Ladies and gentlemen, good day, and welcome to the GE Power India Limited Q4 FY 2026 Investors Conference Call. As a reminder, all participant lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your telephone. Please note that this conference is being recorded. I now hand the conference over to Mr. Puneet Bhatla. Thank you, and over to you, sir. Thank you. Good morning, good evening all, whichever are there over the globe in case somebody is joining us from the other side of the world. Thank you for joining us for the GE Power India Limited Q4 and the full year FY 2026 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 detail 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 life cycle 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 the 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 the compliance landscape, there has been a recalibration of emission norms, particularly around the flue gas desulphurization, the revised framework prioritizing the installation in the high impact area, while excluding certain categories of plants, thereby taking a more practical and a phased implementation approach. While this may impact the near-term ordering, for affordable, reliable, and sustainable electricity needs, solutions would remain in the need for the upgrade substantive. Against this backdrop, FY 2026 has been a year of steady operation and strategic progress for GE Power India Limited. Over the course of the year, we remained focused on strengthening the company as more service-led, execution-driven, and financially disciplined business. Our emphasis continues to be higher margin, shorter cycles, and lower working capital-intensive opportunities. Selective approach to orders that do not meet our return and the cash flow thresholds. 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 continue 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 2024-2025, with the revenue for the same period business 10% upside, and for this year, 15% above the budget for the core services. As of March 31st, 2026, our order book stood at INR 1,628 crore, which remains healthy and provides the visibility for close to 2 years of execution from continuing operations. This order book is now increasingly aligned with our strategic priorities with a higher share of service-led margin accredited opportunities. During FY 2026, we also made meaningful progress in strengthening our balance sheet. Resolution of legacy receivables has been a key focus area. We have seen encouraging moments through the structural settlement and the improved collection. The settlement of Bharat Heavy Electricals Limited has significantly enhanced cash flow visibility, while the amicable closure of matters with Jaypee Power Ventures Limited has reduced uncertainties and strengthened our financial position. This year, on the portfolio front, we have taken decisive steps to simplify and sharpen our business model. Following the earlier exit from hydro and gas businesses, we are on track for the demerger of Durgapur manufacturing facilities 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 significantly. Our network has strengthened, and we are now operating with more efficient capital structures that are aligned with the nature of our business going forward. From a growth perspective, we have also made good progress in diversifying our order inflows. During the year, we have expanded our presence across multiple international markets, including Saudi, Turkey, Australia, U.A.E., Malaysia, Indonesia, and Morocco. These engagements support our service across our meaningful install 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 new build boiler, we achieved contract closure with BHEL, which I just mentioned. Completed 3 PG tests for the key units and reached synchronization and the stability closure of milestones across multiple projects. In HTPS and FGD, we have achieved 7 operational acceptances and completed commissioning of utilities for 4 units. In the services, we continued to invest in capability building and delivered first-time products, generator repairs, turbine upgrade control system solutions. This year, we have had a pleasure of receiving orders for 18 new first-of-its-kind products, which 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 various product lines like Alpha, Mark VI, et cetera. Our priority remains clear, driving disciplined execution, accelerating cash conversion, and sustaining 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 2026 on a positive note and are well-positioned to build on this momentum as we move forward. We are 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 annual general meeting. Thanks for your patience and belief in us for the last four years when your company could not declare the dividend in those tough years. With that, I will now hand it over to Aashish, who will walk you through the financial performance in much more different details. Thank you. Over to Aashish. Thank you, Puneet. Good morning, everyone. Once again, congratulations to all the investors for the strong financial performance for the quarter and year ending March 31st, 2026. I would share a few insights in that context. Starting with the commercial update. During the quarter, your company fixed orders worth INR 254 crores compared to INR 25 crores in the corresponding period of the previous year. These numbers prior years further include the zero margin orders worth INR 52 crores. Notably, the company's pivot to margin and cash-accretive core services remains on the right track, with orders increasing by 22% quarter-over-quarter from INR 207 crores to INR 253 crores. For the complete financial year, your company has booked orders worth INR 877 crores compared to INR 2,183 crores in the previous financial years. There is a steep decline which is contributed by FGD EP orders of Jaiprakash Power Ventures Bina and Nigrie worth INR 775 crores, which we booked last year, and also two large complex upgrade orders of Vindhyachal and Wanakbori worth INR 591 crores, 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 INR 1,628 crores, down from INR 2,662 crores 12 months back as on March 31st, 2025. This reduction is driven by the termination of two FGD EP contracts of Jaiprakash Power Ventures Bina and Nigrie, which we declared or disclosed in the reports. Coming to the financial performance now. Revenue for the quarter ending March 2026 stood at INR 316 crores, driven by upgrade volumes in the quarter, which is up from INR 266 crores in the corresponding quarter last year. This marks a 19% quarter-over-quarter increase. Revenue for the full financial year stood at INR 1,269 crores, which is up from INR 1,047 crores. 