GE Power India Ltd Directors Report

After reviewing the annual financial statements of the Company for FY 2025-26, the Board of Directors ("Board") of your Company has recommended a final dividend of 70% i.e. H7/- (Rupees Seven Only) per equity share of face value of H10/- (Rupees Ten Only) each, for the year ended 31 March 2026, subject to the approval of Members being sought in the ensuing Annual General Meeting ("AGM") of the Company.

transfer to reserves

Your Company has not transferred any amount to the reserves during the current financial year.

state of companys affairs

Operations - The year in review

Economic Outlook:

The global economic landscape navigated a complex set of conditions during Financial Year 2025-26. Evolving trade policies tested the adaptability of businesses and supply chains worldwide. While these developments introduced near-term volatility, the moderation in tariff escalations that emerged over the course of the year offered some stabilization and opened space for renewed confidence in global trade relationships. Global developments underscored the critical role of diversified sourcing strategies and proactive planning in maintaining operational stability and supporting sustained performance across key sectors.¹

In the energy sector, demand for electricity is expected to remain strong through 2030, driven by increasing electrification of economies and broader adoption of electricity across sectors. Global electricity demand is forecast to increase at an average annual rate of 3.6% over the 2026-2030 period, supported by rising consumption from industry, electric

vehicles, air conditioning, and data centers. Worldwide, electricity demand grew by 3% year-on-year in 2025, and emerging economies continue to remain the main pillar of demand growth, accounting for nearly 80% of additional electricity consumption through 2030, with China, India, and Southeast Asia at the forefront.²

Indias energy sector is poised to experience significant growth, with electricity demand continuing a strong upward trajectory. In India, while coal continues to play a role in the energy mix, the country is strategically balancing its focus on renewable energy alongside the need to meet growing energy requirements. Coal production reached a record 1000 million tonnes for the second consecutive year, with adequate stocks at power plants supporting energy security amid rising summer power demand. Renewable energy capacity has crossed 250 GW and now accounts for nearly half of Indias total installed capacity of around 520 GW. The Ministry of Environment, Forest and Climate Changes revision of flue gas desulphurization installation norms for thermal power stations has provided greater regulatory clarity while enabling continued reliable baseload supply alongside progressive emission reduction. India continues to maintain its target of achieving 500 GW of non-fossil fuel capacity, reinforcing a diversified and resilient energy mix.³⁴

At GE Power India Limited, the financial year 2025-26 reinforced our strategic focus on high-margin, cash-accretive opportunities with shorter cash conversion cycles and a continued emphasis on core services and asset-light models. This approach has strengthened our operational resilience and positioned the Company well to support Indias evolving power sector needs.

During FY26, the Company secured a series of significant orders, underscoring its strong ongoing performance and deep integration within Indias power infrastructure sector. The contracts include H430 million order from NTPC for the supply of generator parts at the Talcher site in Odisha and 500 MW generator stator repair from Monnet Power. The strategy continues to focus on providing advanced energy solutions, executing efficient part replacements, and strengthening strategic partnerships with key domestic power generation entities.

Looking ahead, the Company is focused on continued growth in its core services segment, selective participation in equipment upgrade opportunities from Indias large thermal renovation pipeline, and a measured approach to FGD equipment supply (EP) rather than full EPC undertakings. With a focused portfolio, improving margins, and a healthy order backlog, GE Power India Limited is well positioned to serve the countrys growing and evolving power sector.

services

The Company remained focused on strengthening its Services business through continued investments in New Product Introduction (NPI) initiatives. These strategic investments have enhanced the Companys differentiation in the market and strengthened its ability to deliver superior value to customers. The execution center in Noida, along with a robust supply chain network across India and globally, underpins the Companys operational capabilities, enabling efficient service delivery while reinforcing its commitment to quality and reliability.

During the year, the Company expanded its Operational Excellence philosophy into commercial functions through the Commercial Growth Excellence initiative. By applying Lean tools such as Value Stream Mapping, Process Mapping, and Daily Management, the Company improved capacity, enhanced product depth, and optimized costs. These initiatives contributed to approximately 50% growth in the other OEM market segment.

The Companys unique capabilities in emergency generator repair, both on the shop floor and on-site, enabled it to support customers across 13 plant units. This contributed to a reduction in generation loss by approximately 2 billion units of electricity (which is equivalent to approximately continuously generating power from a 250 MW Generator for a year) and improved the availability of these units to the grid by 7%.

Some of the first-time and notable achievements during FY 2025-26 are:

• Received first-time orders for:

- The supply of an IP inner casing for Shanghai Electric Co., SEC turbine (660 MW) with in-house engineering for Adani Kawai.

- LP last-stage blades for a 270 MW turbine (BHEL turbine), RattanIndia Power.

- Study for conversion from 100% imported coal to blended coal firing (imported plus Indian coal) for a 660 MW Adani Mundra Chinese-supplied boiler.

Notable Achievements

• ESP refurbishment order from RRUVNL Kalisindh Unit

1, a 600 MW Chinese make unit.

• A 1x600 MW boiler upgrade project from Mahan Energen Limited once executed shall deliver significant environmental benefits, including an estimated emission reduction of approximately 45,000 MT of CO2 and 3,300 MT of NOx per year.

• The Company secured and successfully executed more than 13 generator repair orders, including two complete stator rewind orders for BHEL machines, involving the supply of GE Vernova-designed bars for 250/270 MW generators.

• The Company also engineered, manufactured, and supplied a Mark VIe control system for a steam turbine upgrade project from its GEPIL facility in Noida.

Key milestones for Services achieved in FY 2025-26:

boilers

• Successfully executed first-of-its-kind supply and revamping projects for the mill door seal collar assembly and dipper flange in a 210 MW unit at NLCIL/TSII, Neyveli.

