01 — At a Glance
The Boiler Room Just Had a Baller Quarter. Yes, Really.
- 52-Week High / Low₹552 / ₹196
- Q3 FY26 Revenue₹386 Cr
- Q3 FY26 PBT₹131 Cr
- TTM EPS₹45.2
- Annualised EPS (Q1-Q3 Avg × 4)₹27.64
- Book Value / Share₹57.5
- Price to Book7.40x
- Debt₹20.1 Cr (almost nothing)
- Order Backlog (Dec 2025)₹1,671 Cr
- Core Services YoY Growth+21%
Flash Summary: GE Power India just did a profit magic trick in Q3 FY26. Revenue of ₹386 crore (up 22% YoY), PBT of ₹131 crore (up 470% YoY, but with caveats). The company is almost debt-free, order book is turning respectable, and management finally figured out that building turbines instead of chasing 10-year-long construction projects is a faster way to make money. The stock has returned 63% in 1 year and 58% in 3 years. Yet the market hasn’t fully woken up to the transformation story. P/E of 17x looks cheap when you watch what it used to be.
02 — Introduction
The Company That Makes Boilers. And Sometimes Makes Investors Cry.
Here’s a company that’s been making boilers, turbines, and power plant equipment since electricity became a reason to leave the village and move to the city. GE Power India — formerly Alstom India Limited (yes, that Alstom, the one your father invested in during the 2000s) — is one of the oldest power equipment manufacturers in India, serving everyone from NTPC to state utilities to the occasional international client who needs to buy something big and complex.
The company’s history reads like a Bollywood plot twist. The 2000s-2010s were golden — booming orders, fatter margins, shareholders actually sleeping well at night. Then came the 2010s-2020s: catastrophic project delays, negative cash flows, losses so deep they made the balance sheet look like a failed startup. Government-linked customers didn’t pay on time. Global commodity prices exploded. Construction timelines stretched like a monsoon monsoon. Investors learned new swear words.
By 2024-25, something shifted. Management ripped out the loss-making hydro and gas divisions. Stopped chasing 7-10 year construction contracts. Started pivoting to services — higher margins, faster cycles, less working capital agony. Settled old disputes with BHEL (₹340 crore recovery coming). Fixed the Durgapur boiler unit drama. By Q3 FY26, they’re posting profit growth numbers that make people double-check the financial statements. The stock has responded with a 63% run in the last year. But the valuation hasn’t fully caught up — or maybe the market is still traumatized from 2015-2022.
ICRA Rating Note (March 2026): Upgraded to BBB+ (Stable) from BBB (Stable), and short-term rating from A3+ to A2. ICRA’s rationale: strategic realignment, operational turnaround, exit from loss-making businesses, and stronger liquidity. The rating upgrade is a quiet vote of confidence that the company’s transformation is legit.
03 — Business Model: Boilers, Services & The Great Pivot
They Used to Build Power Plants. Now They’d Rather Service Them.
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