GE Power India Q4 FY25 results: net profit ₹164.24 crore vs ₹25.94 crore, revenue down 31.8%

How did GE Power India perform in Q4 FY25?

GE Power India reported consolidated revenue of ₹266.38 crore in Q4 FY25, compared with ₹390.76 crore in Q4 FY24 and ₹316.90 crore in Q3 FY25. Total income was ₹276.78 crore, down from ₹469.89 crore a year earlier and ₹344.29 crore in the previous quarter. The consolidated results were also reported on a standalone basis, with standalone revenue of ₹266.38 crore.

EBITDA was negative ₹35.10 crore in Q4 FY25, compared with negative ₹35.59 crore in Q4 FY24 and negative ₹11.75 crore in Q3 FY25. The EBITDA margin was negative 13.2%, against negative 9.1% a year ago and negative 3.7% in the previous quarter, a decline of 4.1 percentage points and 9.5 percentage points, respectively.

Profit before tax was a loss of ₹29.99 crore, against profit of ₹23.09 crore in Q4 FY24 and ₹7.85 crore in Q3 FY25. The company nevertheless reported a net profit of ₹164.24 crore, compared with ₹25.94 crore in Q4 FY24 and a net loss of ₹18.58 crore in Q3 FY25. Basic EPS was ₹24.43, against ₹3.86 a year earlier and a loss of ₹2.76 in the previous quarter.

What changed in GE Power India's costs and profit?

Total expenses fell to ₹306.77 crore in Q4 FY25 from ₹446.80 crore in Q4 FY24. Cost of materials was lower at ₹202.07 crore from ₹262.84 crore, employee cost was ₹50.17 crore from ₹97.23 crore, finance costs were ₹1.64 crore from ₹15.33 crore, depreciation was ₹3.65 crore from ₹5.12 crore and other expenses were ₹53.11 crore from ₹72.61 crore.

Other income fell to ₹10.40 crore in Q4 FY25 from ₹79.13 crore in Q4 FY24 and ₹27.39 crore in Q3 FY25. No exceptional item was reported for the quarter, and there was no tax charge. Against Q3 FY25, other expenses rose to ₹53.11 crore from ₹34.68 crore, while total expenses fell to ₹306.77 crore from ₹336.44 crore.

The filing excerpts state that the gain on the slump sale of the Gas business undertaking was recognised as an exceptional item and that the Hydro business undertaking disposal gain was also credited as an exceptional item in the standalone results. The company reported consolidated net profit despite negative EBITDA and profit before tax; the excerpts do not provide a consolidated explanation for the difference.

How did GE Power India do in FY25 as a whole?

For FY25, GE Power India reported consolidated revenue of ₹1,047.10 crore, compared with ₹1,624.76 crore in FY24. Total income was ₹1,118.39 crore against ₹1,765.65 crore, while profit before tax was a loss of ₹38.02 crore compared with a loss of ₹177.08 crore. The company reported a net profit of ₹203.00 crore for FY25, against a net loss of ₹171.33 crore in FY24.

Basic EPS for FY25 was ₹30.20, compared with a loss of ₹25.49 in FY24. The full-year net result therefore moved from loss to profit, even as revenue and total income declined. The standalone figures for the quarter were revenue of ₹266.38 crore and profit after tax of ₹156.13 crore.

What do the balance sheet and cash flow show?

At 31 March 2025, total assets were ₹2,012.24 crore, compared with ₹2,480.13 crore at 30 September 2024. Total equity was ₹316.65 crore against ₹125.47 crore, while the company had no borrowings at either balance-sheet date. Cash was ₹438.32 crore, compared with ₹165.45 crore.

Inventories were ₹88.05 crore at 31 March 2025 against ₹98.69 crore at 30 September 2024. Trade receivables were ₹1,172.95 crore, compared with ₹1,132.96 crore, and trade payables were ₹523.28 crore against ₹431.13 crore. FY25 operating cash flow was ₹319.65 crore, compared with ₹173.03 crore in FY24; investing cash flow was ₹53.99 crore against negative ₹7.35 crore.

FY25 financing cash flow was negative ₹65.84 crore, compared with negative ₹239.64 crore in FY24, while capital expenditure was ₹5.35 crore against ₹6.30 crore. The available cash-flow figures show higher operating and investing cash flow and lower financing outflow year on year.

How has GE Power India done over the last 8 quarters?

