Voluntary CSR Spending Increases by 33% During FY 2025–26

GE Power India Limited strengthened its voluntary social commitment during FY 2025–26 by spending Rs. 8 lakh on the basic education of 171 underprivileged children living in tribal villages around Durgapur, West Bengal. The initiative was undertaken despite the company having no mandatory CSR spending obligation for the financial year because its average net profit calculated under Section 135 of the Companies Act was negative.

Implemented in partnership with Swami Vivekananda Vani Prachar Samity, the programme operated three education centres across Moldanga, Fuljhor and Kathaldanga villages. All the participating children were identified as belonging to vulnerable and marginalised communities. Compared with the previous financial year, the company increased its voluntary CSR expenditure by 33.3%, while the number of children supported rose from 139 to 171.

A detailed review of voluntary CSR spending, statutory position, governance, beneficiary reach, project design, BRSR disclosures, ESG alignment and future impact priorities.

KEY METRIC	FY 2025–26
Section 135 threshold applicability	Yes
Three-year average net profit	Negative ₹146.80 crore
Mandatory CSR obligation	Nil
Voluntary CSR expenditure	₹8.00 lakh
Primary intervention	Basic education in tribal villages
Reported beneficiaries	171 children
Vulnerable/marginalised beneficiaries	100%
Geographic focus	Three villages near Durgapur, West Bengal
Unspent CSR amount	Nil
Capital assets created	No

Overall assessment  GE Power India had no mandatory CSR spending obligation in FY26 because its Section 135 average net profit was negative. It nevertheless continued a focused education intervention and increased reported reach from 139 to 171 children. The next opportunity is to disclose partner registration, budget use, learning outcomes and a stronger results framework.

Prepared solely from GE Power India Limited’s Annual Report 2025–26. This analytical report is not a statutory audit, impact assessment or legal opinion.

Contents

• 1. Executive summary
• 2. Scope, methodology and limitations
• 3. Company and responsible-business context
• 4. Statutory CSR position
• 5. CSR governance and policy
• 6. Financial analysis
• 7. Project profile and beneficiary reach
• 8. Thematic and geographic analysis
• 9. Implementation-partner review
• 10. Impact and outcome readiness
• 11. BRSR, ESG and stakeholder linkages
• 12. Disclosure quality and reconciliation
• 13. Risks and improvement opportunities
• 14. Recommended three-year CSR strategy
• 15. FY27 action plan and KPI framework
• 16. Conclusion

Appendices: compliance checklist, evidence register and source index

1. Executive Summary

GE Power India Limited reported that the threshold provisions of Section 135(1) of the Companies Act, 2013 were applicable in FY 2025–26. However, its average net profit for the three immediately preceding financial years under Section 135(5) was negative Rs. 1,467,983,793 (approximately negative Rs. 146.80 crore). Two per cent of that figure was disclosed as negative Rs. 29,359,676, and the company’s mandatory CSR obligation was therefore nil.

Despite having no statutory spending mandate, the company voluntarily spent Rs. 800,000 (Rs. 8 lakh) on an education and rural-development initiative for poor children in tribal villages of Durgapur, Paschim Bardhaman, West Bengal. The initiative was implemented in partnership with Swami Vivekananda Vani Prachar Samity and operated three education centres in Moldanga, Fuljhor and Kathaldanga. The BRSR reports 171 children benefited in FY26, compared with 139 in FY25—an increase of 32 children or approximately 23%. All beneficiaries were reported as belonging to vulnerable and marginalised groups.

The former CSR Committee had been dissolved with effect from 7 November 2024 because there was no mandated CSR project, no live ongoing project and no balance in an Unspent CSR Account. Its functions were discharged by the Board during FY26. No administrative overhead, impact-assessment expense, unspent amount, related-party transaction, provision or CSR-funded capital asset was reported.

DIMENSION	ASSESSMENT	EVIDENCE
Legal spending position	No mandatory obligation	Negative three-year average net profit; total obligation nil.
Voluntary commitment	Positive	₹8 lakh spent despite nil mandate; up from ₹6 lakh in FY25.
Beneficiary inclusion	Strong	171 children; 100% described as vulnerable/marginalised.
Geographic focus	Highly localised	Three tribal villages around Durgapur.
Governance	Board-led	CSR Committee dissolved; functions discharged by Board.
Impact evidence	Basic	Reach reported, but no attendance, retention or learning-outcome data.
Disclosure consistency	Needs clarification	BRSR says CSR applicable “Yes,” while financial note says applicability criteria were not met; both point to nil obligation but wording differs.

