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GE Power India Limited (GVPIL)

📊 NSE: GVPIL 🏢 Heavy Electrical Equipment 📅 Last Updated: 11/13/2025 15:25

📢 Recent Corporate Announcements

GVPIL Receives GST Demand of ₹42.18 Lakh (Tax & Penalty) from Odisha Tax Authorities

🟡 NEUTRAL ⭐ 2/10

LEGAL 📅 08 Sep 2026, 07:05 PM

GE Power India Limited (GVPIL) has received an Order-in-Original dated September 08, 2026, from the Assistant Commissioner of GST and Central Excise, Bhubaneswar, Odisha. The order alleges short payment of outward tax liability for FY 2020-21 under Section 74 of the CGST/OGST Act. The demand includes a tax amount of INR 21,09,252 and an equivalent penalty of INR 21,09,252, alongside applicable interest. The total quantifiable demand of ~₹0.42 cr is immaterial relative to GVPIL's TTM revenue of ₹1,291 cr (under 0.04%), and the company plans to appeal the order.

Tax demand of INR 2,109,252 raised under Section 74 of the CGST/OGST Act.
Penalty of INR 2,109,252 levied, plus applicable interest.
Pertains to alleged short payment of taxes on sales for FY 2020-21.
Total tax and penalty demand of ~INR 42.18 lakh is less than 0.04% of TTM revenue (INR 1,291 cr).
Company intends to file an appeal against the order.

💡 Track the filing of the formal appeal before the appellate authority, though no material operational or financial impact is anticipated.

GVPIL Shareholders Approve ₹7/Share Final Dividend and All 8 AGM Resolutions

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 15 Aug 2026, 12:29 PM

GE Power India Limited announced the voting results and Scrutinizer's Report for its 34th Annual General Meeting held on August 14, 2026. Shareholders approved all 8 ordinary and special resolutions with over 99.8% majority support across total polled votes of 4.74 crore shares (70.46% voting turnout). Approved items include the declaration of a final dividend of ₹7 per equity share for FY26, the re-appointment of Statutory Auditors M/s Deloitte Haskins & Sells for a 5-year term, appointment of directors, and enhanced Section 186 inter-corporate investment limits.

Approval of ₹7 per equity share final dividend for FY26 with 99.9994% votes in favour
Shareholder turnout reached 70.46% with 4,73,66,636 votes polled out of 6,72,27,471 total shares
Statutory Auditors Deloitte Haskins & Sells re-appointed for a second 5-year consecutive term
Special resolution passed approving enhanced limits for inter-corporate loans, guarantees, and investments under Section 186
Appointments of Mr. Craig Martin Richards, Ms. Shukla Wassan, and Mr. Shrikar Thakur approved

💡 Track the dividend payment timeline as per statutory guidelines, and monitor the execution of high-margin service contracts in upcoming quarterly results.

GE Power India AGM Approves ₹7/Share Dividend and Related-Party Deals

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 14 Aug 2026, 09:38 PM

GE Power India Limited announced the conclusion of its 34th Annual General Meeting held on August 14, 2026. Shareholders approved all 10 ordinary and special resolutions with requisite majority, including the declaration of a final dividend of ₹7 per equity share (face value ₹10) for FY26. Other key approved items include the re-appointment of Deloitte Haskins & Sells as statutory auditors for a second 5-year term, appointment of Whole-Time Director Shrikar Thakur, and approval of material related-party transactions with GE Vernova Inc. and LM Wind Power Blades (India) Private Limited.

Approved final dividend of ₹7 per equity share of face value ₹10 each for FY26
Re-appointed M/s Deloitte Haskins & Sells as Statutory Auditors for a second term of 5 consecutive years
Approved material related party transactions with LM Wind Power Blades (India) Pvt Ltd and GE Vernova Inc.
Approved appointment of Mr. Shrikar Thakur as Whole-Time Director and re-appointment of Ms. Shukla Wassan as Independent Director

💡 Track the dividend payment timeline and execution progress on core services and emission control orders in upcoming quarterly results.

