Thank you. Good morning, good evening, all, wherever are there over the globe in case somebody is joining us from the other side of the world.

Thank you for joining us for GE Power India Limited Q4 and the full year FY '26 earnings call. I would like to extend a warm welcome to our investors, analysts, and all the stakeholders.

Our financial results for the quarter and the full year has been released and are available on the stock exchanges and on our website. Joining me on this call is our Chief Financial Officer, Mr.

Aashish Ghai, who will take you through the financial performance in details after my remarks. Let me begin with a brief perspective on the business environment.

India's power sector continues to be supported by structurally strong demand driven by industrial growth, urbanization, and the need for reliable baseload power. At the same time, customers are increasingly focused on plant availability, efficiency improvement, emission compliances, and lifecycle cost optimization.

This continues to create opportunities for the service-led offerings, upgrades, and the targeted performance improvement solutions. Coal-based power generation remains critical for ensuring baseload reliability and grid stability, even as the renewable energy capacity continues to expand rapidly.

India's approach to energy transition is calibrated, balancing sustainability goals with energy security. In the environmental and compliance landscape, there has been a recalibration of emission norms, particularly around the flue-gas desulfurization.

The revised framework prioritizes the installations in the high-impact areas while excluding certain categories of plants, thereby taking a more practical and a phased implementation approach. While this may impact the near-term ordering, but for affordable, reliable, and sustainable electricity need, such solutions would remain in the need for the upgrades perspective.

Against this backdrop, FY '26 has been a year of steady operation and strategic progress for GE Power India Limited. Over the course of year, we remained focused on strengthening the company as more service-led, execution-driven, and financially disciplined business.

Our emphasis continues to be higher margins, shorter cycles, and lower working capital capital-intensive opportunities, and a selective approach to orders that do not meet our returns and the cash flow threshold. This disciplined strategy has supported better business quality, improved execution consistency, and a stronger cash flow visibility.

During the year, we saw encouraging momentum across our core services and upgrade portfolio. Better project selection, tighter execution, and sustained cost discipline contributed to improved operating performance.

At the same time, we continued to expand our offerings across both GE Power India and non-GE Power India installed thermal bases, supporting a healthy flow of service-led orders. Core orders, the backbone, have risen by 32% from FY 2024-25, with the revenue for the same period witnessed 12% upside and for this year, 15% above the budget for the core services.

As of March 31st, 2026, our order book stood at ₹1,628 crore, which remains healthy and provides the visibility for close to two years of execution from continuing operations. Importantly, this order book is now increasingly aligned with our strategic priorities, with a higher share of service-led, margin-accretive opportunities.

During FY '26, we also made meaningful progress in strengthening our balance sheet. Resolution of legacy receivables have been a key focus area, and we have seen encouraging movement in structured settlements and improved collections.

The settlement of Bharat Heavy Electricals Limited has significantly enhanced cash flow visibility, while the amicable closure of matters with Jaiprakash Power Ventures Limited has reduced uncertainties and strengthen our financial position. This year, on the portfolio front, we have taken decisive steps to simplifying and sharpen our business model.

Following the earlier exit from hydro and gas businesses, we are on track for the demerger of Durgapur manufacturing facility to JSW Energy. This transition marks a significant shift towards an asset-light, service-led structure, reducing fixed-cost exposure while ensuring continued access to manufacturing and the service capabilities through appropriate commercial arrangements.

As a result of these actions, combined with disciplined cash management, our financial position has improved materially. Our net worth has strengthened, and we are now operating with more efficient capital structure, better aligned with the nature of our business going forward.

From a growth perspective, we have also made steady progress in diversifying our order inflows. During the year, we have expanded our presence across multiple international markets, including Saudi, Turkey, Australia, UAE, Malaysia, Indonesia, and Morocco.

These engagements support our services across a meaningful installed base and reinforce our positioning as a reliable and preferred partner in thermal services and solutions. Operationally, the year also saw several important milestones across the business.

In utility boiler, we achieved contract closure with BHEL, which I just mentioned, completed three PG tests for the key units, and reached synchronization and the capability milestones across multiple projects. In AQCS and FGD, we have received seven operational acceptances and completed completion of activities for four units.

