GE Power India Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Construction of Industrial & Non- Industrial Plants, Structures & Facilities: 61.1% • Boilers & Accessories: 37.8% • Architectural & Engineering Services: 0.9%
AI Sector View
AI GENERATEDConstruction
Construction fundamentals are strong, led by government and infrastructure spending. Capital expenditure was up 66% YoY (2026-06), cement output grew 13.1% YoY (2026-07), and the sector also benefits from improving housing and GFCF conditions. FPI flows turned supportive with INR 1720 crore net inflow over 3 months to 2026-08-31 from INR -9439 crore in the prior 3 months, reinforcing the positive view.
PROS
- Company has delivered good profit growth of 35.5% CAGR over last 5 years
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 31.1%
- Latest quarter profit grew 54.8% YoY, showing strong momentum
- Operating margins have improved to 13.2% from -12.5%
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 4.70x)
CONS
- Recent results are weak - TTM profit is down 85.5% versus prior year
- A large part of profit comes from other income (65.8% of PBT)
- Company has a low return on equity of -0.5% over last 3 years
- Company's sales have been declining over the last five years
- Working capital days have increased from 71 to 139 days
- Contingent liabilities are large at 78.6% of net worth
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| LT | 3915.00 | 32.47 | 538651.57 | 0.97 | 4988.03 | 15.51 | 67941.74 | 6.69 | 15.98 | 12.00 |
| RVNL | 205.00 | 47.52 | 42742.91 | 0.35 | 159.52 | 18.73 | 4321.23 | 10.55 | 10.81 | 4.41 |
| KPIL | 1435.05 | 21.56 | 24506.71 | 0.77 | 311.53 | 45.85 | 6407.97 | 3.84 | 18.95 | 8.77 |
| IRB | 19.64 | 24.86 | 23721.19 | 1.32 | 3062.70 | 1412.58 | 21372.72 | 918.25 | 7.72 | 53.93 |
| CEMPRO | 1244.10 | 35.53 | 21372.09 | 0.24 | 140.83 | 2.64 | 2720.92 | 7.02 | 33.53 | 10.09 |
| ENGINERSIN | 269.20 | 19.30 | 15130.18 | 1.86 | 157.94 | 141.49 | 819.84 | -5.80 | 30.94 | 20.61 |
| TECHNOE | 972.50 | 26.24 | 11310.13 | 0.72 | 93.33 | -31.44 | 630.34 | 19.84 | 14.86 | 15.79 |
| WELENT | 782.75 | 35.45 | 10834.34 | 0.38 | 56.36 | -44.29 | 773.72 | -8.44 | 16.44 | 19.49 |
| KEC | 406.45 | 19.54 | 10819.70 | 1.35 | 72.62 | -41.72 | 5023.54 | 0.01 | 16.35 | 5.79 |
| IRCON | 113.20 | 20.33 | 10646.64 | 1.68 | 92.03 | -43.92 | 1955.83 | 9.49 | 10.15 | 9.81 |
| AFCONS | 253.95 | 64.55 | 9339.89 | 0.79 | 30.30 | -77.95 | 2671.00 | -20.75 | 12.88 | 9.42 |
| GVPIL | 652.50 | 16.15 | 4386.59 | 1.07 | 53.73 | 54.75 | 308.69 | 7.61 | 80.09 | 14.87 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 424 | 241 | 294 | 247 | 246 | 217 | 317 | 266 | 287 | 281 | 386 | 316 | 309 | |
| 556 | 267 | 292 | 262 | 265 | 207 | 313 | 287 | 299 | 253 | 261 | 210 | 272 | |
| Operating Profit | -132 | -26 | 2 | -16 | -18 | 10 | 4 | -21 | -12 | 28 | 125 | 107 | 37 |
| OPM % | -31.18% | -10.74% | 0.75% | -6.40% | -7.46% | 4.69% | 1.17% | -7.79% | -4.25% | 9.96% | 32.36% | 33.73% | 11.97% |
| 17 | 10 | 19 | 50 | 6 | 27 | 27 | 10 | 53 | 26 | -12 | 19 | 32 | |
| Interest | 16 | 16 | 9 | 18 | 10 | 9 | 4 | 2 | 6 | 6 | 6 | 4 | 5 |
| Depreciation | 5 | 4 | 4 | 4 | 4 | 3 | 4 | 3 | 4 | 3 | 3 | 3 | 3 |
| Profit before Tax | -136 | -36 | 8 | 12 | -25 | 24 | 23 | -15 | 32 | 46 | 103 | 119 | 70 |
| Tax % | -0.00% | -0.00% | 0.00% | 0.00% | -0.00% | 0.00% | 0.00% | -0.00% | 0.00% | 0.00% | 3.95% | 1.81% | 4.04% |
| Net Profit | 0 | 0 | 0 | 0 | -95 | 669 | -186 | 1,642 | 35 | 32 | 72 | 113 | 54 |
| -20.20 | -5.33 | 1.60 | 2.27 | -3.55 | 3.76 | 3.64 | -1.10 | 5.16 | 7.14 | 14.86 | 18.93 | 7.99 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,993 | 1,338 | 1,903 | 2,446 | 3,343 | 2,620 | 1,796 | 1,039 | 1,047 | 1,269 | 1,291 | |
| 1,942 | 1,205 | 1,712 | 2,295 | 3,179 | 2,781 | 2,108 | 1,184 | 1,038 | 1,102 | 995 | |
| Operating Profit | 51 | 133 | 191 | 151 | 164 | -160 | -313 | -145 | 9 | 167 | 296 |
| OPM % | 2.57% | 9.96% | 10.05% | 6.17% | 4.92% | -6.12% | -17.41% | -13.95% | 0.90% | 13.19% | 22.96% |
| 94 | -8 | 40 | 158 | 66 | -7 | 78 | 89 | 71 | 189 | 66 | |
| Interest | 60 | 32 | 54 | 69 | 81 | 82 | 77 | 71 | 44 | 32 | 21 |
| Depreciation | 60 | 51 | 31 | 66 | 50 | 44 | 23 | 15 | 14 | 12 | 12 |
