GE Vernova T&D India LimitedQuarter ended 30 Sep 2026 Results & Financial Update
GE Vernova T&D India Limited: Quarter ended 30 Sep 2026 standalone results and company financials – revenue ₹2,026.98 Cr, PAT ₹431.39 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore GE Vernova T&D India Quarter ended 30 Sep 2026 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
GE Vernova T&D India Limited delivered standalone revenue from operations of INR 2,026.98 crore for the quarter ended September 30, 2026, marking a 31.75% expansion compared to INR 1,538.46 crore in the corresponding period of the previous year and a 10.39% sequential increase over INR 1,836.14 crore reported in the quarter ended June 30, 2026.
Total income for the second quarter of financial year 2026-27 reached INR 2,077.31 crore, supported by higher other income of INR 503.3 million (INR 50.33 crore), compared to INR 1,557.09 crore in the year-ago quarter.
Profitability expanded markedly, with profit before tax (PBT) rising 44.54% year-on-year to INR 580.00 crore and profit after tax (PAT) climbing 44.05% year-on-year to INR 431.39 crore, translating to basic and diluted earnings per share of INR 16.84 compared to INR 11.70 a year earlier.
Sequential earnings momentum remained robust, with PAT growing 18.84% over the preceding quarter's INR 362.99 crore, aided by strong execution across the company's project portfolio and favorable operating leverage.
Total expenses for the quarter grew to INR 1,497.31 crore, driven by raw material consumption and project costs of INR 1,179.77 crore and employee benefits expense of INR 137.98 crore, partially offset by inventory adjustments of INR 55.29 crore.
The investor presentation disclosed order bookings of INR 2,438.10 crore (INR 24.38 billion) for the quarter, representing a 52% increase over INR 1,606.00 crore in the same period last year, pushing the total order backlog to INR 21,443.20 crore (INR 214.43 billion) as of September 30, 2026.
01 · Business model
What does GE Vernova T&D India do?
GE Vernova T&D India Limited operates as a prominent participant in the Indian power transmission and distribution sector, providing equipment and turnkey engineering solutions that connect and evacuate power from generation sources onto the grid.
The company's product and solutions portfolio spans power transformers, circuit breakers, gas-insulated switchgear (GIS), instrument transformers, substation automation, digital software solutions, turnkey substation solutions, flexible AC transmission systems (FACTS), and high-voltage direct current (HVDC) systems.
Manufacturing capabilities are anchored across five industrial sites in India, supporting domestic utilities, central public sector undertakings, private developers, and export markets across North America, Europe, the Middle East, and Africa.
Operating as the listed entity of GE Vernova's Electrification segment in India, the business capitalizes on capital expenditure cycles driven by renewable energy grid integration, pumped storage hydro projects, and industrial data center demand.
02 · Historical context
What shaped the business before this quarter
The company formerly operated under the name GE T&D India Limited before transitioning to its current corporate identity, GE Vernova T&D India Limited, as part of global brand realignments.
Effective from April 1, 2023, the company adopted hedge accounting as per Ind AS 109 for specified highly probable forecast transactions, introducing periodic fair value movements in derivative instruments through other comprehensive income.
During the preceding financial year ended March 31, 2026, the company recorded an exceptional charge of INR 63.57 crore following the notification of four new labor codes by the Government of India in November 2025.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Quarter ended 30 Sep 2026 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹2,026.98 Cr | ₹1,538.46 Cr | ₹1,836.14 Cr |
| Total income | ₹2,077.31 Cr | ₹1,557.09 Cr | ₹1,877.98 Cr |
| Profit before tax | ₹580.00 Cr | ₹401.27 Cr | ₹487.13 Cr |
| Profit after tax | ₹431.39 Cr | ₹299.48 Cr | ₹362.99 Cr |
| EPS | ₹16.84 | ₹11.70 | ₹14.18 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenue expansion was driven by robust execution across major transmission, substation, and transformer contracts for central utilities, state transmission utilities, and private developers.
Export markets contributed 32% of quarterly revenue, amounting to INR 643.80 crore out of total Q2 revenue of INR 2,027.00 crore, reflecting steady overseas demand for AIS and GIS equipment.
Domestic deliveries accounted for 68% of quarterly revenue, totaling INR 1,383.20 crore, propelled by grid strengthening and renewable integration initiatives across Indian states.
What drove margins
Cost of raw materials and components consumed along with project-related expenses stood at INR 1,179.77 crore, while changes in inventories of finished goods and work-in-progress showed a positive adjustment of INR 55.29 crore.
Enhanced billing volumes across high-value product lines contributed to improved profitability metrics, with PAT margin reaching 21.28% compared to 19.47% in the corresponding quarter of the previous year.
Other income increased to INR 50.33 crore for the quarter compared to INR 18.63 crore in the corresponding period of the previous year, bolstering pre-tax earnings.
