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

📊 NSE: GVT&D 🏢 Electric Equipment 📅 Last Updated: 12/13/2025 22:18

📢 Recent Corporate Announcements

GVT&D Outlines ₹1,010 Cr Capex Plan and Reports ₹20,930 Cr Backlog in Investor Presentation

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 17 Sep 2026, 05:47 PM

GE Vernova T&D India released an investor presentation detailing a planned fresh capacity expansion capex of ~₹10.1 billion (₹1,010 crore) through December 2028 across multiple sites. As of Q1 FY27 (ended June 2026), the company's order backlog stood robust at ₹209.3 billion (₹20,930 crore), approximately 3.1x TTM revenue. Q1 FY27 revenue grew 38% YoY to ₹18.4 billion with Profit Before Tax expanding 25% to ₹4.9 billion. The company holds a strong cash balance of ₹29.3 billion, easily funding the planned capex internally.

Fresh capacity expansion capex of ~₹10.1 billion announced across Vadodara, Padappai, Hosur, Pallavaram, and Vallam through Dec 2028
Order backlog stands at ₹209.3 billion (₹20,930 crore) as of June 2026, though Q1 FY27 order intake moderated 30% YoY to ₹11.4 billion
Q1 FY27 revenue rose 38% YoY to ₹18.4 billion with PBT reaching ₹4.9 billion (1.25x YoY)
Capacity ramp includes +50% increase in Transformer & Reactor capacity and +25% in GIS and AIS capacity
Strong balance sheet liquidity with available cash balance of ₹29.3 billion as of Q1 FY27

💡 Track the phased execution milestones of the ₹1,010 crore capex program through 2028 and monitor quarterly order intake trends to ensure the 3.1x TTM revenue backlog continues to be replenished.

GE Vernova T&D Schedules Institutional Investor Meetings for September 21-23, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 16 Sep 2026, 04:39 PM

GE Vernova T&D India Limited has scheduled physical meetings with institutional investors and analysts from September 21 to September 23, 2026. The meetings are organized by Nomura India and will take place in Mumbai. The interactions will include one-on-one and group formats during business working hours. The company confirmed that no unpublished price sensitive information (UPSI) will be discussed.

Investor meetings scheduled across 3 days from September 21 to 23, 2026
Organized by Nomura India in Mumbai
Format includes physical one-on-one and group meetings during working hours
Company confirmed no unpublished price sensitive information (UPSI) will be shared

💡 Track post-meet investor presentations or disclosure transcripts filed with exchanges following the September 21-23 meetings for any qualitative business updates.

GVT&D Shareholders Approve Rs 10 Final Dividend and Related-Party Transactions at 70th AGM

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 11 Sep 2026, 03:03 PM

GE Vernova T&D India Limited disclosed the voting results of its 70th Annual General Meeting held on September 09, 2026. All 11 resolutions were passed, including the declaration of a final dividend of Rs 10 per equity share (face value Rs 2) with 100% approval. Notable dissent was seen from institutional shareholders, with 43.25% voting against a material related-party transaction with LM Wind Power Blades (India) Pvt Ltd and 48.36% of institutional votes cast against increasing borrowing/investment limits under Section 186. Promoter voting participation stood at 100% of their 13,05,83,733 shares for standard resolutions, while abstaining from related-party matters as required.

Approval of final dividend of Rs 10 per equity share of face value Rs 2 for FY26
Material related-party transaction with LM Wind Power Blades passed with 56.75% overall votes, facing 43.25% institutional dissent
Resolution to increase limits under Section 186 passed with 80.60% votes, despite 48.36% institutional votes against
Overall shareholder turnout stood at 85.18% to 85.20% across key general resolutions
Re-appointment of Deloitte Haskins & Sells as statutory auditors approved with 99.99% votes in favor

💡 Track the ex-dividend payment timeline and observe any operational details regarding upcoming inter-corporate loans or investments following the Section 186 limit expansion.