• DE-NOx projects supporting customers in an estimated reduction of approximately 14,415 MT of NOx per year:

- Performance Guarantee Tests completed for 1x525 MW Maithon Power and 3x287 TPH Vedanta, Lanjigarh; completed the commissioning and handover of the 1x300 MW unit for WBPDCL, Sagardighi. ;

• Engineering solutions provided for the emergency shutdown of a 210 MW boiler (OEM machine) at MPPGCL Birsinghpur, including the replacement of critical water wall and burner panels, bringing the unit back to running j condition in record time.

• Export supply of cassette baffles for coil systems

for the BIFPCL Maitree Power Project, Bangladesh I

ensuring compliance with project specifications and international standards. \

• Successfully executed the export of HP Mill spare parts for the Karabiga CENAL Turkey and Hassyan Energy projects, - UAE and Jawa Power, Indonesia (Paiton Power Plant).

steam turbine

• Successfully completed the first-of-its-kind engineering, manufacturing, and supply of a 250 MW IP inner casing, along with the refurbishment of the IP turbine, for Adani Power Limited, Dahanu, for a 250 MW BHEL-made turbine.

• Successfully completed supplies ahead of schedule— nine months for 144 steam turbine spares for CPP Stage 1 & 2 at Mangalore Refinery and two months for valve spares for TAQA Neyveli (250 MW).

• Successfully completed a major turbine-generator outage for a 600 MW DEC-made unit at JSW Mahanadi Power Limited, including stator bar replacement work

that emerged during the outage, saving significant generation loss.

• Successfully completed the capital overhauling of:

- 600/660 MW Chinese-made turbines and generators for customers Adani Power, IL&FS Tamil Nadu Power, and Vedanta.

- 2x600 MW and 2x250 MW BHEL-made turbines and generators at JPL, Tamnar.

- Turbines, generators, and generator auxiliaries of Unit #1, 660 MW, at NTPC Nabinagar.

• Successfully supplied the LP turbine last stage diaphragm for Adani Power Limited, Mundra, for a 330 MW Beijing BEIZHONG steam turbine.

generator

• Successfully completed the replacement of J-straps for RattanIndia Powers 270 MW unit and Adani Raigarhs 600 MW BHEL-made unit.

• Successfully completed fault identification, rectification (top bar replacement), COH, RLA, and the replacement of the refurbished generator rotor and stator in Unit No. 3 generator (Ercole Marelli-made, 210 MW) at NLC TS-II, Neyveli.

• Successfully completed stator bar replacement work and the first-ever CC bolt replacement on a 600 MW HEC generator at Adani Power Limited, finishing 25 days ahead of schedule and delivering significant value to the customer.

• Successfully completed the fast stator rewind of the Unit No. 4 generator (250 MW, BHEL-made) at JPL Tamnar and JPVL Bina, along with the complete rotor rewind of Unit No. 4 generator.

• Successfully upgraded the Unit No. 2 governing protection system at NTPC Rihand.

• Successfully completed major turbine-generator outages of 270 MW BHEL-made Units 4 and 5 at RattanIndia Power Limited, Amravati, covering a complex scope including casing repair, seal fins replacement, rotor balancing, and J-strap replacement.

• Successfully executed a generator stator partial rewind along with COH for RRVUNL, Kalisindh TPS, for a 600 MW DEC-made unit.

electrostatic precipitator

• Received ESP refurbishment orders from PSPCL for a more-than-a-decade-old (oOEM) Ropar Unit 4, a 210 MW BHEL unit.

• Secured an order for ESP (BHEL-made) upgrading from Gujarat Narmada Fertilizers Corporation for an industrial boiler, which is currently under execution.

• Successfully executed ESP refurbishment work at PSPCL Lehra Mohabbat Unit #3, a 250 MW BHEL-made unit.

• Established the ESP Controller EPCORE IV in the market by securing orders from customers like Adani and Jindal Power.

Durgapur Factory:

Cryogenic and Pressure Vessels:

• Successfully supplied DCAC and EVC vessels, including cryogenic and pressure vessels, to SAIL Steel Plant in Durgapur (first order in the cryogenic segment) a purchase order from Air Water India.

• Executed the supply of tuyere cooler holders and stove shells under orders from Danieli Corus, along with the fabrication and supply of hoppers and silos for Adani Petrochemical.

automation and control

The Automation and Control facility in Noida, Uttar Pradesh, of the Company is focused on delivering leading automation and control solutions and technology, partnering with customers. It is known to be one of the leading execution centers for project execution globally in the field of automation and industrial solutions.

The Automation and Control facility in Noida, Uttar Pradesh of the Company continues to solidify its position as a center of excellence, delivering end-to-end lifecycle solutions—from critical spares and expert services to complete Upgrade (renovation and modernization) for both legacy and modern control systems across India and worldwide.

The Companys Automation and Control team is highly skilled in executing projects for distributed control systems, turbine controls, generator excitation, generator health and monitoring, and others, with various product lines, e.g., ALSPA, Mark VIe, Ex2100e, GHM, etc.

Following milestones were achieved in FY 2025-26:

• Commissioned the Generator Health Monitoring (GHM) system at JPL Tamnar (2x250 MW); this will help the customer identify issues at an early stage in this oOEM generator.

• Successfully upgraded the oldest GE excitation system (installed in 1969) at NPCIL (Tarapur).

• Upgraded the ALSPA HMI at NTPC Rihand, strengthening cybersecurity and lifecycle.

• Delivered the Wanakbori Turbine Control System (Mark VIe) for GSECL (one unit), which included localized panel assembly along with various other components.

• Spares and services were delivered to various customers, e.g, Adani Godda, NTPC Telangana, JSW Ind-Bharat, GSECL Utran, NTPC Mouda, and Hulu, etc.

Key Milestones Achieved - Exports:

• Upgraded ALSPA controllers at Sembcorp, Singapore, from their initial installation in 2012 to help enhance the systems lifecycle.

