GE Power India Limited

Industrials — Engineering & Construction · NSE

₹641.30+₹15.70 (+2.51%)

DalalBaazaar Score

60 / 100

🟢 Good

Verdict

NEUTRAL

Risk

Very High

Driven by high debt relative to equity, micro-cap size, which brings thin liquidity, a beta above 1.3, so it swings harder than the index.

In simple words: Strong business and financial position, with modest growth. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:09 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

The 60-second version of GE Power India Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

GE Power India Limited engages in the engineering, procurement, manufacturing, construction, maintenance, and servicing of power plants and power equipment in India and internationally. The company offers steam power services.

IndustryEngineering & Construction

SectorIndustrials

Annual revenue₹1,266 Cr

How does it make money?

Turns over ₹1,266 Cr a year. Of every ₹100 of sales, about ₹20 reaches shareholders as profit, with ₹30 left at the operating level before interest, tax and depreciation.

EBITDA margin29.9%

Net margin19.9%

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., ADANI PORT & SEZ LTD, SIEMENS LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

LARSEN & TOUBRO LTD.P/E 30.1x · ROE 15.2%

ADANI PORT & SEZ LTDP/E 29.9x · ROE 14.1%

SIEMENS LTDP/E 88.8x · ROE 10.5%

What is its competitive advantage?Some evidence

ROCE of 57.2% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

ROCE57.2%

ROE43.4%

Peer median ROE14.1%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -29% while net margin moved -181% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect-29%

Margin effect-181%

DalalBaazaar Score

60/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 10.9% a year

Quality vs. Valuation

Company Quality

63/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

77/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

12.6x

1.3Y Median

16.7x

16 monthly readings · mean 16.5x · range 9.9x–30.2x

Sector Median

30.1x

median of 3 sector peers

🟢Current valuation is approximately 25% below its 1.3y median of 16.7x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 58% below the peer median of 30.1x.

vs. its own history

Cheap

16.7x median over 16 months · -25%

vs. sector peers

Cheap

30.1x median of 3 peers · -58%

vs. generic bands

Cheap

Below 15x

P/E (Trailing)

12.6x

P/B

7.40x

EV/EBITDA

10.3x

PEG

—

Dividend Yield

1.09%

What's Good / What's Bad

🟢 What's Going Well7

Margins are improving
EBITDA margin is up from -12.8% to 29.9% over 3 years.
Debt is being paid down
Total debt is down 95% over 3 years.
Cash generation is improving
Free cash flow is up 437% over 3 years.
Return on equity is rising
ROE has improved from -189.5% to 43.4%.
Return on capital is rising
ROCE has improved from -65.2% to 57.2%.
High return on capital employed
ROCE of 57.2% is the mark of a business that converts capital into profit efficiently.
Valuation below its historical average
At 12.6x the stock trades 25% below its own median of 16.7x.

🔴 What Needs Attention1

Inventory building faster than sales
Inventory is up 70% against revenue growth of -29% — stock may not be moving.

Red Flags

2 items require attention · 2 high

🔴High leverageFinancial
Debt/Equity of 3.02x — earnings must service borrowings before shareholders see anything.
🔴Inventory building faster than salesFinancial
Inventory up 70% against revenue up -29% — stock may not be moving.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 57.2% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from -12.8% to 29.9%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Deleveraging frees up earnings
Debt is down 95% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Priced below its own history
The stock trades 25% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 58% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

Leverage amplifies any setback
Debt/Equity of 3.02x. Interest is payable whether or not the business has a good year.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 28%✓ 29.9%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✓ ₹467 Cr
Profit that never becomes cash eventually stops being profit.
3Debt / EBITDA stays below 2x✓ 0.0x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4ROCE stays above 54%✓ 57.2%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Valuation vs its own median of 16.7x✓ 12.6x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

9 / 11 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

6 good · 3 neutral · 2 weak

Market Cap

₹4,311 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

12.6x

Cheap

Cheap against the generic band

P/B Ratio

7.40x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹50.92

Profitable

Profitable on a per-share basis

ROE

43.4%

Strong

Strong capital efficiency

ROCE

57.2%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

3.02x

High

High leverage

Revenue Growth (YoY)