GE Vernova T&D Shareholders Approve Directors and Re-Appoint Deloitte as Statutory Auditor

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 10 Sep 2026, 10:58 PM

GE Vernova T&D India Limited announced that shareholders at the 70th AGM on September 9, 2026, approved key leadership and auditor appointments. Mr. Sushil Kumar was re-appointed as Whole-time Director for a five-year term starting January 1, 2027, until December 31, 2031. Additionally, Mr. Marco Simiano was appointed as Non-Executive, Non-Independent Director, and M/s Deloitte Haskins & Sells was re-appointed as Statutory Auditor for a second consecutive 5-year term through 2031.

Re-appointment of Whole-time Director Sushil Kumar for 5 years effective January 1, 2027, to December 31, 2031
Appointment of Marco Simiano (CCPO of Grid Automation at GE Vernova) as Non-Executive, Non-Independent Director
Re-appointment of M/s. Deloitte Haskins & Sells as Statutory Auditors for a second 5-year term from 70th AGM to 75th AGM in 2031
Shareholder approvals formalized at the 70th Annual General Meeting held on September 9, 2026

💡 Track operational execution against the existing Rs 13,100 Cr order backlog and observe governance continuity in upcoming quarterly reporting cycles.

GE Vernova T&D India Submits Scrutinizer's Report for 70th AGM Held on September 9, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 10 Sep 2026, 10:21 PM

GE Vernova T&D India Limited submitted the Scrutinizer's Report dated September 10, 2026, for its 70th Annual General Meeting held on September 9, 2026. This submission follows the proceedings previously filed and complies with Section 108 of the Companies Act, 2013. The company noted that detailed voting results under Regulation 44 of SEBI LODR will be submitted in due course. The filing is a standard post-AGM regulatory requirement and carries no direct impact on financial operations.

Scrutinizer's Report submitted for the 70th Annual General Meeting
AGM was conducted on September 9, 2026
Report dated September 10, 2026 submitted under Section 108 of the Companies Act, 2013
Detailed voting results under Regulation 44 of SEBI LODR to follow in due course

💡 Track the upcoming disclosure of Regulation 44 voting results to verify shareholder approval margins on ordinary and special resolutions.

GE Vernova T&D Holds 70th AGM; Declares ₹10/Share Dividend

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 09 Sep 2026, 06:07 PM

GE Vernova T&D India Limited conducted its 70th Annual General Meeting on September 9, 2026. Shareholders considered the declaration of a ₹10 per equity share dividend for FY26 alongside ordinary financial adoptions. Key resolutions also included the reappointment of Statutory Auditors Deloitte Haskins & Sells for a five-year term until 2031, material related party transactions with GE Vernova Inc., and increasing Section 186 loan/investment limits. Scrutinizer voting results will be released within two days.

Held 70th Annual General Meeting via Video Conferencing on September 9, 2026
Transacted declaration of a dividend of ₹10 per equity share for FY26
Approved re-appointment of Statutory Auditors Deloitte Haskins & Sells for a 5-year term until 2031
Special business included raising Section 186 overall investment limits and related-party transactions with GE Vernova Inc.

💡 Track the formal scrutinizer voting report submission within two days for the approval status of related party transactions and limit increases.

GE Vernova T&D Declared L1 Bidder for 6,000 MW (±800 kV) Power Grid HVDC Project

🟢 POSITIVE ⭐ 8/10

OTHER 📅 07 Sep 2026, 05:06 PM

GE Vernova T&D India Limited has received an intimation from Power Grid Corporation of India Limited naming it as the L1 bidder for a mega HVDC terminal station project. The scope encompasses the design, supply, and establishment of a 6,000 MW, ±800 kV HVDC LCC Terminal Station (2x3,000 MW) to evacuate renewable power from Barmer II to South Kalamb. The project will be executed over a multi-year timeframe. While the specific monetary contract value was not disclosed in the filing, 6,000 MW HVDC packages represent significant multi-year revenue potential relative to its TTM revenue of Rs 6,712 Cr.