• Performed a Smart Retrofit Solution (ALSPA to MarkVle) for Alure (Argentina) and Rades (Tunisia, commissioning in progress) a Lean solution retaining I/O modules with minimum downtime.

• Services delivered to Zubair (Iraq), Ras Laffan (Qatar), Hulu (Malaysia), Sengkang (Indonesia), EGA (Dubai), Sembcorp (Singapore) and Sousse (Tunisia).

New Build:

• A final settlement agreement was reached with BHEL, marking the closure of the Boiler portfolio contract and resulting in a significant release of cash and bank guarantees by the customer.

• Performance guarantee (PG) tests were successfully completed for NTPC North Karanpura Unit 3 (660 MW) and NTPC Gadarwara Unit 1 (800 MW).

• Unit synchronization was achieved for the TANGEDCO Udangudi project (660 MW).

• Completion of facilities was achieved for NTPC Patratu Unit 1 (800 MW), NTPC North Karanpura Unit 3 (660 MW), and TANGEDCO North Chennai (660 MW).

• Operational acceptance certificates were received for seven FGD units: two each at NTPC Meja, NTPC Telangana, and NTPC Jhajjar, and one unit at NTPC Tanda.

• A "Completion of Facilities" milestone was achieved for two units of NTPC Simhadri and one unit each of NTPC Unchahar and NTPC Jhajjar.

way forward

Amid evolving energy demand patterns and increasing renewable integration, GE Power India remains well-positioned to leverage its capabilities across the broader power ecosystem. The Company continues to focus on expanding service solutions that enhance efficiency, deploying emission control technologies, and supporting the modernization of existing power infrastructure.

Its key business priorities include strengthening the core services and upgrades portfolio; deepening engagement across the installed base; and selectively pursuing opportunities in emission control and allied solutions. It also remains focused on expanding its international presence through targeted parts exports and delivering specialized equipment for industrial applications.

Through continued investment in technology, stronger service capabilities, and support for grid modernization, the Company seeks to enhance its role in meeting the evolving needs of the power sector. Its approach remains aligned with improving operational efficiency, enabling cleaner processes, and supporting the demand for reliable and sustainable power generation.

environment, health, and safety (ehs)

For the Company, the safety, health, and well-being of employees, contractors, and customers are of prime importance. The Company is governed by its EHS directives and instructions to protect itself and its stakeholders. EHS processes are managed in accordance with the highest standards and are evaluated periodically.

The EHS Management System of the Company is robust and certified to both ISO 14001 and ISO 45001.

Leadership in the Company owns and is accountable for EHS performance, with senior leaders setting the direction for strong safety outcomes. Managers establish safety objectives, monitor performance, and ensure teams are provided with the necessary resources and support.

The Company follows a "Zero Tolerance to Life-Saving Rule Deviation Policy" and promotes the "I Own Safety" empowerment approach. Every stakeholder follows the Life Saving Rules, which emphasize starting work safely, identifying triggering circumstances, and reinforcing the use of Stop Work protocols whenever required. Everyone is empowered to stop unsafe work and report deviations whenever safety is at risk.

The Company has established standards to validate compliance with the Life Saving Rules to ensure the effectiveness of critical risk controls across operations.

When witnessing safe behaviour, it is appreciated, while at-risk behaviors are addressed through the Just & Fair approach, which may involve coaching, warnings, suspension, or termination. Contractor supervisors are also empowered to participate in the Just & Fair and Behaviour Based Safety approach.

We have achieved 100% Life Saving Rule rollout, validation, and effectiveness, as well as full implementation of the Just & Fair Approach, Leadership Walks, and Stop Work processes across our business to ensure zero Category A (Fatal) and B (Severe) accidents. We conduct comprehensive investigations and share lessons learned to mitigate recurrence. All locations maintain healthcare facilities and emergency arrangements, and employees at all levels receive training to build a strong culture of safety and well-being.

This year, the Company has successfully replaced old asbestos sheets with galvanized sheets for the panel, header, and the element manufacturing shop at the Durgapur factory. This initiative has significantly improved natural lighting in the shops and the working environment for our team.

operational excellence

The Company embraces operational excellence and is deeply rooted in the GE Vernova Way — the foundation of how it

works. We drive innovation. We serve our customers with pride, focusing on mutual success and long-term impact. We challenge ourselves to be better every day; Lean is not just a methodology — it is how we work. We break boundaries and silos to win as one team, harnessing the collective strength of every individual across our organization. And we are accountable — individually and collectively — to deliver on our purpose and commitments to our people, customers, shareholders, and the planet. These five principles are not words on a wall; they are the behavioral DNA of the Company, and they inspire everything we pursue under Operational Excellence.

Aligned with our Go-Forward Imperatives, our vision is clear and unwavering: "We deliver customer value through defect- free products, solutions, and services with proactive quality and operational excellence — making the Company the strategic partner of choice." A cornerstone of this vision is our commitment to the Zero-Defect Framework — a structured roadmap comprising five phases and twelve elements across our entire value stream, designed to drive best-inclass customer satisfaction. Going beyond the baseline of existing quality standards such as ISO 9001 and built-in quality, the Zero-Defect Framework reflects our proactive and aspirational approach to quality — one that minimizes risk, drives innovation, and strengthens our market position. Every employee at the Company is expected to be familiar with and apply the Zero-Defect Framework in their respective roles — because quality is everyones responsibility and our right to win.

Complementing our quality commitment, the Company has built a powerful operating mechanism — a structured engine of continuous improvement that ensures every effort, every team, and every initiative moves in the same direction, generating the thrust needed to accelerate our transformation. It consists of Operating Reviews — which give a holistic reflection on business performance that evaluates meaningful trends and ensures we stay on course toward our annual targets. Daily management provides us with process discipline and drives improvements with a sharp focus on our "true north" metrics. When challenges arise, structured problem solving ensures we eliminate the problem at its root and improve through the Lean Roadmap — a cohesive, sequenced, one-year plan that aligns resources, budgets, and timing across our value stream toward our future state vision. It is the Lean Roadmap that plans and sequences all of our Kaizen events — where empowered, cross-functional teams gather to drive change for the better, turning strategy into real, sustainable action.