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 INR 119 crores compared to loss of INR 15 crores in the quarter ended March 31st, 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 INR 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 INR 343 crore in the financial year 2025-2026. 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 INR 340 crore compared to INR 22 crore in the previous financial year. This substantial increase also comes from operational excellence, complemented by certain one-off items like reversal of ECL provision for BHEL, which was around INR 116 crore, Solapur extension of time and LD settlement around INR 22 crore, and insurance claim from Solapur and Sipat Fire, which was around INR 18 crore. There have been certain one-off gain 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 INR 7 per equity share, which is 70% of the face value, subject to approval of the shareholders at the upcoming AGM, which is the highest dividend recommended in the last 10 years at least of the company. Your company took certain critical actions in the financial year, such as signing of settlement 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 costs, and march towards sustained profitability at the back of core services business 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 HBU installations, we have managed to maintain a 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 only want to convey to you all that GEPIL's management remains fully committed to drive sustainable growth in strategic areas like core services, focusing on generating consistent profits and cash flow. We have made a significant progress in our financial turnaround journey over the course of this year, 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 few years. Your trust motivates the management to drive the results and turnaround like the ones we are witnessing in the company. I enjoy every opportunity of engaging with you all through the quarterly calls, I wish you all the very best. Thank you for joining the call once again, I now open the forum for Q&A. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the telephone keypad. If you wish to remove yourself from the question queue, you may press star and two. Participants, you are requested to use handsets while asking your question. Ladies and gentlemen, we will wait for a moment while the question queues end. A reminder to all, you may press star and one to ask a question. We will take the first question from the line of Rahil Dasani from MAPL. Please go ahead. Yeah. Hi, am I audible? Yes. Yes, sir. You're audible. Yeah. Good morning, sir. First of all, congrats on consistently showing such strong numbers. I'm a bit new to the company, so 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 years. 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 thought outline as to what are we doing here. Thanks. 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 surge, and there is a spike of the gas plants in the global arena. As per the business objects for the GPIL today, we are not in the gas turbines per se. We are asking for a follow-up, which is on the tail side of a gas plant when we are talking of the HRSGs and others. That also belongs to gas business. GPIL is focused only on the steam for the thermal sector. That's not- It'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 normal steam turbine. A gas plant normally has a gas turbine. If it is a combined cycle, a gas turbine and HRSG and a steam turbine. Yeah. This will contain the gas business of GE Power. It is not in the offsets for GE at this point of time. Got it. If I were to ask, as to how much of the core services order book is executable for us in FY 2027? Aashish, maybe if you can give the example. Typically these are short cycle. Within 12 months, we execute the orders for core services portfolio. The order in hand that you see as on, say, 31st March 2026, expect around 85%-90% of that to be executed in 2026, 2027. Got it. A much broader question regarding the maintenance upgrades, the customization and onsite 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 tail order book we have seen in the last three years, what kind of rise we 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 raised, and I think there is a lot of focus which is coming on the thermal power stations. When we're talking of the power station, its reliability, its PLF and its availability are becoming very important cater to the need of the economy. Correct. With that, since when the PLFs are increasing, I am putting a simple logic. It means the units are doing a heavy, more duty. When they are doing more duties, the requirement for the services itself will keep on increasing. Unfortunately, you cannot pick when there is good benefit and when you are going to pay. 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. I think, I hope your question is answered. You said 32% of the market share? I did not hear you clearly. 