Declared L1 bidder by Power Grid Corporation of India Limited on September 7, 2026.
Scope involves design and establishment of 6,000 MW, ± 800 kV HVDC LCC Terminal Station (2x3,000 MW).
Project designated for evacuation of renewable energy from Barmer II to South Kalamb.
Execution timeline spans over multiple years; monetary contract value was not disclosed.

💡 Monitor for the formal Notification of Award (NOA) and final contract value disclosure, followed by execution timelines in upcoming quarterly updates.

GE Vernova T&D: Fabrice Aumont Resigns as Non-Executive Director Due to US Relocation

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 26 Aug 2026, 08:56 PM

GE Vernova T&D India Limited announced that Mr. Fabrice Aumont, Non-Executive Non-Independent Director (DIN: 10465933), has tendered his resignation effective August 26, 2026. The resignation is due to his relocation to the United States of America following an internal GE Vernova reassignment. Mr. Aumont served on the company's board for approximately 2 years.

Mr. Fabrice Aumont stepped down as Non-Executive Non-Independent Director effective August 26, 2026
Reason cited for resignation is internal corporate relocation to the United States of America
Mr. Aumont served on the company board for approximately 2 years prior to his resignation

💡 Monitor upcoming board filings for any replacement nominee appointment by parent promoter GE Vernova.

GE Vernova T&D: Non-Executive Director Fabrice Aumont Resigns Effective August 26, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 26 Aug 2026, 08:49 PM

GE Vernova T&D India Limited announced the resignation of Mr. Fabrice Aumont (DIN: 10465933), Non-Executive Non-Independent Director, effective August 26, 2026. The resignation is due to his internal reassignment and relocation to the United States by GE Vernova, creating time difference constraints. Mr. Aumont served on the board for approximately 2 years. This change represents a standard board transition without any reported operational or financial disruptions to the company's Rs 6,712 Cr TTM revenue business.

Mr. Fabrice Aumont resigned as Non-Executive Non-Independent Director effective August 26, 2026
Reason cited is relocation and professional assignment to the United States by GE Vernova
Director concluded a tenure of approximately 2 years on the company board
No operational impact or disagreement cited in the resignation intimation

💡 Track subsequent board appointments by the promoter entity to fill the casual vacancy or board seat.

GVT&D Q1 Revenue up 38% to Rs 1,840 Cr; Order Backlog robust at Rs 20,930 Cr

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 14 Aug 2026, 04:04 PM

GE Vernova T&D India (GVT&D) reported a strong 38% YoY revenue growth in Q1 FY27, reaching Rs 1,840 Cr, driven by high execution of its massive order book. However, order intake for the quarter moderated to Rs 1,140 Cr (down 30% YoY) due to the timing of domestic bidding cycles. Gross margins saw a compression to 41.3% from 48.4% a year ago, primarily due to a lower share of high-margin exports in the revenue mix. Despite the sequential dip, the order backlog remains substantial at Rs 20,930 Cr, providing over 3 years of revenue visibility.

Revenue grew 38% YoY to Rs 18.4 billion (Rs 1,840 Cr) in Q1 FY27.
Order backlog stands at Rs 209.3 billion (Rs 20,930 Cr), representing 3.12x TTM revenue.
Gross margins declined to 41.3% from 48.4% YoY due to lower export revenue mix (30% vs 33% in FY26).
Export orders accounted for 46% of the total Q1 order intake of Rs 11.4 billion.
Planned capex of up to Rs 10 billion (Rs 1,000 Cr) is being deployed within existing facilities to increase manufacturing headroom.

💡 Monitor the stabilization of gross margins in upcoming quarters as the product mix shifts. Watch for the finalization of a material Related Party Transaction (RPT) order expected within the next 3-6 months.