We are proud and inspired to rise in our maturity in embracing operational excellence. In the past year, 80% of senior leadership has been actively and personally participating in continuous improvement activities — proving that our transformation dream is not delegated, it is led. Our Kaizen intensity has accelerated by approximately 137%, a

powerful testament to the growing energy, engagement, and ownership of continuous improvement across every level of our organization.

These achievements inspire us deeply — not because they mark a destination, but because they signal the momentum of a transformation that is just beginning. At the Company, we will continue to challenge ourselves, empower our people, and relentlessly pursue excellence — because quality and continuous improvement are not just our commitment; they are our right to win.

directors

As at 31 March 2026, the Board of Directors of the Company comprises of Six (6) members, including one (1) Chairman Non-Executive Non-Independent Director, two (2) Executive Directors and three (3) Non-Executive Independent Directors, including one (1) Woman Independent Director. The details of the Board and Committees composition, Directors tenure, and other information are available in the Corporate Governance Report, which forms part of this Annual Report.

During the FY 2025-26 and up to the date of this report, following changes took place in the position of Directorship of the Company:

Appointment / Cessation / Re-appointment of Directors:

• Mr. Neeraj Kumar Nanda (DIN: 07634636) was appointed as an Additional Director in the category of Independent, by the Board, based on the recommendation of the Nomination and Remuneration Committee, at its meeting held on 13 May 2025, for a first term of five (5) consecutive years, with effect from 16 May 2025 to 15 May 2030 (both days inclusive), not liable to retire by rotation, who was eligible to hold office as an Additional Director up to the conclusion of the 33^rd AGM. Thereafter, the Members of the Company approved his appointment as Independent Director for a term of five (5) consecutive years commencing from 16 May 2025, not liable to retire by rotation.

• Mr. Craig Martin Richards (DIN: 11141735) was appointed as an Additional Director by the Board, based on the recommendation of the Nomination and Remuneration Committee, at its meeting held on 29 May 2025, with effect from 14 August 2025, who was eligible to hold office as an Additional Director up to the conclusion of the 33^rd AGM. Further, pursuant to the provisions of Article 174 of the Articles of Association of the Company, the Board appointed Mr. Richards as Chairman of the Board of Directors of the Company with effect from 15 August 2025. Thereafter, the Members of the Company approved his appointment as Non-Executive Director of the Company at the 33^rd AGM held on 14 August 2025.

• Mr. Mahesh Shrikrishna Palashikar (DIN: 02275903), who was liable to retire by rotation at the 33^rd AGM, vide his letter dated 29 May 2025, requested that he be relieved from the office of Chairman of the Board and Non-Executive Director of the Company, with effect from the conclusion of the 33^rd AGM held on 14 August

2025, in view of his other professional commitments. The Board places on record its sincere appreciation and gratitude for his valuable contributions during his tenure.

• Mr. Aashish Ghai (DIN: 07276636), vide his letter dated 13 March 2026, resigned from the position of Whole-Time Director and Chief Financial Officer of the Company with effect from the close of business hours on 13 May 2026. The Board places on record its sincere appreciation and gratitude for his valuable contributions during his tenure.

• Considering the performance evaluation results, the skills and capabilities required of an Independent Director, and other relevant factors, the Nomination and Remuneration Committee, at its meeting held on 11 May

2026, recommended to the Board, the re-appointment of Ms. Shukla Wassan (DIN: 02770898) as an Independent Director of the Company, not liable to retire by rotation, for a second term of five (5) consecutive years, from 29 November 2026 to 28 November 2031 (both days inclusive), subject to approval of the Members by way of a special resolution.

Re-appointment of Director(s) retiring by rotation

• In accordance with the provisions of Section 152 of the Act, read with rules made thereunder, and the Articles of Association of your Company, Mr. Craig Martin Richards (DIN: 11141735), Chairman and Non-Executive Non-Independent Director of the Company is liable to retire by rotation at the ensuing 34^th AGM and being eligible, offers himself for re-appointment. The Board recommends the re-appointment of Mr. Craig Martin Richards (DIN: 11141735) as Director for your approval being sought at the ensuing AGM.

The particulars of the Directors seeking appointment / reappointment, as required under Regulation 36(3) of the Listing Regulations and Secretarial Standard on General Meetings ("SS-2") issued by the Institute of Company Secretaries of India, are provided in Statement pursuant to section 102 of the Companies Act, 2013 ("Act") forming part of the AGM Notice.

Declaration from Independent Directors

All the Independent Directors have declared that they meet the criteria of independence as laid down under the Act, the Listing Regulations, and any other applicable law, along with a declaration of compliance with Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014, as amended from time to time. The Independent Directors have

complied with the Code for Independent Directors prescribed in Schedule IV to the Act and are not liable to retire by rotation.

The remuneration paid or payable to the Executive Directors and Non-Executive Independent Directors is detailed in Clause IV - Remuneration of Directors of the Corporate Governance Report forming part of this Annual Report. Further, the Company has in place a Code of Conduct for Board Members and Senior Management. The Company has received disclosures from the Directors and Senior Management Personnel regarding compliance with the aforesaid Code during FY 2025-26.

key managerial personnel

As at 31 March 2026, following were the Key Managerial Personnel ("KMPs") of your Company as per Sections 2(51) and 203 of the Act:

• Mr. Puneet Bhatla, Managing Director

• Mr. Aashish Ghai, Whole-Time Director & Chief Financial Officer¹

• Ms. Kamna Tiwari, Company Secretary & Compliance Officer²

2She has resigned with effect from the closure of the business hours of 02 April 2026.

registered office

The Registered Office of the Company is situated at Regus Magnum Business Centers, 11^th floor, Platina, Block G, Plot C-59, BKC, Bandra (E), Mumbai - 400051, Maharashtra. There was no change in the address of Registered office during the FY 2025-26.

meetings of board and its committees

The Board met Eleven (11) times during the year. The intervening gap between two consecutive meetings did not exceed 120 days, as prescribed under the Act and the Listing Regulations. The Board and its Committees meet at regular intervals to review the Companys business policies, strategic priorities, financial performance, and other matters of significance. To facilitate effective participation and meaningful deliberations, the meetings are scheduled in advance through a tentative quarterly and half-yearly calendar, which is finalized by the Directors at the beginning of the year.