05 · Demand, customers & order book
Where demand is coming from
Order bookings for Q2 FY27 reached INR 2,438.10 crore, up 52% year-on-year from INR 1,606.00 crore in Q2 FY26, bringing H1 FY27 order intake to INR 3,575.10 crore.
The total order backlog stood at INR 21,443.20 crore as of September 30, 2026, comprising 78% state utilities and public sector undertakings (INR 16,820.00 crore), 20% central utilities and PSUs (INR 4,260.50 crore), and 2% private customers (INR 362.70 crore).
Secured orders during the quarter include 400 kV Generator Transformers and 420 kV GIS packages for a 1,500 MW pumped storage hydro project in Maharashtra, 800 kV and 420 kV GIS packages for transmission in Andhra Pradesh, and 400 kV reactors and GIS packages for TBCB transmission projects.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Based on Ind AS 108 guiding principles, the company's business activities fall within a single operating segment relating to products, projects, and systems for electricity transmission and related activities.
Geography and market mix
Domestic revenue reached INR 1,383.20 crore (68% of total) and export revenue stood at INR 643.80 crore (32% of total) for the quarter ended September 30, 2026.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
The company operates five manufacturing facilities in India to produce power transformers, circuit breakers, GIS, switchgear, and automation solutions.
Projects, capex and execution
Capital work-in-progress stood at INR 115.45 crore as of September 30, 2026, compared to INR 65.41 crore as of March 31, 2026, reflecting ongoing facility expansion and technological upgrades.
08 · Strategy & new businesses
How the company is trying to change its growth mix
The company continues to position itself for grid decarbonization and renewable energy evacuation, securing orders for HVDC, FACTS, and digital substation automation systems.
09 · Reported developments
What changed operationally
Successfully commissioned key infrastructure projects during the quarter, including 400 kV GIS bays for Nepal Electricity Authority at Barhabise, 400 kV GIS and 220 kV AIS bays at Babarzar in Gujarat for GETCO, 765 kV ICTs and shunt reactors at Powergrid Dausa, Khavda, and Bidar sites, and 765 kV Generator Transformers at NUPPL Ghatampur.
10 · Items worth noticing
The line items that can distort a quick read
Recognized a gain of INR 16.13 crore during the quarter in other comprehensive income on account of fair value changes on derivatives designated as cash flow hedges under Ind AS 109.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Net cash flow from operating activities for the six months ended September 30, 2026, was INR 1,139.00 crore, significantly higher than INR 605.10 crore in the corresponding period of the previous year.
Cash and cash equivalents stood at INR 2,385.57 crore as of September 30, 2026, compared to INR 1,525.26 crore at the beginning of the financial year.
Capital allocation & funding
Current financial liabilities include short-term borrowings of INR 10.64 crore as of September 30, 2026, while finance costs for the quarter were INR 7.83 crore.
12 · Beyond the numbers
What changed beyond the numbers
Reported update
Related Party Approvals and Status
The investor presentation outlined major related party transaction approvals with Grid Solutions Middle East FZE (INR 900 crore) and Grid Solutions SAS (INR 2,200 crore), noting that major anticipated orders were on hold at the customer end.
13 · Previous-quarter changes
What changed since the previous quarter
Revenue increased from INR 1,836.14 crore in Q1 FY27 to INR 2,026.98 crore in Q2 FY27, while PAT rose from INR 362.99 crore to INR 431.39 crore over the same period.
14 · Key Q&A
The quarter, answered directly
What does GE Vernova T&D India do?
GE Vernova T&D India Limited operates as a prominent participant in the Indian power transmission and distribution sector, providing equipment and turnkey engineering solutions that connect and evacuate power from generation sources onto the grid.
What is the clearest takeaway from Quarter ended 30 Sep 2026?
GE Vernova T&D India Limited delivered standalone revenue from operations of INR 2,026.98 crore for the quarter ended September 30, 2026, marking a 31.75% expansion compared to INR 1,538.46 crore in the corresponding period of the previous year and a 10.39% sequential increase over INR 1,836.14 crore reported in the quarter ended June 30, 2026.
What drove revenue or demand?
Revenue expansion was driven by robust execution across major transmission, substation, and transformer contracts for central utilities, state transmission utilities, and private developers.
What mattered most for margins or profitability?
Cost of raw materials and components consumed along with project-related expenses stood at INR 1,179.77 crore, while changes in inventories of finished goods and work-in-progress showed a positive adjustment of INR 55.29 crore.
What changed operationally beyond the headline numbers?
The company operates five manufacturing facilities in India to produce power transformers, circuit breakers, GIS, switchgear, and automation solutions.
What should the next disclosure help confirm?
Monitor the conversion pace of the INR 21,443.20 crore order backlog into recognized revenues over subsequent quarters.
15 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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16 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Backlog Execution: Monitor the conversion pace of the INR 21,443.20 crore order backlog into recognized revenues over subsequent quarters.
- 02
Export Order Execution: Track execution progress on international shipments to North America, Europe, the Middle East, and Africa.
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