GE Vernova T&D India FY26 Sustainability Report: Exports at 31% of ₹6,206 Cr Revenue

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 13 Aug 2026, 07:52 PM

GE Vernova T&D India Limited has released its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26, reporting a total turnover of ₹6,206.31 crore. The company maintains a significant global footprint with exports contributing 31% of total revenue across 65 countries. The product portfolio is well-diversified, with electrical equipment manufacturing and turnkey projects accounting for 100% of activity. Operational efficiency is reflected in a declining permanent employee turnover rate, which fell to 7.8% from 8.6% in the previous fiscal year.

Total turnover for FY 2025-26 reached ₹6,206.31 crore, matching the TTM revenue figure.
Exports accounted for 31% of the total turnover, serving 65 international countries.
The company operates 5 manufacturing plants and 8 offices across 28 states in India.
Customer complaints rose slightly to 114 in FY26 (from 111 in FY25), with 34 still pending resolution at year-end.
Permanent employee turnover improved to 7.8% in FY26, down from 8.6% in FY25 and 9.9% in FY24.

💡 Investors should monitor the resolution of the 34 pending customer complaints and track the execution of the ₹13,100 crore order backlog mentioned in supplementary context, which represents over 2x FY26 revenue.

₹13,100 Cr Order Backlog Highlighted in GVT&D FY26 Annual Report; Revenue Up 44% YoY

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 13 Aug 2026, 07:06 PM

GE Vernova T&D India (GVT&D) released its FY2025-26 Annual Report, confirming a robust financial performance with revenue reaching ₹6,206 Cr, a 44.5% increase from FY25. Net profit doubled to ₹1,233 Cr, supported by an improved operating margin of 27.1%. The company carries a massive order backlog of ₹13,100 Cr, providing revenue visibility for over two years. Management highlighted a ₹9 trillion investment opportunity in India's transmission sector through 2032, positioning the company to benefit from the 500 GW renewable energy target.

FY26 Revenue increased to ₹6,206 Cr from ₹4,293 Cr in the previous year.
Order backlog stands at ₹13,100 Cr, which is approximately 2.11x the FY26 revenue.
Export orders maintained a strong presence, contributing 32% to the total revenue mix.
India's non-fossil fuel capacity additions accelerated to 55.3 GW in FY26, up from 29.5 GW in FY25.
The company achieved a high ROCE of 76.0% with a minimal debt of only ₹24 Cr.

💡 Investors should monitor the execution pace of the ₹13,100 Cr backlog and any updates on the planned capex to increase manufacturing headroom for the ₹5,500-6,000 Cr annual revenue target.

Rs 10.00 Final Dividend: GVT&D Sets Aug 21 Record Date and Details TDS Procedures

🟡 NEUTRAL ⭐ 5/10

DIVIDEND 📅 12 Aug 2026, 06:18 PM

GE Vernova T&D India Limited has issued a formal communication regarding the tax treatment for its recommended final dividend of Rs 10.00 per share for FY 2025-26. The record date to determine eligibility is fixed for August 21, 2026, with the dividend payout subject to approval at the AGM on September 9, 2026. The dividend represents a 500% payout on the face value of Rs 2. Shareholders are required to update their PAN and KYC details by August 24, 2026, to ensure the application of the standard 10% TDS rate instead of the 20% penalty rate.

Final dividend of Rs 10.00 per equity share recommended for the financial year 2025-26.
Record date for dividend eligibility is fixed as Friday, August 21, 2026.
Standard TDS rate of 10% for resident shareholders with valid PAN; 20% for invalid or unlinked PAN.
Annual General Meeting (AGM) to approve the dividend is scheduled for September 9, 2026.
Deadline for updating KYC and PAN details with the RTA or Depository is August 24, 2026.

💡 Shareholders should verify that their PAN is linked with Aadhaar and bank account details are updated with their Depository Participant to ensure seamless electronic credit and correct tax withholding.