To further strengthen the Corporate Governance practices in your Company and to maintain the corporate culture of conscience and consciousness towards shareholders and other stakeholders, your Company has non-mandatory committees in place which focus on strategy, innovation, sustainability,

inclusion etc. to help concentration on key areas thereby enhancing the Board processes.

board evaluation

Pursuant to the provisions of the Act and the Listing Regulations, the Non-Executive, Non-Independent Director and the Executive Directors of the Company were evaluated by the Independent Directors of the Company in a separate meeting of Independent Directors held on 11 May 2026. The formal annual evaluation of the Independent Directors, Board as a whole, Chairman, Committees namely Audit Committee, Stakeholders Relationship Committee, Risk Management Committee, Nomination and Remuneration Committee, Strategy & Innovation Committee, Inclusion & Diversity Committee and Sustainability Committee and all the individual Directors were undertaken in the Board meeting. More details on the same including the evaluation mechanism are provided in the Corporate Governance Report which forms part of this Annual Report.

auditors and audit report

Statutory Auditors

Pursuant to the provisions of Section 139 of the Act read with the Companies (Audit and Auditors) Rules, 2014, as amended, the Members of the Company at the 29^th AGM approved the appointment of M/s Deloitte Haskins & Sells, Chartered Accountants (Firm Registration No.: 015125N), as the Statutory Auditors of the Company, for a term of five (5) consecutive years to hold office until the conclusion of the ensuing 34^th AGM.

In accordance with Section 141 of the Act, M/s Deloitte Haskins & Sells have provided their written consent and confirmed they are not disqualified from serving as Statutory Auditors. Upon the Audit Committees recommendation, the Board of Directors, in its meeting on 11 May 2026, proposed the re-appointment of M/s Deloitte Haskins & Sells for a second term of five (5) consecutive years commencing from the conclusion of the ensuing 34^th AGM until the conclusion of the 39^th AGM to be held in the year 2031, subject to the approval of the Members of the Company being sought at the ensuing 34^th AGM.

Brief profile of M/s Deloitte Haskins & Sells, Chartered Accountants, inter-alia highlighting their competence and experience, is given in the Notice of ensuing 34^th AGM.

The Statutory Auditors have issued unmodified opinions on both the Standalone and Consolidated Financial Statements. Their reports do not contain any qualifications, reservations, adverse remarks, or disclaimers. The notes to the financial statements, as referred to in the Auditors Report, are self-explanatory.

Cost Auditors

Pursuant to Section 148 of the Act, your Directors, on the recommendation of the Audit Committee, has appointed M/s Yogesh Gupta & Associates, Cost Accountants as Cost Auditors of your Company for the FY 2026-27 to carry out the cost audit for the applicable business at a remuneration of H3,00,000/- (Rupees Three Lakh only), plus applicable taxes and reimbursement of out of pocket expenses. A certificate from M/s Yogesh Gupta & Associates, Cost Accountants, has been received, confirming that their appointment as Cost Auditors of the Company would be in accordance with the limits specified under Section 141 of the Act.

Brief profile of M/s Yogesh Gupta & Associates, Cost Accountants, inter-alia highlighting their competence and experience, is given in the Notice of ensuing 34^th AGM.

As required under the Act, the remuneration payable to the Cost Auditor is required to be placed before the Members of the Company in the general meeting for ratification. Accordingly, the Board of Directors of your Company recommends Members to ratify the remuneration payable to M/s Yogesh Gupta & Associates, Cost Accountants, for the FY 2026-27, being sought at the ensuing 34^th AGM.

The Cost records specified by the Central Government, in compliance with sub-section (1) of section 148 of the Act, are being duly maintained by the Company.

Secretarial Audit

Pursuant to the provisions of Section 204 of the Act, read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and Regulation 24A of the Listing Regulations, M/s VKC & Associates, Practicing Company Secretaries (UIN: P2018DE077000), a peer reviewed firm, was appointed as the Secretarial Auditor of the Company for a term of five (5) consecutive years, commencing from 33^rd AGM till the conclusion of 38^th AGM to be held in the year 2030.

The Secretarial Audit Report for the financial year ended 31 March 2026, issued by the Secretarial Auditor in Form MR-3, is annexed herewith as Annexure A to this Report.

Further, in terms of Regulation 24A of the Listing Regulations, the Annual Secretarial Compliance Report for the financial year ended 31 March 2026 has been duly obtained from M/s VKC & Associates. This report will be filed with the Stock Exchanges within the prescribed timelines.

There are no qualifications, reservations, observations or adverse remarks made by the Secretarial Auditors in their report for FY 2025-26.

Reporting fraud by Auditors

During FY 2025-26, no fraud by any officer or employee of your Company was reported to the Audit Committee by the Statutory Auditors or the Secretarial Auditor, in compliance with Section 143(12) of the Act.

directors responsibility statement

Pursuant to the requirement under Section 134(3)(c) of the Act, it is hereby confirmed that:

i. in the preparation of the annual financial statements for the year ended 31 March 2026, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

ii. such accounting policies have been selected and applied consistently and made such judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at the end of the financial year 31 March 2026 and of the profit of the Company for that period;

iii. proper and sufficient care have been taken for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

iv. the annual financial statements have been prepared on a going concern basis;

v. financial control been laid down and followed by the Company and that such internal financial controls are adequate and are operating effectively; and

vi. proper systems have been devised to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

subsidiaries / joint ventures

As on 31 March 2026, your Company has one (1) subsidiary, namely GE Power Boilers Services Limited ("GEPBSL"), a wholly owned subsidiary of the Company and one (1) Joint Venture, namely, NTPC GE Power Services Private Limited ("NGSL").

