GE Power India Ltd

AGM Details

• AGM held on Friday, 14 August 2026 at 11:30 IST via VC/OAVM.
• Remote e-voting window opened 11 August and closed 13 August 2026.
• Cut-off date for entitlements set 7 August 2026.
• Notice dispatched electronically on 18 July 2026.

Key resolutions and outcomes

• Resolution 1 (Ordinary): Adopt standalone and consolidated financial statements and reports. Passed.
• Resolution 2 (Ordinary): Declare final dividend of ₹7 per equity share; Passed.
• Resolution 3 (Ordinary): Appoint Craig Martin Richards as Director; Passed.
• Resolution 4 (Ordinary): Re-appoint Deloitte Haskins & Sells as Statutory Auditors for five-year term; Passed.
• Resolution 5 (Ordinary): Ratify remuneration payable to Cost Auditor for FY 2026-27; Passed.
• Resolution 6 (Special): Re-appoint Ms. Shukla Wassan as Non-Executive Independent Director; Passed.
• Resolution 7 (Ordinary): Appoint Shrikar Thakur as Whole-Time Director; Passed.
• Resolution 8 (Special): Enhance limits for guarantee/security/investment and inter-corporate loans; Passed.
• Resolution 9 (Ordinary): Approve related party transactions with LM Wind Power Blades India Private Limited; Passed.
• Resolution 10 (Ordinary): Approve related party transactions with GE Vernova Inc.; Passed.

Financial highlights

• Standalone revenue from operations ₹3,086.9m in Q1 FY27.
• Standalone total income ₹3,405.7m; standalone PAT ₹659.9m from continuing ops.
• Standalone PAT for the quarter ₹525.5m; EPS (continuing) ₹9.82; ₹7.82 (continuing+discontinued).
• Consolidated revenue from operations ₹3,086.9m; consolidated total income ₹3,405.7m.
• Consolidated PAT after tax from continuing ops ₹671.7m; total PAT ₹537.3m.
• Consolidated EPS ₹9.99 (continuing); ₹7.99 (continuing+discontinued).
• Joint venture share of profit after tax ₹11.8m.
• Order backlog ₹15,454m; standalone backlog down ~41.4% YoY.

Order details

• Awarding entity: Dar Al Balad for Contracting and Operations Company Ltd., Saudi Arabia.
• Nature and scope: supply and Technical Field Advisory Services for boiler modifications for fuel conversion.
• Contract value: cumulative INR 550 Crores.
• Awarding entity is international (Saudi Arabia).
• Nature: two separate NOAs for Supply and Service.
• Execution period: project duration ~2.5 years.
• Related party: no promoter/group interest; not a related party transaction.

Overview

• Standalone BRSR for FY2025-26; EPC construction and maintenance of thermal power plants.
• Reporting boundary: standalone; part of the annual report; accessible on GE Vernova site.
• Signatory to UN Global Compact; aligned with NGRBC and UN SDGs.

Key ESG Risks & Opportunities

• GST penalty of 319.5 million; appeal filed; regulatory/compliance risk.
• Carbon neutrality target for Scope 1 and 2 by 2030; 4R circularity program.
• 53% of inputs sourced sustainably; water reuse and STP contribute to efficiency.

Governance & Policy Highlights

• Sustainability Committee dissolved Feb 11, 2026; Board now oversees ESG matters.
• MD Puneet Bhatla is the ESG oversight authority.
• Anti-bribery policy; Supplier Code of Conduct; policies extend to value chain; no external assurance.
• GST penalty disclosed; case pending appeal.

Social Responsibility & Workforce

• Board of 6 with 1 female; 3 KMPs include 1 female.
• LTIFR: employees 0.23; workers 0.24; total injuries: 2; no fatalities.
• 100% of employees and workers trained on human rights issues.
• CSR: basic education for poor children in Durgapur; 171 beneficiaries (FY2025-26).
• Return-to-work after parental leave: 100% for both permanent employees and workers.
• Open reporting channels and GE Vernova Ombuds hotline for grievances.

Environmental Performance

• Renewable energy 5,824.8 GJ; non-renewable electricity 6,594.6 GJ; total non-renewable 8,044.5 GJ.
• Scope 1: 83.24 tCO2e; Scope 2: 2,155.2 tCO2e; Scope 3: 485.36 tCO2e.
• Waste generated: total 165.234 t; hazardous 6.772 t; non-hazardous 155.12 t; 0% recycled.
• RECs procured: 1,443 in 2024; ISO 45001 OHSMS implemented.

