GVT&D
GE Vernova T&D India share price & financials
- Price
- ₹4,341
- Market cap
- ₹1.1L Cr
- Sector
- Capital Goods
- Calls analysed
- 7
GE Vernova T&D India Limited Q1 FY27
What went well
- Revenue of INR1,840 crores, up 38% YoY from INR1,330 crores in Q1 FY26.
- Profit Before Tax (PBT) grew over 1.25x to INR490 crores from INR390 crores in Q1 FY26.
- Order backlog of INR20,930 crores provides over 3 years of revenue visibility based on FY26 performance.
What to watch
- Order inflow moderated by 30% YoY to INR1,140 crores in Q1 FY27, primarily due to lower TBCB realization in Q4 FY26.
- Gross margins moderated to 41.3% in Q1 FY27 from 45.3% in FY26, impacted by lower export revenue share, elevated commodity prices, and ramping up of lower-margin HV business.
What GE Vernova T&D India Limited does
GE Vernova T&D India Limited (formerly GE T&D India) designs, manufactures and supplies equipment for electricity transmission and distribution, spanning high-voltage AC products (power transformers, gas- and air-insulated switchgear, instrument transformers, circuit breakers), high-voltage DC (HVDC) and FACTS/STATCOM systems, and grid-automation software. It earns revenue by supplying and executing turnkey substation and grid projects for Indian utilities, PSUs and private customers, and by exporting products and components to global markets. The company operates as the listed Indian arm of GE Vernova Inc. and pursues an 'India for the World' localization and export strategy.
Segments
- High Voltage AC
- High Voltage DC (HVDC & FACTS)
- Grid Automation & Software
- Manufacturing facilities in India
- 5 (Vadodara, Hosur, Padappai, Pallavaram, Noida)
- Power transformers delivered (up to 1200kV)
- 800+ units
- Countries exported to
- 60+
- Grid control centre units delivered in India
- 100+
- First-in-India capability
- India's first dedicated 765 kV GIS manufacturing line (Padappai)
- Vadodara relay & panel capacity
- 300,000 relays and 4,000 cubicles per year
Guidance record · Q1 FY27
updates from the last two tracked quarters 11 tracked 2 delivered 0 missed 9 open- EBITDA Margin delivered said Q3 FY25 Promised: mid-teen to high-teen Q1 FY27: This promise for FY25-26 was achieved and is now closed.
- HVDC Project Order Finalization delayed said Q1 FY26 Promised: Finalized in this financial year (FY26) Q1 FY27: Management acknowledged that the pace of HVDC awards is 'slightly getting delayed', confirming continued uncertainty.
- Export Share of Revenue/Orders on track said Q3 FY25 Promised: 30% should come from exports Q1 FY27: Export diversification contributed 46% to Q1 FY27 order inflow, significantly above the 30% target. Total export backlog share is 10-15%.
All 11 tracked — see the targets, revisions and supporting evidence.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 38.0%, net profit up 24.7% against the same quarter last year.
| Line item | 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 +39% | 1,701 +58% | 1,637 +42% | 1,836 +38% |
| EBITDA | 205 | 180 | 252 | 388 | 396 +93% | 455 +153% | 445 +77% | 461 +19% |
| Net profit | 145 | 143 | 186 | 291 | 299 +106% | 291 +103% | 352 +89% | 363 +25% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +48.4% 1Y
1Y: ₹2,924.6 on 16 Sept 2025 → ₹4,341. High ₹5,533.5 (19 Jun 2026), low ₹2,557.8 (21 Jan 2026).
How the price took the results
close before → close after
- Q1 FY27
- −1.6%
- 7 Aug
- Q4 FY26
- −0.9%
- 19 May
- Q3 FY26
- +6.4%
- 28 Jan
- Q2 FY26
- +0.8%
- 10 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Valuation and ratios
Current values use the same calculations as the financial screener. Compare FY and TTM where available. Each ratio shows its reporting period.
- Return on capital employed
- —
- TTM · period unavailable
How it is calculated
Adjusted EBIT ÷ average capital employed, including minority equity and deposits.
- —
- FY · period unavailable
How it is calculated
Adjusted EBIT ÷ average capital employed, including minority equity and deposits.