GE Power Boilers Services Limited ("GEPBSL")

GEPBSL is a non-material, non-listed Indian subsidiary, based on the financial statements as on 31 March 2026. It was initially engaged in the services related to boilers. During FY 2025-26, GEPBSL had income from operations of H1.6 million (Previous Year: HNil) along with Profit after tax of H0.82 million (Previous Year: Loss after tax of H0.01 million).

As at 31 March 2026, GEPBSL has accumulated losses of H3.1 million. In previous year, the Company had received an order from CESC Limited amounting to H1.6 million, the service related to this order has been delivered in current financial year with the support of its immediate holding company GEPIL, consequently the Company has generated revenue to meet out its recurring expenses. Financial statements of the Company have been prepared on a basis other than going concern.

NTPC GE Power Services Private Limited ("NGSL")

The Company holds 3,000,000 equity shares of H10 each in NGSL. The Company is having 50% voting rights and right to net assets in NGSL thereby giving joint control over NGSL. Investment in Joint venture is accounted for using the equity method of accounting, after initially being recognized at cost. During the FY 2025-26, NGSL had a total profit after tax of H323.4 million out of which H161.7 million has been recognised as a part of your companys financials.

Key updates during FY 2025-26:

1. Achieved Revenue H7,663 million and Profit Before Tax H433.7 million, all time high in NGSLs history.

2. Order Book H21,828 million and Order inflow H6,182 million.

3. Credit rating from ICRA released, Long Term A+ and Short Term A1.

4. Received new orders for BESS from NTPC Limited and for SVG from NTPC Renewal energy Limited.

In compliance with the first proviso to sub-section 3 of section 129 of the Act, a statement containing the salient features of the financial statements of the Companys Subsidiaries / Joint Ventures and their contribution to the overall performance of the Company in Form AOC-1 is annexed herewith as Annexure B to this Report.

consolidated financial statements

In compliance with provisions of Section 129 of the Act and Listing Regulations, as amended, your Company has prepared Consolidated Financial Statements in accordance with the requirements of Ind-AS Rules. The Audited Consolidated

Financial Statements along with the Auditors Report thereon forms part of this Annual Report.

promoter shareholding and website

The immediate holding company is GE Steam Power International BV, which holds 46,102,083 equity shares, representing 68.58% of the Companys paid-up capital as of 31 March 2026. There has been no change in this holding up to the date of this report. With effect from 02 April 2024, the ultimate holding company of GE Power India Limited changed from General Electric Company to GE Vernova Inc., and the same was intimated to the stock exchanges on 03 April 2024.

Further, on 25 July 2024, the Board of Directors of the Company received and noted a communication dated 25 July 2024 from its immediate holding company, GE Steam Power International B.V. (the Promoter of the Company), with the subject line "Ending Plan to Exit from GE Power India Limited and De- Promoterise". By way of the said communication, GE Steam Power International B.V. informed the Company that it had decided to withdraw its plan to exit from GE Power India Limited ("GEPIL") and de-promoterise the Company and confirmed that it would continue to remain the Promoter of the Company. The same was intimated to the stock exchanges on 25 July 2024.

Change of symbol/ticker of the Company

The Companys symbol / ticker changed on both the stock exchanges from GEPIL to "GVPIL" with effect from 28 August 2025 and the same was intimated to stock exchanges on 26 August 2025.

significant transactions / initiatives

The Key Highlights of the Significant Transactions / Initiatives undertaken during the year and till the date of this Report are as follows:

• During the year, the Board of Directors of the Company, based on the recommendations of the Audit Committee and the Committee of Independent Directors, at its meeting held on 18 September 2025, approved a Scheme of Arrangement amongst the Company and JSW Energy

Limited ("JSW") and their respective shareholders under Sections 230 to 232 of the Companies Act, 2013 and other applicable laws ("Scheme") for the demerger and transfer of the Companys Durgapur facility, comprising the business of manufacture and supply of power boiler components, pressure vessels, piping and coal mills for thermal power plants (the "Demerged Undertaking"), as a going concern and on an "as is where is" basis from Company to JSW.

Under the Scheme, the Demerged Undertaking will be transferred to and vested in JSW, and in consideration thereof, JSW will issue and allot its equity shares to the shareholders of the Company in the share entitlement ratio of 10 (Ten) fully paid-up equity shares of H10/- (Rupees Ten Only) each of JSW for every 139 (One Hundred Thirty Nine) fully paid-up equity shares of H10/- (Rupees Ten Only) each held in the Company, subject to adjustments as provided in the Scheme. The share entitlement ratio was determined based on the valuation report and fairness opinion obtained in this regard.

Your Company, in accordance with the approval of the Board of Directors in the same meeting, has also entered into the Demerger Co-operation Agreement ("DCA") and other ancillary agreements with JSW. Under the DCA, they have agreed that, in the event the proposed demerger of the Demerged Undertaking is not feasible under certain specified circumstances, then the transfer of the Demerged Undertaking from the Company to JSW Energy Limited shall take place, by way of slump sale as a going concern and on an "as is where is" basis.

Further, the Company has received the observation letter with "No Adverse Observations" from BSE Limited and the "No Objection" letter from the National Stock Exchange of India Limited in relation to the Scheme dated 01 April 2026. The relevant disclosures in this regard are available on the Companys website and on the stock exchanges. Implementation of the Scheme remains subject to approval of the shareholders, creditors, the Honble National Company Law Tribunal, Mumbai bench and other requisite regulatory and statutory authorities, as may be required.