66% PAT Growth in Q1 FY27; EBITDA Margins Expand to 22.5% Despite 41% Backlog Decline

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 13 Aug 2026, 05:54 PM

GE Power India Limited (GVPIL) reported a strong bottom-line performance for Q1 FY27, with Net Profit rising 66.2% YoY to ₹52.55 cr. The highlight was a significant expansion in EBITDA margins for continuing operations, which reached 22.5% compared to 15.6% in the year-ago quarter, driven by a strategic shift toward higher-margin services. However, the order backlog saw a sharp decline of 41.4% YoY to ₹1,545.4 cr, largely due to the termination of two FGD contracts worth ₹774.9 cr. The company continues to progress with the demerger of its Durgapur facility to JSW Energy, which is currently reported under discontinued operations.

Net Profit for the quarter increased to ₹52.55 cr from ₹31.61 cr in Q1 FY26.
EBITDA margins for continuing operations expanded by 690 basis points to 22.5%.
Order backlog decreased to ₹1,545.4 cr, down from ₹2,635.3 cr in the previous year.
Backlog reduction includes a ₹774.9 cr impact from the termination of Jaypee Bina and Nigrie FGD contracts.
Revenue from continuing operations remained nearly flat at ₹308.69 cr, a marginal 0.2% increase YoY.

💡 Investors should monitor the company's ability to secure new high-margin service orders to replenish the backlog and the final regulatory approvals for the Durgapur demerger to JSW Energy.

Rs 550 Cr Order Win: GVPIL Secures Saudi Arabian Fuel Conversion Project

🟢 POSITIVE ⭐ 9/10

OTHER 📅 12 Aug 2026, 07:33 PM

GE Power India Limited (GVPIL) has received a Notice of Award (NOA) for the Shoaiba Fuel Conversion Project in Saudi Arabia, valued at approximately INR 550 Crores. The contract, awarded by Dar Al Balad for Contracting and Operations Company Ltd., involves boiler modifications through supply and technical field advisory services. This international win is highly significant, representing roughly 43% of the company's TTM revenue of Rs 1,269 Cr. The project is slated for execution over a period of approximately 2.5 years, providing substantial revenue visibility.

Cumulative order value of approximately INR 550 Crores
Order represents ~43.3% of the company's TTM revenue of Rs 1,269 Cr
Project execution timeline set for approximately 2.5 years
Scope includes supply and technical field advisory services for boiler modifications in Saudi Arabia
Awarded by an international entity, Dar Al Balad for Contracting and Operations Company Ltd.

💡 Investors should monitor the execution milestones over the 30-month period and track the impact on operating margins, as international service-led contracts often carry different profitability profiles than domestic EPC projects.

99.99% Approval: GVPIL Shareholders and Creditors Clear Scheme of Arrangement with JSW Energy

🟢 POSITIVE ⭐ 8/10

M&A 📅 21 Jul 2026, 05:01 PM

GE Power India Limited (GVPIL) has secured near-unanimous approval from its stakeholders for a Scheme of Arrangement with JSW Energy Limited. In NCLT-convened meetings held on July 20, 2026, 99.99% of equity shareholders and 99.93% of unsecured creditors (by value) voted in favor of the resolution. This approval is a critical milestone for the demerger of the Durgapur business, aligning with the company's strategy to pivot toward high-margin 'Core Services' and clean energy segments.

99.9987% of equity shareholders voted in favor of the Scheme of Arrangement with JSW Energy.
99.9359% of unsecured creditors by value, representing Rs 132.46 Cr of debt, approved the resolution.
A total of 48,058,883 valid votes were cast by equity shareholders during the e-voting process.
The meetings were conducted following the Hon’ble NCLT Mumbai Bench order dated June 02, 2026.
Only 614 equity votes (0.0013%) were cast against the resolution, indicating strong stakeholder alignment.

💡 Investors should monitor the timeline for the final NCLT sanction and the subsequent effective date of the demerger to assess the impact on GVPIL's balance sheet and service-led growth strategy.

