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GVT&D Seeks Approval for ₹30,000 Million Related Party Transaction and CEO Re-appointment
GE Vernova T&D India Limited has issued a postal ballot notice seeking shareholder approval for three significant resolutions. The company proposes the re-appointment of Mr. Sandeep Zanzaria as Managing Director and CEO for a three-year term starting April 17, 2026. Most notably, the company is seeking approval for material related party transactions with UK Grid Solutions Limited for an amount up to ₹30,000 million. Additionally, the board has proposed the appointment of Ms. Rashmi Joshi as an Independent Director for a five-year term.
Key Highlights
Proposed re-appointment of Mr. Sandeep Zanzaria as MD & CEO for a 3-year term effective April 2026.
Approval sought for Material Related Party Transactions with UK Grid Solutions Ltd involving up to ₹30,000 million.
Appointment of Ms. Rashmi Joshi as an Independent Director for a 5-year term until March 2031.
Remote e-voting period is set from February 19, 2026, to March 20, 2026.
The ₹30,000 million RPT covers the sale and purchase of goods and project-related services.
💼 Action for Investors
Investors should view the leadership continuity and the large-scale related party transaction as a sign of a strong business pipeline within the GE Vernova ecosystem. No immediate action is required other than monitoring the final voting results on March 20, 2026.
GE Vernova T&D Q3 FY26: Revenue Surges 58% to ₹17B; Order Backlog Reaches ₹143.8B
GE Vernova T&D India delivered a strong Q3 FY26 performance with revenue rising 58% YoY to INR 17 billion and EBITDA margins at 26.7%. The company secured INR 29.4 billion in new orders during the quarter, representing a 41% YoY growth, while the total order backlog reached a record INR 143.8 billion. Profit before tax (excluding exceptional items) grew 2.4x to INR 4.6 billion, reflecting improved execution and pricing power. The company remains debt-free with a healthy cash balance of INR 15.9 billion, and the major Adani Khavda HVDC project win is yet to be fully booked in the reported numbers.
Key Highlights
Q3 Revenue grew 58% YoY to INR 17 billion; 9M Revenue up 46% to INR 46 billion.
Order backlog reached INR 143.8 billion, with 98% exposure to private and central utilities.
EBITDA margin stood at 26.7% for Q3 and 27.1% for the 9-month period.
New order bookings of INR 29.4 billion in Q3, excluding the Adani Khavda HVDC project.
Cash and cash equivalents increased to INR 15.9 billion with zero debt on the balance sheet.
💼 Action for Investors
The stock remains a strong play on India's energy transition and grid modernization, backed by a massive order book and high margins. Investors should monitor the commercial booking of the Adani HVDC project as a key near-term trigger.
GVT&D Q3 FY26: PAT Jumps 105% to INR 2.9 Bn; EBITDA Margins Expand to 26.7%
GE Vernova T&D India reported an exceptionally strong Q3 FY26, with revenue growing 58% YoY to INR 17.0 billion. Profitability saw a massive surge as PAT rose 105% YoY to INR 2,908 million, driven by significant EBITDA margin expansion from 16.7% to 26.7%. Order inflows remained robust at INR 29.4 billion, marking a 41% YoY growth, fueled by major domestic wins from PGCIL and international export orders. The company is successfully capitalizing on India's renewable energy transition and the resulting demand for high-voltage transmission infrastructure.
Key Highlights
Revenue increased by 58% YoY to INR 17.0 billion in Q3 FY26.
EBITDA margins expanded by 1,000 basis points YoY to 26.7%, reaching INR 4,546 million.
Profit After Tax (PAT) more than doubled to INR 2,908 million from INR 1,418 million in the year-ago period.
Order bookings grew 41% YoY to INR 29.4 billion, including major 765 kV transformer orders from PGCIL.
Secured significant international orders for GIS equipment in Oman and across Europe, Middle East, and Africa.
💼 Action for Investors
Investors should maintain a positive outlook as the company demonstrates superior execution and massive margin expansion. The strong order book and focus on high-margin renewable energy evacuation projects position GVT&D as a primary beneficiary of India's power grid modernization.
GVT&D Q3 FY26 Results: PAT Jumps to ₹4.6B; Order Backlog Hits Record ₹143.8B
GE Vernova T&D India reported a stellar performance for Q3 FY26, with PAT rising significantly to ₹4.6 billion from ₹1.9 billion in the previous year. The company's order backlog has strengthened to ₹143.8 billion as of December 2025, providing strong revenue visibility. For the nine-month period, profits more than doubled to ₹12.5 billion, reflecting robust execution and margin improvement. The order intake remains healthy at ₹61.6 billion for 9M FY26, with domestic orders accounting for 85% of the mix.
Key Highlights
Quarterly PAT surged to ₹4.6 billion in Q3 FY26 compared to ₹1.9 billion in Q3 FY25
Order backlog reached ₹143.8 billion in Dec 2025, up from ₹126.6 billion in March 2025
9M FY26 PAT more than doubled to ₹12.5 billion from ₹5.6 billion in 9M FY25
Domestic orders constitute 85% (₹52.4 billion) of the total order intake for the period
Revenue/EBITDA for Q3 FY26 grew to ₹29.4 billion from ₹20.8 billion in the year-ago quarter
💼 Action for Investors
The company is a primary beneficiary of India's power grid expansion and energy transition; investors should hold for long-term growth driven by the massive order book. Monitor execution efficiency as the company scales to meet the record backlog.