In the services, we continue to invest in capability building and delivered first-time products, generator repairs, turbine upgrades, control system solutions. This year, we have had a pleasure of receiving orders for 18 new first-of-its-kind products.

This is remarkable. Our automation and control business also secured and executed multiple orders across the domestic and the international market.

The team is highly skilled in executing the projects for DCS, turbine controls, generator excitation, generator health monitoring, with latest product lines like Mark VIe, etc. Looking ahead, our priority remains clear: driving disciplined execution, accelerating cash conversion, and sustaining profit profitability.

We will continue to focus on strengthening our core service franchise, improving margins, and maintaining financial discipline. With a streamlined portfolio, improved profitability, and order book position, we have closed FY 2026 on a positive note and are well positioned to build on this momentum as we move forward.

Pleased to also announce that the board has recommended dividend payout of 70% of the face value, which is subject to the approval of the shareholders of the company at the ensuing AGM, annual general meeting. Thanks for your patience and belief in us for last four years where company could not declare any dividend in those past periods.

With that, I will now hand it over to Aashish, who will walk you through the financial performance in much more greater details. Thank you.

Over to Aashish.

Thank you, Puneet. Good morning, everyone.

Thank you for taking time to join today's earnings call. Once again, congratulations to all the investors for the strong financial performance for the quarter and year ended March 31st, 2026.

I will share a few insights in that context. Starting with the commercial updates, during the quarter, your company secured orders worth ₹254 crore compared to ₹85 crore in the corresponding period of the previous year.

Please note prior year figure include DVC O&M orders worth ₹52 crore. Notably, your company's pivot to margin- and cash-accretive core services business is on the right track, with orders increasing by 22% quarter-over-quarter from ₹207 crore to ₹254 crore.

For the complete financial year, your company has booked orders worth ₹877 crore compared to ₹2,183 crore in the previous financial year. There is a steep decline, which is contributed by actually EPC orders of JP Bina and Nigrie worth ₹775 crore, which we booked last year, and also two large complex upgrade orders of Vindhyachal and Bandakoli worth ₹591 crore again booked in the previous financial year.

Again, on the core services, which, as Puneet mentioned rightly, is the backbone of the current and the future strategy of the company, we have successfully delivered a strong year-over-year 32% growth, which reflects the continued strength of our strategy, execution, and market positioning in that portfolio. As of March 31st, 2026, your company has an order backlog of ₹1,628 crore, down from ₹2,662 crore 12 months back as of March 31st, 2025.

This reduction is driven by the termination of two FGD EPC contracts of JP Bina and Nigrie, which we declared or disclosed in the due course. Coming to the financial performance now, revenue for the quarter ended March 2026 stood at ₹316 crore, driven by upgrade volumes in the quarter, which is up from ₹266 crore in the corresponding quarter last year.

This marks a 19% quarter-over-quarter increase. Revenue for the full financial year stood at ₹1,269 crore, which is up from ₹1,047 crore.

This marks an impressive 21% increase in year-over-year performance, which is driven by core services and upgrades and it grew by 14 and 24% respectively. Profit before tax and exceptional items from continuing operations for the quarter stood at ₹119 crore compared to loss of ₹15 crore in the quarter ended 31st March 2025.

This reflects the sustained efforts in improving the operating performance across the business and transition to a healthier project and portfolio mix. The steep quarter-over-quarter profitability increase is also complemented by certain one-off items like reversal of ECL provision for BHEL collection, which is around ₹44 crore.

I would also like to update our investors that pursuant to the settlement agreement signed with BHEL earlier this year, the company has successfully received ₹343 crore in the financial year '25-26. With receipt of the above stated amount, all the obligations from your company in respect to the projects covered under the settlement agreement stand closed, and both parties have fully released and discharged each other against any and all future claims.