99.99% Shareholder Approval for GVPIL Demerger of Durgapur Business to JSW Energy

🟢 POSITIVE ⭐ 9/10

M&A 📅 21 Jul 2026, 04:58 PM

Shareholders and unsecured creditors of GE Power India Limited (GVPIL) have overwhelmingly approved the Scheme of Arrangement to demerge its Durgapur business to JSW Energy. In the NCLT-convened meeting held on July 20, 2026, 99.99% of equity votes were cast in favor of the resolution. Unsecured creditors representing a debt value of ‡1,324.63 crore (99.93%) also provided their consent. This approval marks a significant milestone in GVPIL's strategic pivot from manufacturing toward a high-margin services-led business model.

99.9987% of equity shareholders voted in favor of the demerger scheme with JSW Energy
Unsecured creditors representing ‡1,324.63 crore in debt value approved the resolution
Only 614 equity votes (0.0013%) were cast against the proposal out of 4.8 crore votes polled
The meeting involved 72,235 total shareholders on the record date of July 13, 2026
Creditor approval reached 99.9359% by value, exceeding the required three-fourths majority

💡 Monitor the timeline for the final NCLT approval and the subsequent transfer of the Durgapur unit. Investors should track how the removal of this business segment impacts the company's operating margins and its stated goal of focusing on the 'Core Services' segment.

GVPIL Concludes NCLT-Ordered Meetings for JSW Energy Scheme of Arrangement

🟢 POSITIVE ⭐ 9/10

M&A 📅 20 Jul 2026, 08:17 PM

GE Power India Limited (GVPIL) successfully conducted NCLT-convened meetings for its equity shareholders and unsecured creditors on July 20, 2026. The meetings were held to seek approval for the Scheme of Arrangement with JSW Energy Limited, involving the demerger of the Durgapur business. This transaction is a critical component of GVPIL's strategic shift from manufacturing to a services-oriented model. While the final voting results are pending, the conclusion of these meetings marks a major milestone in the regulatory approval process.

Meetings held on July 20, 2026, following the NCLT Mumbai Bench order dated June 2, 2026
Shareholder meeting concluded in 46 minutes (02:30 PM to 03:16 PM) via video conferencing
Unsecured Creditors meeting concluded in 25 minutes (04:30 PM to 04:55 PM)
Remote e-voting was conducted over 4 days from July 16 to July 19, 2026
The scheme involves the demerger of the Durgapur business to JSW Energy Limited

💡 Investors should monitor the upcoming disclosure of voting results and the Scrutinizer's report to confirm the level of stakeholder approval. The next key step is the final NCLT hearing for the sanction of the scheme.

GVPIL Convenes Shareholder and Creditor Meetings for JSW Energy Scheme of Arrangement

🔵 WATCH ⭐ 9/10

M&A 📅 20 Jul 2026, 08:14 PM

GE Power India Limited (GVPIL) conducted NCLT-convened meetings on July 20, 2026, for both equity shareholders and unsecured creditors to approve a Scheme of Arrangement with JSW Energy Limited. This scheme involves the demerger of the Durgapur business, a strategic move to pivot GVPIL from manufacturing toward high-margin services. While the meetings have concluded, the final voting results and scrutinizer's report are pending. This transaction is central to GVPIL's restructuring, following its recent divestment of Hydro and Gas businesses.

Equity Shareholders meeting held on July 20, 2026, concluding at 03:16 p.m. IST.
Unsecured Creditors meeting held on July 20, 2026, concluding at 04:55 p.m. IST.
Remote e-voting period spanned from July 16, 2026, to July 19, 2026.
The scheme is being processed under Sections 230 to 232 of the Companies Act, 2013.
The transaction involves the demerger of the Durgapur business to JSW Energy Limited.

💡 Monitor the upcoming disclosure of voting results to confirm stakeholder approval. Subsequent steps include seeking final sanction from the NCLT Mumbai Bench and tracking the impact on the company's margin profile post-demerger.

GVPIL Releases FY 2025-26 Business Responsibility and Sustainability Report (BRSR)

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 18 Jul 2026, 06:01 PM

GE Power India Limited (GVPIL) has filed its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26, a mandatory regulatory disclosure. The report details the company's ESG performance, highlighting its alignment with 10 of the 17 UN Sustainable Development Goals. Social initiatives included providing basic education to 171 children in Durgapur, up from 139 in the previous year. The company reported zero data breaches and zero consumer complaints regarding cybersecurity or data privacy for the period.

