GE Vernova T&D India share price & results

GE Vernova T&D India Limited· Capital Goods· Industrials

Results to: Jun 2026
Latest analysed call: Q1 FY27
Ownership as of: Sept 2026

Maker of high-voltage power transmission equipment and grid-automation systems; GE Vernova's India T&D arm

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Reported

The figures, each with its period

Each figure keeps its basis and period; nothing is filled in.

Metric	Value	Change	Basis	Period	Note
Revenue	1,836 ₹ crore	+38.0% YoY	Quarterly, as filed	Quarter to Jun 2026	Revenue from operations as filed.
Operating margin	25.0 %	−4.0 pts YoY	Operating profit / revenue	Quarter to Jun 2026	For the quarter; a change is in percentage points.
Net profit	363 ₹ crore	+24.7% YoY	Quarterly, as filed	Quarter to Jun 2026	Profit after tax as filed.
Return on equity	Unavailable	—	Trailing twelve months	TTM · period unavailable	Not in the analysed materials. No older figure is substituted.
Free cash flow margin	Unavailable	—	Fiscal year	FY · period unavailable	Not in the analysed materials. No older figure is substituted.
Revenue growth (YoY)	Unavailable	—	Trailing twelve months	TTM · period unavailable	Not in the analysed materials. No older figure is substituted.

Source: Inve data from filed results; ratios from the Screener-verified panel · to Jun 2026

Guidance

What management said, and what became of it

2 of 2 judged targets kept · 9 open · verdicts reflect calls analysed to Q1 FY27.

GE Vernova T&D India Limited management guidance track record on Inve: 11 targets tracked across analysed earnings calls (2 achieved, 0 missed, 9 open).

Target	Original wording	Said	Latest call	Verdict
EBITDA Margin	mid-teen to high-teen Call transcript, Q3 FY25 · 5 Feb 2025	Q3 FY25	Q1 FY27:This promise for FY25-26 was achieved and is now closed. Call transcript, Q1 FY27 · 7 Aug 2026	Achieved
HVDC Project Order Finalization	Finalized in this financial year (FY26) Call transcript, Q1 FY26 · 29 Jul 2025	Q1 FY26	Q1 FY27:Management acknowledged that the pace of HVDC awards is 'slightly getting delayed', confirming continued uncertainty. Call transcript, Q1 FY27 · 7 Aug 2026	Delayed
Export Share of Revenue/Orders	30% should come from exports Call transcript, Q3 FY25 · 5 Feb 2025	Q3 FY25	Q1 FY27:Export diversification contributed 46% to Q1 FY27 order inflow, significantly above the 30% target. Total export backlog share is 10-15%. Call transcript, Q1 FY27 · 7 Aug 2026	On Track

Source: Inve Guidance Tracker for GE Vernova T&D India Limited · to Q1 FY27

A verdict describes what became of management’s own words in later analysed calls. “Delayed” is a change of date, “went quiet” a target the calls stopped mentioning. None of it is a judgement on the investment. The methodology sets out how verdicts are recorded.

9 of GE Vernova T&D India Limited's 11 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 8 more targets are in the full ledger.

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See the full record

Price

₹3,790 +2.43% · +₹90

Last close 26 Oct 2026 · NSE · INR · Source: Inve

Performance +30.5% 1Y

1Y: ₹2,905.2 on 24 Oct 2025 → ₹3,790. High ₹5,533.5 (19 Jun 2026), low ₹2,557.8 (21 Jan 2026).

Previous close: ₹3,700
Market cap: ₹1.0L Cr
52-week range: ₹2,557.8 – ₹5,533.5
One year: +33.26%

Overview

Symbol: NSE:GVT&D
Sector: Capital Goods
Industry: Industrials
Exchange: NSE
Currency: INR

What GE Vernova T&D India Limited does

Based on the company's own presentations, annual report and earnings calls.

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

Founded 1957Headquarters Noida, Uttar Pradesh, India Company website

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.

Guidance

What management said, and what became of it

2 of 2 judged targets kept · 9 open · verdicts reflect calls analysed to Q1 FY27.

GE Vernova T&D India Limited management guidance track record on Inve: 11 targets tracked across analysed earnings calls (2 achieved, 0 missed, 9 open).