• The Board of your Company has also approved the execution of a Leave and License Agreement and a Contract Manufacturing Agreement with Quality Profiles Private Limited ("QPPL"). As a strategic move, this arrangement is to establishes a dedicated facility to support the Companys repairs business, with QPPL collaborating on factory setup and operations. The relevant disclosures in this regard are available on the Companys website and on the stock exchanges.

vigil mechanism

Your Company is dedicated to upholding the highest standards of corporate governance, guided by the principles of transparency, accountability, fairness, and integrity, with the goal of creating long-term, sustainable value for its stakeholders. To support this commitment, the Company has established a Vigil Mechanism (Ombuds and Open Reporting Procedure) that provides all stakeholders with a channel to report actual or potential concerns related to integrity policy breaches or legal violations. The Company provides adequate safeguards to the concern raiser. If a concern raiser faces any retaliation because of reporting a concern or supporting an investigation, or in inappropriate or exceptional circumstances the aforesaid Procedure provides adequate provision to report the incident to the Chairman of the Audit Committee. In addition, your Company has adopted an internal Code of Conduct which is followed by anyone who works for or represents GE Vernova, which includes your Company.

Employees have the power to influence GE Vernovas reputation worldwide by how they embrace the ethics & integrity. The code of

conduct and associated policies empowers employees to uphold the long-standing tradition of working with unyielding integrity with everyone, everywhere, everyday, when work is being conducted and / or where the Company is being represented.

GE Vernova promotes an open environment for all to raise concerns and act as the voice of integrity through Open Reporting. We encourage the use of our various reporting channels to raise integrity concerns without fear of retaliation to uphold the policies and ethical standards. During the year, 19 Code of Conduct policy concerns were raised and closed, and out of this ~ 39% of the complaints were confirmed.

fixed deposit

The Company has not accepted any deposits and as such no amount of principal or interest was outstanding as at the end of FY 2025-26.

credit rating

The details of credit ratings are disclosed in the Corporate Governance Report, which forms part of this Integrated Annual Report. Summary of the latest and highest credit rating obtained by the Company during FY 2025-26 is provided below:

management discussion and analysis

The Management Discussion and Analysis is presented in a separate section, which forms part of this Annual Report.

corporate governance report

The Corporate Governance Report is presented in a separate section, which forms part of this Annual Report.

particulars of loans, guarantees or investments

The particulars of investments and loans are mentioned in Notes no. 7 & 16, respectively, of the Notes to the standalone financial statements forming part of the Annual Report. Your Company has not provided any guarantee during FY 2025-26 under section 186 of the Act.

On 29 March 2025, the Members of your Company vide Postal Ballot granted approval for enhancement of overall limits for inter-corporate Loans/guarantees/security/investment up to a maximum of H4,500 million only (Rupees Four Thousand and Five Hundred million only) at any given point of time, subject to specific approval of a transaction by the Board, notwithstanding the aggregate of loans and investments so far made and/or guarantees or security so far provided by the Company to any person or body corporate, over and above the limits prescribed under Section 186 of the Act i.e. 60% of the paid-up share capital, free reserves and securities premium account of the Company or 100% of free reserves and securities premium account of the Company, whichever is more.

related party transactions

During FY 2025-26, pursuant to Regulation 23 of Listing Regulations, Members approval for material related party transactions ("MRPTs") and any material modifications thereto, if applicable, was obtained through postal ballot passed on 04 May 2025 and at the 33^rd AGM of the Company held on 14 August 2025, which were in the ordinary course of business and on an arms length basis. Omnibus approval for related party transactions, at arms length and in the ordinary course of business, which were foreseen and repetitive in nature, was obtained from the Audit Committee.

Accordingly, the disclosure of related party transactions, as required under Section 134(3)(h) of the Act, in Form AOC-2, is not applicable for FY 2025-26 and hence does not form part of this Report. The disclosures pertaining to transactions with Related Parties in compliance with applicable accounting standards have been provided in Note no. 36 of the Notes to Standalone Financial Statements.

energy conservation, technology absorption and foreign exchange earnings and outgo

The information on conservation of energy, technology absorption and foreign exchange earnings & outgo as stipulated under Section 134(3)(m) of the Act is annexed as Annexure C to this Report.

development and implementation of a risk management policy

The Board of Directors of your Company has laid down a Risk Management Policy for the Company. Further, the Company has Risk Management Committee ("RMC") in place. The Committee assists the Board in fulfilling its risk management oversight responsibilities regarding identification, evaluation and mitigation of critical risks - strategic as well as operational. The Company has an enterprise risk management (ERM) framework in place. This helps in identifying elements of risks inherent to the business linked to various activities such as tendering, contract execution, operational and financial management, environment, health and safety, reputation and image, currency fluctuation, compliance etc. These risks are assessed with respect to factors - external as well as internal to your Company that can impact its business operations and growth aspirations. There is a structured process to identify enterprise level critical risks and to develop their respective mitigation action plans. Status of these risks and mitigation action plans are periodically reviewed by the RMC.

The framework of Internal Financials Controls IFC and the system of Internal Audit complement the Policy by scientifically identifying, scoping and mapping risks to significant businesses, profit centers and functional areas. Risk matrices that map controls against risks in each area, are evaluated periodically. There exists an objective rating criterion for observations and time bound mitigations that are monitored. Every unit and function is required to deploy the control measures and ensure timely reporting. In the opinion of the Board, none of the above-mentioned risks threaten the existence of your Company.

reporting under the sexual harassment of women at workplace (prevention, prohibition and redressal) act, 2013

In accordance with the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the associated rules, the Company has implemented a comprehensive policy to address sexual harassment in the workplace. The Company has duly constituted an Internal Committee as mandated under the said Act. During the financial year 2025-26, the Company organized remote and in- person awareness programs across its various locations to educate employees on this subject.