GE Vernova T&D Q3 Net Profit Jumps 104% to ₹2.9B; MD Sandeep Zanzaria Re-appointed
GE Vernova T&D India reported a robust performance for Q3 FY26, with revenue from operations growing 58.4% YoY to ₹17,006.4 million. Net profit surged 104% YoY to ₹2,908 million, even after accounting for a ₹693 million exceptional provision related to new labor codes. The company ensured management continuity by re-appointing Mr. Sandeep Zanzaria as MD & CEO for a further three-year term starting April 2026. These results highlight strong execution and growth in the Indian transmission and distribution sector.
Key Highlights
Revenue from operations increased 58.4% YoY to ₹17,006.4 million for the quarter ended December 31, 2025.
Net profit doubled to ₹2,908 million from ₹1,426.8 million in the corresponding quarter of the previous year.
Exceptional item of ₹693 million provided for financial implications of the new Government of India Labour Codes.
Mr. Sandeep Zanzaria re-appointed as MD & CEO for a 3-year term effective April 17, 2026, to April 16, 2029.
Basic Earnings Per Share (EPS) improved significantly to ₹11.36 from ₹5.57 YoY.
💼 Action for Investors
Investors should take confidence from the strong top-line and bottom-line growth which indicates high demand in the power T&D space. The management continuity with the CEO's re-appointment is a further positive for long-term strategy execution.
GVT&D Q3 FY26 Net Profit Surges 104% YoY to ₹2,908 Million; MD Re-appointed
GE Vernova T&D India reported a robust performance for Q3 FY26, with revenue from operations growing 58.4% YoY to ₹17,006.4 million. Net profit doubled to ₹2,908 million, even after accounting for a one-time exceptional charge of ₹693 million related to new Labour Code provisions. The company demonstrated strong operational leverage with profit before exceptional items rising 141.7% YoY. Leadership continuity is secured with the re-appointment of Sandeep Zanzaria as MD & CEO for a further three-year term.
Key Highlights
Revenue from operations increased 58.4% YoY to ₹17,006.4 million in Q3 FY26.
Net profit for the quarter rose 103.8% YoY to ₹2,908 million from ₹1,426.8 million.
Profit before exceptional items and tax stood at ₹4,590.1 million, up from ₹1,898.9 million YoY.
Recognized an exceptional provision of ₹693 million for financial implications of new Government Labour Codes.
Sandeep Zanzaria re-appointed as MD & CEO for a 3-year term effective April 17, 2026.
💼 Action for Investors
The strong top-line growth and doubling of profits indicate high demand in the T&D sector; investors should remain positive given the leadership stability and operational momentum.
GE Vernova T&D Bags Major 2500 MW HVDC Terminal Station Contract from AESL Projects
GE Vernova T&D India Limited has secured a significant domestic contract from AESL Projects Limited for the establishment of a 2500 MW HVDC VSC Terminal Station. The project involves the design and execution of a ± 500 kV system to evacuate renewable power from Khavda to South Olpad. This multi-year contract strengthens the company's position in the high-growth renewable energy transmission sector. The deal highlights the company's technical expertise in Voltage Source Converter (VSC) technology, which is critical for modern grid stability.
Key Highlights
Awarded by AESL Projects Limited for a 2500 MW, ± 500 kV HVDC VSC Terminal Station
Project includes two 1250 MW units for renewable power evacuation from KPS 3 (Khavda)
Scope covers design, supply, and execution over a period of multiple years
Reinforces leadership in advanced High Voltage Direct Current (HVDC) technology
💼 Action for Investors
Investors should view this as a strong validation of the company's technological moat in the T&D space. The multi-year execution timeline provides healthy revenue visibility and supports a positive long-term outlook.
GE Vernova T&D Bags HVDC Refurbishment Order from PGCIL for Chandrapur Link
GE Vernova T&D India Limited has received a Letter of Award from Power Grid Corporation of India Limited (PGCIL) for a critical infrastructure project. The contract involves the refurbishment of the 2x 500 MW HVDC Chandrapur back-to-back link, which facilitates power transfer between Northern and Southern India. The scope of work includes the upgrade of HVDC Thyristor Valves and HVDC Controls & Protection systems. This domestic project is expected to be executed over a multi-year period, enhancing the company's long-term order book visibility.
Key Highlights
Secured Letter of Award from Power Grid Corporation of India Limited (PGCIL) on December 17, 2025.
Project involves refurbishment of 2x 500 MW HVDC Chandrapur back-to-back link.
Scope includes high-tech upgrades of HVDC Thyristor Valves and Controls & Protection systems.
Execution timeline is set over a period of multiple years, ensuring steady revenue flow.
Strengthens the company's position in the specialized HVDC and grid stability segment in India.
💼 Action for Investors
Investors should maintain a positive outlook as this order reinforces GE Vernova's technical leadership in the HVDC segment. Monitor upcoming quarterly results for updates on the total order book value and execution margins.