Source: Annual Report 2025–26, Directors’ Report pp. 26–27; Annexure E pp. 37–39; BRSR pp. 47–49 and 83; Corporate Governance Report p. 107; financial statements Note 37 p. 194.

Priority recommendations

• Retain the Durgapur education programme as a focused flagship, subject to local need and the corporate restructuring context.
• Replace “children reached” as the primary success measure with attendance, retention and learning indicators.
• Disclose a project budget, duration, centre-wise coverage, partner CSR registration number and monitoring process.
• Formalise Board review through a twice-yearly CSR dashboard while the statutory CSR Committee remains unnecessary.
• Clarify the different wording on Section 135 applicability across the BRSR and financial statements.
• Develop a transition and continuity plan for the programme in view of the proposed Durgapur facility demerger.

2. Scope, Methodology and Limitations

This report is an evidence-based desk review of the company’s FY26 CSR disclosures. It examines the Directors’ Report, statutory CSR annexure, Business Responsibility and Sustainability Report (BRSR), Corporate Governance Report and standalone financial statements. Calculations have been independently recomputed from disclosed figures.

Review approach

• Assess the Section 135 threshold, profit-based obligation and voluntary-spend treatment.
• Reconcile spend, unspent, set-off, overheads, capital assets, related-party transactions and accounting disclosure.
• Review Board/committee governance, policy scope and project-approval process.
• Analyse location, beneficiary inclusion, year-on-year reach and intervention design.
• Evaluate outcome measurement, partner controls, ESG linkages and reporting maturity.

Limitations

The review does not inspect agreements, invoices, utilisation certificates, attendance registers, learning assessments, safeguarding records, partner financials or field sites. The annual report does not disclose a CSR registration number for the implementation partner, detailed budget, project duration, centre-wise beneficiary split, gender or disability profile, or learning outcomes. Accordingly, implementation quality and impact cannot be independently verified.

Important distinction  Voluntary CSR expenditure made when the statutory obligation is nil may demonstrate social commitment, but the company expressly states that the ₹8 lakh will not be used as a set-off in succeeding financial years.

3. Company and Responsible-Business Context

GE Power India Limited operates in the power-generation value chain and reported revenue from operations of Rs. 1,269.27 crore in FY26. Net profit after tax for the year was Rs. 236.36 crore, including continuing and discontinued operations. The BRSR reported turnover of Rs. 1,269.27 crore and net worth of Rs. 482.87 crore as at 31 March 2026.

CORPORATE INDICATOR	FY 2025–26
Revenue from operations	₹1,269.27 crore
Net profit after tax	₹236.36 crore
Net worth	₹482.87 crore
Employees	497 total employees, including 479 permanent
Workers	2,229 total workers, including 92 permanent
Operating locations	Durgapur, West Bengal and Noida, Uttar Pradesh
Holding company	GE Steam Power International B.V. (68.58%)

Source: Annual Report pp. 15, 47 and standalone statement of profit and loss p. 135. Values converted from reported rupees/millions.

Strategic context

The proposed demerger and transfer of the Durgapur facility to JSW Energy Limited is material to a place-based CSR programme located in Durgapur villages. Programme ownership, funding, data, relationships and continuity should be explicitly addressed in transition planning so that children and community institutions do not face disruption.

4. Statutory CSR Position

DISCLOSURE	FY26 POSITION	ASSESSMENT
Section 135 threshold	BRSR: applicable “Yes”	Turnover/net-worth thresholds appear relevant.
Average net profit under Section 135(5)	Negative ₹146.80 crore	Disclosed in Annexure E.
Two per cent calculation	Negative ₹2.936 crore	No positive spending obligation arises.
Total statutory obligation	Nil	Reported consistently as nil.
Voluntary project spend	₹8.00 lakh	Fully paid; non-capital purpose.
Administrative overhead	Nil	No overhead charged.
Impact assessment	Not applicable	Mandatory threshold not met.
Unspent amount	Nil	No transfer required.
Prior-year unspent	Not applicable / nil	No balance reported for preceding three years.
Capital asset	No	None created or acquired.
Set-off	₹0	Voluntary amount will not be carried forward.
Related-party transaction	None	Financial note disclosure.
Provision	None	No contractual provision created.

