GE Power swings to ₹277 cr profit, demerges loss-making plant
8-fold net worth increase, 25% CAGR in service order bookings, and a demerger that offloads a chronic drag. No FY27 guidance, but the narrative has changed.
— 2 earlier stories on GE Power India Ltd. →What's new
- EBITDA swung from a ₹251 cr loss in FY23 to a ₹277 cr profit in FY26
- Durgapur plant, averaging annual loss of ₹27 cr, to be demerged to JSW Energy
- Shareholders get 10 JSW Energy shares for every 139 GE Power shares
Why this matters
The turnaround is real: net worth up 8x, bank guarantees down ₹1,364 cr, credit upgraded to BBB+. The demerger removes a chronic drag and creates a services revenue stream. Without FY27 guidance, the next test is execution on international expansion and the demerger timeline.
What we're watching
- NCLT sanction and effective date of the Durgapur demerger
- Revenue contribution from seven new international markets
- Order book growth trajectory in core services
The full read
GE Power India's turnaround is not just numbers on a slide; it's a structural reset. EBITDA swung from a ₹251 crore loss in FY23 to a ₹277 crore profit in FY26, net worth multiplied 8 times, and bank guarantee exposure shrank by ₹1,364 crore. The demerger of the Durgapur plant (average annual loss ₹27 crore) to JSW Energy, with a five-year services agreement, removes a chronic drag while keeping manufacturing capability. Shareholders get 10 JSW Energy shares for every 139 GE Power shares, a deal that values the plant at a loss transfer cost. The absence of FY27 guidance is notable, but the underlying order book growing at 25% CAGR in core services provides cover. International expansion into seven new markets is a wildcard. The core story: the company is profitable, deleveraged, and shedding its worst asset. That's a different company from the one that lost ₹251 crore three years ago.
Questions answered
- What is the key financial improvement highlighted in the concall?
- GE Power India swung from an EBITDA loss of ₹251 crore in FY23 to a profit of ₹277 crore in FY26. Net worth increased 8-fold over the same period.
- How will the Durgapur demerger work?
- The Durgapur plant will be transferred to JSW Energy retrospectively from 1 July 2025, subject to NCLT sanction. For every 139 GE Power shares held, shareholders will receive 10 shares of JSW Energy. A five-year manufacturing services agreement will follow.
- Has the company provided any guidance for FY27?
- No. Management did not offer any financial guidance for FY27, and the call did not include an open Q&A session.
- What is the status of bank guarantees and credit rating?
- Bank guarantee exposure has been reduced by ₹1,364 crore over two years. The credit rating was upgraded to BBB+.
- What are the international expansion plans?
- The company disclosed expansion into seven new international markets, though no specific revenue targets were provided.
GE Power India Ltd.
Latest quarter · Mar 2026
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Story so far
All notes on GVPIL →- 6 Jul 2026 · 4:30 PM IST GE Power swings to ₹277 cr profit, demerges loss-making plant
- today GE Power India transcript confirms known turnaround, demerger terms
- 22d ago GE Power India sets July 20 for demerger vote on Durgapur unit to JSW Energy