NSE: GVPIL · BSE: 532309
GE POWER INDIA LIMITED
Manufactures and services heavy electrical equipment for the power sector. The business has shifted since 2024 toward high-margin, cash-accretive services, with services order bookings growing at roughly 25% CAGR from INR 299 cr in FY22 to INR 734 cr in FY26, alongside third-party / OEM manufacturing orders that doubled to INR 322 cr. The company has exited its hydro and gas businesses and is demerging its underutilised 661-acre Durgapur thermal-equipment facility to JSW Energy in exchange for shares (10 JSW shares per every 139 GEPIL shares held); a 5-year manufacturing services agreement with JSW Energy secures capacity for the services business going forward. International operations span Saudi Arabia, Turkey, UAE, Austria, Malaysia, Indonesia and Morocco. FY26 revenue stood at INR 1,269.39 cr against net profit of INR 252.61 cr; materials are the largest input cost at 61.2% of revenue. Headcount stands at 497 employees plus 2,229 workers. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Power equipment services, Third-party / OEM manufacturing, Durgapur thermal-equipment facility. Services-led heavy electrical equipment maker for the power sector, refocusing after exiting hydro and gas and demerging the Durgapur facility
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,620 | 1,796 | 1,625 | 1,047 | 1,269 |
| EBITDA (ex other income) | (306) | (339) | (231) | (70) | 232 |
| margin % | (11.7) | (18.9) | (14.2) | (6.7) | 18.3 |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | (42.96) | (65.54) | (25.49) | 30.20 | 37.58 |
| ROE % · ROCE % | (42.7) · (24.8) | (189.5) · (66.0) | (249.0) · (49.7) | 64.1 · (3.4) | 43.4 · 47.6 |
| Debt / equity (x) | 0.55 | 1.25 | 1.48 | 0.00 | 0.00 |
| Cash from operations | 49 | 90 | 173 | 320 | 469 |
| Capex | (4) | (3) | (6) | (5) | (2) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 217 | 317 | 266 | 287 | 281 | 386 | 316 | 309 |
| Profit before tax | 9 | 8 | (30) | 32 | 46 | 103 | 119 | 69 |
| Net profit | 67 | (19) | 164 | 35 | 32 | 72 | 113 | 54 |
| EPS (₹) | 9.95 | (2.76) | 24.43 | 5.16 | 4.81 | 10.75 | 16.84 | 7.99 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BHEL | 1,41,563 | 58.2 | 5.41 | 47.1 | 6.1 | 4.7 | 14.3 | 9.3 |
| ABB INDIA LIMITED | 1,37,523 | 46.0 | 14.72 | — | 23.0 | 10.2 | — | 15.2 |
| CG POWER AND IND SOL LTD | 1,31,087 | 85.8 | 15.99 | 71.3 | 14.6 | 19.2 | 33.2 | 14.7 |
| HITACHI ENERGY INDIA LTD | 1,26,820 | 110.2 | 24.50 | — | 19.1 | 24.7 | — | 16.9 |
| SIEMENS LTD | 1,20,079 | 36.7 | 8.67 | 33.8 | 19.9 | 20.6 | 31.1 | 11.6 |
| GE VERNOVA T&D INDIA LTD | 1,04,269 | 79.9 | 38.76 | — | 45.8 | 57.9 | — | 27.4 |
| SIEMENS ENERGY INDIA LTD | 1,01,282 | 68.1 | 21.05 | — | 14.3 | 15.8 | — | 25.9 |
| SUZLON ENERGY LIMITED | 51,299 | 16.4 | 5.42 | 15.9 | 33.4 | 22.7 | 38.0 | 16.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.6 | 36.5 | 6 of 34 | 85% |
| P/B | 6.8 | 5.4 | 21 of 33 | 38% |
| ROCE | 44.5 | 16.6 | 3 of 36 | 94% |
| ROE | 43.4 | 14.7 | 3 of 34 | 94% |
| Debt / Equity | 0.0 | 0.1 | 1 of 34 | 67% |
| EBITDA margin | 24.8 | 16.4 | 10 of 35 | 74% |
| Revenue growth | 7.6 | 17.7 | 21 of 33 | 38% |
| Profit growth | 54.8 | 6.7 | 10 of 32 | 71% |
| Market cap | 3976 | 6267 | 22 of 35 | 38% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · NCLT sanctions Scheme of Arrangement for GE Power India | strategic transactions | high | — | — |
| 10 Oct 2026 · Routine compliance filing - RTA certificate for Q2 FY27 share demat | compliance | minimal | — | — |
| 1 Oct 2026 · NCLT sanctions Scheme of Arrangement between GE Power India and JSW Energy | strategic transactions | critical | — | — |
| 28 Sept 2026 · Trading Window Closes from Oct 1 for Q2 FY26 Results | compliance | minimal | — | — |
| 19 Sept 2026 · GE Power India cancels JM Financial conference participation | business updates | low | — | — |
| 18 Sept 2026 · Analyst and investor meet scheduled on 24 September 2026 | board shareholder meetings | low | — | — |
| 8 Sept 2026 · GST authority orders INR 2.1 crore tax plus equal penalty for FY 2020-21 | regulatory legal | high | — | — |
| 14 Aug 2026 · GE Power India 34th AGM: All 10 resolutions approved, Rs 7 dividend | board shareholder meetings | medium | — | — |
| 13 Aug 2026 · GEPIL Q1 FY27: Profit up 66% on margin expansion, order book falls 41% | results | high | — | — |
| 13 Aug 2026 · GE Power India Q1 FY27 PAT jumps 66% to INR 525.5 mn, EBITDA margin expands to 22.5% | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.