NSE: GVT&D · BSE: 522275
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. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Gas-Insulated Switchgear (GIS), Power Transformers, Turnkey Solutions, HVDC and STATCOM systems. Asset-heavy, order-driven T&D equipment maker; benefits from India's grid and renewable build-out cycle.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,066 | 2,773 | 3,168 | 4,292 | 6,206 |
| EBITDA (ex other income) | 1 | 90 | 319 | 819 | 1,620 |
| margin % | 0.0 | 3.3 | 10.1 | 19.1 | 26.1 |
| Owners' profit | (89) | (1) | 181 | 608 | 1,233 |
| EPS, as reported (₹) | (1.94) | (0.06) | 7.07 | 23.76 | 48.16 |
| ROE % · ROCE % | (8.3) · (2.4) | (0.1) · 5.7 | 14.6 · 21.9 | 34.3 · 44.6 | 45.8 · 58.5 |
| Debt / equity (x) | 0.15 | 0.20 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 8 | (37) | 518 | 904 | 1,710 |
| Capex | (25) | (16) | (29) | (87) | (188) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,108 | 1,074 | 1,153 | 1,330 | 1,538 | 1,701 | 1,637 | 1,836 |
| Profit before tax | 194 | 190 | 256 | 390 | 401 | 390 | 469 | 487 |
| Net profit | 145 | 143 | 186 | 291 | 299 | 291 | 352 | 363 |
| EPS (₹) | 5.65 | 5.57 | 7.28 | 11.37 | 11.70 | 11.36 | 13.74 | 14.18 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BHEL | 1,41,563 | 58.2 | 5.41 | 47.1 | 6.1 | 4.7 | 14.3 | 9.3 |
| ABB INDIA LIMITED | 1,37,523 | 46.0 | 14.72 | — | 23.0 | 10.2 | — | 15.2 |
| CG POWER AND IND SOL LTD | 1,31,087 | 85.8 | 15.99 | 71.3 | 14.6 | 19.2 | 33.2 | 14.7 |
| HITACHI ENERGY INDIA LTD | 1,26,820 | 110.2 | 24.50 | — | 19.1 | 24.7 | — | 16.9 |
| SIEMENS LTD | 1,20,079 | 36.7 | 8.67 | 33.8 | 19.9 | 20.6 | 31.1 | 11.6 |
| GE VERNOVA T&D INDIA LTD ◆ | 1,04,269 | 79.9 | 38.76 | — | 45.8 | 57.9 | — | 27.4 |
| SIEMENS ENERGY INDIA LTD | 1,01,282 | 68.1 | 21.05 | — | 14.3 | 15.8 | — | 25.9 |
| SUZLON ENERGY LIMITED | 51,299 | 16.4 | 5.42 | 15.9 | 33.4 | 22.7 | 38.0 | 16.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 79.9 | 36.5 | 28 of 34 | 18% |
| P/B | 38.8 | 5.4 | 33 of 33 | 0% |
| ROCE | 57.9 | 16.6 | 2 of 36 | 97% |
| ROE | 45.8 | 14.7 | 2 of 34 | 97% |
| Debt / Equity | 0.0 | 0.1 | 1 of 34 | 67% |
| EBITDA margin | 27.4 | 16.4 | 6 of 35 | 85% |
| Revenue growth | 38.0 | 17.7 | 11 of 33 | 69% |
| Profit growth | 24.6 | 6.7 | 12 of 32 | 65% |
| Market cap | 104269 | 6267 | 6 of 35 | 85% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · GE Vernova T&D India sets October 30 earnings call | board shareholder meetings | low | — | — |
| 15 Oct 2026 · Quarterly Share Capital Reconciliation Audit Report filed for Q2 FY26 | compliance | minimal | — | — |
| 12 Oct 2026 · Board meeting on Oct 30, 2026 to consider Q2 and H1 FY27 financial results | results | low | — | — |
| 7 Oct 2026 · RTA files quarterly share dematerialisation certificate with BSE and NSE | compliance | minimal | — | — |
| 5 Oct 2026 · Newspaper ad on special window for physical share dematerialisation | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closes Oct 1 ahead of Q2/H1 FY26 results | compliance | minimal | — | — |
| 23 Sept 2026 · GE Vernova T&D India assigned Crisil ESG rating of 68 | business updates | medium | — | — |
| 17 Sept 2026 · GE Vernova T&D India shares investor presentation for Mumbai meetings Sep 21-23 | investor communications | medium | — | — |
| 16 Sept 2026 · Analyst/investor meetings with Nomura India scheduled 21-23 Sep 2026 | board shareholder meetings | low | — | — |
| 11 Sept 2026 · 70th AGM: 11 resolutions passed; Rs 10 final dividend declared | board shareholder meetings | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.