GVT&D Releases Audio Recording of Q1 FY27 Earnings Conference Call

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 07 Aug 2026, 08:28 PM

GE Vernova T&D India Limited has released the audio recording of its earnings conference call held on August 7, 2026, regarding the unaudited financial results for the quarter ended June 30, 2026. This is a routine procedural filing following the quarterly results announcement. Investors can access management's detailed commentary on the current order backlog of ‡13,100 crore and the company's strategy for high-margin exports, which currently constitute 32% of revenue. The company continues to target an annual revenue range of ‡5,500-6,000 crore.

Earnings conference call held on August 7, 2026, at 4:00 PM IST
Relates to financial results for the quarter ended June 30, 2026
Current order backlog stands at ‡13,100 crore, representing over 3x FY25 revenue
Export mix maintained at approximately 32% of total revenue
Company targeting manufacturing headroom for ‡5,500-6,000 crore annual revenue

💡 Investors should review the recording for management's outlook on HVDC market opportunities and updates on the execution timeline for the existing ‡13,100 crore order book.

GVT&D Q1 FY27: Revenue Up 38% to ₹1,836 Cr; Order Backlog Hits ₹20,930 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 07 Aug 2026, 03:30 PM

GE Vernova T&D India reported a strong 38% YoY revenue growth to ₹1,836.1 Cr for Q1 FY27, supported by disciplined execution of its massive order book. The order backlog has reached ₹20,929.5 Cr, representing approximately 337% of TTM revenue, providing high long-term visibility. However, fresh order intake for the quarter saw a 30% YoY decline to ₹1,137 Cr, and EBITDA margins compressed to 25.1% from 29.1% in the year-ago period. The company maintains a robust financial position with a cash balance of ₹2,930 Cr.

Revenue grew 38% YoY to ₹1,836.1 Cr in Q1 FY27 compared to ₹1,330.1 Cr in Q1 FY26
Order backlog stands at ₹20,929.5 Cr, providing revenue visibility for over 3 years (3.37x TTM revenue)
Export orders contributed 46% (₹520.5 Cr) of the total quarterly order intake of ₹1,137 Cr
Cash balance increased to ₹2,930 Cr as of June 2026, including cash pooling arrangements
EBITDA margin contracted by 400 bps YoY to 25.1% due to higher Cost of Goods Sold (58.7% of revenue)

💡 Investors should monitor the execution timeline of the ₹20,930 Cr backlog and the stabilization of EBITDA margins, which were impacted by higher input costs this quarter. The high export mix in new orders (46%) is a key trend to watch for potential margin improvements in future quarters.

View All GVT&D Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

The company achieved a 39% YoY revenue growth in H1 FY2025-26, reaching INR 2,860 Cr (28.6 BINR). For the full year FY2025-26, the company expects annual revenue between INR 5,500 Cr and INR 6,000 Cr, representing a 35% growth over the previous year.

Geographic Revenue Split

In the most recent quarter, 32% of revenue was generated from export contracts, while 68% was derived from the execution of domestic contract backlogs.

Profitability Margins

Net Profit Margin for FY2024-25 was 19.1%, a significant improvement from 8.3% in the previous year. Operating Profit Margin for FY2024-25 was 18.0%, up from 8.5% YoY. Profit before tax and exceptional items reached INR 819.67 Cr in FY2024-25.

EBITDA Margin

EBITDA margin for H1 FY2025-26 was 27.3%. In Q2 FY2025-26, the company reported an EBITDA of 25.8%, representing an expansion of 700 basis points over FY2024-25 levels, driven by volume growth, better pricing, and productivity gains.

Capital Expenditure

The company is planning additional capex to increase revenue headroom beyond the current quarterly run rate of INR 1,500 Cr. Specific INR values for planned capex were not disclosed, but the company maintains a healthy cash surplus of INR 1,520 Cr (15.2 BINR) to fund growth.

