GE Vernova T&D India Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript GE Vernova T&D India Ltd filed with BSE on 26 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
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.
Numbers mentioned
Order intake: INR86.1 billion (Q4 FY26)
p. 5
“we saw a booking of INR86.1 billion, up by 188% year-on-year compared to INR29.9 billion in quarter ended March '25”
Sandeep Zanzaria, page 5 of the filed PDF · View the filing
Revenue: INR16.4 billion (Q4 FY26)
p. 5
“Our Q4 revenue stood at INR16.4 billion versus INR11.4 billion, up by 42% year-on-year.”
Sandeep Zanzaria, page 5 of the filed PDF · View the filing
Revenue: INR62.1 billion (FY26)
p. 5
“On a full year basis, our revenue stood at INR62.1 billion versus INR42.9 billion, up by 45% year-on-year.”
Sandeep Zanzaria, page 5 of the filed PDF · View the filing
Order backlog: INR214.6 billion (as on March 2026)
p. 5
“New orders outpaced revenue, further expanding the order backlog to INR214.6 billion as on March '26 versus INR 143.8 billion, up by 49%.”
Sandeep Zanzaria, page 5 of the filed PDF · View the filing
Profit before tax and exceptional items: INR4.6 billion (Q4 FY26)
p. 5
“Our profit before tax and exceptional items for the quarter ended December 2025 was INR4.6 billion and quarter ended March 2026 was INR4.6 billion as compared to INR2.6 billion in the corresponding quarter of the previous financial year, growing by more than 1.8x.”
Sandeep Zanzaria, page 5 of the filed PDF · View the filing
Profit before tax and exceptional items: INR17.1 billion (FY26)
p. 5
“From a full year perspective, profit before tax and exceptional items stood at INR17.1 billion versus INR8.2 billion, which is 2.1x increase.”
Sandeep Zanzaria, page 5 of the filed PDF · View the filing
Cash and cash equivalent balance: INR25 billion (as on March 31, 2026)
p. 5
“The cash and cash equivalent balance was at INR25 billion as on March 31, 26 versus INR10.5 billion as on March 31, '25.”
Sandeep Zanzaria, page 5 of the filed PDF · View the filing
EBITDA margin: 27.2% (Q4 FY26)
p. 7
“During the fourth quarter, we achieved a record EBITDA margin of 27.2%.”
Sushil Kumar, page 7 of the filed PDF · View the filing
EBITDA: INR17 billion (FY26)
p. 7
“this helped us to achieve an EBITDA of INR17 billion, more than double versus the EBITDA of INR8 billion in the previous year”
Sushil Kumar, page 7 of the filed PDF · View the filing
State utility exposure in backlog: under 2% (as on March 2026)
p. 7
“Our exposure to state utilities, historically a point of concern for the investor, is now at an alltime low of under 2%.”
Sushil Kumar, page 7 of the filed PDF · View the filing
Domestic share of new order booking: 92% (FY26)
p. 7
“our new order booking in this year was predominantly domestic at around 92%”
Sushil Kumar, page 7 of the filed PDF · View the filing
Royalty and related group charges: INR1.9 billion (FY26)
p. 16
“In FY26, we paid about INR1.9 billion, approximately 3% of revenue compared to about INR1.4 billion in the previous year, which was around 3.3% of the revenue.”
Sushil Kumar, page 16 of the filed PDF · View the filing
Order intake full year: INR14,776 crores (FY26)
p. 10
“on a high base of INR10,700 crores, we have been able to grow by another 37% and reach a number of INR14,776 crores”
Sandeep Zanzaria, page 10 of the filed PDF · View the filing
Mark-to-market expense on foreign currency derivatives: INR500 million (Q4 FY26)
p. 14
“In the fourth quarter in other expenses, there were about INR500 million of mark-to-market on the foreign currency derivatives, which is an accounting notional expenditure.”
