Synopsis: GE Vernova T&D India Limited delivered strong Q3 growth with sharp profit expansion and a robust Rs 14,380 crore order book, reflecting solid execution, improving margins, and healthy medium-term revenue visibility.
This article analyzes the strong quarterly performance and growth outlook of GE Vernova T&D India Limited, highlighting its sharp profit surge, expanding margins, robust Rs 14,380 crore order book, key project wins, capex roadmap, and brokerage view supporting sustained momentum in the power transmission and distribution sector.
The company makes and supplies equipment and solutions for electricity transmission and distribution. It helps move power from power plants to homes, industries, and businesses efficiently and safely. The company also supports integrating renewable energy, like solar and wind, into the grid.
With a market capialization of Rs 98,961 crore, the shares of this company closed at Rs 3,865 per share, up by 0.97 percent from its previous close. The company trades at an overvalued P/E of 88.2x compared to its Industry P/E of 88.5x, and has returned 2,740 percent in the last 5 years.
Q3 Performance
QoQ View: The revenue from operations grew by 10.60 percent to Rs 1,701 crore in Q3 FY26 from Rs 1,538 crore in Q2 FY26, and EBIDT grew by 14.90 percent to Rs 455 crore in Q3 FY26 from Rs 396 crore in Q2 FY26. However, this was accompanied by a slight net profit contraction of 2.68 percent to Rs 291 crore in Q3 FY26 from Rs 299 crore in Q2 FY26, leading to a marginal dip in EPS to Rs 11.36.
YoY View: The revenue from operations grew by 58.38 percent to Rs 1,701 crore in Q3 FY26 from Rs 1,074 crore in Q3 FY25, and EBIDT saw a massive surge of 152.78 percent to Rs 455 crore in Q3 FY26 from Rs 180 crore in Q3 FY25. This was accompanied by a net profit growth of 139 percent to Rs 291 crore in Q3 FY26 from Rs 143 crore in Q3 FY25, resulting in an EPS growth of 103.95 percent to Rs 11.36 per share in Q3 FY26.
Order bookings: Inflows remained healthy at Rs 2,940 crore, up 41 percent from Rs 2,080 crore. Domestic demand led momentum, contributing 86 percent of bookings, while international orders accounted for 14 percent, supporting a well-diversified pipeline and sustained execution visibility.
Orders Breakdown by Sector: Order inflows were largely driven by the private sector, which contributed Rs 8,997 crore, accounting for 63 percent of total orders. Central utilities and PSUs added Rs 5,053 crore, forming 35 percent of the mix, while state utilities contributed Rs 334 crore, representing a modest 2 percent, highlighting strong private-led demand momentum.
Key Orders Booked: The company secured key orders from Power Grid Corporation of India Ltd. for refurbishing the 2x500MW Chandrapur HVDC Back-to-Back Station and supplying 765 kV transformers across transmission pooling stations to support renewable evacuation. It also won a 765 kV transformer mandate from a private TBCB developer in Gujarat, alongside multiple 400 kV and 220 kV GIS domestic orders.
Internationally, it bagged a 400 kV GIS order at Vulcan Green, Oman, for Jindal Group, and executed multiple AIS/GIS equipment export orders across Europe, the Middle East, and Africa through GE Grid Solutions UAE, strengthening its global footprint.
Financial Outlook: Management reaffirmed its planned capital expenditure of nearly Rs 1,000 crore, with projects scheduled for phased completion through FY27 and FY28. Margins are expected to remain supported by execution momentum and operating leverage. The company also holds a strong cash balance of around Rs 15.9 billion and operates without debt, ensuring balance sheet strength.
Prabhudas Lilladher on GE Vernova
Brokerage View: Prabhudas Lilladher has maintained a ‘BUY’ rating with a target price of Rs 4,050, supported by strong revenue growth, improving margins, and a healthy order book. The stock trades at 51.7x and 42.6x FY27E and FY28E earnings, with further upside expected from ongoing HVDC and TBCB project execution.
Strong Financials: Q3 revenue grew 58.4 percent year-on-year, while EBITDA margin stood at 26.7 percent. Growth was supported by improved pricing discipline, a higher share of margin-accretive orders, and strong execution momentum. The performance reflects operating efficiency and the company’s ability to convert demand visibility into profitable growth.
Robust Pipeline & Execution Support: The Rs 14,380 crore order book, backed by domestic and export TBCB and HVDC projects, provides multi-year revenue visibility. Planned capex of nearly Rs 1,000 crore through FY28 and raw material pass-through clauses are expected to enhance operating leverage and protect margins.
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