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GE Vernova T&D India Q2 FY27 results: net profit up 44.0% to ₹431.39 crore, revenue up 31.8%
GE Vernova T&D India Ltd reported higher standalone profit and revenue in Q2 FY27, with revenue of ₹2,027 crore and net profit of ₹431.39 crore. EBITDA was ₹549.74 crore at a 27.1% margin, while basic EPS was ₹16.84; the board approved the unaudited standalone results for the quarter and half year ended 30 September 2026.
Key points
- Revenue rose to ₹2,027 crore in Q2 FY27, up ₹488.52 crore or 31.8% from Q2 FY26 and ₹190.84 crore or 10.4% from Q1 FY27.
- EBITDA was ₹549.74 crore, up ₹153.28 crore or 38.7% year on year, while margin was 27.1%, 1.3 percentage points higher than Q2 FY26.
- Net profit rose to ₹431.39 crore from ₹299.48 crore in Q2 FY26, with basic EPS of ₹16.84 versus ₹11.70.
- In H1 FY27, revenue was ₹3,863.12 crore and net profit was ₹794.38 crore, compared with ₹2,868.59 crore and ₹590.68 crore in H1 FY26.
- Order intake was ₹24,381 million in Q2 FY27, 52% higher year on year, and the order backlog was ₹214,432 million at September 2026.
How did GE Vernova T&D India perform in Q2 FY27?
GE Vernova T&D India reported standalone revenue of ₹2,027 crore in Q2 FY27, against ₹1,538 crore in Q2 FY26 and ₹1,836 crore in Q1 FY27. EBITDA was ₹549.74 crore, up from ₹396.46 crore and ₹460.79 crore in the respective comparison periods, while the margin was 27.1%, compared with 25.8% and 25.1%.
Profit before tax was ₹580 crore, against ₹401.27 crore in Q2 FY26 and ₹487.13 crore in Q1 FY27. Net profit was ₹431.39 crore, compared with ₹299.48 crore and ₹362.99 crore, and basic EPS was ₹16.84 versus ₹11.70 and ₹14.18. The board approved unaudited standalone results; no consolidated figures were given.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 2,027 | 1,836 | 1,538 | +31.8% | +10.4% |
| Other income | 50.33 | 41.84 | 18.63 | +170.2% | +20.3% |
| Total expenses | 1,497 | 1,391 | 1,156 | +29.5% | +7.7% |
| EBITDA | 549.74 | 460.79 | 396.46 | +38.7% | +19.3% |
| EBITDA margin | 27.1% | 25.1% | 25.8% | +1.3 pp | +2.0 pp |
| Profit before tax | 580 | 487.13 | 401.27 | +44.5% | +19.1% |
| Tax | 148.61 | 124.14 | 101.79 | +46.0% | +19.7% |
| Net profit | 431.39 | 362.99 | 299.48 | +44.0% | +18.8% |
| EPS (₹) | 16.84 | 14.18 | 11.70 | +43.9% | +18.8% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in GE Vernova T&D India's costs and profit?
Total expenses increased to ₹1,497 crore in Q2 FY27 from ₹1,156 crore a year earlier, a rise of ₹341.49 crore or 29.5%. Cost of materials was higher by ₹255.41 crore, or 27.6%, while employee cost rose by ₹19.40 crore, or 16.4%, finance costs by ₹5.62 crore, or 254.3%, depreciation by ₹0.63 crore, or 5.4%, and other expenses by ₹58.88 crore, or 37.8%.