Source: Annexure E pp. 37–39; BRSR p. 47; financial statements Note 37 p. 194.

Compliance interpretation

The core financial outcome is clear: the company had no mandatory CSR spend for FY26. Its voluntary expenditure created no shortfall, unspent obligation or set-off entitlement. The Board approved the project under the CSR Policy and Schedule VII activities.

5. CSR Governance and Policy

The CSR Committee was dissolved effective 7 November 2024. The Corporate Governance Report explains that the company had no amount in an Unspent CSR Account, no live/running ongoing project and no Section 135 spending mandate. Under the applicable framework, CSR Committee functions were discharged by the Board, and the committee is to be reconstituted when mandated.

GOVERNANCE ELEMENT	DISCLOSED POSITION	MATURITY OPPORTUNITY
CSR Policy	Covers budget, selection, implementation, monitoring and reporting	Publish project-specific approval criteria and results framework.
Approval	Board approved projects and specific outlay	Record Schedule VII mapping and milestone-based budget.
Oversight	Board discharges committee functions	Add semi-annual CSR review to Board calendar.
Public disclosure	Policy and regulatory-filings links supplied	Publish a concise project dashboard.
Impact assessment	Not mandatory	Use proportionate internal evaluation.
Community grievance	Mechanism reported; zero community complaints	Link grievance process directly to project participants.

6. Financial Analysis

METRIC	FY 2025–26	FY 2024–25	CHANGE
Mandatory obligation	Nil	Nil	No change
Voluntary CSR spend	₹8.0 lakh	₹6.0 lakh	+₹2.0 lakh / +33.3%
Amount yet to be paid	Nil	Nil	Fully paid
Shortfall/(excess), accounting presentation	(₹8.0 lakh)	(₹6.0 lakh)	Reflects voluntary spend above nil requirement
Set-off available	Nil	Nil	No carry-forward
Administrative overhead	Nil	Not separately indicated in comparison	No FY26 charge

The company increased voluntary expenditure by one-third while reported beneficiary reach increased by approximately 23%. On a simple, non-impact-adjusted basis, spend per reported child was approximately Rs. 4,678 in FY26, compared with approximately Rs. 4,317 in FY25. These figures are only portfolio-efficiency indicators: they do not establish cost-effectiveness without knowing services, duration, attendance, quality and outcomes.

CALCULATED INDICATOR	FY26	FY25
Reported children	171	139
Voluntary spend	₹8.00 lakh	₹6.00 lakh
Indicative spend per child	₹4,678	₹4,317
Beneficiary increase	23.0%	—
Spend increase	33.3%	—

7. Project Profile and Beneficiary Reach

FIELD	DISCLOSED INFORMATION
Project	Basic education for poor children in tribal villages of Durgapur
Schedule VII alignment	Promoting education and rural development projects
Implementation partner	Swami Vivekananda Vani Prachar Samity (SVVPS)
State / district	West Bengal / Paschim Bardhaman
Villages	Moldanga, Fuljhor and Kathaldanga
Delivery model	Three education centres
FY26 beneficiaries	171 children
FY25 beneficiaries	139 children
Vulnerable/marginalised share	100%
FY26 expenditure	₹8.00 lakh
Capital asset	None reported
Ongoing-project classification	No live/running ongoing project reported

Source: Directors’ Report p. 27; BRSR p. 83; Annexure E pp. 37–39.

Programme strengths

• Clear focus on underprivileged children in tribal communities.
• Continuity across at least FY25 and FY26 despite annual voluntary-spend status.
• Three-centre delivery model close to the Durgapur operational geography.
• Full reported beneficiary inclusion within vulnerable and marginalised groups.
• Higher reach and higher voluntary funding year on year.

Information required for a full project assessment

• Age/grade profile, gender, disability and school-enrolment status.
• Curriculum, contact hours, teacher qualifications and centre calendar.
• Baseline learning level, attendance, retention, progression and school-transition results.
• Budget by teaching, materials, centre operations, monitoring and partner management.
• Safeguarding, consent, data privacy, grievance and referral arrangements.
• Partner CSR registration, governance credentials, audited utilisation and conflict checks.