| Profit before Tax | 26 | 42 | 146 | 173 | 99 | -291 | -331 | -137 | 34 | 329 | 338 |
| Tax % | 109.57% | 37.12% | 48.44% | 51.17% | 28.98% | 0.60% | -33.00% | -0.00% | 0.00% | 1.90% | 2.68% |
| Net Profit | -2 | 27 | 75 | 85 | 70 | -289 | -441 | -137 | 34 | 322 | 329 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 10.48 | -42.96 | -65.54 | -25.48 | 30.19 | 37.57 | — |
| Dividend Payout % | -819.90% | 75.79% | 53.50% | 15.89% | 9.54% | 0.00% | 0.00% | 0.00% | 0.00% | 18.63% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -3%
- 5 Years:
- -18%
- 3 Years:
- -11%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 29%
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- 83%
RETURN ON EQUITY
- 10 Years:
- -10%
- 5 Years:
- -27%
- 3 Years:
- -1%
- Last Year:
- 72%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 67 | 67 | 67 | 67 | 67 | 67 | 67 | 67 | 67 | 67 |
| 760 | 761 | 815 | 849 | 904 | 609 | 165 | 2 | 249 | 515 | |
| 0 | 0 | 0 | 112 | 434 | 371 | 345 | 148 | 16 | 6 | |
| Trade Payables | 1,431 | 1,302 | 735 | 878 | 1,100 | 1,039 | 788 | 720 | 523 | 553 |
| 2,173 | 2,327 | 2,557 | 2,044 | 2,097 | 1,978 | 2,214 | 2,241 | 1,771 | 1,618 | |
| Total Liabilities | 4,432 | 4,458 | 4,175 | 3,950 | 4,602 | 4,064 | 3,579 | 3,177 | 2,628 | 2,760 |
| 350 | 271 | 151 | 307 | 283 | 133 | 110 | 98 | 63 | 40 | |
| Capital Work in Progress | 28 | 9 | 12 | 5 | 2 | 2 | 1 | 4 | 4 | 3 |
| 3 | 3 | 3 | 3 | 3 | 10 | 13 | 19 | 30 | 46 | |
| 354 | 466 | 180 | 230 | 200 | 81 | 88 | 87 | 88 | 150 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,699 | 1,173 | 762 | |
| Cash & Bank | 850 | 1,054 | 828 | 379 | 220 | 182 | 222 | 151 | 442 | 430 |
| 2,846 | 2,655 | 3,001 | 3,027 | 3,894 | 3,657 | 3,146 | 1,120 | 828 | 1,328 | |
| Total Assets | 4,432 | 4,458 | 4,175 | 3,950 | 4,602 | 4,064 | 3,579 | 3,177 | 2,628 | 2,760 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 431 | 56 | -155 | -478 | -441 | 65 | 76 | 182 | 379 | 469 | |
| Cash from Investing | -91 | -700 | 223 | 917 | 63 | -5 | 6 | -3 | 56 | -436 |
| Cash from Financing | -2 | -28 | -39 | -86 | 254 | -79 | -48 | -226 | -128 | -47 |
| 337 | -680 | -58 | 267 | -160 | -35 | 48 | -47 | 308 | -14 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-08 - GE Power India Limited has informed the Exchange that the Company has received an Order dated 08 September 2026 from the Office of the Assistant Commissioner of GST and Central Excise, Bhubaneswar, Odisha.
2026-08-15 - GE Power India Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on Friday, August 14, 2026. Further, the company has informed the Exchange regarding voting results thereto.
2026-08-14 - GE Power India Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 14, 2026
2026-08-14 - GE Power India Limited has informed the Exchange about Copy of Newspaper Publication - Publication of Unaudited Financial Results for the quarter ended 30 June 2026.
2026-08-13 - GE Power India Limited has submitted to the Exchange about the Unaudited standalone and consolidated financial results of the Company for the quarter ended 30 June 2026
2026-08-12 - GE Power India Limited has informed the Exchange about Bagging/Receiving of orders/contracts
2026-07-21 - GE Power India Limited has informed the Exchange about the Consolidated Scrutinizer s Report on the results of the e-voting (remote e-voting and voting during the meeting) of the NCLT Convened Meeting of Unsecured Creditors held on Monday, 20 July 2026, at 04:30 p.m. (IST)
2026-07-21 - GE Power India Limited has submitted the Exchange a copy Consolidated Srutinizers report of Court Convened General Meeting held on Monday 20 July 2026. Further, the company has informed the Exchange regarding voting results thereto
2026-07-20 - GE Power India Limited has informed the Exchange about Proceedings of the meetings of the Unsecured Creditors of GE Power India Limited ( Company ) convened pursuant to the directions of the Hon'ble National Company Law Tribunal, Mumbai Bench ("Tribunal"). held on Monday, 20 July 2026 at 04:30 p.m. (IST)
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GE Power India Ltd.
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