GE VERNOVA T&D INDIA LTD

Manufactures and supplies power transmission and distribution equipment in India — including Gas-Insulated Switchgear (GIS), power transformers, HVDC systems, STATCOMs, disconnectors and turnkey substation solutions. In FY26, it booked revenue of ₹6,206.31 crore, up 44.6% year-on-year, with full-year EBITDA more than doubling to ₹17 billion and Q4 FY26 EBITDA margin hitting a record 27.2%. Order intake surged — Q4 FY26 alone was ₹8,610 crore, up 188% YoY — pushing the order backlog to a record ₹21,460 crore (+49% YoY). The FY26 order book mix disclosed by the company is 76% GIS, 22% power transformers and 2% turnkey solutions. It won its first VSC HVDC order in India from Adani Energy, with major supply and revenue conversion slated from FY29 onwards. State utility exposure has been cut to under 2% of backlog, with the balance coming from private customers, central utilities and PSUs. Materials are the dominant cost at 58% of revenue. The company ended FY26 with zero debt and ₹25 billion in cash, declared a ₹10/share dividend, and is phasing over ₹10 billion of capex through FY28, including a new disconnectors and drives facility at Vallam, Tamil Nadu.