8. Thematic and Geographic Analysis

The entire disclosed FY26 CSR portfolio is concentrated in one intervention combining Schedule VII item (ii) promoting education and item (x) rural development. This creates strategic clarity and administrative efficiency, but also creates single-theme, single-location and single-partner exposure.

CONCENTRATION DIMENSION	POSITION	IMPLICATION
Theme	100% education/rural development	Strong focus; no thematic diversification.
Geography	100% in three Durgapur tribal villages	Deep local relevance; exposure to operational transition.
Partner	100% through SVVPS	Efficient relationship; requires robust partner oversight.
Beneficiary group	100% vulnerable/marginalised children	Strong inclusion; needs disaggregated evidence.
Project model	Three learning centres	Comparable units suitable for centre-level performance tracking.

Aspirational districts

The BRSR reports nil CSR projects in designated aspirational districts. This is not a compliance deficiency. Future geographic selection should be based on documented community need, operating presence, implementation feasibility and potential for sustained outcomes rather than an aspirational-district label alone.

9. Implementation-Partner Review

The annual report identifies SVVPS as the implementation partner but does not disclose its CSR registration number or due-diligence findings. The company should maintain a risk-proportionate partner file even for a relatively small voluntary grant.

CONTROL	RECOMMENDED EVIDENCE
Eligibility	Legal status, PAN, CSR-1 where required, 12A/80G as relevant and governing body
Financial integrity	Audited statements, bank verification, budget basis and utilisation certificate
Capability	Education track record, teachers, centre systems and community relationships
Safeguarding	Child-protection policy, background checks, incident reporting and referral protocol
Data governance	Parent/guardian consent, minimum-data collection, secure storage and privacy controls
Monitoring	Centre visits, attendance verification, sample learner assessment and beneficiary feedback
Contract closure	Expenditure statement, deliverables, outcome report, asset confirmation and lessons

10. Impact and Outcome Readiness

Mandatory impact assessment was not applicable. Nevertheless, education projects benefit from routine outcome measurement because reach alone cannot show whether children attended regularly, learned more or remained connected to formal schooling.

RESULT LEVEL	PROPOSED INDICATOR	ILLUSTRATIVE EVIDENCE
Input	Funds, teachers, materials and centre days	Approved budget, payroll and procurement
Activity	Sessions delivered and learning hours	Timetable and session register
Output	Children enrolled and regularly attending	Unique beneficiary and attendance records
Short-term outcome	Improvement in literacy/numeracy	Baseline and endline assessment
Intermediate outcome	Retention, grade progression and school linkage	School/centre follow-up records
Quality	Learner/parent satisfaction and teacher observation	Feedback and quality checklist
Equity	Results by gender, age, disability and village	Disaggregated dashboard
Sustainability	Community participation and continuation readiness	Committee/parent engagement and transition plan

Recommended FY27 targets

• At least 80% of enrolled children attend 75% or more scheduled sessions.
• At least 70% of assessed learners improve by a pre-agreed minimum level in literacy or numeracy.
• 100% of children have parent/guardian consent and safeguarding coverage.
• Every centre completes two structured quality reviews annually.
• All grievances and safeguarding concerns are logged, escalated and closed within defined timelines.

Targets should be finalised only after confirming baseline conditions, programme intensity and partner capacity; the values above are planning illustrations, not findings about current performance.

11. BRSR, ESG and Stakeholder Linkages

The BRSR positions CSR within Principle 8 of the National Guidelines on Responsible Business Conduct: inclusive growth and equitable development. It also discloses a community grievance mechanism and no community complaints filed or pending in FY26. ESG governance discussions are reported as reaching the Board.

ESG AREA	COMPANY CONTEXT	CSR RELEVANCE
Environment	Durgapur facility described as 93% green zone; environmental and resource-efficiency systems	Environmental literacy and community resilience may complement—not substitute for—the education programme.
Social	Large workforce base; tribal-village education; inclusion and human-rights systems	Child education, safeguarding, community engagement and equitable access.
Governance	Board oversight, BRSR disclosures and grievance mechanism	Transparent approvals, partner due diligence, outcome review and transition governance.

