GE Vernova T&D India Limited has informed the Exchange about Transcript
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GE Vernova T&D India reported strong Q1 FY26 results, with revenue up 39% year-on-year at INR 13.3 billion and EBITDA margin expanding roughly 1,000 basis points to 29.1%. Order bookings surged 57% year-on-year to INR 16.2 billion, lifting backlog to a record INR 129.6 billion (about 3x annual revenue, giving roughly three years of execution visibility). Management guided that FY26 EBITDA will improve beyond last year's 19.1%, helped by a higher export mix (now ~30% of backlog), disciplined pricing on new orders, and operating leverage on rising volumes. Two large HVDC projects — Barmer-South Kalamb and South Olpad-Khavda — are expected to be awarded within FY26, and the company announced INR 2.5 billion in capex (INR 1.4 billion for HVDC valves/STATCOM plus INR 1.1 billion for debottlenecking) and a INR 1.3 billion dividend. Backlog remains high-quality, with 97% from private/central/PSU customers and only 3% from state utilities.
The combination of strong growth, expanding margins, record backlog visibility, and an upcoming HVDC order pipeline is supportive for the stock; investors should, however, temper expectations as management itself flagged that Q1's exceptional margin is not a new benchmark for the long-cycle business.