Any current/future new fundraising through debt or equity?

There is no mention of any current or planned fundraising through debt or equity. The company has a healthy cash and cash equivalents balance of INR 15.2 billion with no debt. Capex of INR 10.4 billion is being funded from internal resources. There is no indication of raising capital externally for funding expansions or operations. Management focuses on strong cash flow generation and positive internal funding for growth and capex.

Any current/future capex/capital investment/strategic investment?

GE Vernova T&D India Limited has announced a capex of around $120 million (INR 1,040 crores), including previous investments. Approximately INR 8 billion (INR 800 crores) is allocated to existing facility expansions; some earlier announcements include new facilities. The capex aims to increase capacity for multiple products: transformers, reactors, air core reactors, bushings, GIS, and AIS products. Capacity expansions are planned with a flexible approach to serve both domestic and export markets, depending on optimized returns. Existing capacity can support at least one HVDC order; additional

Future growth expectations in sales/revenue/volumes?

The company targets around INR 1,500 crores quarterly revenue, implying INR 5,500 - 6,000 crores annual revenue for the current year, which is about 35% growth YoY. Backlog is solid at INR 131 billion, over 3 times last year's revenue, signaling strong long-term growth visibility. Export sales are expected to maintain around 30-35% of total revenue. Capacity expansions planned with INR 10.4 billion capex intended to support further growth and optimize returns. Existing and new capacity can support at least one HVDC order currently, preparing for increased HVDC pipeline demand. Demand

Future growth expectations in earnings/operating earnings/profits/EPS?

EBITDA margin target is maintained in the mid-20% range for FY 25, with a focus on strong margin delivery driven by volume, price, and productivity improvements. (Page 6) Revenue is expected to grow around 35% year-on-year, targeting INR 5,500-6,000 crores annually, supported by a healthy backlog and upcoming capex. (Page 10) Export mix is expected to remain around 30-35%, contributing to superior margins; EBITDA margins are aimed to stay above 20% with a healthy margin maintained. (Page 12) Future EBITDA focus is more on absolute value increase than percentage, anticipating higher EBITDA numb

Current/ Expected Orderbook/ Pending Orders?

Current backlog stands at INR 131 billion, over 3 times the revenue of FY 24-25, providing strong long-term visibility. 97% of backlog comprises orders from private customers, central utilities, and PSUs; less than 3% exposure to state utilities. Pipeline includes about 20-25 STATCOM projects worth close to $1 billion expected in the next couple of years, though STATCOM orders saw a slowdown in the current year. One large related party transaction order worth INR 3,000 crore is under evaluation, which if won will add significantly to order inflow. HVDC projects pipeline active: current tenders

GE Vernova T&D India LtdQ3 FY26Electrical Equipment

GE Vernova T&D India Ltd Q3 FY26 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹4,350P/E: 83.6Market Cap: ₹1.1L CrSector: Electrical Equipment

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→The company targets around INR 1,500 crores quarterly revenue, implying INR 5,500 - 6,000 crores annual revenue for the current year, which is about 35% growth YoY.
→Backlog is solid at INR 131 billion, over 3 times last year's revenue, signaling strong long-term growth visibility.
→Export sales are expected to maintain around 30-35% of total revenue.
→Capacity expansions planned with INR 10.4 billion capex intended to support further growth and optimize returns.
→Existing and new capacity can support at least one HVDC order currently, preparing for increased HVDC pipeline demand.
→Demand driven by multiple government projects, offshore wind, PSPs, and data centers indicates sustained growth beyond previous cycles, potentially lasting years.
→Management focusing on absolute EBITDA growth alongside revenue, expecting healthy margins above 20%.
→Operating leverage anticipated from capex and volume growth to further improve profitability.

Margin guidance

Category 3

→EBITDA margin target is maintained in the mid-20% range for FY 25, with a focus on strong margin delivery driven by volume, price, and productivity improvements. (Page 6)
→Revenue is expected to grow around 35% year-on-year, targeting INR 5,500-6,000 crores annually, supported by a healthy backlog and upcoming capex. (Page 10)
→Export mix is expected to remain around 30-35%, contributing to superior margins; EBITDA margins are aimed to stay above 20% with a healthy margin maintained. (Page 12)
→Future EBITDA focus is more on absolute value increase than percentage, anticipating higher EBITDA numbers with revenue growth and operating leverage from capex and HVDC wins. (Page 12)
→Cost optimization and productivity initiatives are ongoing, supporting margin expansion alongside volume growth. (Page 10)
→Pipeline of new HVDC projects and increased order inflow expected to sustain growth momentum over the next 2-3 years. (Pages 11-15)

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Fundraise plans

→There is no mention of any current or planned fundraising through debt or equity.
→The company has a healthy cash and cash equivalents balance of INR 15.2 billion with no debt.
→Capex of INR 10.4 billion is being funded from internal resources.
→There is no indication of raising capital externally for funding expansions or operations.
→Management focuses on strong cash flow generation and positive internal funding for growth and capex.

Order book

Yes

→Current backlog stands at INR 131 billion, over 3 times the revenue of FY 24-25, providing strong long-term visibility.
→97% of backlog comprises orders from private customers, central utilities, and PSUs; less than 3% exposure to state utilities.
→Pipeline includes about 20-25 STATCOM projects worth close to $1 billion expected in the next couple of years, though STATCOM orders saw a slowdown in the current year.
→One large related party transaction order worth INR 3,000 crore is under evaluation, which if won will add significantly to order inflow.
→HVDC projects pipeline active: current tenders under evaluation include South Olepad; Barmer to South Kalamb tender expected next quarter; at least 2 more HVDC projects (Lakadia and another in Rajasthan) anticipated.
→Domestic market orders are expected to pick up in H2 after some softness in H1.
→Export order mix remains about 30-35% of total orders.

Capex plans

Yes

→GE Vernova T&D India Limited has announced a capex of around $120 million (INR 1,040 crores), including previous investments.
→Approximately INR 8 billion (INR 800 crores) is allocated to existing facility expansions; some earlier announcements include new facilities.
→The capex aims to increase capacity for multiple products: transformers, reactors, air core reactors, bushings, GIS, and AIS products.
→Capacity expansions are planned with a flexible approach to serve both domestic and export markets, depending on optimized returns.
→Existing capacity can support at least one HVDC order; additional capex prepares for a strong HVDC project pipeline.
→The INR 3,000 crore Related Party Transaction (RPT) approval relates to potential large orders and is not directly linked to the capex.
→Operating leverage is expected from the capex, with cost optimization being a continuous journey incorporating lean processes.

How does GE Vernova T&D India Ltd rank vs peers in Electrical Equipment?

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