Target	Original wording	Said	Latest call	Verdict
EBITDA Margin	mid-teen to high-teen Call transcript, Q3 FY25 · 5 Feb 2025	Q3 FY25	Q1 FY27:This promise for FY25-26 was achieved and is now closed. Call transcript, Q1 FY27 · 7 Aug 2026	Achieved
HVDC Project Order Finalization	Finalized in this financial year (FY26) Call transcript, Q1 FY26 · 29 Jul 2025	Q1 FY26	Q1 FY27:Management acknowledged that the pace of HVDC awards is 'slightly getting delayed', confirming continued uncertainty. Call transcript, Q1 FY27 · 7 Aug 2026	Delayed
Export Share of Revenue/Orders	30% should come from exports Call transcript, Q3 FY25 · 5 Feb 2025	Q3 FY25	Q1 FY27:Export diversification contributed 46% to Q1 FY27 order inflow, significantly above the 30% target. Total export backlog share is 10-15%. Call transcript, Q1 FY27 · 7 Aug 2026	On Track

Source: Inve Guidance Tracker for GE Vernova T&D India Limited · to Q1 FY27

The full ledger

Open GE Vernova T&D India Limited’s full ledger

A free account opens 5 company ledgers a month. All 11 tracked commitments, with each call’s wording and source.

Browse the register

Latest analysed call: Q1 FY27, 7 Aug 2026. 7 calls analysed.

Call summaries

Q1 FY27 — 7 Aug 2026

GE Vernova T&D India Limited Q1 FY27

GE Vernova T&D India Limited reported a strong Q1 FY27 with 38% YoY revenue growth and over 1.25x PBT increase, supported by a robust order backlog providing multi-year visibility. Despite a 30% YoY moderation in order inflow and gross margin compression due to mix and commodity prices, the company maintained its EBITDA margin in line with guidance and a zero-debt position. Delays in key RPT-approved orders remain a watch item.

Read the full call

Q4 FY26 — 19 May 2026

GE Vernova T&D Q4 FY26

GE Vernova T&D reported a strong Q4 and full year FY26, marked by robust revenue growth, significant margin expansion, and a record order backlog. The company achieved zero debt and a healthy cash position, supporting substantial capital investments for future growth. While Q4 order finalization was noted as 'dull' and HVDC revenue conversion is long-cycle, the overall outlook remains positive with a de-risked business model and strategic focus on India's energy transition.

Read the full call

Q3 FY26 — 28 Jan 2026

GE Vernova T&D Q3 FY26

GE Vernova T&D reported a robust Q3 FY26, with revenue growing 58% YoY to INR17 billion and bookings increasing 41% YoY to INR29.4 billion. The order backlog expanded 10% QoQ to INR143.8 billion, driven by strong domestic demand and HVDC projects. Profitability remained strong with a 26.7% EBITDA margin, and PBT grew over 2.4x YoY to INR4.6 billion. The company also maintained a healthy cash balance of INR15.9 billion despite a provision for retiral benefits and a delayed export order.

Read the full call

Summaries of each call, in Inve’s own words; the transcript is not reproduced. Not investment advice.

Every analysed call

GE Vernova T&D India Limited earnings calls (GVT&D)

Fundamentals

Ratios, each with its period

Current values with the period they cover; the trend reads across the 1 fiscal year held (Dec 2010 to Dec 2010).

Dec 2010
194.00 days

How it is calculated. Reported receivable days from the annual accounts.
Dec 2010
64.00 days

How it is calculated. Reported inventory days, using material cost / cost of goods sold.
Dec 2010
120.00 days

How it is calculated. Reported payable days, using material cost / cost of goods sold.
Dec 2010
138.00 days

How it is calculated. Reported debtor days plus inventory days less payable days.
Dec 2010
81.00 days

How it is calculated. Reported net working capital days from the annual accounts.
Dec 2010
23.00%

How it is calculated. Reported dividend payout as a percentage of annual profit.
Dec 2010
—

How it is calculated. Market capitalisation from the current stock record.

Dec 2010
194.00 days

Dec 2010
64.00 days

Dec 2010
120.00 days

Dec 2010
138.00 days

Dec 2010
81.00 days

Dec 2010
23.00%

Dec 2010
—

A dash means inputs are missing or too old, the ratio does not apply, or the value is outside the supported range. FY uses the reported fiscal period; TTM the latest twelve months; valuations use the current market cap with the chosen earnings period. Screen Indian stocks on these ratios →

Financials

What the filings say

Net profit, year on year: +25% (quarter to jun 2026 against jun 2025).