Profit before tax and exceptional items from continuing operations for the full year stood at ₹340 crore compared to ₹22 crore in the previous financial year. The substantial increase also comes from operational excellence, but at the same time is complemented by certain one-off items like reversal of ECL provision for BHEL, which was around ₹116 crore; Solapur extension of time and LD settlement, around ₹22 crore; and insurance claims from Solapur NTPC fire, which was around ₹18 crore.

There have been certain one-off gains in the financial year which augmented the strong performance. However, I'm happy to share that excluding the one-offs, your company delivered 11% EBITDA at the entity level in the current financial year, reflected solely by the operational performance.

With an exceptional performance in the financial year, your company has recommended an exceptional dividend of ₹7 per equity share, which is 70% of the face value, subject to approval of the shareholders at the ensuing AGM, which is the highest dividend recommended in the last 10 years at least of the company. Your company took certain critical actions in this financial year, such as signing of settlements with BHEL and JP, plus signing of demerger transaction for Durgapur with JSW Energy.

These actions are decisive and reflect our commitment to continue to reduce financial exposure, optimize operational cost, and march towards sustained profitability at the back of core services growth and disciplined execution. The quarter-over-quarter profitability in this financial year is a testament to the effectiveness of this strategy.

Despite the challenges posed by the limitations on FGD installations, we have managed to maintain solid financial footing from operations. Our ability to secure key core orders positions us well for the year ahead.

Before I open the forum for Q&A, I humbly want to convey to you all that GEIL's management remains fully committed to drive sustainable growth in strategic areas like core services, focusing on generating consistent profit and cash flow. We have made a significant progress in our financial turnaround journey over the course of this year, and the results delivered reflect the strength of our execution.

As we enter the new financial year, we remain focused on sustaining this momentum and continuing to strengthen the business across key operating and financial parameters. I, on personal note, would also like to thank all our investors for their continued support and trust that you have shown in us during the last two years.

Your trust motivates the management to drive the result and turnaround like the one we are witnessing in the company. I enjoyed every opportunity of engaging with you all through the quarterly calls, and I wish you all the very best.

Thank you for joining the call once again, and I now open the forum for Q&A.

Hi, am I audible?

Yes.

Good morning, sir. Congrats on consistently showing such strong numbers.

I'm a bit new to the company, just some basic questions to begin with. We are seeing that all the gas turbine manufacturers are having these large orders, and these turbines also make the HRSG systems.

We have mentioned about these systems a few times over the year. If you can please share more on the same and what do we do here exactly.

I believe GE used to manufacture for the same in the Durgapur facility. If you can just give me a broad outline as to what are we doing here.

Thanks, Rahil, for taking time and connecting on to the earnings call. With respect, yes, you are right that there is a sort of a spurt and there is a spike of the gas plants in the global arena.

As per the business objects for the GEPIL today, we are not in the gas turbines first. Second, you are asking for a follow-up, which is on the train side of a gas plant, when you are talking of the HRSGs and others.

That also belongs to gas business. We, GEPIL, is focused only on the steam or the thermal sector.

That's not your company which is at this point of time working on that.

Okay. I believe the HRSG systems are also used in thermal as a part of the combined-cycle turbine, right, along with the mono-steam turbine?

A gas plant normally has a gas turbine. If it is a combined-cycle, a gas turbine, an HRSG, and a steam turbine.

This all entails the gas business of GE Vernova, but it is not in the objects for GEPIL at this point of time.

Got it. If I were to ask this as to how much of the core services order book is executable for us in FY '27?

Aashish, maybe if you can...

Typically, being a short-cycle, within 12 months, we execute the orders for core services portfolio. The order in hand that you see as on 31st March 2026, expect around 85% to 90% of that to be executed in '26-27.

Got it. A much broader question regarding the maintenance, upgrade, decarbonization, and all types of repair of old plants, how should we understand the overall market size or demand for that as of date considering if I look at the overall order book we have seen in the last few years what kind of rise they have seen for the thermal plants after a long 10 years of waiting?

As of date, according to you, how is this market shaping up, how big of a demand are we seeing here annually for our sort of services, and yes?

Rahil, it's a good observation which you have made. I think there is a lot of focus which is coming on the thermal power stations.