Stakeholder Engagement & Complaints

• Stakeholders include Investors, Community, Employees, Customers, Value Chain Partners, Government; channels via email and meetings; quarterly cadence.
• Complaints: Employees/Workers 19 filed; 0 pending; Shareholders 11 filed; 0 pending.
• Grievance policy link provided; SRG audits cover 53% of partners for H&S and wages.

Other Notable Metrics

• Public policy advocacy: SO2 emission standards; coal unit flexibility; engagement with MoEFCC/CEA.
• Green credits: 1,443 RECs procured; three trade associations affiliated.
• CSR projects in tribal education; 171 beneficiaries FY2025-26.
• Emergency/disaster management plan; quarterly review and updates.

AGM Details

• Date/time/mode: 14 August 2026, 11:30 IST, VC/OAVM.
• Record date: 31 July 2026.
• Voting cut‑off: 7 August 2026.
• Notice/annual report available on company website and stock exchanges.

Resolutions

• Ordinary: Adoption of standalone and Consolidated financial statements.
• Ordinary: Declaration of final dividend, Rs 7 per share; subject to approval.
• Ordinary: Re‑appointment of Craig Martin Richards as Director.
• Ordinary: Re‑appointment of Deloitte Haskins & Sells as Statutory Auditor (2026–2031).
• Special: Re‑appointment of Shukla Wassan as Non‑Executive Independent Director (2026–2031).
• Ordinary: Appointment of Shrikar Thakur as Whole‑Time Director (three‑year term).
• Special: Increase of Section 186 limits to ₹16,000m; cash pool up to ₹10,000m.
• Ordinary: Approval of material related party transactions with LM Wind Power Blades.
• Ordinary: Approval of material related party transactions with GE Vernova Inc.

Dividend

• Proposed final dividend: ₹7 per share; total ₹470.6 million; awaiting shareholders' approval.

Director Changes

• Craig Martin Richards appointed Chairman (Aug 15, 2025); seeks re‑appointment.
• Shukla Wassan to be re‑appointed Independent Director (2026–2031).
• Shrikar Thakur appointed as Additional Director (from July 1, 2026) and Whole‑Time Director (three years).
• Aashish Ghai resigned as WTD & CFO (effective May 13, 2026).
• Kamna Tiwari resigned as Company Secretary & Compliance Officer (effective Apr 2, 2026).

Auditors

• Statutory Auditor: Deloitte Haskins & Sells; proposed for 2026–2031; remuneration ₹11.70m for 2026–27.
• Cost Auditor: Yogesh Gupta & Associates; remuneration ₹3.0 lakh for FY2026–27; ratification sought.

Material Related Party Transactions

• LM Wind Power Blades: cash pool borrowing up to ₹3,000m; lending up to ₹10,000m; total ₹13,000m.
• GE Vernova Inc.: parent guarantees up to ₹16,000m; cash pool guarantee up to ₹10,000m; services ₹250m.
• RPTs to LM Wind and GE Vernova reviewed by Audit Committee/Independent Directors; subject to Members’ approval.

Financial Performance

• Net worth grew from INR 57 crores (Mar 2024) to INR 483 crores (Mar 2026).
• Liquidity improved from a deficit of INR 66 crores in 2023 to INR 880 crores by Mar 2026.
• EBITDA turned positive, rising from a FY2023 loss of INR 251 crores to INR 277 crores in FY26.
• Deleveraging: bank guarantees exposure reduced by INR 1,364 crores over two years.
• Dividend declared in 2026; ICRA upgraded to BBB+ stable as of June 2026.

Growth and Mix

• Order bookings grew from INR 299 crores in 2021-22 to INR 734 crores in 2025-26, CAGR ~25%.
• FY2025-2026 core services orders grew about 34% versus prior year.
• Other oOEM orders grew from around INR 162 crores to around INR 322 crores.

Durgapur Asset and Demerger

• Durgapur facility underutilized; average loss around INR 27 crores per year 2023-2025 booked by GEPIL.
• Demerger: Durgapur to JSW Energy; 139 GE Power India shares to 10 JSW Energy shares.
• Effective date: going concern as-is-where-is from 1 July 2025.
• Shareholders retain GE Power India equity; no dilution; add JSW Energy stake directly.
• 5-year manufacturing services agreement with JSW Energy to secure capacity and pricing.
• Independent supply chain development progressing; full independence targeted soon.
• Board unanimously approved the demerger.

Outlook and Guidance

• No formal numerical guidance disclosed for FY27 in this call.
• Management described value-focused turnaround and portfolio simplification via demerger.

AGM details

• AGM date fixed; mode/time not disclosed.
• Record date fixed at 31 July 2026 for dividend eligibility.

Dividend proposal

• Board recommended final dividend of ₹7 per equity share, subject to AGM approval.
• Dividend payable after AGM, with tax deduction at source as applicable.