In ₹ crore. Oldest period first.

Line item	Sept 2024	Dec 2024	Mar 2025	Jun 2025	Sept 2025	Dec 2025	Mar 2026	Jun 2026
Sales	1,108	1,074	1,153	1,330	1,538	1,701	1,637	1,836
Expenses	903	894	900	943	1,142	1,246	1,192	1,375
Operating profit	205	180	252	388	396	455	445	461
Operating margin	18.0%	17.0%	22.0%	29.0%	26.0%	27.0%	27.0%	25.0%
Other income	4	26	21	16	19	-51	43	42
Interest	3	4	6	3	2	3	7	3
Depreciation	12	12	11	11	12	12	12	12
Profit before tax	194	190	256	390	401	390	469	487
Tax rate	25.0%	25.0%	27.0%	25.0%	25.0%	25.0%	25.0%	25.0%
Net profit	145	143	186	291	299	291	352	363
EPS (₹ per share)	5.65	5.57	7.28	11.37	11.70	11.36	13.74	14.18

Source: Inve data · income statement, quarterly · to Jun 2026

In ₹ crore. Oldest period first.

Line item	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Sales	2,774	3,169	4,293	6,206
Expenses	2,672	2,849	3,473	4,523
Operating profit	101	320	819	1,684
Other income	22	23	63	27
Interest	43	28	15	15
Depreciation	56	50	47	47
Profit before tax	26	263	820	1,650
Net profit	-1	180	609	1,233

Source: Inve data · income statement, annual · to Mar 2026

In ₹ crore. Oldest period first.

Line item	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sept 2025	Mar 2026
Equity capital	51	51	51	51	51	51
Reserves	1,029	1,022	1,192	1,722	2,035	2,639
Borrowings	226	273	42	35	30	24
Other liabilities	2,461	2,333	2,300	2,853	3,948	5,025
Total liabilities	3,767	3,679	3,584	4,661	6,064	7,739
Fixed assets	457	421	401	379	395	412
Capital work in progress	9	9	11	47	42	65
Investments	0	0	0	0	0	0
Other assets	3,302	3,250	3,173	4,234	5,627	7,262
Total assets	3,767	3,679	3,584	4,661	6,064	7,739

Source: Inve data · balance sheet · to Mar 2026

In ₹ crore. Oldest period first.

Line item	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from operations	311	8	-37	518	904	1,710
Cash from investing	12	116	3	-172	-495	-509
Cash from financing	-324	-102	9	-259	-69	-147
Net cash flow	-1	22	-26	87	339	1,054
Free cash flow	324	-17	-54	489	816	1,521

Source: Inve data · cash flow · to Mar 2026

In days and %. Oldest period first.

Line item	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor days	201	186	204	166	125	128
Inventory days	143	159	119	103	100	132
Days payable	275	283	197	156	146	170
Cash conversion cycle	69	62	127	114	79	90
Working capital days	23	13	20	29	35	6
Return on capital employed	11.0%	−9.0%	8.0%	23.0%	55.0%	77.0%
Dividend payout	0.0%	0.0%	0.0%	28.0%	21.0%	21.0%

Source: Inve data · annual ratios · to Mar 2026

Ownership

Who owns it

Promoters hold 51.00% as of Sept 2026; institutions cut 0.01 pts since Jun 2026.

Promoters 0.00 pts 51.00%
Foreign institutions −3.73 pts 19.16%
Domestic institutions +3.72 pts 22.18%
Government 0.00 pts 0.00%
Public +0.02 pts 7.67%

1,53,699 shareholders on the register.

Source: Exchange shareholding filings · to Sept 2026 · 8 filings held

Who was buying across the market this quarter

Who bought this quarter

since Jun 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

Mutual fund newly disclosed 3.06% held
Insurer +0.64 pp 1.70% held
Mutual fund +0.22 pp 2.67% held
Mutual fund +0.10 pp 1.85% held

The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Sep 2026 filing

Every holder of GE Vernova T&D India Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.

Holder	Stake	Change
	50.70%	unchanged
Mutual fund	3.06%	newly disclosed
Mutual fund	2.67%	+0.22 pp
Mutual fund	1.85%	+0.10 pp
Insurer	1.70%	+0.64 pp
Mutual fund	1.65%	−0.16 pp
	0.30%	unchanged
Mutual fund	—	off the list

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.

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