Potential SDG alignment

The project most directly aligns with SDG 4 (Quality Education), and may contribute to SDG 1 (No Poverty), SDG 5 (Gender Equality), SDG 10 (Reduced Inequalities) and SDG 11 (Sustainable Communities) if its design and measured results support those connections. Future disclosures should map specific SDG targets rather than using broad logo-based alignment.

12. Disclosure Quality and Reconciliation

OBSERVATION	SIGNIFICANCE	ACTION
BRSR says CSR applicable “Yes”; financial note says applicability criteria not met	Wording appears inconsistent though both conclude obligation nil	Explain threshold applicability versus profit-based spending obligation consistently.
Negative two per cent shown in statutory table	Formula output may confuse readers	State clearly that statutory obligation is floored at nil.
No project-level statutory table identifying agency registration	Limits transparency for voluntary spend	Disclose agency legal name, CSR registration and implementation mode.
Programme called education and rural development	Schedule VII mapping is broad	Specify principal item and explain secondary linkage.
No outcome indicators	Social value cannot be assessed	Publish attendance, retention and learning improvement.
No gender/age/disability split	Inclusion claim is not granular	Add lawful, ethical disaggregation.
No transition disclosure for Durgapur CSR programme	Facility transfer could affect continuity	Approve a beneficiary-protection and handover plan.

Core reconciliation  A technically clearer formulation would be: GE Power India crossed a Section 135(1) threshold, but its Section 135(5) average net profit was negative; consequently, the FY26 mandatory spending obligation was nil.

13. Risks and Improvement Opportunities

RISK	LEVEL	CURRENT SIGNAL	MITIGATION
Programme continuity	High	Durgapur facility proposed for demerger	Board-approved transition, funding and ownership plan.
Outcome uncertainty	High	Only beneficiary reach disclosed	Baseline/endline learning and attendance metrics.
Single-partner dependence	Medium	Entire portfolio through one agency	Annual due diligence, performance scorecard and contingency plan.
Child safeguarding	Unknown	Controls not disclosed	Mandatory policy, training, checks and incident protocol.
Data quality/privacy	Unknown	Beneficiary methodology not disclosed	Unique records, consent, definitions and secure data.
Governance visibility	Medium	Board-led but review cadence not disclosed	Semi-annual dashboard and minutes.
Disclosure consistency	Medium	Applicability wording differs	Cross-functional reporting reconciliation.

14. Recommended Three-Year CSR Strategy

Strategic proposition: Tribal Learning and School Continuity

Subject to community consultation and transition feasibility, GE Power India can develop the existing intervention into a three-year education programme supporting foundational learning, school retention and future readiness for children in Durgapur’s tribal communities. The strategy should favour depth, measurable learning and community ownership over headline beneficiary expansion.

PILLAR	PURPOSE	EXAMPLE INTERVENTION
Foundational learning	Improve literacy and numeracy	Structured remedial education and learner assessments
School continuity	Reduce absenteeism and dropout risk	Attendance follow-up, parent engagement and school linkage
Safe and inclusive learning	Protect and include every child	Safeguarding, disability referral and gender-responsive delivery
Future readiness	Build age-appropriate aspiration and skills	Digital exposure, science activities and career awareness for older learners
Community ownership	Strengthen local continuity	Village education committees and parent volunteers

Funding scenarios

Because the statutory obligation may fluctuate with profitability, the company should separate a voluntary minimum commitment from any future mandatory obligation. Multi-year continuity can be protected through annual Board-approved budgets, clear non-ongoing/ongoing classification and contingency funding arrangements consistent with law.