32% from the previous year growth. Okay, sure. The market size, if you are talking of the market size or so, I think it will be about INR 3,500 crore-INR 4,000 crore as a whole. When I say as a whole, it means both the GE as well as non-GE assets. Mm-hmm. Got it. Okay. I have a few more questions. I'll get back on with you. Thank you and congratulations again. Thank you. We will take the next question from the line of Tushar Deepakbhai Bhavsar from Cognizant 4D. Please go ahead. Good morning, sir. Good morning. I have a couple questions. Order backlogs have declined, right, because of, I would say like INR 1,627 crores. When you say 85% will be clearing off in the year, are we expecting revenues of around INR 1,300 crores for the year 2027? That's one question. We can also ask the same question from line if you are in. Correct. The other question is, I see that we generated around INR 469 crores in operating cash from continued operation, but we have deployed INR 450 crores as a loan to some party. What is this loan about? Maybe Aashish can just explain it to Mr. Tushar. Yeah. Mr. Tushar, I think you had a follow-up. Maybe you can complete. You said [Army]. Yeah. I didn't get it, sir. Sorry. Are your questions complete? Shall we answer? Yeah, sure. Also, 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. The 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, so I am going to take them together, and then we will talk about your operating cash and the loan which you have. Yes, the order in hand have declined from previous year. Like I said in the beginning, there are two reasons to it. One, we have terminated one of the FGD EP contracts which was worth INR 770 crore. That we have terminated for the reason which we disclosed. That is one big driver of it. Number two, if you see the journey of the company, we are in a project close out or a ramp-down mode on the renewable 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 mentioned 32% in core orders in particular, but also over four years the CAGR is 35%. I think that strategy has proven to be quite effective in terms of the growth. At the same time, there is new build. When I say new build, I am talking about the greenfield project for FGD EP installation projects. Those are on the project loading 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 is the nature of, or that is 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 portfolio, which is core services. How are we doing there? I can tell you that in order in hand for core services alone has increased by around 40% year-over-year. What is declining is the new build orders backlog, which is the strategy of the company anyways. What is increasing is the core order backlog. That message is important. I want you to take away from this call. 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, I think there is, putting the previous question to Mr. Rahil answered that there is around INR 4,000 crore for targeted fleet, which we are working on and currently we have roughly 18% of the market share there. Our endeavor is to grow that market share, stabilize 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 INR 450 crore loan that you see is a loan or lending to our cash pool account, which is any surplus cash. We have two options. We have taken a 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, and 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 lended to be used as and when we require by the company. That is the INR 450 crore that you see in the deployment. I hope you have received your answers. Yeah, maybe I do. Thank you. If I can add one more thing on to this, Mr. Tushar. I'll just remind you with respect to the strategy which we have changed or onto which we have painted 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. 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 back historically. We have seen in the industries there are several examples which were largely focusing on the EPC, but they could not translate back into the shareholder value because of the weak margins or the longer decision cycles and the uncertainty. For that, just to remind everybody that we took a conscious call about a year and a half back or two years back and get into a quick short cycle, highly accretive margin opportunities onto which we are working. I think we have been consistent on that path so far. Thank you, sir. Thank you. We will take the next question from the line of Milind Karmarkar from Dalal & Broacha, Portfolio Manager. Please go ahead. 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 and 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 INR 450 crore being lent via HSBC. What kind of aid do we get on this and how safe is this type of lending? These were the two questions which I have. Thank you, Mr. Milind. I could not take the last line when you mentioned with respect to the promoters. What was that line? What I was saying was that in your endeavor to basically focus on core services globally, do we get some kind of a help from our parent? 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. For a larger perspective, we are only focused on the India perspective, we are also focusing on 13 countries specifically for the boilers. Okay. Be it in Saudi or Turkey or Indonesia. That gives you the first answer. With respect to the global or the promoter's 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-GSX. Normally, GE Vernova works on GSX. This is one of the overall global perspective, which we are carrying additional component. I hope that satisfies your. Only one more addition here was that, when it comes to non-GE, are we restricted to Eurasia or we can sort of service anywhere in the world? No, when it is non-G, we are too. Our perimeter remains only the India for non-G. Only India. Okay. Only. Okay. Got it. Thank you. Your second question, maybe I'll hand it over to Aashish. Sure. Yes. Your second question was to throw more light on the 450 crores. Right. Yes. What we do, and have been doing forever almost, is that all our mercy 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, and now when we are the cash surplus, we are lending to that entity. From our shareholders, we have an approval for both lending as well as borrowing from that entity, and that lending and borrowing rates are competitive and benchmarked with a nationalized commercial bank. In this case, we have benchmarked with HSBC, which is also mentioned. We kind of disclose it in the AGM every year. The range, when we are two points, was one on rating to one, the safety of this lending. The rates vary, of course, as the time goes, as also the benchmark rates change. For the years, it has remained in the range of 5.5% to 6.35% during the year. Like I said, if 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. In terms of the safety, these lendings 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, maybe they do 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 every year we perform this financial health check of the entity. We have been doing it for decades now, 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 we do in the company. Okay. Thank you very much and all the best. Thank you. Thank you. Thank you. We will take the next question from the line of Sunny Shah, an individual investor. Please go ahead. Hello. First of all, 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 plus gigawatt capacity must install the FGD. In that sense, in terms of desulfurization, what scale do you see at GE Power, given the fact that we have a technology backing from the parent, and if the opportunity is so, what is the broad range or a ballpark range of a margin expectation in such kind of orders? Sorry, 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 the FGD part. If you see the recent notification what government has notified last year, July 25, that says. 