GE Vernova T&D India Ltd

- The company expects FY '25-'26 to deliver EBITDA at the higher end of mid-20s percentage, indicating strong profitability. - Management aims to maintain sustainable EBITDA margins in the mid-20s range going forward, with no significant deterioration anticipated in the foreseeable future. - Growth in volume (46% this financial year and 35% last year), price improvement, and execution productivity are key drivers of margin enhancement. - Healthy order backlog of INR144 billion with improved margin profile provides strong visibility for continued growth. - Large HVDC orders and increasing exports contribute positively to future revenue and profits. - Government's large-scale investments (INR50 lakh crores by 2032) in power and transmission signify a substantial long-term opportunity. - Continuous internal discussions and investments (INR1,000 crore capex underway) to scale capacity and product offerings in line with market potential.

- Current order book stands at INR144 billion (INR14,400 crores). - Projects constitute less than 30% currently but HVDC turnkey projects will increase this share. - About 24% to 27% of the order book is from export markets, with the rest domestic. - Order booking for the current financial year (FY25-26) is INR61.6 billion, with 15% export and 85% domestic orders. - Ordering this year is significantly lower than last fiscal when it exceeded INR1 lakh crore. - Pipeline indicates expectations of a stronger year ahead with multiple TBCB projects at the tendering stage. - HVDC capacity available for more projects; specific pipeline numbers are not disclosed due to commercial sensitivity. - Large export orders received last year with a 5-year execution timeline are boosting order inflows. - No significant slowdown in domestic or international pipeline; states are increasing TBCB tenders.

- There is no mention of any current or planned fundraising through debt or equity in the provided content. - The company reported having healthy cash and cash equivalents of INR15.9 billion as of December 31, with no debt. - The company has generated INR6.7 billion cash operationally in the 9-month period. - Management discussed ongoing and potential capital expenditure (capex) investments of around INR1,000 crores but did not indicate any need for external fundraising at this time. - Future capex rounds will be considered based on internal assessments and readiness, indicating no immediate fundraising plans.

- GE Vernova T&D India Limited is currently investing in capex of around INR 1,000 crores. - The capex investments have respective timelines extending into FY 2026-27 and FY 2027-28. - The company continuously monitors capacity and is ready to invest further when required, with internal strategic discussions ongoing. - For HVDC projects, current capacity is sufficient to execute recently won projects without immediate need for additional capacity. - Future rounds of capex will be undertaken based on readiness and strategic needs. - The company keeps expanding and improving product line and local supply chain, aligned to growing market opportunities, including those arising from large-scale investments planned by the government (up to INR 50 lakh crores by 2032 in power sector). These points indicate a proactive and strategic investment approach to support growth and capacity needs.

- Next fiscal year is expected to be significantly stronger in terms of ordering compared to the current year, indicating growth in sales and revenue (Page 18). - The company reported a robust 58% revenue growth in Q3 and 46% growth in 9-month period year-on-year, showing strong execution momentum (Page 6). - Export orders, which generally have better margins, contribute around 24-27% of the order book and are expected to continue, supporting revenue growth (Page 12-13). - Healthy order book of INR144 billion with strong visibility from private, central, and public sector customers supports sustained revenue growth (Page 6). - Government's large-scale investments in transmission (~INR50 lakh crores by 2032) and renewable energy expansion will underpin long-term demand (Page 13). - HVDC orders and strong domestic tendering pipeline add to growth prospects (Pages 16-18).