- Return on equity
- —
- TTM · period unavailable
How it is calculated
Adjusted profit attributable to owners ÷ average owners’ equity.
- —
- FY · period unavailable
How it is calculated
Adjusted profit attributable to owners ÷ average owners’ equity.
- Return on assets
- —
- TTM · period unavailable
How it is calculated
Total profit excluding exceptional items after tax ÷ average total assets.
- —
- FY · period unavailable
How it is calculated
Total profit excluding exceptional items after tax ÷ average total assets.
- Operating margin (EBITDA)
- —
- TTM · period unavailable
How it is calculated
Operating profit ÷ revenue.
- —
- FY · period unavailable
How it is calculated
Operating profit ÷ revenue.
- Net margin
- —
- TTM · period unavailable
How it is calculated
Total profit excluding exceptional items after tax ÷ revenue.
- —
- FY · period unavailable
How it is calculated
Total profit excluding exceptional items after tax ÷ revenue.
- Free cash flow margin
- —
- FY · period unavailable
How it is calculated
(Operating cash flow − fixed-asset purchases + disposals) ÷ revenue.
- Cash conversion (CFO/PAT)
- —
- FY · period unavailable
How it is calculated
Operating cash flow ÷ reported total net profit.
- Capex intensity
- —
- FY · period unavailable
How it is calculated
Fixed-asset purchases ÷ revenue.
- Revenue growth (YoY)
- —
- TTM · period unavailable
How it is calculated
Revenue change against the same period one year earlier.
- —
- FY · period unavailable
How it is calculated
Revenue change against the same period one year earlier.
- PAT growth (YoY)
- —
- TTM · period unavailable
How it is calculated
Adjusted profit attributable to owners vs the same period one year earlier.
- —
- FY · period unavailable
How it is calculated
Adjusted profit attributable to owners vs the same period one year earlier.
- EBITDA growth (YoY)
- —
- TTM · period unavailable
How it is calculated
Operating profit vs the same period one year earlier.
- —
- FY · period unavailable
How it is calculated
Operating profit vs the same period one year earlier.
- Debt to equity
- —
- FY · period unavailable
How it is calculated
Borrowings ÷ owners’ equity.
- Interest coverage
- —
- TTM · period unavailable
How it is calculated
Adjusted EBIT ÷ interest expense.
- —
- FY · period unavailable
How it is calculated
Adjusted EBIT ÷ interest expense.
- Asset turnover
- —
- TTM · period unavailable
How it is calculated
Revenue ÷ average total assets.
- —
- FY · period unavailable
How it is calculated
Revenue ÷ average total assets.
- Net debt
- —
- FY · period unavailable
How it is calculated
Borrowings less cash equivalents.
- Net debt / EBITDA
- —
- TTM · period unavailable
How it is calculated
(Borrowings − cash equivalents) ÷ adjusted EBITDA.
- —
- FY · period unavailable
How it is calculated
(Borrowings − cash equivalents) ÷ adjusted EBITDA.
- Financial leverage (average assets/equity)
- —
- FY · period unavailable
How it is calculated
Average total assets ÷ closing owners’ equity.
- Net interest income
- —
- TTM · period unavailable
How it is calculated
Interest earned less interest expense.
- —
- FY · period unavailable
How it is calculated
Interest earned less interest expense.
- Deposit growth
- —
- FY · period unavailable
How it is calculated
Deposits vs the same period one year earlier.
- Price to earnings
- —
- TTM · period unavailable
How it is calculated
Current market cap ÷ adjusted profit attributable to owners for the selected income period. Uses current market cap, not the share price at the period end.
- —
- FY · period unavailable
How it is calculated
Current market cap ÷ adjusted profit attributable to owners for the selected income period. Uses current market cap, not the share price at the period end.
- Price to book
- —
- TTM · period unavailable
How it is calculated
Market cap ÷ owners’ equity from the balance sheet selected for the TTM inputs. Uses current market cap, not the share price at the period end.
- EV / EBITDA
- —
- TTM · period unavailable
How it is calculated
(Market cap + borrowings + deposits − cash equivalents) ÷ adjusted EBITDA. Uses current market cap, not the share price at the period end.