15. FY27 Action Plan and KPI Framework

TIMING	ACTION	OVERSIGHT
Q1	Confirm programme ownership after Durgapur transaction; complete community consultation and partner due diligence.	Board / CSR owner / Legal
Q1	Approve theory of change, budget, centre targets, beneficiary definitions and safeguarding plan.	Board
Q2	Conduct literacy/numeracy baseline and establish consent-based beneficiary registry.	Partner with company review
Quarterly	Review spend, attendance, learning delivery, risks, grievances and centre evidence.	CSR owner / Board update
Q3	Undertake sample field verification and partner financial review.	Internal audit or independent reviewer
Q4	Complete endline, beneficiary feedback, partner scorecard and continuation decision.	Board

KPI DOMAIN	CORE KPI	FREQUENCY
Finance	Spend versus budget; supported utilisation; variance	Quarterly
Access	Unique enrolled children; village/centre coverage	Monthly/quarterly
Participation	Attendance rate; regular-attender percentage; retention	Monthly
Learning	Baseline-to-endline literacy/numeracy change	Six-monthly/annual
Equity	Participation and outcomes by relevant demographic group	Quarterly/annual
Quality	Sessions delivered; teacher attendance; centre-review score	Monthly/quarterly
Safety	Safeguarding training, incidents and closure time	Immediate/quarterly
Feedback	Parent/child satisfaction and grievances resolved	Six-monthly
Efficiency	Cost per regular learner and cost per improved learner	Annual
Sustainability	Community ownership and transition readiness	Annual

16. Conclusion

GE Power India’s FY26 CSR performance is best understood as a voluntary, focused commitment rather than fulfilment of a mandatory spending obligation. The company spent Rs 8 lakh despite a nil statutory requirement, expanded reported reach to 171 vulnerable and marginalised children and continued a place-based education programme across three tribal villages near Durgapur.

The programme has a clear social purpose and strong inclusion signal. Its credibility can be significantly strengthened by disclosing the implementing partner’s eligibility details, programme intensity, budget, beneficiary definitions, safeguarding controls and measurable learning outcomes. The proposed Durgapur facility transfer makes continuity planning the most urgent governance priority. With disciplined measurement and transparent transition arrangements, the initiative can evolve from a small voluntary contribution into a credible education-impact programme.

Appendix A. CSR Compliance Checklist

CHECK	STATUS	EVIDENCE / COMMENT
CSR Policy	Yes	Policy and web link disclosed
Mandatory obligation	Nil	Negative three-year average net profit
Board project approval	Yes	Financial note states specific outlay approved
CSR Committee	Not required	Dissolved 7 November 2024; Board performs functions
Voluntary expenditure	₹8 lakh	Fully paid for non-capital purposes
Administrative overhead	Nil	Reported
Impact assessment	Not applicable	Mandatory threshold not met
Current-year unspent	Nil	No transfer
Prior-year unspent	Nil / not applicable	Three-year table shows nil
Capital assets	No	Reported
Set-off	Nil	Company will not claim voluntary spend
Related-party transaction	None	Reported
Provision	None	Reported
Beneficiary disclosure	Yes, partial	171 children; 100% vulnerable/marginalised
Outcome disclosure	No	Learning, attendance and retention not reported

Appendix B. Evidence and Calculation Register

INDICATOR	SOURCE VALUE	ANALYTICAL NOTE
Average net profit	₹(1,467,983,793)	Approximately negative ₹146.80 crore
Two per cent	₹(29,359,676)	Approximately negative ₹2.936 crore; obligation disclosed as nil
FY26 voluntary spend	₹800,000	₹8.00 lakh
FY25 voluntary spend	₹600,000	₹6.00 lakh
FY26 beneficiaries	171	BRSR approximate count
FY25 beneficiaries	139	BRSR approximate count
Increase in beneficiaries	32	Approximately 23.0%
FY26 indicative spend/child	₹4,678	₹800,000 ÷ 171; not an impact measure
FY25 indicative spend/child	₹4,317	₹600,000 ÷ 139; not an impact measure

Appendix C. Source Index

ANNUAL REPORT SECTION	PRINTED PAGE(S)	REPORT USE
Corporate overview / financial highlights	5 and 15	Company profile and financial context
Directors’ Report: CSR	26–27	Voluntary spend and project narrative
Annexure E: Annual CSR Report	37–39	Policy, governance, obligation, spend, unspent and set-off
BRSR: CSR details	47	Threshold, turnover and net worth
BRSR Principle 8	83	Beneficiary reach and inclusion
Corporate Governance Report	107	CSR Committee dissolution and Board role
Standalone financial statements Note 37	194	Accounting, FY25 comparison and related-party/provision disclosures

Primary source

GE Power India Limited, Annual Report 2025–26, 332 pages. Company-specific statements are derived from this report; calculations and recommendations are clearly analytical.