7.6%

Modest

Modest growth

Profit Growth (YoY)

54.8%

Healthy

Profits growing at a healthy clip

Dividend Yield

1.09%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹467 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹641.3

Operating Margin

13.4%

Average

Average margins

Net Margin

21.0%

Good

Strong bottom-line conversion

Current Ratio

1.28

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

1.47

High swing

Swings more than the market in both directions

52W Range Position

46%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

668.3 / 675.6

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

44.0

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹1,788 Cr	₹1,035 Cr	₹1,046 Cr	₹1,266 Cr	-10.9%
EBITDA	-₹229 Cr	-₹114 Cr	₹46 Cr	₹378 Cr	—
EBITDA Margin	-12.8%	-11.0%	4.4%	29.9%	—
PAT (Net Profit)	-₹441 Cr	-₹171 Cr	₹203 Cr	₹253 Cr	—
EPS	₹-65.54	₹-25.48	₹30.2	₹37.58	—
ROE	-189.5%	-249.0%	64.1%	43.4%	—
ROCE	-65.2%	-35.4%	14.8%	57.2%	—
Total Debt	₹359 Cr	₹163 Cr	₹29 Cr	₹18 Cr	-63.4%
Free Cash Flow	₹87 Cr	₹180 Cr	₹376 Cr	₹467 Cr	+75.1%

🔴 Revenue has shrunk at 10.9% a year over 3 years.

🟢 EBITDA has turned positive, from -₹229 Cr to ₹378 Cr.

🟢 EBITDA Margin has risen from -12.8% to 29.9% over 3 years (+42.7 pts).

🟢 PAT (Net Profit) has turned positive, from -₹441 Cr to ₹253 Cr.

🟢 EPS has turned positive, from ₹-65.54 to ₹37.58.

🟢 ROE has risen from -189.5% to 43.4% over 3 years (+232.8 pts).

🟢 ROCE has risen from -65.2% to 57.2% over 3 years (+122.4 pts).

🟢 Total Debt has shrunk at 63.4% a year over 3 years.

🟢 Free Cash Flow has grown at 75.1% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹2,138 Cr

Total Liabilities

₹1,556 Cr

Total Debt

₹18 Cr

Cash & Equivalents

₹425 Cr

Operating Cash Flow

₹469 Cr

Capex

-₹2 Cr

Shareholding (proxy)

Institutional Holding

0.1%

Insider Holding

70.1%

Corporate Actions

Dividend Rate

₹7

Ex-Dividend Date

31 Jul 2026

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
ADANI PORT & SEZ LTD	29.9x	14.1%
SIEMENS LTD	88.8x	10.5%

Recent News

2 positive4 general

Is Now The Time To Put GE Power India (NSE:GVPIL) On Your Watchlist?

Simply Wall Street, 01 Jul

GE Power India Share: Power Equipment Worth Buying in 2026?

Univest, 18 Aug

GVPIL Stock Price and Chart — NSE:GVPIL

TradingView, 30 Mar

JSW Energy receives certified copy of NCLT order for GE Power demerger

scanx.trade, 14 OctOrder win

🟢Potentially positiveAn order or contract win, which adds to future revenue. How much depends on its size against annual sales and on when it is executed.

GE Power India - Multibaggers: 12 stocks with profit margins above 10% for 4 straight quarters. Do you own any?

The Economic Times, 27 May

GE Power India consolidated net profit rises 54.75% in the June 2026 quarter

Business Standard, 14 AugResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🟢Business QualityStrong17.9/20

🟢Financial HealthStrong13.5/20

🔴GrowthWeak2.4/20

🟢ProfitabilityStrong13.5/15

🟢ValuationAttractive10.2/15

🔴RiskHigh2.6/10

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 2 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓EBITDA margin holds above 28%29.9%
✓Free cash flow remains positive₹467 Cr
✓Debt / EBITDA stays below 2x0.0x
✓ROCE stays above 54%57.2%
✓Valuation vs its own median of 16.7x12.6x today