Other income increased by ₹31.70 crore, or 170.2%, to ₹50.33 crore. Profit before tax rose by ₹178.73 crore, or 44.5%, to ₹580 crore, while tax expense increased by ₹46.82 crore, or 46.0%, to ₹148.61 crore. There was no exceptional item in Q2 FY27, unlike the ₹635.7 lakh exceptional charge reported in Q2 FY26; no separate reason for the changes was stated in the filing.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 1,180 | 924.36 | +255.41 | +27.6% |
| Employee cost | 137.98 | 118.58 | +19.40 | +16.4% |
| Finance costs | 7.83 | 2.21 | +5.62 | +254.3% |
| Depreciation | 12.24 | 11.61 | +0.63 | +5.4% |
| Other expenses | 214.78 | 155.90 | +58.88 | +37.8% |
| Total expenses | 1,497 | 1,156 | +341.49 | +29.5% |
| Other income | 50.33 | 18.63 | +31.70 | +170.2% |
| Tax | 148.61 | 101.79 | +46.82 | +46.0% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, revenue was ₹3,863.12 crore, up ₹994.53 crore or 34.7% from ₹2,868.59 crore in H1 FY26. Total income was ₹3,955.29 crore, compared with ₹2,903.52 crore, and profit before tax was ₹1,067.13 crore against ₹791.28 crore.
Net profit in the first half was ₹794.38 crore, up ₹203.70 crore or 34.5% from ₹590.68 crore, while basic EPS was ₹31.02 versus ₹23.07. The analyst presentation reported order intake of ₹35,751 million in H1 FY27, 11% higher than ₹32,259 million in H1 FY26, and cash generation of ₹10.1 billion before dividend payment.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 3,863 | 2,869 | +34.7% |
| Profit before tax | 1,067 | 791.28 | +34.9% |
| Net profit | 794.38 | 590.68 | +34.5% |
| EPS (₹) | 31.02 | 23.07 | +34.5% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹8,688.75 crore, compared with ₹7,739.43 crore at 31 March 2026, and total equity was ₹3,294.71 crore against ₹2,690.29 crore. Borrowings were ₹10.64 crore, while cash was ₹2,385.57 crore, compared with ₹1,525.26 crore at the previous balance-sheet date.
Inventories rose to ₹1,360.24 crore from ₹1,227.68 crore, while trade receivables fell to ₹2,047.79 crore from ₹2,172.26 crore and trade payables increased to ₹1,789.72 crore from ₹1,580.40 crore. H1 FY27 operating cash flow was ₹1,139 crore, compared with ₹605.10 crore in H1 FY26; investing cash flow was ₹31.25 crore outflow against ₹50.85 crore, financing cash flow was ₹253.59 crore outflow against ₹138.68 crore, and capex was ₹208 crore versus ₹29.49 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 8,689 | 7,739 |
| Total equity | 3,295 | 2,690 |
| Borrowings | 10.64 | 0 |
| Cash and equivalents | 2,386 | 1,525 |
| Inventories | 1,360 | 1,228 |
| Trade receivables | 2,048 | 2,172 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 1,139 | 605.10 |
| Cash from investing | −31.25 | −50.85 |
| Cash from financing | −253.59 | −138.68 |
| Capital expenditure | 208 | 29.49 |
Source: Company's results filing (XBRL).
How has GE Vernova T&D India done over the last 8 quarters?
Revenue rose in each of the last eight quarters on a year-on-year basis and reached ₹2,026.98 crore in Q2 FY27, the highest level in the reported sequence. Net profit also increased year on year in each of the last eight quarters and reached ₹431.39 crore in Q2 FY27, above the ₹362.99 crore reported in Q1 FY27.
EBITDA margin moved from 25.1% in Q1 FY27 to 27.1% in Q2 FY27. Across the reported quarters, margin was lowest at 16.7% in Q3 FY25 and highest at 29.1% in Q1 FY26, before easing in Q4 FY25, Q2 FY26 and Q1 FY27.
What else did the company announce?
On 30 October 2026, the board approved the unaudited standalone financial results for the quarter and half year ended 30 September 2026, together with the statutory auditors’ limited review report. The same-day analyst presentation reported higher orders and said H1 FY27 order intake was ₹35,751 million, compared with ₹32,259 million in H1 FY26, while the order backlog was ₹214,432 million at September 2026.
The board did not announce a dividend, fund raise or appointment in the same-day filings reviewed for this article. The company also filed related-party transaction information showing an anticipated $151 million order under negotiation with GE Grid Solutions LLC, while two major related-party orders were listed as on hold at the customer end.
What did GE Vernova T&D India's management say?
