Earning Call Transcript
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GE Vernova T&D India reported exceptional Q4 FY26 results with order intake of INR86.1 billion (up 188% YoY) and full-year revenue of INR62.1 billion (up 45% YoY). The company secured its first-ever VSC HVDC order from Adani during the quarter. EBITDA more than doubled to INR17 billion for the full year, with Q4 EBITDA margin hitting a record 27.2%. The order backlog reached INR214.6 billion (up 49%), providing multiyear revenue visibility. The company reduced state utility exposure to under 2% and maintains zero debt with INR25 billion cash. A capex program exceeding INR10 billion is underway through 2028, including INR550 million for a new disconnector facility in Tamil Nadu. Management guides for mid-20s EBITDA margins going forward with room for further improvement.
The strong order backlog growth and margin expansion signal durable earnings growth ahead. The company's strategic shift away from low-quality state utility customers toward private/central utilities and PSUs should improve cash flows and profitability. The record Q4 margin demonstrates operational leverage as revenue scales.