Revenue across the reported quarters peaked at ₹456.22 crore in Q3 FY24 and fell to its low of ₹217.42 crore in Q2 FY25 before rising to ₹316.90 crore in Q3 FY25 and easing to ₹266.38 crore in Q4 FY25. The latest quarter was lower than the preceding quarter and also below the ₹390.76 crore recorded in Q4 FY24.

Net profit moved from a loss of ₹135.79 crore in Q1 FY24 to a profit of ₹66.87 crore in Q2 FY25, a loss of ₹18.58 crore in Q3 FY25 and a profit of ₹164.24 crore in Q4 FY25. The EBITDA margin was negative 31.2% in Q1 FY24, improved to negative 2.3% in Q2 FY25, and then fell to negative 13.2% in Q4 FY25.

The pattern shows revenue recovering from the Q2 FY25 low before declining in the latest quarter, while profit returned to the highest level in the reported sequence after a loss in the preceding quarter. Margin had improved through Q2 FY25 but weakened in Q3 FY25 and Q4 FY25. No streak data was provided.

What else did the company announce?

The board approved audited standalone and consolidated financial results for the quarter and year ended 31 March 2025, together with the independent auditors’ report, and did not recommend a dividend for FY25. The board also approved the 33rd Annual General Meeting for 14 August 2025 and noted the retirement by rotation of Mahesh Shrikrishna Palashikar as Chair and Non-Executive Director from the conclusion of that meeting.

Craig Martin Richards was appointed Additional Non-Executive Director with effect from 14 August 2025 and Chair of the Board with effect from 15 August 2025, subject to the stated approvals. The company also filed an investor presentation, and the board outcome stated that the auditors provided an unmodified opinion on the annual audited financial results, both standalone and consolidated.

What did the auditors point out?

Deloitte Haskins & Sells stated that the annual standalone financial results for the year ended 31 March 2025 were presented in accordance with Regulation 33 of the LODR Regulations and gave a true and fair view in conformity with the accounting principles. The auditors’ conclusion on the unaudited standalone results for the quarter said that nothing came to their attention indicating that the required information had not been disclosed or that the results contained a material misstatement.

The report included an Emphasis of Matter for the Gas business undertaking slump sale, noting a carrying value of net liability of Rs. 144.8 millions and a gain of Rs. 583.4 millions recognised as an exceptional item. It also drew attention to the Hydro undertaking sale and stated that a gain of Rs. 2,369.9 millions had been credited to the standalone results as an exceptional item. The auditors stated that their opinion and conclusion were not modified in respect of these matters.

The audit report described the Board’s responsibility for assessing the company’s ability to continue as a going concern, disclosing related matters where applicable and using the going-concern basis of accounting unless liquidation or cessation of operations was intended or there was no realistic alternative. The auditors’ responsibilities included concluding on the appropriateness of that basis and whether a material uncertainty existed that could cast significant doubt on the company’s ability to continue as a going concern.

What did GE Power India's management say?

On the 30 May 2025 earnings call, Managing Director Puneet Bhatla said, “I’m happy to report that the company just received its highest-ever order intake in this current financial year from continuing operations since the financial year 2019-20.” Management reported FY25 order intake of INR 2,183 cr, a backlog of INR 2,662 cr and a 200 bps margin uplift on the backlog. It also said services accounted for 2/3 of sales, with core services orders of INR 548 cr compared with INR 501 cr, and that the company had orders from 5 countries covering 6 GW.

CFO Aashish Ghai said, “The net worth of your company as on March 31, 2025, stands at INR 233 crores positive. The cash position of your company stands at INR 433 crores positive.” Management described the Hydro and Gas divestments as completed and said the company was debt-free and in a net investment position. The company also reported that Q4 PBT of INR 189 cr was helped by an INR 219 cr Hydro sale gain, while underlying operations posted approximately INR 30 cr negative because of FGD EPC provisions.

How did GE Power India shares react?

Earlier results-day moves were 19.3% on 22 May 2024, negative 0.9% on 9 August 2024, 3.2% on 6 November 2024 and negative 0.5% on 12 February 2025. The one-month move after this filing was 20.5%.

How did other Heavy Electrical Equipment companies do?

Twenty-eight other Heavy Electrical Equipment companies had filed results for the quarter. Their median revenue growth was 25.0%, while one peer grew more slowly than GE Power India and 27 grew faster; 22 of 28 peers reported higher profit. The comparison was as of 6 November 2026, although the results filing was announced on 29 May 2025.