GE Vernova T&D
GE Vernova T&D Q4 FY26 earnings call: Revenue & Margins
Q4 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
Revenue grew robustly by 45% in FY26, driven by both domestic and export markets, with continued growth expected due to strong order backlog. The company expects mid-20s EBITDA margins going forward, with efforts to improve further via productivity and cost control.
From GE Vernova T&D's Q4 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Revenue grew robustly by 45% in FY26, driven by both domestic and export markets, with continued growth expected due to strong order backlog.
- Order backlog increased by approximately 70% in 12 months, providing multi-year visibility and supporting sustained revenue growth.
- HVDC projects with long execution cycles will contribute significantly to revenue from FY28-29 onwards.
- Export orders have grown by 15-20% on a comparable basis despite some recent muted large orders.
- Domestic transmission bid pipeline remains consistent with about 33 TBCB packages under decision; around 21 are 765 kV projects.
- Management is focused on growing revenue execution and profitability across an integrated portfolio without targeting specific export/domestic mix.
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Profitability & Margins
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Capital Expenditure Plans
- GE Vernova T&D India Limited has announced a more than INR10 billion (INR1,000 crores) capex program to expand manufacturing capacity through 2028.
- This capex is self-funded, supported by a strong financial position with zero debt and approximately INR25 billion cash surplus as of March 31, 2026.
- Capacity expansion includes creating facility space for disconnectors and drives for tank circuit breakers, indicating backward integration and supporting global operations.
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Top-ranked in Electrical Equipment
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
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Order Book & Pipeline
- As of March 31, 2026, the total order backlog stood at a record INR214 billion, reflecting significant growth.
- More than 33 projects are currently under bidding in the TBCB pipeline, with 21 of these being 765 kV packages.
- The pipeline is consistent with no substantial growth expected, but includes over 10 HVDC projects slated to be awarded in coming years.
- Export base orders have grown 15-20% year-on-year excluding large orders, with a base order number expected to be around INR7,000 crores for the next financial year.
- Large HVDC orders such as Barmer and South Kalamb are in bidding stages; Barmer tender is live but submission timelines have been extended.
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GE Vernova T&D — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹1.6K Cr, net profit ₹352 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What GE Vernova T&D India Ltd's management said in earlier quarters
- Q1 FY27 earnings call analysis →
- Q4 FY25 earnings call analysis →
- Q1 FY26 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q4 FY26 earnings call →
- Q2 FY26 earnings call →
- Q3 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
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Frequently Asked Questions
What were GE Vernova T&D Q4 FY26 results?
Revenue grew robustly by 45% in FY26, driven by both domestic and export markets, with continued growth expected due to strong order backlog. The company expects mid-20s EBITDA margins going forward, with efforts to improve further via productivity and cost control.
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?
GE Vernova T&D India Limited has announced a more than INR10 billion (INR1,000 crores) capex program to expand manufacturing capacity through 2028.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.