When they're talking about the power station, its reliability, its PLF, and its availability is all becoming very, very important pillar to the need of the economy. That means when the PLF is are increasing, I'm putting a simple logic, it means the machines are doing a heavy more duty.

When they're doing the more duties, the requirement for the services business will keep on increasing. Probably, you cannot fix when is an equipment going to fail.

If you have observed the order book position for the core for last many years, I think we have been consistently improving it out year after year. This year also, I think we have improved it to 32% or something like that.

That's I think I hope this your question is being answered.

32% of the market share? I didn't hear you clearly.

32% from the previous year growth

and more or less...

The market size, if you are talking of the market size also, I think it will be about ₹3,500, ₹4,000 crore as a whole. When I say as a whole, it means both GEPIL, as well as non-GEPIL asset.

Got it. Okay.

I have a few more questions, but I'll get back in the queue. Thank you and congratulations again.

Good morning, sir.

Good morning.

I have a couple of questions. I have a couple of questions, right?

our order backlog have declined, right, because of 200 and I would say ₹1,627 crore. When you say, 85% we'll be clearing off in the year.

Are we expecting revenues of around ₹1,300 crore for the year '27? That's one question.

You can also ask your other questions so I join.

Correct. The other question is I see that we generated around 40 ₹469 crore in operating cash from continued operation.

We have deployed ₹450 crore as a loan to some party. What is this loan about?

Maybe, Aashish, you can just explain it to Mr. Tushar.

Mr. Tushar, I think you had a follow-up, maybe you can complete.

You said, "Are

we..." I didn't get it, sir.

If

are your questions complete, shall we answer?

All right, one small question is see one small other question is once we exhaust this backlog, how quickly we anticipate for the backlog to grow? Are we increasing the core sector that we have to only coal, or we are expanding it to other areas, too?

Sure.

Other services, too. Yeah.

Sure. Thank you, thanks for that.

I would answer it one by one. Your first and the third question are very interlinked.

I'm going to take them together, and then we'll talk about the operating cash and the loan which you have. Yes, the order in hand have declined from previous year.

You said in the beginning, there are two reasons to it. One, we have terminated one of the FGD EPC contract, which was worth ₹770 crore.

That we have terminated for reasons which we disclosed. That's one big trigger of it.

Number two, if you see the journey of the company, we are in a project closeout or a ramp-down mode on the new build side, while we are endeavoring to grow our core services on the services side. That is the strategy of the company which we launched in July 2024, and that is what we are implementing for the last two years.

As a result of that, at least for this year growth, we've mentioned 32% in core orders in particular, but also over four years, the CAGR is 25%. I think that strategy is proven to be quite effective in terms of the growth.

At the same time, there is new build, which when I say new build, I'm talking about the greenfield project or FGD EPC solution projects. Those are on the project closeout mode, meaning that it would consistently go down and down and down and down because we are closing out those projects.

You will see reduction in order in hand. That's the nature of or that's the effective strategy itself.

What remains important is that in the portfolio where we are spending the commercial efforts, where we are going to continue our business and our future performance is at the back of those that portfolio, which is core services, how are we doing there? I can tell you that an order in hand for core services alone has increased by around 40% year-over-year, oh?

What is declining is the new build order backlog, which is the strategy of the company anyway, but what is increasing is the core order backlog. That message is important, I want you to take away from this call.

Now, why that order in hand is increasing for core is because our orders are also increasing. To your third point, yes, we expect, and we are working towards growth in core services.

At this point of the time, there is Puneet in the previous question to Mr. Rahil answered that there is an ₹4,000 crore of targeted fleet which we are working on.

Currently, we have roughly 18% of the market share there. Our endeavor is to grow that market share, stay there for the next year or so, and then think of expanding, if we have to, in other areas.

For now, we remain committed on the strategy we had announced, and we are delivering on that one. Coming to the last point, which you said about the operating cash and the loan, the ₹450 crore loan that you see is a loan or lending to our cash pool account, which is any surplus cash we either we have two options.

