GE Vernova T&D India Limited has informed the Exchange about Transcript
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GE Vernova T&D India reported a strong Q1 FY26 with revenue of INR 13.3 billion, up 39% year-on-year, and EBITDA margin of 29.1%, an expansion of about 1,000 basis points over FY25's 19.1%. Orders booked stood at INR 16.2 billion, up 57% YoY, lifting the order backlog to INR 129.6 billion (about 3x last year's revenue, providing 3-year visibility). Profit before tax more than doubled to INR 3.9 billion, and cash generated in the quarter was INR 1.7 billion, with cash and equivalents at INR 12.2 billion and zero debt. Management has guided to delivering EBITDA better than last year's 19.1%, while two HVDC projects (South Olpad-Khavda and Barmer-South Kalamb) are expected to be ordered within FY26. The company has announced a dividend of INR 1.3 billion and a capex of INR 2.5 billion (INR 1.4 billion for HVDC valves/STATCOM and INR 1.1 billion for capacity de-bottlenecking).
Strong Q1 results, robust order pipeline, debt-free balance sheet, and management's explicit guidance for margin improvement beyond FY25's 19.1% EBITDA are positive signals for shareholders. Potential catalysts include HVDC project awards in FY26 and sustained export momentum (targeted at ~30% of revenue long-term), which could support continued re-rating.