GE Vernova T&D India Ltd

- No mention of any current or future fundraising through debt or equity in the provided transcript. - The company concluded the year with zero debt on the balance sheet and a cash surplus of approximately INR 25 billion (Page 6). - They have a strong financial position that provides a clear runway to self-fund their recently announced capital expenditure program worth over INR 10 billion, aimed at expanding manufacturing capacity through 2028 (Page 6). - The focus is on self-funded growth investments while maintaining capital allocation strategies that balance growth and shareholder returns (Page 6). - No statements or indications about plans to raise funds via debt or equity were made during the call.

- 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. - New manufacturing setups for thyristor valves, controls, and air core reactors related to HVDC projects are underway, improving localization and supply chain independence. - Capex spending timeline planned from the start of FY27 through the end of FY28, phased over these two years.

- 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. - Long-term growth is expected from export market expansion, particularly linked to data center demand and HVDC projects. - Capital investments (INR10 billion capex) aim to expand manufacturing capacity to support growth through FY28.

- The company expects mid-20s EBITDA margins going forward, with efforts to improve further via productivity and cost control. - Revenue growth is expected to continue, backed by a 70% backlog growth and large long-cycle HVDC projects ramping up from FY28-29 onwards. - Operating leverage has improved significantly, doubling EBITDA to INR17 billion with margin expansion driven by disciplined underwriting and favorable mix. - Export orders grew by 15-20% excluding large one-offs; export mix and project mix remain integral to growth. - HVDC long-cycle projects like Barmer and Lakadia-Alephata are expected to contribute meaningfully from FY29 onwards. - Capex of over INR10 billion planned through 2028 will expand manufacturing capacity for sustained profitable growth. - Overall, profit before tax more than doubled in FY26, indicating strong earnings growth trajectory in coming years.

- 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. - Adani Energy HVDC order secured, but majority of execution is expected from FY29 onward. - The company expects improved order finalization for STATCOM projects in FY27 versus FY26.