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GE Vernova T&D
SectorCapital Goods
GE Vernova T&D India Limited, formerly GE T&D India Limited, is a leading player in the power transmission and distribution infrastructure business in India. The company offers a wide range of products and solutions for power generation, transmission, and distribution, including equipment for medium to ultra-high voltage (up to 1200 kV) applications. Their product portfolio includes power transformers, circuit breakers, gas insulated switchgears, instrument transformers, substation automation equipment, digital software solutions, and turnkey substation engineering and construction services. The company also provides Flexible AC Transmission Systems (FACTS), High Voltage DC (HVDC) solutions, and maintenance support. GE Vernova T&D India has manufacturing sites across India and has been involved in numerous significant power infrastructure projects throughout the country.
In the news
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GE Vernova T&D shares surge 9% post HVDC project win, brokerages bullish
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The Quarter story
The two most recent quarterly results, compared side-by-side.
GE Vernova T&D India shows strong revenue growth and a robust order backlog, though rising finance costs and export sales dips need monitoring.
Order backlog grew from ₹129.6 to ₹214.6 from Q1 to Q4 FY26, securing strong future revenue visibility.
Finance costs jumped from ₹28 to ₹70 from Q1 to Q4 FY26, signaling increased borrowing activity.
Revenue climbed from ₹13.3 to ₹18.4 from Q1 FY26 to Q1 FY27, confirming sustained top-line expansion.
Export sales declined from ₹5,250 to ₹4,703 from Q1 to Q3 FY26, highlighting overseas market headwinds.
Gross profit rose from ₹6,442 to ₹7,690 from Q1 to Q4 FY26, reflecting strong pricing power.
State utility backlog fell from ₹3,912 to ₹3,340 from Q1 to Q3 FY26, indicating slower regional procurement.
EBITDA expanded from ₹3,876 to ₹4,449 from Q1 to Q4 FY26, indicating robust operational profitability.
Other expenses rose from ₹1,593 to ₹2,056 from Q1 to Q4 FY26, warranting closer cost monitoring.
Export orders increased from ₹2,276 to ₹4,208 from Q1 to Q3 FY26, signaling growing overseas demand.
Cost of goods sold climbed from ₹6,860 to ₹9,753 from Q1 to Q3 FY26 before easing to ₹8,681 in Q4 FY26, showing fluctuating input costs.
Company insights, generated from the most recent coverage.
BESS funding is a STATCOM and synchronous condenser story before it is a battery story — grid-forming mandates on battery converters and 15% of renewable inverters by July 2027 force utilities to buy reactive-power support, and GE Vernova's 25+ operating STATCOMs put it first in that queue.
The ₹7,000-8,000 crore synchronous condenser packages are won by GE's parent, but the associated transformers and bays stay addressable for the India T&D business — a royalty-free way to monetise the inertia shortage.
HVDC terminal revenue is a FY29-onwards event: the 2.5 GW VSC wins and one-project-a-year run rate land after the June 2028 ISTS deadline, so near-term earnings ride transformers, GIS and STATCOM rather than HVDC.