We have taken kind of a diversification. We have invested in FDs for the working capital surplus with the commercial banks, and we have also benchmarked our internal cash pool, Vernova cash pool, entity, which is benchmarked with HSBC.

We lend that money and earn interest on that, which is reflected in the other income of the financials. That is the surplus working capital cash which is lent to be used as and when we require, by the company.

That is the ₹450 crore that you see in the deployment. I hope you have received your answers.

Maybe I do thank you.

If I can add on to this, Mr. Tushar.

I'll just remind you with respect to the strategy which we have changed or which onto which we have pivoted about a year and a half back, wherein we got into our service-led strategy. We really understand that the headlines for the order intake is remaining muted, but I think this is in line with the strategy which we have taken.

This was taken because we always believe that the relevant metrics at this stage for us is the earnings quality rather than the order backlog. I would even like to extend it that historically, we have seen in the industries, there are several examples which were largely focusing on the EPCs, but they could not translate into back into the shareholder's value because of the weak margins or the long gestation cycles and the uncertainties.

For that, just to remind everybody that we took a conscious call about an year, year and a half back or two years back and get into a quick, short cycle, highly accretive margin opportunities, onto which we have working, and I think we have been consistent on that path so far.

Thank you, sir.

Hi. Thank you very much for taking my question.

I had a couple of questions. Basically wanted to understand how large is the opportunity for you in core services globally.

While, trying for this opportunity, do we get help from our parent? That was my first question.

The second question was that also wanted to understand more about this ₹450 crore being lent via HSBC. What kind of yield do we get on this and how safe is this type of lending?

These were the two questions which I had.

Thank you, Mr. Milind.

Milind, I could not take the last line when you mentioned with respect to the promoter. What was that line?

What I was saying was that in your endeavor to focus on core services globally, do we get some kind of a help from our parent? Okay.

Milind,

we are a part of the big GE Vernova. GEPIL as a legal entity has got a mandate or a perimeter for the India region.

We are not for a larger perspective, we have only focus on the India perspective. Then, we are also focusing on 13 countries for specifically the boilers,

okay,

in Saudi or Turkey or Malaysia. That gives you the first answer.

With respect to global or the promoters' support, yes, we have got the support with respect to the IP. You should also take a pride into this that your company within the overall global GE Vernova perspective is the only company which is working on the GE as well as non-GE asset.

Normally, GE Vernova works for GE assets. This is one of a overall global perspective which we are carrying at this point of time.

I hope that satisfies your Yeah. The

only one more addition here was that when it comes to non-GE, then are we restricted to India here or we can service anywhere in the world?

When it is non-GE, our perimeter remains only the India for non-GE.

Only India. Okay.

Got it. Thank you.

For the second question, maybe I'll hand it over to Aashish.

Sure. Yes, Mr.

Karmarkar. Your second question was to throw more light on the ₹450 crore.

Yes. What we do, and we have been doing for forever almost, is that all our working capital surplus cash, we have a common pool entity within the promoter group, and we lend or we borrow.

In our testing times, we borrowed significant money from that pool. Now when we are cash surplus, we are lending to that entity.

We have from our shareholders, we have an approval for both lending as well as borrowing from that entity. That lending and borrowing rates are competitive and benchmarked within nationalized commercial bank.

In this case, we have benchmarked it with HSBC, which is also mentioned we kind of disclose it in the AGM every year. The range, then your two points was one on rate and two on the safety of this lending.

The rates vary, of course, between, as the time go, as also the benchmark rates change. It remains in the for the year, it has remained in the range of 5.5 to 6.35% during the year.

It is benchmarked. We typically get 0.25% higher, typically higher than what we get in the commercial banks.

That's what we get here. Now in terms of the safety, this lending is reviewed, approved by not just the management, but by the board of the company, and well audited by the auditors also when they come.

We, at our end, we do a thorough financial health check of this company every year. This is also the entity where they have other businesses also.

The balance sheet of that company is very healthy. The net worth and the cash position of that company is healthy.

From a safety standpoint, I think it's a very healthy company, and we every year, we perform the financial health check of the entity. We have been doing it for decades now, and since beginning, let's say, when GE took over.

