GE Vernova T&D Q4 FY25 Results & Concall Highlights: Revenue, Margins & Order Book

Published 3 Aug 2026 | Electrical Equipment | Market Cap: ₹1.1L Cr

Strong revenue growth observed: Q4 FY25 revenue up 26% YoY to INR11.5 billion; full year FY25 revenue up 35% YoY to INR42.9 billion. Strong growth momentum is expected to continue given robust demand in transformers, switchgear, HVDC, FACTS, and advanced grid technologies.

From GE Vernova T&D's Q4 FY25 earnings-call transcript · updated 23 Aug 2026.

Price

₹4,127

Market Cap

₹1.1L Cr

P/E Ratio

82.5

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GE Vernova T&D — Quarterly revenue & net profit

Revenue Net Profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹1.6K Cr, net profit ₹352 Cr.

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📊 Revenue & Sales Performance

→Strong revenue growth observed: Q4 FY25 revenue up 26% YoY to INR11.5 billion; full year FY25 revenue up 35% YoY to INR42.9 billion.
→Order backlog nearly doubled from INR62.7 billion (Mar '24) to INR126.6 billion (Mar '25), indicating robust future sales.
→Domestic market is the primary growth driver but exports (Africa, Southeast Asia, Latin America, Europe) also expanding.
→Significant investments (INR250 crores capex mainly for HVDC) aimed at boosting capacity to meet growing demand.
→Increasing focus on profitable product orders (vs turnkey projects) to improve margins and sustain growth.
→Anticipation of strong demand for transformers, switchgears, STATCOM, HVDC, and digital grid solutions.
→Market growth expected to remain stable for next 3-10 years fueled by India’s electrification and global energy transition.
→Management targets mid to high teens EBITDA and improved operational efficiencies for sustained profitability.

📈 Profitability & Margins

→Strong growth momentum is expected to continue given robust demand in transformers, switchgear, HVDC, FACTS, and advanced grid technologies.
→Order backlog nearly doubled to INR127 billion by March 2025, supporting sustained revenue growth.
→Management anticipates a stable to improving margin environment, targeting mid to high teens EBITDA margin.
→Gross margin improved to 40.4% FY25, up 5-6% year-over-year, expected to be sustained.
→Operating profit (EBITDA) up to INR8.1 billion (19.1% margin) in FY25, signaling improving profitability trajectory.
→Significant cash generation: INR8.3 billion during FY 24-25, and INR10.5 billion cash balance.
→Capex of ~INR250 crores planned to expand capacity, especially in HVDC and STATCOM segments, enhancing future revenue.
→Digital and software orders adding diversity, with growth potential though margins undisclosed.
→Management confident about India’s transmission market growth and export expansion driving earnings over next 3-5 years.

🏗️ Capital Expenditure Plans

→Total capex planned is around INR 240-250 crores, including:
→ - INR 140 crores primarily for HVDC capacity expansion, focusing on domestic demand initially with potential export support.
→ - An additional INR 80-90 crores to debottleneck and enhance existing business lines.
→Capex will expand HVDC valve and control manufacturing capacity, which was closed after previous projects but is being re-established due to market growth.
→New factory for building HVDC components and STATCOM products, expected operational by 2027 in Chennai, aiding localization and competitiveness.
→No current plans for backward integration in component manufacturing.
→Strategic focus includes expanding product portfolio, increasing renewable customer base, and entering new export geographies.
→Investments support growth in domestic market, with export market development as a secondary objective.

💰 Fundraising & Capital Structure

The provided transcript (page 17 and surrounding pages) does not mention any current or planned new fundraising through debt or equity by GE Vernova T&D India Limited. Key points relevant to this are: - No discussion or indication about raising new debt or equity capital during the call. - The company reported strong cash generation with INR8.5 billion cash generated during the year and INR10.5 billion cash and cash equivalents at year-end, indicating healthy liquidity. - Investments and capex plans (INR240-250 crores) are being funded internally without mention of external financing. - Related party loans and cash pool investments indicate active cash management but do not imply external fundraising. Hence, as per the transcript, there is no current or future fundraising through debt or equity disclosed.

📋 Order Book & Pipeline

→As of March 2025, the order backlog stands at INR 126.6 billion, nearly doubling from INR 62.7 billion in March 2024.
→Out of this, approximately INR 38-40 billion are long-tenure projects with execution timelines of 3 to 5 years.
→Around INR 85 billion of orders are executable within the next 18 months to 2 years.
→The company actively receives and executes orders during the same financial year, contributing to book-to-bill.
→Recent quarters saw an order intake of about INR 29.9 billion, more than twice compared to the corresponding quarter last year.
→Large orders booked include 765 kV transformers and reactors from Power Grid and Sterlite, 400 kV GIS from Adani Group, and others.
→Order wins span diversified products and customers across domestic and export markets.
→The management aims to sustain and grow the order book going forward.

Key Metrics

What GE Vernova T&D India Ltd's management said in earlier quarters

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Frequently Asked Questions

What were GE Vernova T&D Q4 FY25 results?

What is GE Vernova T&D share price analysis?

GE Vernova T&D currently shows a neutral. The stock trades at a P/E of 82.5 with a market cap of ₹111,382 Cr. Investors should review the full earnings analysis for detailed insights.

Is GE Vernova T&D planning capital expenditure?

Total capex planned is around INR 240-250 crores, including: - INR 140 crores primarily for HVDC capacity expansion, focusing on domestic demand initially with potential export support.

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.