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Swing Capital

GE Power India Ltd

NSE: GVPIL BSE: 532309Energy

GE Power India Ltd is engaged in business of engineering, procurement & construction (EPC) of key equipment for thermal and hydro power plants. It is one of the leading players in the Indian power generation equipment market.[1]

₹661
52W: ₹238 — ₹755
PE 13.3 · Book ₹80.9 · +717% vs book
Market Cap₹4,443 Cr
Stock P/E13.3Price to Earnings
ROCE81.8%Return on Capital
ROE79.5%Return on Equity
Div. Yield0%Face Value ₹10

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company has delivered good profit growth of 28.7% CAGR over last 5 years
  • +Company has a good return on equity (ROE) track record: 3 Years ROE 51.9%

Weaknesses

  • −Stock is trading at 8.18 times its book value
  • −The company has delivered a poor sales growth of -17.6% over past five years.
  • −Tax rate seems low
  • −Company has high debtors of 219 days.

Shareholding Pattern

Promoters68.58%
FIIs1.26%
DIIs1.13%
Public28.65%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters68.58%68.58%68.58%68.58%68.58%68.58%68.58%68.58%
FIIs0.39%0.43%▲0.00.85%▲0.40.41%▼0.40.56%▲0.20.11%▼0.50.15%▲0.01.26%▲1.1
DIIs2.99%2.8%▼0.22.8%2.3%▼0.50.46%▼1.80.4%▼0.10.43%▲0.01.13%▲0.7
Public27.65%27.79%▲0.127.39%▼0.428.32%▲0.930.01%▲1.730.51%▲0.530.45%▼0.128.65%▼1.8

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales294247246217317266287281386316
Expenses292262265207313287287253261210
Operating Profit2-16-18104-21028125107
OPM %1%-6%-7%5%1%-8%0%10%32%34%
Net Profit-223-1166-20156323072103
EPS ₹-0.283.43-1.599.82-2.9123.224.74.5310.6615.27

AI Insights

Revenue Trend

Mar 2026 revenue at ₹1,269Cr, up 21.2% YoY. OPM at 20%.

Debt Position

Borrowings at ₹18Cr. Debt-to-equity ratio: 0.04x. Healthy balance sheet.

Capex Cycle

CWIP at ₹3Cr (8% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 1.13% (-7.31pp change). FIIs: 1.26% (+1.19pp change). Promoters hold 68.58%.

Margin & Efficiency

ROCE improving from 24% (Mar 2015) to 82% (Mar 2026). Working capital days: 0.

Valuation

PE 13.3x with 81.8% ROCE. Price is 717% above book value of ₹80.9. Dividend yield: 0%.

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