Management said Q2 order intake was ₹24.4 billion, 52% higher year on year, and the order backlog was ₹214.4 billion. It maintained FY27 guidance for a mid-20s EBITDA margin, with H1 performance at approximately 26.2%, and retained the ₹70–80 billion annual order-intake target. It also said no significant HVDC revenue was expected in FY27, with major execution expected from FY28, and at least two to three HVDC projects were expected in 2027.
Management identified supply-chain disruption and geopolitical disturbances as execution risks and said most 765 kV bushings remained imported, with lead times of 15–18 months. The CEO said, “Obviously, supply chain remains a challenge, which teams keep on working to mitigate that because one, the global demand is pretty high. And then second, the geopolitical disturbances, they keep on emerging.” He also said regular-transformer pricing faced slight pressure and that FY27 orders were regular orders rather than one-offs.
How did GE Vernova T&D India shares react?
The filing appeared after market hours. From the price when it appeared, the stock was down 1.4% after five minutes, 1.2% after 15 minutes and 0.3% after 30 minutes. On the reaction day, it closed 3.9% above the previous close of ₹4,020, and by the next day’s close it was up 0.5% from that pre-results close; no five-day move was available.
The Heavy Electrical Equipment industry’s median stock move was 2.4% on the reaction day and 2.7% by the next day’s close. GE Vernova T&D India therefore exceeded the industry median by 1.4 percentage points on the reaction day but was 2.1 percentage points below it by the next day’s close. Earlier reaction-day moves included 8.0% on 28 January 2026, 4.4% on 3 November 2025 and 10.3% on 23 May 2025.
| After the filing | Stock | Heavy Electrical Equipment median |
|---|---|---|
| 5 minutes | −1.4% | |
| 15 minutes | −1.2% | |
| 30 minutes | −0.3% | |
| Reaction day | +3.9% | +2.4% |
| Next day | +0.5% | +2.7% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 5 August 2026 | −0.3% |
| 18 May 2026 | −1.6% |
| 28 January 2026 | +8.0% |
| 3 November 2025 | +4.4% |
| 29 July 2025 | +4.7% |
| 23 May 2025 | +10.3% |
| 5 February 2025 | −0.3% |
| 8 November 2024 | +6.1% |
Source: MarketPing price-reaction measurement.
How did other Heavy Electrical Equipment companies do?
Sixteen other Heavy Electrical Equipment companies that had filed for the quarter were compared with GE Vernova T&D India. Their median revenue growth was 16.1%, against the company’s 31.8% year-on-year growth in Q2 FY27. Eleven peers grew more slowly than the company, while five grew faster; the company itself is not included in those counts.
Eight of the 16 peers reported higher profit. The peer comparison was recorded as of 6 November 2026, while GE Vernova T&D India’s results were announced on 30 October 2026. The filing and peer figures relate to standalone Q2 FY27 results, and no consolidated peer comparison was given.
| GE Vernova T&D India revenue growth (YoY) | +31.8% |
|---|---|
| Median of 16 other Heavy Electrical Equipment companies | +16.1% |
| Companies with slower revenue growth than GE Vernova T&D India | 11 of 16 |
| Companies with faster revenue growth than GE Vernova T&D India | 5 of 16 |
| Companies whose net profit rose | 8 of 16 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was GE Vernova T&D India's revenue in Q2 FY27?
Revenue from operations was ₹2,027 crore, up 31.8% from ₹1,538 crore in Q2 FY26 (standalone).
Did GE Vernova T&D India make a profit in Q2 FY27?
Yes. Net profit was ₹431.39 crore, against a net profit of ₹299.48 crore in Q2 FY26.
What was GE Vernova T&D India's EPS in Q2 FY27?
Basic earnings per share were ₹16.84, against ₹11.70 in Q2 FY26.
How did GE Vernova T&D India shares react to the Q2 FY27 results?
On the reaction day the stock moved +3.9% from the previous close; the median Heavy Electrical Equipment stock moved +2.4%.
When did GE Vernova T&D India announce its Q2 FY27 results?
On 30 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Consider Un-Audited Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 12 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting Held On October 30, 2026 (BSE, 30 October 2026) · PDF
- The earnings call (5 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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