Analysts/Institutional Investor Meet/Con. Call Updates

GE Power India Limited CIN- L74140MH1992PLC068379 Corporate Office: Axis House, Plot No I-14, Towers 5 & 6, Jaypee Wish Town, Sector 128, Noida, Uttar Pradesh – 201304 T+91 0120 5011011 | F +91 0120 5011100 Registered Office: Regus Magnum Business Centers, 11th floor, Platina, Block G, Plot C-59, BKC, Bandra (E), Mumbai, Maharashtra – 400051 T + 91 22 68841741 Email id: in.investor-relations@gevernova.com https://www.gevernova.com/regions/asia/in/ge- power-india-limited 16 July 2026 To, To, National Stock Exchange of India Ltd. BSE Ltd. Exchange Plaza, Plot No. C/1, G Block, P.J. Towers, Bandra-Kurla Complex, Bandra (E), Dalal Street, Mumbai - 400 051 Mumbai - 400 001 Symbol: GVPIL Scrip Code: 532309 Sub.: Transcript of the Investor Meet held on 10 July 2026 Dear Sir/Madam, Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations & Disclosure Requirements) Regulations, 2015 and furtherance to our letter dated 10 July 2026, please find enclosed transcript of the Investor Meet held on Friday, 10 July 2026. This is for your information and dissemination. Thanking you. Yours truly, For GE Power India Limited Vipul Sharma Company Secretary & Compliance Officer Membership No.- A27737 Enc: a/a “GE Power India Limited Investors Conference Call” 10 July 2026 MANAGEMENT: MR. PUNEET BHATLA – MANAGING DIRECTOR – GE POWER INDIA LIMITED MR. RAHUL ROJAL – CHIEF FINANCIAL OFFICER – GE POWER INDIA LIMITED Page 1 of 5 GE Power India Limited 10 July 2026 Moderator: Ladies and gentlemen, good day and welcome to the Investors Conference Call hosted by GE Power India Limited. As a reminder, all participant lines will be in the listen-only mode for the duration of the conference. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Participants may also join the webcast through the link provided to view the presentation. Please note that this conference is being recorded. I now hand the conference over to Mr. Puneet Bhatla, Managing Director of GE Power India Limited. Thank you and over to you, sir. Puneet Bhatla: Thank you, Dorwin. Thank you. Good evening, ladies and gentlemen. Thank you for joining us today and thank you for your continued trust and support in GE Power India Limited. Joining me on this call is our Chief Financial Officer, Mr. Rahul Rojal. We are here to share our business progress, our turnaround journey, and the strategic rationale behind the proposed demerger of the Durgapur business. Our objective is to communicate clearly how the company has evolved over the past two years and why we believe this proposed step is in the long-term interest of the shareholders. Can I request to go to the next slide, please? Over the last two years, GE Power India has taken a series of deliberate and disciplined actions to strengthen the business. Since 2024, we have focused on high-margin, cash-accretive opportunities with faster cash conversion cycles. We have restructured the business, frozen the commercial strategy around the services, expanded our reach in the third-party fleet or what we call it as other oOEM segment, and increased our presence across international markets including Saudi Arabia, Turkey, Australia, UAE, Malaysia, Indonesia, and Morocco. In parallel, we have undertaken important portfolio actions such as hydro and gas slump sale, the BHEL settlement, and now the proposed demerger of Durgapur Business. Can I request for the next slide, please? These initiatives have materially improved the company's financial position. Over this period, GEPIL has delivered a significant increase in the net worth, a substantive improvement in the bank balance, and a major reduction in outstanding bond exposure. EBITDA has improved meaningfully from negative levels to positive profitability, and the company's market capitalization has strengthened significantly. We have also seen an improvement in our long-term ICRA credit rating to BBB+ with stable outlook as of June 2026. The declaration of dividend in 2026 further reflects the progress made in restoring financial strength and stability. While quarterly reports capture the progress, demonstration of true transformation is by sustained momentum over multiple years. Since the fiscal year 2024, we initiated a series of hard, disciplined choices. We stopped chasing volume for the sake of revenue and began Page 2 of 5 GE Power India Limited 10 July 2026 chasing value for the sake of profitability. This discipline has been the bedrock of our recovery. Consider the trajectory of our balance sheet as detailed in our uploaded slides. We have seen our Net Worth grow from more than eight-fold in just two years, climbing from INR 57 crores in March 2024 to INR 483 crores by March 2026. This is not happenstance, it is a result of a deliberate cash-accretive strategy. Similarly, our liquidity position has shifted from deficit of INR 66 crores in 2023 to a robust INR 880 crores by March 2026, an eighteen-fold improvement in our cash position that provides us with the agility to manoeuver in an unpredictable global market. Most indicative of our turnaround is our deleveraging story. We have shed INR 1,364 crores in bank guarantees exposure over two years, untethering our capital from historical burdens. Our EBITDA, which once reflected a loss of INR 251 crores in financial year 2023, has crossed into positive territory, reaching INR 277 crores in FY’26. This is just not a recovery; it is a renewal. Our credit rating elevated to BBB+ stable by ICRA, which stands as a testament to this financial stability, culminating in the declaration of our dividend in 2026. Can I request for the next slide, please? Our core services business remains central to our future. The order booking trend clearly reflects this momentum. Order bookings have grown from INR 299 crores in 2021-2022 to INR 734 crores in 2025-26, representing a CAGR of approximately 25%. In FY 2025-2026 alone, we delivered around 34% overall order booking growth in core services compared to the previous year. We are also seeing strong progress in other oOEM segment, where order growth has increased from around INR 162 crores to around INR 322 crores. This demonstrates the strength of our services-led business model and our ability to unlock sustainable profitability and cash flow. Request for the next slide, please. Let me turn to the Durgapur facility. The Durgapur facility in West Bengal has played an important role in the manufacturing and supply of critical power equipment, including power boiler components, pressure vessels, piping, and the coal mill for thermal power plants. It includes both an industrial factory unit and a residential township spread across approximately 661 acres of leasehold land. However, in recent years, the factory utilization has become limited largely to service work and non-coal activities. During the last two years from 2023 to 2025, there has been significant underutilization of its capacity, and this has resulted in an average loss of approximately INR 27 crores per year, which is being booked in GEPIL. Given this situation, GE Power India Limited evaluated multiple options, including retention of the factory as well as demerger of Durgapur business. The key objective was to simplify GEPIL's portfolio by exiting an underutilized asset and sharpening focus on businesses that are better aligned with our growth and profitability. After careful evaluation, we believe the proposed demerger is the right path forward. Next slide, please. Page 3 of 5 GE Power India Limited 10 July 2026 Under the proposed scheme of arrangement, GE Power India Limited will demerge the Durgapur business unit to JSW Energy Limited. JSW Energy is an established Indian public listed energy company and a well-recognized name in the sector. We believe that the acquisition of the Durgapur facility by JSW Energy will help ensure better utilization of the fac [Showing first 8,000 characters — download PDF for full document]