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. 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 gigawatts, which was supposed to be FGD-ready by certain dates. That was taken out. First of all, that specific segment is out. The government said category A has to necessarily install, which was 10% of the total installed base, category B has an option. That's how 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 passthrough of tariff under certain conditions. That's how category B portion has also come out. Only category A has left, and primary FGD in totality, it is hardly eight gigawatts so far has been left, which is supposed to install the FGD with respect to the notification of 11th June 2025, and which the progress is quite slow. Majorly, plants are from Tamil Nadu and Maharashtra and one or two plants in central India. Am I clear? Fair enough. You're 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. Yeah. Correct. I'll come to the second question. We have a net cash of INR 880 crores in the books. What are we planning? Are we planning 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 years talk which we are having with the management. What are we trying to plan with this INR 880 crores? Sunny, I think a good observation, and I was expecting this thing, probably, but let me be very honest and transparent with you. The company is fully aware of the situation and it continues to evaluate the effective and efficient alignment of this growth. Our perimeter for the growth will still be towards the focus area for us this cycle as we turn it out. Correct? Sorry to interrupt on the team, sir. Your voice is breaking. Is it audible now? Yes, sir. Please proceed. Thank you. Okay. Maybe I start from the start. Sunny, thanks for this question. Probably, I think this is something which I would like to answer and try to give you an understanding onto this aspect. Right. This cash is into our continued evaluation so that we can effectively deploy it towards our business growth and the operational strength, while also creating the shareholders' value. Our strategy still remains the same, which we have been saying for last 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 shareholder value creation, which we would like to have. I think that answers your question. Right. I'll come to the last question. I could understand that the shareholder 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. If I were to ask you about GE Power SWOT analysis, 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 could define something in terms of what opportunities lie, what are the threats, if any, we can develop that. Maybe I'll start with the easier one, which is the opportunities. We are focused on the thermal business of the installed base, as you would have been seeing in the whatsoever in the media, et cetera, the demand is constantly increasing as the economy is rising. We are in the part of the service, the pre-sales, after-sales services business. This is going to continuously be available to us. I see that this is one of the big strengths for your company. Coming on to the or the opportunity, whatever you call it as. On the threats, yes. The threat side is, 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. You can even, the 100 gigawatts of renewable, 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, I think, like a threat, but again, within this threat, there is an opportunity. I see it both ways. I hope I would have conveyed the same. Right. Thank you so much for patiently answering the questions. I'm done with my questions. Thank you so much. Thank you. We'll take the next question from the line of Prateek Srivastava from NB System. Please go ahead. Yeah. Hello, sir. Again, thank you for taking my question, and again, congratulations on your wonderful set of numbers. My question is on the Durgapur GEW demerger. What are the specific regulatory approvals that are pending, and what is the realistic timeline for this? Yeah. 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, where creditors' and shareholders' approval. Two, we need regulatory approval 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. Then of course, ultimately, NCLT. We also need NOC from the government institutions like the tax institutions and the banks and all that. All those are part of the procedure. The procedure is initiated after the filing 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. I can say that within 12 months from, say, 31st March of 2026 is definitely the expectation. The target is 3 months ahead of that. Okay. Sir, how does it benefit GE and minority shareholders, like this demerger thing? Sure, I can take that. I see couple of benefits on the company side. When I say company, the shareholders are a part of the company, I take all of us together. One big benefit is, I believe it gives the flexibility to our shareholders who are investors to remain invested in a large power asset of the country. Durgapur is an asset of 660 acres. 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 now on the business, and hence the asset was underutilized. This is not just unfortunate for the company, this is also unfortunate for the country that a large asset is again underutilized. With this demerger, it remains. It gives you an opportunity that you can choose to remain invested in the asset because it is growing, and you would get maybe the asset entitlement ratio of the shares in the resulting company, and also the remaining business, which is this is of course that we backed by GE Power. 