We have operational benefits of that and also financially very competitive pricing with a safe house when we need it. That's what is the working surplus cash position that you see in the company.

Okay. Thank you very much, and all the best.

Thank you.

Hello. Congratulations to the management for walking the talk and delivering good numbers.

I have a set of three questions, if I may ask one by one.

Sure.

All right. As per what I've read about the government mandate regarding the FGD that any coal plant having 250+ gigawatt capacity must install the FGD.

In that sense, in terms of desulfurization, what scale do we see at GE Power, given the fact that we have a technology backing from the parent and if at all the opportunity is so, what is the broad range or a ballpark range of a margin expectation in such kind of orders?

Sunny, I'll hand it over to my commercial leader for FGD, Roshan Singh. Roshan?

Hi. Good morning.

Your question is what is the business currently as per the government mandate on FGD part. If you see the recent notification what government has notified last year July '25, that is they have categorized.

There was already a category of installation of FGD, which was Category A, Category B, and Category C. It was with respect to the population of the cities, okay?

Going till 11th of July notification, it was mandated that all three categories will have to compulsorily install the FGD. However, post this notification, what has happened, Category C, which is more than 50% of the installed base, that is more than 200 gigawatt, which was supposed to be ready by certain dates, so that was taken out.

That specific segment is out. Then the government said Category A has to necessarily install, which was 10% of the total installed base, and Category B has an option.

That Category B has an option means they have to review the applicability, then submit to the government, fine, this is what we have found and we require, we don't require. If they go ahead for FGD, then there is not a pass-through of tariff under certain condition.

That's how Category B portion has also come out. Only Category A has left.

Primarily, if we see in totality, it is hardly 8 gigawatt so far has been left, which is supposed to install the FGD with respect to the notification of 11th June 2025. To which, the progress is quite slow.

Majorly, plants are from Tamil Nadu and Maharashtra and one or two plants in central India. All right.

Fair enough. You are saying that mandate effectively has not much of weightage in the business sense for us unless obviously it is being done proactively by the power plant itself.

Correct. All right.

I'll come to the second question. We have a net cash of ₹880 crore in the books.

What are we planning? Are we trying to use it in terms of working capital?

At the same time, we have moved from a high-capital-intensive to a low-capital-intensive and high-margin business, is what I would understand as per the last one and a half year talk which we are having with the management. What are we trying to plan with this ₹880 crore?

Sunny, I think a good observation, and I've been expecting this thing probably. Let me be very honest and transparent.

I think that company is fully aware of the situation, and it continues to evaluate the effectively deployment of this capital towards our growth. Our perimeter for the growth would be towards the focus area for us is how can we impact the turnaround, correct?

Is it audible now?

Okay. Maybe I'll start I'll start from this part.

Sunny, I thanks for this question, and probably I think this is something which I would like to answer and try to give you an understanding on to the on to this aspect.

Right? This

This cash is into our continued evaluation so that we can effectively deploy it towards our business growth and the operational strengthening while also creating the shareholders' value. Our strategy still remains the same wherein which we have been saying for last many many quarters that we would be focused on the service, which is high margin, short cycle, and cash-accretive perimeter.

As we develop further onto this, we will keep you updated onto the developments which are taking place onto this so that we also share it out with you. Most important for us is the share value shareholders' value creation with you like to with you that Ashish has anything further to add onto this?

I think you answered, Puneet. Thank you.

All

right. I'll come to the last question.

I could understand that the shareholders' value in terms of either in the growth of the company or in whatever way is the focus. I'll come to my last and third question is if I were to ask you about GE Power's SWOT analysis in terms of and more focus would be in terms of the opportunity and threats.

These opportunities and threats, let's say, could be highly probable and it could be a low-probable thing. If you can define something in terms of what opportunities lie and what are the threats, if maybe, you can dwell on that.

Maybe I'll I'll start with the the easier one, the the opportunities. We are focused on the thermal business of the installed base.

As you have been seeing in the in the water or in the media, etc., the demand is constantly increasing as the economy is rising. We are in the part of the service, the claims, after-sales services business.