Credit Rating & Borrowing

The company is debt-free as of March 31, 2025. It maintains a strong liquidity profile with nil utilization of fund-based limits and access to a group cash pool arrangement. Borrowing costs are effectively zero due to the debt-free status.

⚙️ Operational Drivers

Raw Materials

Key components include HV (High Voltage) equipment parts for transformers, reactors, GIS (Gas Insulated Switchgear), AIS (Air Insulated Switchgear), and automation products. Specific raw material cost percentages were not disclosed.

Capacity Expansion

The company is currently executing at a quarterly revenue rate of INR 1,530 Cr. It is planning additional capex to increase manufacturing headroom to support its target of INR 5,500-6,000 Cr in annual revenue.

Raw Material Costs

Material costs are managed through 'Lean' productivity initiatives. Contractual terms for transformer orders include price variation clauses to mitigate commodity price volatility.

Manufacturing Efficiency

Manufacturing efficiency is driven by 'Lean' practices, which helped save on material and overhead costs, contributing to a 700 bps EBITDA expansion.

📈 Strategic Growth

Expected Growth Rate

35%

Growth Strategy

Growth will be achieved through a healthy order backlog of INR 13,100 Cr (131 BINR), which is >3x the FY2024-25 revenue. Strategy includes focusing on high-margin export orders (32% of revenue), participating in government HVDC (High Voltage Direct Current) projects, and expanding capacity to increase revenue headroom.

Products & Services

Transformers, reactors, Gas Insulated Switchgear (GIS), Air Insulated Switchgear (AIS), automation products, and HVDC solutions for electricity transmission and grid stability.

Brand Portfolio

GE Vernova

New Products/Services

The company is focusing on HVDC technology and advanced automation products to support grid stability, though specific revenue contribution percentages for new launches were not disclosed.

Market Expansion

Targeting growth in the domestic HVDC market and sustaining a strong export mix (currently 32%) to leverage global GE Vernova networks.

Market Share & Ranking

Positioned as one of the major players in the Indian transmission equipment industry.

Strategic Alliances

Derives technical synergies and financial flexibility from its ultimate parent, GE Vernova Inc.

🌍 External Factors

Industry Trends

The industry is shifting toward HVDC projects and grid stability solutions. The market is highly competitive with global majors and Indian companies increasing capacity, which may lead to pricing pressure in 2 years.

Competitive Landscape

Intense competition from a large number of Indian companies and global majors through joint ventures.

Competitive Moat

Moat is built on strong parentage (GE Vernova Inc.), providing access to critical technology, a global client base, and financial flexibility through a group cash pool. This is highly sustainable due to the technical complexity of HVDC and GIS equipment.

Macro Economic Sensitivity

Highly sensitive to power sector investments and government infrastructure spending. Any downturn in the power sector will inadvertently exert pressure on revenues.

Consumer Behavior

Not applicable as the company operates in the B2B power infrastructure sector.

Geopolitical Risks

Geopolitical risks can delay project execution and deter revenue recognition, particularly for the 32% of revenue derived from exports.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to emission control norms and regulatory risks related to project-based disbursements from government utilities.

Environmental Compliance

Risks emanate from the imposition of emission control norms and right-of-way issues faced by customers, which can defer execution timelines.

⚠️ Risk Analysis

Key Uncertainties

Concentration of revenue in the power sector (100%) and susceptibility to elongated working capital cycles due to slow disbursement from government clients.

Geographic Concentration Risk

68% of revenue is concentrated in the Indian domestic market.

Third Party Dependencies

HVDC projects involve a large portion of engineering and technology sourced from third-party providers.

Technology Obsolescence Risk

The company mitigates technology risk by leveraging GE Vernova's global R&D and technical synergies.

Credit & Counterparty Risk

Credit exposure is primarily to central utilities and PSUs; state utility exposure is strictly limited to <3% of the backlog to ensure receivables quality.