Supported basic education for 171 children in tribal villages of Durgapur, a 23% increase from 139 children in FY 2024-25
Conducted diversity and safety sessions with 120+ in-person and 250+ remote participants at the Noida headquarters
Reported 0 instances of data breaches and 0% involvement of personally identifiable information in any security incidents
Maintained 0 consumer complaints across categories including data privacy, advertising, and restrictive trade practices
Aligned sustainability framework with 10 out of 17 UN Sustainable Development Goals (SDGs)

💡 This is a routine regulatory filing with no direct impact on financial valuations; investors should monitor the progress of the Durgapur business demerger to JSW Energy for material structural changes.

GE Power India Schedules 34th AGM for Aug 14, 2026; Annual Report Released

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 18 Jul 2026, 05:33 PM

GE Power India Limited (GVPIL) has issued the notice for its 34th Annual General Meeting (AGM) to be held on August 14, 2026. The company has fixed August 7, 2026, as the cut-off date for voting eligibility. This follows a fiscal year where the company reported TTM revenue of ‑1,269 Cr and a PAT of ‑253 Cr, marking a significant recovery. The report formalizes recent leadership changes, including a new CFO and Company Secretary appointed in June 2026, as the firm pivots toward a services-heavy business model.

34th Annual General Meeting scheduled for August 14, 2026, via video conferencing.
Cut-off date for shareholder voting eligibility set for August 7, 2026.
New leadership team confirmed with Rahul Rojal as CFO and Vipul Sharma as CS effective June 19, 2026.
TTM Revenue of ‑1,269 Cr supported by an 18.3% operating profit margin.
Strategic focus confirmed on 'Core Services' which saw 45% QoQ growth in recent periods.

💡 Investors should review the Annual Report for updates on the Durgapur business demerger to JSW Energy and the execution timeline for the ‑243 Cr Wanakbori turbine upgrade order.

10:139 Demerger Ratio: GVPIL to Spin Off Durgapur Business to JSW Energy

🟢 POSITIVE ⭐ 9/10

M&A 📅 16 Jul 2026, 05:27 PM

GE Power India Limited (GVPIL) is demerging its underutilized Durgapur manufacturing facility to JSW Energy to pivot toward a high-margin services-led model. Shareholders will receive 10 shares of JSW Energy for every 139 shares of GVPIL held, while maintaining their original GVPIL stake. The Durgapur unit has been a financial drag, averaging annual losses of ₹27 crore between 2023 and 2025. This move follows a significant financial turnaround where GVPIL's net worth grew from ₹57 crore in 2024 to ₹483 crore in 2026.

Demerger ratio set at 10 fully paid equity shares of JSW Energy for every 139 shares of GVPIL
Durgapur facility caused an average annual loss of ₹27 crore during the 2023-2025 period
Net worth increased 8.4x from ₹57 crore in March 2024 to ₹483 crore in March 2026
Core services order bookings grew at a 25% CAGR, reaching ₹734 crore in FY 2025-26
Liquidity position improved 18-fold to ₹880 crore in March 2026 from a ₹66 crore deficit in 2023

💡 Monitor the NCLT approval timeline for the demerger and the execution of the 5-year manufacturing services agreement with JSW Energy to ensure no disruption in core service delivery.

₹7 Final Dividend: GE Power India Sets July 31, 2026, as Record Date

🟡 NEUTRAL ⭐ 5/10

DIVIDEND 📅 15 Jul 2026, 09:31 PM

GE Power India Limited has finalized July 31, 2026, as the record date for its final dividend of ₹7 per equity share for FY 2025-26. This dividend, recommended earlier on May 11, 2026, is subject to shareholder approval at the 34th Annual General Meeting (AGM) scheduled for August 14, 2026. At the current market price of ₹829.6, the dividend yield is approximately 0.84%. The company reported a strong TTM PAT of ₹253 Cr, supporting this payout.

