GE Power India reports strong FY2025-26 growth in core services business
GE Power India Limited (GEPIL) reported strong growth in its core services business during FY2025-26, despite a sharp decline in overall order inflows due to the absence of large one-time orders recorded in the previous fiscal year.
Core services order inflow increased 34% year-on-year to Rs 734 crore in FY2025-26, compared to Rs 548 crore in FY2024-25. The segment has expanded steadily from Rs 299 crore in FY2021-22, representing a compounded annual growth rate of nearly 25% over four years.
Within the segment, third-party fleet orders nearly doubled to Rs 320 crore from Rs 162 crore a year earlier. The company identified third-party service opportunities as a major strategic focus going forward.
GEPIL’s core services business includes Engineering, Procurement and Construction (EPC) solutions for thermal and gas-based power plants, turbine and generator manufacturing and maintenance, boiler design and manufacturing at its Durgapur facility in West Bengal, and project management services.
The March 2026 quarter recorded around 26% growth in core services execution compared to the corresponding quarter last year.
Total order inflow for FY2025-26 stood at Rs 877 crore, significantly lower than Rs 2,183 crore reported in FY2024-25. The company attributed the decline primarily to the high base effect created by unusually large orders booked in the previous year rather than any structural slowdown in business activity.
The company’s unexecuted order backlog as of March 31, 2026, stood at Rs 1,631 crore, compared to Rs 2,662 crore a year earlier. However, the core services backlog increased to Rs 1,218 crore from Rs 1,124 crore over the same period.
GEPIL reported overall revenue growth of around 19% during the year, supported by higher upgrade volumes. Profitability was aided by a Rs 44 crore provision write-back following settlement with Bharat Heavy Electricals Limited and waiver of liquidated damages linked to the Solapur project.
The company also reported exceptional items related to labour code implementation amounting to Rs 42 crore, including Rs 16 crore associated with discontinued operations.
The Board of Directors has recommended a dividend of Rs 7 per equity share, subject to shareholder approval at the upcoming Annual General Meeting.
Looking ahead, GEPIL said it will continue focusing on third-party orders and emergency repair opportunities aimed at enabling faster restoration of power generation units to the grid.
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