- —
- FY · period unavailable
How it is calculated
(Market cap + borrowings + deposits − cash equivalents) ÷ adjusted EBITDA. Uses current market cap, not the share price at the period end.
- Earnings yield
- —
- TTM · period unavailable
How it is calculated
Adjusted EBIT ÷ enterprise value. Uses current market cap, not the share price at the period end.
- —
- FY · period unavailable
How it is calculated
Adjusted EBIT ÷ enterprise value. Uses current market cap, not the share price at the period end.
- Debtor days
- 128.00 days
- FY ending Mar 2026
How it is calculated
Reported receivable days from the annual accounts.
- Inventory days
- 132.00 days
- FY ending Mar 2026
How it is calculated
Reported inventory days, using material cost / cost of goods sold.
- Days payable
- 170.00 days
- FY ending Mar 2026
How it is calculated
Reported payable days, using material cost / cost of goods sold.
- Cash conversion cycle
- 90.00 days
- FY ending Mar 2026
How it is calculated
Reported debtor days plus inventory days less payable days.
- Working capital days
- 6.00 days
- FY ending Mar 2026
How it is calculated
Reported net working capital days from the annual accounts.
- Dividend payout
- 21.00%
- FY ending Mar 2026
How it is calculated
Reported dividend payout as a percentage of annual profit.
- Market cap
- ₹1,12,026.00 Cr
- Current market cap
How it is calculated
Market capitalisation from the current stock record.
A dash means inputs are missing or too old, the ratio does not apply, or the value is outside our supported range. FY uses the reported fiscal period; TTM uses the latest twelve months. Valuations use current market cap with the selected earnings period.
Screen Indian stocks using these ratios →Annual ratio history
| Period ending | Dec 2010 |
|---|---|
| Return on capital employed | 20.90% |
| Return on equity | 18.64% |
| Return on assets | 4.19% |
| Operating margin (EBITDA) | 11.77% |
| Net margin | 4.65% |
| Free cash flow margin | -0.15% |
| Cash conversion (CFO/PAT) | 57.75% |
| Capex intensity | 2.84% |
| Revenue growth (YoY) | — |
| PAT growth (YoY) | — |
| EBITDA growth (YoY) | — |
| Debt to equity | 0.89× |
| Interest coverage | 3.45× |
| Asset turnover | 0.90× |
| Net debt | ₹776.00 Cr |
| Net debt / EBITDA | 1.58× |
| Financial leverage (average assets/equity) | 4.45× |
| Net interest income | — |
| Deposit growth | — |
| Debtor days | 194.00 days |
| Inventory days | 64.00 days |
| Days payable | 120.00 days |
| Cash conversion cycle | 138.00 days |
| Working capital days | 81.00 days |
| Dividend payout | 23.00% |
The same formulas applied to each reported year. Periods longer or shorter than twelve months are labelled and are not annualised. Current prices are not used for historical valuations.
Financials, as filed
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹2.8k Cr | ₹3.2k Cr | ₹4.3k Cr | ₹6.2k Cr |
| Operating profit | ₹101 Cr | ₹320 Cr | ₹819 Cr | ₹1.7k Cr |
| Interest | ₹43 Cr | ₹28 Cr | ₹15 Cr | ₹15 Cr |
| Depreciation | ₹56 Cr | ₹50 Cr | ₹47 Cr | ₹47 Cr |
| Net profit | ₹-1 Cr | ₹180 Cr | ₹609 Cr | ₹1.2k Cr |
| Cash from operations | ₹-37 Cr | ₹518 Cr | ₹904 Cr | ₹1.7k Cr |
| Free cash flow | ₹-54 Cr | ₹489 Cr | ₹816 Cr | ₹1.5k Cr |
How to read this
Reported financial amounts. Ratios and their reporting periods are shown above.