During FY 2025-26, no complaints were filed or disposed of, and accordingly, there were no complaints pending as at the end of the financial year.

code on social security, 2020 withregard to maternity benefit

The Company is in compliance with the provisions of Maternity Benefit as prescribed under Maternity Benefit Act, 1961 / Code on Social Security, 2020.

internal financial controls with reference to the financial statements

The Board of Directors of your Company is satisfied with the internal financial control process with reference to the financial statements. Internal control environment of the Company is reliable with well documented framework to mitigate risks. A detailed analysis is provided in the Management Discussion and Analysis, forming part of this Annual Report.

annual return

particulars of employees

In compliance with the provisions of Section 197 of the Act read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the particulars of the employees are set out in Annexure D to this Report. However, as per the provisions of Section 136 of the Act, the Annual Report is being sent to all the members of the Company excluding the information to be provided under Rule 5 (2) & (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. The said information is available for inspection by the members at the registered office of the Company up to the date of the ensuing Annual General Meeting. Any member interested in obtaining such particulars may write at in.investor-relations@gevernova.com

significant and material orders passed by the regulators or courts

There were no significant and material orders passed against your Company by the regulators or courts or tribunals during

FY 2025-26 impacting the going concern status and your Companys operations in future.

material changes and commitments, if any or any other material event having an impact on the affairs of the company.

There were no material changes and commitments affecting the financial position of the Company which occurred between the end of FY 2025-26 and on the date of the report, other than already disclosed above.

general disclosures

i. During FY 2025-26, no case against the Company under the Insolvency and Bankruptcy Code, 2016 ("Code") was initiated and is subsisting as on 31 March 2026.

ii. There was no instance of onetime settlement with any Bank or Financial Institution.

iii. There has been no change in the nature of business of the Company.

iv. During the year the Company did not issue any equity shares with differential rights as to dividend, voting or otherwise.

v. The Secretarial Standard on Meetings of the Board of Directors ("SS-1") and the Secretarial Standard on General Meetings ("SS-2") issued by the Institute of Company Secretaries of India have been duly complied.

corporate social responsibility (csr)

Corporate Social Responsibility and inclusiveness are part of the Companys sustainability strategy. Inclusion, efficient resource management, and engaging our internal and external stakeholders in the process of sustainability are part of the overall agenda. Through employee volunteering, sustainability goals, and CSR efforts, the Company has endeavored to prioritize its commitment to sustainable and inclusive development.

During FY 2025-26, the Company did not have a statutory CSR budget under the Act. However, the Company voluntarily spent ?800,000 towards an education program in GE model tribal villages, promoting education and rural development during FY 2025-26. The Annual Report on CSR activities is marked as Annexure E, to this Report.

initiatives undertaken by the company in FY 2025-26

Basic education for underprivileged children in the tribal villages of Durgapur

The Company, in partnership with Swami Vivekananda Vani Prachar Samity (SVVPS), provides basic education in the tribal villages of Durgapur, Paschim Bardhaman, West Bengal (Moldanga, Fuljhor, and Kathaldanga), more than 170 children. This project included running three education centers at Moldanga, Fuljhor, and Kathaldanga, which facilitated the engagement of eight teachers and supported the provision of educational materials and learning support for the students. The project benefited three tribal villages and involved a total expenditure of H800,000.00. The project was completed during FY 2025-26.

investor education & protection fund (iepf)

Pursuant to Section 124(5) of the Act read with the IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 ("Rules"), all unpaid or unclaimed dividends are required to be transferred by the Company to the IEPF established by the Central Government after seven years. In accordance with the aforesaid provisions, H819,819.22/- (Rupees Eight Lakh Nineteen Thousand Eight Hundred Nineteen and Paise Twenty-Two Only) was transferred to the IEPF Authority in respect of unclaimed dividends for FY 2017-18.

Pursuant to Section 124(6) of the Act, such shares in respect of which dividend has remained unpaid or unclaimed for seven consecutive years shall be transferred to the demat account maintained by the IEPF Authority. In accordance with the aforesaid provisions, 54,354 (Fifty-Four Thousand Three Hundred Fifty-Four) equity shares of the Company in respect of which dividend has remained unpaid or unclaimed for seven consecutive years from FY 2017-18 were transferred to the demat account maintained by the IEPF Authority.

No dividend was declared or paid by the Company for FY 2024-25; hence, no amount was due to be credited in

compliance with Section 124(6) of the Act to the IEPF Authority during FY 2025-26.

Your Board has recommended a dividend of 70%, i.e., H7/- (Rupees Seven Only) per equity share having a face value of H10/- (Rupees Ten Only) per equity share, subject to the approval of the Members of the Company at the ensuing Annual General Meeting. Details of the year-wise amount of unpaid/unclaimed dividend lying in the unpaid account, which are liable to be transferred to the IEPF Authority, and the due dates for such transfer are provided in the notes to the notice of the ensuing 34^th AGM.

As on 31 March 2026, 27,166 (Twenty-Seven Thousand One Hundred Sixty-Six) equity shares are eligible to be transferred to the IEPF Authority after 22 August 2026. Accordingly, in compliance of the applicable provisions of the Act and rules made thereunder, the Company will send a letter to such shareholders in order to claim dividends which have remained unpaid/unclaimed for the last seven consecutive years, i.e., since FY 2018-19, on or before 22 August 2026, as per the applicable provisions of the Act and rules formed thereunder. Thereafter, the dividend for the year mentioned above shall be transferred to the IEPF, and the corresponding eligible shares shall also be transferred to the demat account maintained by the IEPF Authority.

business responsibility and sustainability report

A separate section on Business Responsibility and Sustainability Report is annexed as Annexure-F forms part of this Report.

acknowledgements

The Board of Directors take this opportunity to thank all its Members, valued customers, banks, Government and statutory authorities, investors and stock exchanges for their continued support to the Company. Your Directors wish to place on record their deep sense of appreciation for the services committed by employees. Your Directors acknowledge with gratitude the encouragement and support extended by the valued Members and the Promoter of the Company.