation utilities. It designs, manufactures and services supercritical and ultracritical boilers, coal mills, automation & controls, and air-quality-control/flue-gas-desulfurisation (FGD/AQCS) systems, and carries out engineering-procurement-construction (EPC) upgrades plus long-term operations & maintenance for customers such as NTPC, Adani group plants and state power generators. Manufacturing is based at Durgapur, West Bengal, with a design/execution unit at Noida and sales offices and workshops across India; the Durgapur facility is undergoing a planned demerger to JSW Energy. The company also exports spares and services to plants in Turkey, Australia, UAE and Malaysia, and previously operated Hydro and Gas power equipment businesses that were divested via a slump sale.
Segments
- Core Services
- Boilers
- Air Quality Control Systems (AQCS/FGD)
- Mills
- Automation and Controls
- Hydro and Gas Power (divested)
- Manufacturing facility
- Durgapur, West Bengal (undergoing planned demerger to JSW Energy)
- Design & execution unit
- Noida, Uttar Pradesh
- Sales & service network
- Sales offices and workshops across India (pan-India presence)
- Boiler manufacturing capability
- Supercritical and ultracritical boiler design & manufacturing
- Core business lines
- 5 — Services, Boilers, Mills, Air Quality Control Systems (AQCS/FGD), Automation & Controls
- Export markets
- Turkey, Australia, UAE, Malaysia, USA (spares & services)
Guidance record · Q4 FY26
what the last two calls moved 10 tracked 3 delivered 1 missed 6 open- Core services order growth delivered said Q2 FY26 Promised: Deliver double-digit year-over-year growth. Q4 FY26: Achieved. Core orders for the full year FY26 rose by 32% year-over-year, exceeding the 'double-digit' target.
- BHEL settlement cash inflow went quiet said Q2 FY26 Promised: INR 340 crores total settlement; cash flow to come in the next 2 to 3 quarters. Q4 FY26: Deadline of Feb/Mar 2026 for remaining INR 124-125 crores has passed. No specific update on the final collection amount was provided, though the company reported strong overall cash from operations.
- Durgapur facility utilization/restructuring on track said Q4 FY25 Promised: Trying to solve underutilization as we enter FY 2025-26. Q4 FY26: On track. NCLT filings and regulatory approvals underway, with an expected completion within 12 months from March 31, 2026.
All 10 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 7.7%, net profit up 65.6% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 217 | 317 | 266 | 287 | 281 +29% | 386 +22% | 316 +19% | 309 +8% |
| EBITDA | 10 | 4 | -21 | 0 | 28 +180% | 125 +3025% | 107 +610% | 45 |
| Net profit | 66 | -20 | 156 | 32 | 30 −55% | 72 +460% | 103 −34% | 53 +66% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +85.2% 1Y
1Y: ₹352.35 on 10 Sept 2025 → ₹652.65. High ₹1,055.2 (17 Jun 2026), low ₹274.95 (27 Jan 2026).
How the price took the results
close before → close after
- Q4 FY26
- +3.1%
- 12 May
- Q3 FY26
- +10.0%
- 17 Feb
- Q2 FY26
- +18.2%
- 14 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 2.6% a year over 2 years, FY24 to FY26. Operating margin widened to 20.5%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹1.2k Cr | ₹1.0k Cr | ₹1.3k Cr |
| Operating profit | ₹-172 Cr | ₹-25 Cr | ₹260 Cr |
| Operating margin | -14.3% | -2.4% | 20.5% |
| Interest | ₹59 Cr | ₹25 Cr | ₹22 Cr |
