GVT&D
GE Vernova T&D India share price & financials
- Price
- ₹4,387.4
- 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
what the last two calls moved 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 — every revision, and every one management stopped mentioning.
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 +64.4% 1Y
1Y: ₹2,765.7 on 10 Sept 2025 → ₹4,548.1. 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.
Financials, as filed
Revenue grew 30.8% a year over 3 years, FY23 to FY26. Operating margin widened to 27.1%.
| 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 |
| Operating margin | 3.6% | 10.1% | 19.1% | 27.1% |
| 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 |
| Net margin | 0.0% | 5.7% | 14.2% | 19.9% |
| Cash from operations | ₹-37 Cr | ₹518 Cr | ₹904 Cr | ₹1.7k Cr |
| Free cash flow | ₹-54 Cr | ₹489 Cr | ₹816 Cr | ₹1.5k Cr |
| ROCE | 8.0% | 23.0% | 55.0% | 77.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹51 Cr | ₹51 Cr | ₹51 Cr | ₹51 Cr | ₹51 Cr | ₹51 Cr |
| Reserves | ₹1.1k Cr | ₹1.0k Cr | ₹1.0k Cr | ₹1.2k Cr | ₹2.0k Cr | ₹2.6k Cr |
| Borrowings | ₹316 Cr | ₹226 Cr | ₹273 Cr | ₹42 Cr | ₹30 Cr | ₹24 Cr |
| Other liabilities | ₹2.7k Cr | ₹2.5k Cr | ₹2.3k Cr | ₹2.3k Cr | ₹3.9k Cr | ₹5.0k Cr |
| Total liabilities | ₹4.1k Cr | ₹3.8k Cr | ₹3.7k Cr | ₹3.6k Cr | ₹6.1k Cr | ₹7.7k Cr |
| Fixed assets | ₹494 Cr | ₹457 Cr | ₹421 Cr | ₹401 Cr | ₹395 Cr | ₹412 Cr |
| Capital work in progress | ₹22 Cr | ₹9 Cr | ₹9 Cr | ₹11 Cr | ₹42 Cr | ₹65 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹3.6k Cr | ₹3.3k Cr | ₹3.3k Cr | ₹3.2k Cr | ₹5.6k Cr | ₹7.3k Cr |
| Total assets | ₹4.1k Cr | ₹3.8k Cr | ₹3.7k Cr | ₹3.6k Cr | ₹6.1k Cr | ₹7.7k Cr |
How to read this
As filed each year. 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
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