This is going to continuously be available to us, I see that this is one of the one of the big strengths for your company. Now coming onto the or or the opportunity, whatever you call it as.

On the threats, yes, the threat side is as the as the renewable is coming in, there could be a little bit of a slowness. At the same time, let me give you a back-of-the-envelope calculation, Sunny.

Even for 100 gigawatt of solar, you still require a 300 gigawatt of the embedded energy. That embedded energy till the renewables come in is only coming from the thermal now at this point of a time.

You can think like a threat, but again within this threat, there is an opportunity. I see both ways.

I hope I would have conveyed to you that.

Right. Thank you so much for patiently answering the questions.

We are done with my questions. Thank you so much.

Hello, sir. Again, thank you for taking my question and many congratulations on a wonderful set of numbers.

My question is on the Durgapur JSW demerger. What are the specific regulatory approvals that are pending and what is the realistic timelines for this?

Mr. Srivastava.

Right now where we are in the process is that we have filed with NCLT. In the due course, there are certain approvals that are needed.

One, there are creditors and shareholders' approval. Two, we need regulatory approvals from ADDA, which is the real estate regulation in Durgapur.

This is, again, one of the most critical elements of this. There are certain approvals and then, of course, ultimately NCLT and also the NOCs from the government institutions like the tax institutions and the banks and all that.

All those are part of the procedures. The procedure is initiated after the filing of the petition with NCLT.

The realistic timeline, well, within 12 months is definitely there. The target is to close within this calendar year, that's the target, but I can say that within 12 months from 31st March of 2026 is definitely the expectation.

The target remains three months ahead of that.

Okay. Sir, how does it benefit GE and minority shareholders us, this demerger, sir?

Sure, I can take that. I see a couple of benefits on the company's side.

When I say company, the shareholders are part of the company, I take, all of us together. One big benefit is, I believe, it gives the flexibility to our shareholders, to our investors to remain invested in a large power asset of the country.

Durgapur is an asset of 660 acres. Now this is no small land.

This is no small asset. However, the way we have, transformed over the last, 65 years, which is the aging of this asset, we are into services business now and we are ramping down on the new build business, and hence the asset was underutilized.

Now this is not just unfortunate for the company, this is also unfortunate for the country that a large asset is being underutilized. Now with this demerger, it remains it gives you an opportunity that you can choose to remain invested in the asset because it is going and you would get, the asset entitlement ratio, the shares in the resulting company and also the remaining business, which is GEPIL's core strategy backed by core services.

It would unlock value in the shareholders' wealth, which also Puneet talked about in the previous response. I think it gives you that flexibility, which is one.

It gives you it unlocks value for that asset because it was underutilized. We tried to kind of, we tried a few things to not only fill the factory, but at least be some get some level of profits there, but we could not succeed, honestly.

We have seen quarter-over-quarter we have reported losses in that from that factory or from that business. It goes to a partner or it goes to a company which is, very ambitious and which is growing on that and which would be effectively utilizing that factory a lot.

They have shared the plans for Durgapur. They have shared the employment opportunities for Durgapur.

I think it is good for the country, good for the people in Durgapur, and also at the same time, gives the shareholders an opportunity to remain invested or not remain invested, as you feel, as you feel like, but definitely unlocks shareholders' wealth. From our side, from management perspective, we are able to focus on the remainder business.

We are able to focus and grow on the core services business and in turn deliver better growth and in turn deliver better results operationally, more importantly, and then, of course, as a function of operation, financially. That is the whole idea behind or that was the whole intent behind this demerger proposal which is, put on the table.

I actually thank you for this question because it's important that our investors understand the intent of this demerger so that they can vote with, with the right level of conviction and intent when it comes to you for approval.

Understood, sir. Now that we are getting into core services, with this demerger, are we going to lose any manufacturing or fabrication capability which supports our core services contracts?

Again, thank you for this question. Good question.

The short answer is no, we will not. The reason for that is that as for boiler capacity, what's guiding the factor for core services, do we even need the factory for core services?

