GE Power India has secured Notices of Award (NOAs) with a cumulative value of ₹550 crore from Dar Al Balad for Contracting and Operations Company, Saudi Arabia, for the Shoaiba fuel conversion project. According to the company announcement, the scope of work includes the supply of equipment along with technical field advisory services for boiler modifications related to fuel conversion. The order comprises two separate NOAs covering the supply and service scopes. The contract, awarded by Dar Al Balad for Contracting and Operations Company Ltd., has a project duration of approximately 2.5 years and does not constitute a related-party transaction. This represents a significant milestone as the ₹550 crore order value represents 157% of GE Power India's average quarterly revenue of ₹350.07 crore over the last four quarters, providing substantial near-term revenue visibility covering more than one full quarter of current sales run-rate.
GE Power India's net profit declined 31.07% to ₹113.21 crore in Q4 FY26 from ₹164.24 crore in Q4 FY25, according to the company's financial results. However, sales rose 18.78% to ₹316.40 crore in Q4 FY26 from ₹266.38 crore in the corresponding quarter a year ago. For the full year FY26, net profit rose 24.44% to ₹252.61 crore from ₹203.00 crore in the previous year, while sales increased 21.23% to ₹1,269.39 crore from ₹1,047.10 crore. The company demonstrated strong margin expansion with Q4 FY26 operating profit margin reaching 29.29%, up significantly from 5.41% in Q2 FY26, indicating efficient execution on existing projects. The company's order backlog stood at ₹1,627.8 crore as of March 31, 2026, down 38.86% from ₹2,662.3 crore a year ago, primarily due to termination of the Jaypee Bina and Nigrie FGD EP contracts amounting to ₹775 crore. The Board of Directors has recommended a final dividend of ₹7 per equity share (70%) for FY26, subject to shareholder approval.
GE Power India maintains a current ratio of 1.34x, indicating adequate short-term liquidity to manage working capital requirements, while the total liabilities-to-equity ratio stands at 2.67x, reflecting a leveraged balance sheet structure typical of project-based businesses. The company reported strong operating cashflow of ₹469.40 crore in FY26, providing ample internal funding capacity to support the execution of the new ₹550 crore order without excessive reliance on external debt. This robust cash position supports the company's ability to manage the substantial international contract without financial strain.
The project is scheduled to be completed within 2.5 years, as reported by GE Power India. The company has clarified that the order does not constitute a related-party transaction and that neither its promoters nor members of the promoter group have any interest in the order. This clarification addresses potential concerns about conflicts of interest in the international contract award.
GE Power India continues to strengthen its service-led and execution-driven business model with focus on higher-margin and lower working-capital-intensive opportunities, which supported margin improvement across core services and upgrade businesses. The company has executed a deliberate shift to an asset-light, service-focused business model and simplified operations by exiting hydro and gas lines and pursuing a Durgapur demerger. Management emphasized disciplined execution with roughly 85%-90% of orders expected to execute in FY26-27, targeting stabilized market share over the next year. The annual revenue has grown from ₹1,118.40 crore in FY25 to ₹1,384.00 crore in FY26, representing a YoY growth of +23.7%, while the company successfully turned around profitability from ₹33.70 crore in FY25 to ₹322.30 crore in FY26.
The company has made significant leadership changes with the appointment of Rahul Rojal as CFO and Key Managerial Personnel effective June 19, 2026, based on Audit Committee and Nomination & Remuneration Committee recommendations. Rojal, a Chartered Accountant with over 16 years of experience, currently serves as Senior Financial Reporting Manager and Chief Risk Officer at GE Power India. Additionally, Vipul Sharma was appointed as Company Secretary and Compliance Officer from June 19, 2026, and Shrikar Thakur was appointed as Additional Director and Whole-time Director for a three-year term beginning July 1, 2026. The company also approved the re-appointment of independent director Shukla Wassan for a second term from November 29, 2026 to November 28, 2031.