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 unlocks value for that asset because it was underutilized. We tried a few things to not only fill the factory, but at least get some level of profits there, but we could not succeed on it. We have seen quarter-over-quarter, we have reported losses 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 of Durgapur. I think it is good for the country, good for the people in Durgapur, and also at the same time, it gives the shareholders an opportunity to remain invested or not remain invested as you feel like. Definitely unlock the shareholders' value. 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 profitably, 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. Actually, I thank you for this question because it's important that our investors understand the intent of this demerger so that they can vote with the right level of information when it comes to due for approval. Thank you, sir. Now that we are getting into core services, with this demerger, are we going to need any manufacturing or fabrication capability which supports our core services contracts? Again, thank you for this question. Good question, though the short answer is no, we will not. The reason for that is that as for boiler, supposedly, why do we need a factory for core services? Do we even need a factory for core services? We need manufacturing capabilities, yes. For our boiler portfolio, we need that. There are well-identified components for which we need these 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 GE Vernova. We have signed as part of the deal. We have signed a 5-year contract with them, which can be extended as mutually convenient to both the parties. A 5-year contract with them, under which we have reserved the right for at pre-determined schedule and price, the right for manufacture. Not for manufacturing will be done by JSW itself and they will be our vendor for it. We have reserved the capacity so that our core services business is not impacted for the next five years. 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 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 Durgapur for core. For the next five years, we have secured the order intake or avoided any loss of order intake by signing this long-term agreement. Very great, sir. One final question is on EBITDA margin. Yeah. You said that 37.6% in Q4 EBITDA margin apparently due to this ECL reversal, that alone. Yeah I think roughly is around 14 percentage points contributes to that. Excluding all these one-time settlement-related charges, provision reversals, and anything either one time, what will be. Yeah the underlying EBITDA margin and what we can take that as for FY 2027 run rate? Sure. For FY 2025-20 26, after all these one-offs, I said in my opening remarks that the normalized EBITDA or the underlying after all these one-offs remains at the entity level is at 11%. At the entity level for the full financial year I'm talking about. The same at the quarter level is at 18%. Okay? Because you've mentioned it as% for the quarter. That remains at 18%. For the full financial year at 11%. This is at the entity level including discontinued operation of Durgapur perimeter. 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, but at least at par for the future years. I can't give you a range or something on the guidance for the future in terms of margin, but I can say that at least the base is set in this year. As you said, 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 FY 2025-2026. Okay. We are guiding more for the number year outcome. Yes. Yeah. Okay. Thank you, sir. Thank you very much. Thank you. Thank you. Before we take the next question, a final reminder to all the participants. If you wish to ask a question, please press star and one. We will take the next question from the line of Prateek Giri from Subh Labh Research. Please go ahead. 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 INR 316 crores, if I have to arrive at the right number, I'll have to deduct INR 44 crores, right? For the ECL reversion. Sorry. Our ECL reversion. What quarter, sir? I hope No, I'm talking about a quarter, Q4 26. Okay. INR 315. Yes. Out of that INR 315, sir, I'll have to deduct INR 44, which is probably the ECL reversion, right? Yeah, around INR 41 with the benefit. Yes, in that range. Got it. Understood. Sir, I was just wondering for how long this may continue further because probably for the last few quarters we have been commented about it. I was just wondering, can FY 2027 also will see these interruptions from previous ECL? No. I 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 obligations under the settlement agreement. The agreements stand closed as on date. To your question, BHEL agreement impact on ECL is done as of 31st March 2023. Wonderful. Sir, I'm sorry I missed it probably in the opening remarks. This is helpful. Thank you and congratulations again for the kind of performance you guys have delivered. Thank you. Thank you. Thank you. We will take the next question from the line of Abhay Jain from Jiya. Please go ahead. Abhay, please proceed with the question. Abhay, please proceed with the question. As there is no response, that is the last participant. Ladies and gentlemen, this was the last question. I now hand the conference back to Mr. Puneet Bhatla for the closing comments. Thank you. Over to you, sir. Thanks everybody for sparing the time and being available on this earnings call. Aashish and myself, I said thank you for your support to us and thank you for the stock appreciation 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 a clear driving discipline acquisition, accelerating cash conversion, and sustaining the profitability. With this, I thank you all once again. Thank you. Thank you, members of the management. On behalf of GE Power India Limited, that concludes this conference. Thank you all for joining with us today, you may now disconnect your lines. Thank you.