Quarterly & Annual Financial Results
GE Vernova T&D India Reports Strong FY26 Growth; Board Approves ₹550 Million Capacity Expansion
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GE Vernova T&D India reported strong FY2025-26 financial performance with revenue rising 45% YoY to ₹62.1 billion and profit after tax increasing 103% YoY to ₹12.3 billion. The Board also approved a ₹550 million investment for new manufacturing capacity for Disconnectors and Drives for 362 kV Dead Tank Circuit Breakers in Tamil Nadu.
PRICE-SENSITIVE TRIGGER
Event: FY2025-26 Financial Results and Capacity Expansion Approval
Type: Quarterly & Annual Financial Results
Impact: Positive
Immediate Effect: The strong earnings growth, record order bookings and new manufacturing investment reinforce the company’s execution strength and long-term growth visibility in the power transmission sector.
Key Metrics:
- FY26 Revenue: ₹62.1 billion (+45% YoY)
- FY26 EBITDA: ₹16.8 billion (+106% YoY)
- FY26 PAT: ₹12.3 billion (+103% YoY)
- FY26 Order Bookings: ₹147.8 billion (+37% YoY)
- Q4 FY26 Revenue: ₹16.4 billion (+42% YoY)
- Q4 FY26 PAT: ₹3.5 billion (+89% YoY)
- Capacity Expansion Investment: ₹550 million
- Dividend Recommended: ₹10 per equity share
Highlight Metric:
- FY26 EBITDA more than doubled to ₹16.8 billion, while PAT surged 103% YoY to ₹12.3 billion.
What Happened ?
GE Vernova T&D India announced audited financial results for Q4 and FY2025-26, reporting strong growth across revenue, profitability and order inflows.
The company achieved FY26 revenue of ₹62.1 billion and PAT of ₹12.3 billion, supported by strong execution and robust order bookings across transmission infrastructure projects.
Alongside the earnings announcement, the Board approved a ₹550 million investment to create new manufacturing capacity for Disconnectors and Drives for 362 kV Dead Tank Circuit Breakers at Vallam, Tamil Nadu.
The Board also recommended a dividend of ₹10 per equity share for FY2025-26, subject to shareholder approval.
Key Details
Financial Performance Highlights:
- FY26 revenue increased 45% YoY to ₹62.1 billion.
- FY26 EBITDA rose 106% YoY to ₹16.8 billion.
- FY26 PAT surged 103% YoY to ₹12.3 billion.
- Q4 FY26 order bookings jumped 188% YoY to ₹86.1 billion.
- FY26 total order bookings stood at ₹147.8 billion.
Operational & Strategic Updates:
- The company secured multiple large transmission and HVDC orders during FY26.
- Export orders for AIS/GIS equipment were secured across Europe, Middle East and Africa.
- Several large substation and SCADA projects were successfully commissioned.
- The Board approved ₹550 million capacity expansion for high-voltage transmission products.
- New manufacturing capacity will be established at Vallam, Tamil Nadu.
- First production from the new facility is expected by December 2026 (tentative).
Shareholder Reward:
- Board recommended a dividend of ₹10 per equity share for FY26.
Note:
- The proposed capacity expansion will be funded through internal accruals and executed in phases.
Risk Analysis
Key Risks:
- Delays in execution of large transmission projects.
- Fluctuation in raw material and equipment costs.
- Dependence on government and utility sector capex cycles.
- Export market uncertainties and geopolitical risks.
- Delay in commercialization of new manufacturing capacity.
Worst Case Scenario:
- Any slowdown in power transmission investments or execution delays in large projects could impact revenue visibility and margin sustainability.
Risk Level: Medium
Company Commentary
- Management stated that FY26 was a “stellar year” marked by record order bookings and strong execution.
- The company highlighted investments exceeding ₹10 billion across product lines and facilities during the year.
- Management reaffirmed focus on SQDC standards — Safety, Quality, Delivery and Cost.
- GE Vernova stated that the new capacity expansion will support growing domestic and export demand for transmission products.
Official Exchange Filing: GE Vernova T&D India Limited