GE Vernova T&D India Limited (NSE:GVT&D), reported on January 28, 2026 its unaudited financial results for the third quarter ended December 31, 2025.
Below are the key highlights and strategic takeaways from the call. The company delivered a standout performance with nearly all key metrics showing significant year-on-year growth.
| Metric (Standalone) | Q3 FY26 (INR Cr) | Q3 FY25 (INR Cr) | Change (YoY) |
| Revenue from Operations | ₹1,700.6 | ₹1,073.7 | 58.40% |
| EBITDA | ₹454.6 | ₹179.7 | 153.00% |
| EBITDA Margin | 26.70% | 16.70% | +1,000 bps |
| Net Profit (PAT) | ₹290.8 | ₹142.7 | 103.80% |
| Earnings Per Share (EPS) | ₹11.36 | ₹5.57 | 103.90% |
Order Book & Market Momentum
Record Backlog: The order backlog reached a historic high of ₹14,380 Crore of approximately $1.7 billion), providing revenue visibility for more than three years.
Order Intake: New order bookings in the quarter grew by 41% YoY, fueled by both domestic demand for Green Energy Corridors and strong export markets.
Key Wins: Recent major wins include HVDC projects for Adani Energy Solutions and substantial orders from Power Grid Corporation (PGCIL) for 765 kV equipment.
Strategic Highlights & Management Commentary
Margin Sustainability: Management expressed confidence in maintaining EBITDA margins in the “high mid-20s” for the remainder of the year. The current margin expansion is attributed to better pricing power, a higher mix of technology-intensive products like GIS and operational efficiencies.
Capacity Expansion: The board has approved a ₹806 Crore capex plan to expand manufacturing at Vadodara, Hosur, and Padappai. This aims to increase transformer and reactor capacity by over 50% by 2028.
Energy Transition: Leadership highlighted that India’s goal of 500 GW of non-fossil fuel capacity by 2032 is creating a structural shift in grid requirements, favoring GE Vernova’s high-end switchgear and automation solutions.
Debt-Free Status: The company remains debt-free with a robust cash balance of approximately ₹1,520 Crore, allowing it to self-fund its massive expansion plans.
Leadership Changes
CEO Re-appointment: Mr. Sandeep Zanzaria has been re-appointed as Managing Director and CEO for a further three-year term (April 2026-April 2029).
New Board Member: Ms. Rashmi Joshi (former Executive Director at Castrol India) was appointed as an Independent Director.
Key Risks & Watch Items
Valuation: The stock currently trades at an elevated P/E of 81x, suggesting high market expectations for flawless execution.
Labor Codes: The ₹69.3 Cr provision is a preliminary estimate. The final impact will depend on the definitive rules issued by the Ministry of Labour.
Export Mix: While exports offer higher margins, they also introduce global supply chain and geopolitical risks.
Strategic Bottom Line for Investors
Profitability is Structurally Higher: The company has moved away from low-margin legacy contracts. Current margins suggest they are now operating in a “new normal” of high-teens profitability.
Order-to-Cash Efficiency: The bottom line is supported by an “outstanding” ROCE of over 95%, showing that management is generating massive returns on the capital they deploy.
Financial Fortress: Since the company is debt-free, the bottom line is not being eaten away by interest costs, allowing almost all operational gains to flow directly to shareholders.