Final dividend of ₹7 per equity share of ₹10 face value recommended for FY 2025-26
Record date for determining eligible shareholders fixed as Friday, 31 July 2026
34th Annual General Meeting (AGM) to be held on Friday, 14 August 2026
Dividend yield is approximately 0.84% based on the current share price of ₹829.6
TTM EPS of ₹37.56 comfortably covers the proposed ₹7 dividend payout

💡 Educational: Investors seeking the dividend must hold shares prior to the ex-dividend date (typically one business day before the record date). Monitor the AGM on August 14 for management commentary on the Durgapur business demerger.

₹7 Final Dividend: GE Power India Sets July 31 as Record Date for FY26

🟢 POSITIVE ⭐ 6/10

DIVIDEND 📅 15 Jul 2026, 09:25 PM

GE Power India Limited (GVPIL) has announced July 31, 2026, as the record date for its final dividend of ₹7 per equity share for FY 2025-26. The 34th Annual General Meeting is scheduled for August 14, 2026, where the dividend will be formally declared. With a TTM EPS of ₹37.56, the ₹7 dividend represents a payout ratio of approximately 18.6%. The current dividend yield stands at roughly 0.84% based on the current market price of ₹829.6.

Final dividend of ₹7 per equity share (70% of face value) recommended.
Record date for determining eligibility is July 31, 2026.
34th Annual General Meeting scheduled for August 14, 2026.
TTM EPS stands at ₹37.56, comfortably covering the proposed dividend.

💡 Monitor the AGM on August 14 for management commentary on the Durgapur business demerger to JSW Energy and the progress of the NOx abatement order execution.

GVPIL Releases Audio Recording of Investor Meet Held on July 10, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 10 Jul 2026, 06:45 PM

GE Power India Limited (GVPIL) has made the audio recording of its investor meet, held on July 10, 2026, available to the public. This filing is a procedural requirement under SEBI (LODR) Regulations following the scheduled meeting. While the filing itself is administrative, it provides investors access to management's latest commentary on the company's transition toward a services-led model and its TTM revenue of 1,269 Cr.

Investor meet conducted on July 10, 2026, at 04:00 p.m.
Audio recording link published on the company's official website as per Regulation 30.
Company maintains a TTM revenue of 1,269 Cr and a market cap of 5,773 Cr.
Management previously highlighted a 45% QoQ growth in the Core Services segment.

💡 Investors should review the audio recording for updates on the demerger of the Durgapur business to JSW Energy and the execution status of the 243 Cr Wanakbori turbine upgrade order.

View All GVPIL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Overall revenue for FY2024 was INR 1,674.8 Cr, a decline from INR 1,795.8 Cr in FY2023. However, Q2 FY2026 saw a 29% YoY revenue increase. Core Services grew 34% YoY in Q2 FY2026, while the divestment of Hydro (31.1% of revenue) and Gas (5.1% of revenue) businesses resulted in a structural revenue reduction of approximately 36% to pivot toward higher-margin segments.

Geographic Revenue Split

While primarily focused on the Indian thermal market, the company has expanded its export footprint to 7 countries including Saudi Arabia, Turkey, Austria, Australia, UAE, Malaysia, Indonesia, and Morocco. Core services order intake saw an 18% apple-to-apple growth when excluding divested segments.

Profitability Margins

Operating Profit Margin improved by 92%, moving from -15.5% in FY2024 to -1.3% in FY2025. Net Profit Margin (before tax) improved by 100%, reaching 0.0% from -10.9% YoY. Gross margins for project-related direct costs stand at approximately 22% as of Q2 FY2026.

EBITDA Margin

Operating loss (OPBDIT/OI) was -9.1% in FY2024, improving from -16.0% in FY2023. The company is trending toward sustained operational profitability through a 45% QoQ growth in high-margin Core Services and the elimination of low-margin EPC commissioning scopes.

Capital Expenditure

Not explicitly disclosed in absolute INR Cr for future periods, but the company is hiving off its Durgapur manufacturing facility to JSW Energy to transition to an asset-light engineering and services model.