| Depreciation | ₹17 Cr | ₹14 Cr | ₹12 Cr |
| Net profit | ₹-177 Cr | ₹191 Cr | ₹237 Cr |
| Net margin | -14.7% | 18.3% | 18.7% |
| Cash from operations | ₹182 Cr | ₹379 Cr | ₹469 Cr |
| Free cash flow | ₹180 Cr | ₹376 Cr | ₹467 Cr |
| ROCE | -18.0% | 25.0% | 84.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹67 Cr | ₹67 Cr | ₹67 Cr | ₹67 Cr | ₹67 Cr | ₹67 Cr |
| Reserves | ₹904 Cr | ₹606 Cr | ₹160 Cr | ₹-10 Cr | ₹319 Cr | ₹477 Cr |
| Borrowings | ₹453 Cr | ₹388 Cr | ₹359 Cr | ₹163 Cr | ₹20 Cr | ₹18 Cr |
| Other liabilities | ₹2.6k Cr | ₹2.4k Cr | ₹2.3k Cr | ₹2.3k Cr | ₹1.5k Cr | ₹1.5k Cr |
| Total liabilities | ₹4.0k Cr | ₹3.5k Cr | ₹2.9k Cr | ₹2.6k Cr | ₹1.9k Cr | ₹2.1k Cr |
| Fixed assets | ₹283 Cr | ₹133 Cr | ₹110 Cr | ₹98 Cr | ₹44 Cr | ₹40 Cr |
| Capital work in progress | ₹2 Cr | ₹2 Cr | ₹1 Cr | ₹4 Cr | ₹3 Cr | ₹3 Cr |
| Investments | ₹3 Cr | ₹7 Cr | ₹7 Cr | ₹7 Cr | ₹35 Cr | ₹7 Cr |
| Other assets | ₹3.7k Cr | ₹3.3k Cr | ₹2.7k Cr | ₹2.5k Cr | ₹1.8k Cr | ₹2.0k Cr |
| Total assets | ₹4.0k Cr | ₹3.5k Cr | ₹2.9k Cr | ₹2.6k Cr | ₹1.9k Cr | ₹2.1k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public trimmed −1.20 pp while FIIs added +0.61 pp. The shareholder count shrank 5% to 69,908.
- Promoters
- 68.6%
- FIIs
- 1.2%
- DIIs
- 1.1%
- Government
- 0.4%
- Public
- 28.8%
Since Jun 2025
- Public −1.20 pp
- FIIs +0.61 pp
- DIIs +0.59 pp
How it drifted, 12 quarters
Over this window DIIs fell from 5.3% to 1.1% — −4.2 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 68.6%, FIIs 0.2%, DIIs 5.3%, Government 0.4%, Public 25.5%.Dec '23: Promoters 68.6%, FIIs 0.1%, DIIs 3.9%, Government 0.4%, Public 27.0%.Mar '24: Promoters 68.6%, FIIs 0.3%, DIIs 3.5%, Government 0.4%, Public 27.3%.Jun '24: Promoters 68.6%, FIIs 0.4%, DIIs 3.0%, Government 0.4%, Public 27.6%.Sep '24: Promoters 68.6%, FIIs 0.4%, DIIs 2.8%, Government 0.4%, Public 27.8%.Dec '24: Promoters 68.6%, FIIs 0.8%, DIIs 2.8%, Government 0.4%, Public 27.4%.Mar '25: Promoters 68.6%, FIIs 0.4%, DIIs 2.3%, Government 0.4%, Public 28.3%.Jun '25: Promoters 68.6%, FIIs 0.6%, DIIs 0.5%, Government 0.4%, Public 30.0%.Sep '25: Promoters 68.6%, FIIs 0.1%, DIIs 0.4%, Government 0.4%, Public 30.5%.Dec '25: Promoters 68.6%, FIIs 0.1%, DIIs 0.4%, Government 0.4%, Public 30.4%.Mar '26: Promoters 68.6%, FIIs 1.3%, DIIs 1.1%, Government 0.4%, Public 28.6%.Jun '26: Promoters 68.6%, FIIs 1.2%, DIIs 1.1%, Government 0.4%, Public 28.8%.
Who is on the register
Named in the Jun 2026 filing
Every holder of GE Power India Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| GE Steam Power International BV (formerly GE Power India Tracking BV) | 68.58% | unchanged |
| Aarti Bhatia | 1.12% | unchanged |
| GE Power Boilers Services Limited | 0.00% | unchanged |
| GE Steam Power FZ-LLC | 0.00% | unchanged |
| GE Power Service Korea Ltd. | 0.00% | unchanged |
| GE Vernova Inc | 0.00% | unchanged |
| GE Vernova Holdings LLC | 0.00% | unchanged |
| GE Power Netherlands B.V. | 0.00% | unchanged |
| GE Power Global B.V. | 0.00% | unchanged |
| GE Renewable Holding B.V. | 0.00% | unchanged |
| NTPC Ge Power Services Private Limited | 0.00% | unchanged |
| Quadrature Trading Vcc - Sub-Fund No. 1 | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (4)
Read the Q4 FY26 call →Learn to analyse GE Power India Limited
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