GE Vernova T&D India Ltd — earnings calls

GE Vernova T&D India reported Q1 FY27 revenue of INR18.4 billion, up 38% year-on-year, while order intake declined 30% year-on-year to INR11.4 billion and the order backlog moderated 2.5% quarter-on-quarter to INR209.3 billion. Management attributed gross margin compression to a weaker TBCB pipeline in the preceding quarter, lower export mix, elevated commodity prices, and a ramp-up in the lower-margin HV business, while reiterating an EBITDA margin guidance in the mid-20s for the year. Profit before tax rose to INR4.9 billion from INR3.9 billion a year earlier, and management discussed pending related-party transaction approvals for U.S. data center and other export orders that remain under negotiation.

GE Vernova T&D India reported full year FY26 revenue of INR62.1 billion, up 45% year-on-year, with EBITDA more than doubling to INR17 billion and Q4 EBITDA margin at a record 27.2%. Order intake for Q4 was INR86.1 billion, up 188% year-on-year, taking the order backlog to INR214.6 billion, and the company ended the year with zero debt and cash surplus of approximately INR25 billion. Management discussed a large VSC-based HVDC order booked from Adani, ongoing export RPT approvals with US and UK entities, and a new capex announcement for disconnector and drive manufacturing capacity in Tamil Nadu.