Credit Rating & Borrowing

Credit rating reaffirmed at [ICRA]BBB (Negative) for long-term and [ICRA]A3+ for short-term. Borrowing costs are mitigated by a 100% reduction in external debt to zero as of March 31, 2025, and access to a GE internal cash pool with a sanctioned limit of INR 286 Cr.

⚙️ Operational Drivers

Raw Materials

Key inputs include boiler spares (valued at INR 4 Cr per 8GW base), turbine components, flue-gas desulphurisation (FGD) equipment, and bought-out components for NOx abatement systems.

Import Sources

Sourced globally through the GE Vernova network and locally in India; specific country-wise import percentages are not disclosed, though the company serves an 8GW installed base across 7 international markets.

Key Suppliers

Key suppliers include GE Vernova group entities for technology and components, and JSW Energy which is the new owner of the Durgapur facility.

Capacity Expansion

The company is shifting from manufacturing to services; it currently supports an 8GW installed base for boiler spares and recently secured a 600MW NOx abatement order for Adani Mahan.

Raw Material Costs

Profit margins are highly susceptible to volatility in raw material prices due to the fixed-price nature of long-term contracts. Inventory turnover decreased by 40% to 8.6 in FY2025 due to a decrease in average inventory levels.

Manufacturing Efficiency

Transitioning to an engineering-led model; efficiency is measured by the reduction in project execution duration following the exclusion of hydro and construction segments.

Logistics & Distribution

Not disclosed as a specific percentage, but the focus on 'Core Services' and 'Spares' typically involves lower logistics complexity compared to full-scale EPC plant construction.

📈 Strategic Growth

Expected Growth Rate

18%

Growth Strategy

Growth will be achieved by focusing on the 'Core Services' segment which saw 45% QoQ growth, expanding NOx abatement offerings (INR 47 Cr order from Adani), and executing turbine upgrades (INR 243 Cr Wanakbori order). The company is also penetrating 7 new international markets for boiler spares.

Products & Services

Flue-gas desulphurisation (FGD) systems, NOx abatement systems, boiler spares, turbine upgrades, and technical field services for thermal power plants.

Brand Portfolio

GE Power, GE Vernova.

New Products/Services

Export of boiler spares and NOx abatement services; the Adani Mahan order worth INR 47 Cr represents a key win in the clean environment segment.

Market Expansion

Targeting the non-GEPIL fleet for services and expanding into 7 international geographies to diversify revenue beyond the Indian thermal sector.

Market Share & Ranking

GEPIL is a major player in the Indian power equipment industry with an operational track record of several decades.

Strategic Alliances

Strategic demerger of the Durgapur undertaking to JSW Energy and a settlement agreement with BHEL to resolve historical disputes.

🌍 External Factors

Industry Trends

The industry is shifting toward emission control (FGD/NOx) and services rather than new plant construction. GEPIL is positioning itself as a services-first company to align with this trend.

Competitive Landscape

Faces intense competition from local players like BHEL and other global majors in the thermal and emission control segments.

Competitive Moat

Moat is built on GE Vernova's technological parentage (68.58% shareholding) and a massive installed base that requires proprietary spares and specialized services.

Macro Economic Sensitivity

Highly sensitive to national power policy; thermal capacity addition slowed by 32% in FY2025, impacting the addressable market for new equipment.

Consumer Behavior

Shift toward clean energy and environmental compliance is driving demand for NOx abatement and FGD systems.

Geopolitical Risks

Global presence of GE Vernova provides a buffer, but local competition from established players remains intense.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by Central Pollution Control Board norms for thermal plants, which mandate the installation of FGD and NOx control equipment.

Environmental Compliance

Actively pursuing NOx abatement and FGD orders to meet tightening Indian environmental norms; secured INR 47 Cr in NOx orders in H1 FY2026.

Taxation Policy Impact

Effective tax impact is reflected in the improvement of Net Profit Margin from -10.9% to 0.0% YoY.

Legal Contingencies

Settled a long-standing dispute with Jaypee Power (JPVL) for INR 25 Cr; settlement reached with BHEL resulting in a provision reversal of INR 23.8 Cr.