We need manufacturing capability, yes, for our boiler portfolio, we need that. There are components, well-identified components for which we need these, the manufacturing capabilities.

How are we making sure that as part of this demerger, our core services is not getting impacted is by signing a long-term service agreement with JSW Energy. We have signed, as part of the deal, a five-year contract with them, which can be extended as mutually convenient to both the parties.

Five-year contract with them under which we have reserved the right for, at pre-determined schedule and price, the right for manufact- not for manufacturing, the performance has to be done by JSW itself and we will they will be arrested for it, but we have kind of reserved the capacity for that our core service business is not impacted for the next five years. Now five years is a long period where we will then develop an alternate supply chain.

We have already started working on that even before the demerger. We are in making good progress there.

I think over the next 18 months, I would say, we would be in a very good shape to have developed an alternate supply chain that, post the completion of this long-term agreement, we would be independent of or by ourselves for core. For the next five years, we have secured the order intake or I avoided any loss of order intake by signing this long-term.

Great, sir. One final question is on EBITDA margin.

You stated 37.6% in Q4 EBITDA margin. A part of it is due to this ECL reversal.

That alone I feel roughly around 14 percentage point is contributed to that. Excluding all these, one-time settlement-related charges, provision reversals, and anything other one-time, what would be the underlying EBITDA margin and what we can take that as for FY '27 on spread, sir?

Sure. For '25-26, after all these one-offs, I said in my opening remarks that the normalized EBITDA or the underlying after all these one-offs remain for at the entity level is at 11% at the entity level for full financial year, I'm talking about.

In at the quarter level is at 18%, okay? Because you mentioned 37% for the quarter.

That remains at 18%. For the full financial year, at 11%.

This is at the entity level, including discontinued operations of Durgapur perimeter. Now our efforts and our optimization initiatives both on cost side and then improving the health of our portfolio remains there.

I can safely say that the base is set, and the efforts it should be, at par, if not more, at least at par for the future years. I would not I can't give you a range or something on the guidance for the future in terms of margin.

I can say that at least the base is set in this year.

As when you say at par, should I take around 18% or 11%?

No, 18 is for the quarter, sir. We're talking about the financial year, which is 11% for '25-26.

Okay. You're guiding more for on the year terms?

Yes.

Yeah. Thank you.

Thank you, sir. Thank you very much.

Thanks.

Hi, good morning, sir. I hope I'm audible.

Most of the questions are answered. I have just one clarificatory point.

I just wanted to check, in our reported revenue of probably ₹316 crore, if I have to arrive at the right number, I have to deduct ₹44 crore, right, for the ECL reversal?

For

the year you're

talking, sir? Full financial year,

I hope... No, I'm talking about for quarter, Q4 '26.

Okay, 316. Yes.

Out of that 316, I have to deduct 44, which is probably the ECL reversal, right?

Around 41 with other benefit, but yes, in that range.

Got it. Ballpark, understood.

Sir, I was just wondering for how long it may continue further because probably for the last 2-3 quarters we have been commenting about it. I was just wondering, can FY '27 also will see these kind of these interruptions from previous ECL?

No. I kind of clarified this in my opening remarks again, Mr.

Giri, that with the last tranche in March with the amount that we have collected, we have fully honored and executed our settlement agreement with BHEL. Both the parties have duly discharged each other of all the other obligations under the settlement agreement, and settlement stand closed as on date.

To your question, BHEL agreement impact on ASL ECL is done as on 31st March 2026.

Understood. Sir, I'm sorry I missed it probably in the opening remarks, but this is helpful.

Thank you, and congratulations to you for the kind of performance you guys have delivered. Thank you.

Thank you.

Thanks everybody for sparing the time and being available on this earnings call. As Aashish and myself have said, thank you for your support to us.

Thank you for the trust which you have shown into the company. It has come back onto the track.

I would like to close it with saying this thing that we will continue to focus on the strengthening of our core services franchise, improving the margins, and maintaining the financial discipline. Looking ahead, our priority remains clear: driving disciplined execution, accelerating cash conversion, and sustaining the profitability.

With this, I thank you all once again. Thank you.