Balance sheet
| Year ending | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | ₹51 Cr | ₹51 Cr | ₹51 Cr | ₹51 Cr | ₹51 Cr | ₹51 Cr |
| Reserves | ₹1.0k Cr | ₹1.0k Cr | ₹1.2k Cr | ₹1.7k Cr | ₹2.0k Cr | ₹2.6k Cr |
| Borrowings | ₹226 Cr | ₹273 Cr | ₹42 Cr | ₹35 Cr | ₹30 Cr | ₹24 Cr |
| Other liabilities | ₹2.5k Cr | ₹2.3k Cr | ₹2.3k Cr | ₹2.9k Cr | ₹3.9k Cr | ₹5.0k Cr |
| Total liabilities | ₹3.8k Cr | ₹3.7k Cr | ₹3.6k Cr | ₹4.7k Cr | ₹6.1k Cr | ₹7.7k Cr |
| Fixed assets | ₹457 Cr | ₹421 Cr | ₹401 Cr | ₹379 Cr | ₹395 Cr | ₹412 Cr |
| Capital work in progress | ₹9 Cr | ₹9 Cr | ₹11 Cr | ₹47 Cr | ₹42 Cr | ₹65 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹3.3k Cr | ₹3.3k Cr | ₹3.2k Cr | ₹4.2k Cr | ₹5.6k Cr | ₹7.3k Cr |
| Total assets | ₹3.8k Cr | ₹3.7k Cr | ₹3.6k Cr | ₹4.7k Cr | ₹6.1k Cr | ₹7.7k Cr |
How to read this
As filed on each reporting date, including interim balance sheets. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs added +8.40 pp while DIIs trimmed −8.29 pp. The shareholder count grew 52% to 1,38,122.
- Promoters
- 51.0%
- FIIs
- 22.9%
- DIIs
- 18.5%
- Public
- 7.7%
Since Jun 2025
- FIIs +8.40 pp
- DIIs −8.29 pp
- Public −0.09 pp
How it drifted, 12 quarters
Over this window promoters fell from 75.0% to 51.0% — −24.0 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 75.0%, FIIs 0.6%, DIIs 16.2%, Public 8.2%.Dec '23: Promoters 75.0%, FIIs 0.7%, DIIs 16.1%, Public 8.2%.Mar '24: Promoters 75.0%, FIIs 1.2%, DIIs 15.8%, Public 8.0%.Jun '24: Promoters 75.0%, FIIs 2.0%, DIIs 15.0%, Public 8.0%.Sep '24: Promoters 59.4%, FIIs 6.8%, DIIs 25.6%, Public 8.2%.Dec '24: Promoters 51.0%, FIIs 12.0%, DIIs 28.4%, Public 8.6%.Mar '25: Promoters 51.0%, FIIs 13.0%, DIIs 28.2%, Public 7.8%.Jun '25: Promoters 51.0%, FIIs 14.5%, DIIs 26.8%, Public 7.7%.Sep '25: Promoters 51.0%, FIIs 16.1%, DIIs 25.2%, Public 7.7%.Dec '25: Promoters 51.0%, FIIs 18.5%, DIIs 23.3%, Public 7.3%.Mar '26: Promoters 51.0%, FIIs 20.4%, DIIs 21.4%, Public 7.2%.Jun '26: Promoters 51.0%, FIIs 22.9%, DIIs 18.5%, Public 7.7%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- SBI Life Insurance Co. Ltd Insurer newly disclosed 1.06% held
- GE Vernova Electrical Equipment (Wuhan) Co., Ltd newly disclosed 0.00% held
The same filing shows 4 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of GE Vernova T&D India Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Grid Equipments Private Limited | 50.70% | unchanged |
| Nippon Life India Trustee Ltd-A/C Nippon India Large Cap Fund Mutual fund | 2.97% | −1.17 pp |
| Kotak Midcap Fund Mutual fund | 2.45% | −1.83 pp |
| HSBC Mutual Fund - HSBC Midcap Fund Mutual fund | 1.81% | −0.24 pp |
| Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Midcap Fund Mutual fund | 1.75% | −0.15 pp |
| SBI Life Insurance Co. Ltd Insurer | 1.06% | newly disclosed |
| GE Grid Alliance B.V. | 0.30% | unchanged |
| Grid Solutions Uruguay S.A. | 0.00% | unchanged |
| Grid Solutions Enerji Endustrisi A.S. | 0.00% | unchanged |
| GE Grid (Switzerland) GmbH | 0.00% | unchanged |
| Ge Grid Solutions, S.A. | 0.00% | unchanged |
| GE Grid Solutions Pte. Ltd. | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse GE Vernova T&D India Limited
Guides on how to read this kind of business and the numbers that matter.