Sushil Kumar, page 14 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
EBITDA margin — mid-20s · FY27
stated as an aspiration by Sushil Kumar
p. 14
“we continue to maintain that we endeavor to deliver mid-20s kind of margin going forward with an endeavor to improve further wherever there are areas of improvement, including various productivity and cost control measures that we continue to create internally within our organization”
Sushil Kumar, page 14 of the filed PDF · View the filing
Base order number — INR7,000 crores
stated firmly by Sandeep Zanzaria
p. 10
“we remain confident on achieving the base order number of INR7,000 crores”
Sandeep Zanzaria, page 10 of the filed PDF · View the filing
Manufacturing capacity expansion capex — more than INR10 billion · throughout 2028
stated firmly by Sushil Kumar
p. 7
“This financial strength provides us a clear runway to self-fund our recently announced more than INR10 billion of capex program, which will expand our manufacturing capacity throughout 2028”
Sushil Kumar, page 7 of the filed PDF · View the filing
HVDC revenue conversion from backlog — FY28-29 onwards
stated firmly by Sushil Kumar
p. 8
“those contracts will have a meaningful execution conversion starting from financial year '28-'29 onwards”
Sushil Kumar, page 8 of the filed PDF · View the filing
US RPT order decision — current quarter
stated conditionally by Sushil Kumar
p. 12
“we expect that opportunity to be decided in the current quarter”
Sushil Kumar, page 12 of the filed PDF · View the filing
UK Grid Solutions order placement — current quarter
stated conditionally by Sushil Kumar
p. 12
“And that order also is expected to be placed in the current quarter.”
Sushil Kumar, page 12 of the filed PDF · View the filing
RPT decision on active export project — second half of FY26-27
stated conditionally by Sushil Kumar
p. 12
“we expect the decision to be in the second half of the current financial year, '26-'27”
Sushil Kumar, page 12 of the filed PDF · View the filing
STATCOM order finalization — FY27
stated as an aspiration by Sandeep Zanzaria
p. 20
“Yes, we expect that to improve in '27 vis-a-vis '26.”
Sandeep Zanzaria, page 20 of the filed PDF · View the filing
Adani HVDC execution phasing — lower than 30% · first 2 years
stated conditionally by Sushil Kumar
p. 19
“It should be lower than that because first 2 years are largely engineering and securing the supply chain.”
Sushil Kumar, page 19 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said backlog growth and order momentum give visibility for continued revenue growth, though the rate may vary given long-cycle HVDC execution timing.
Answered by Sushil Kumar
Asked by Jason Soans: Is domestic and export revenue growth sustainable at similar rates for the next couple of years?
p. 8
“As you see, the backlog has grown significantly, and orders still outpaced the revenue, which gives us good visibility that revenues will continue to grow in future as well.”
Sushil Kumar, page 8 of the filed PDF · View the filing
Management declined to disclose the specific VSC order value citing customer confidentiality, but said full year order intake grew 37% to INR14,776 crores against a base of INR10,700 crores.
Answered by Sandeep Zanzaria
Asked by Amit Anwani: How much of the Q4 order intake was the VSC order, and how did full-year order intake compare to guidance?
p. 9
“we don't declare the specific order value because that is protected by the customer confidentiality requirement”
Sandeep Zanzaria, page 9 of the filed PDF · View the filing
Management said last year's export orders included one large order and, excluding large orders, base export orders actually grew 15-20%, with several RPT-approved export orders expected to be decided or placed in the coming quarters.
Answered by Sushil Kumar
Asked by Parikshit Kandpal: What explains the muted export orders this year versus FY25, and how will RPT approvals convert into orders in FY27?
p. 11
“Excluding the large orders, our base orders have actually grown by 15% to 20%.”
Sushil Kumar, page 11 of the filed PDF · View the filing
Management attributed the increase to a mark-to-market notional expense on foreign currency derivatives.
Answered by Sushil Kumar
Asked by Umesh Raut: What caused the rise in other expenses in Q4?
p. 14
“In the fourth quarter in other expenses, there were about INR500 million of mark-to-market on the foreign currency derivatives, which is an accounting notional expenditure.”
Sushil Kumar, page 14 of the filed PDF · View the filing
Management disclosed royalty and related charges of about INR1.9 billion in FY26 (approximately 3% of revenue) versus INR1.4 billion in FY25 (about 3.3% of revenue).
Answered by Sushil Kumar
Asked by Rahul Gajare: What is the royalty and technology fee paid to the parent in FY26 versus FY25?
p. 16
“In FY26, we paid about INR1.9 billion, approximately 3% of revenue compared to about INR1.4 billion in the previous year, which was around 3.3% of the revenue.”
Sushil Kumar, page 16 of the filed PDF · View the filing
Management confirmed Q4 was slower but described it as a conscious decision.
Answered by Sandeep Zanzaria
Asked by Mohit Kumar: Was Q4 order finalization slower in the domestic market compared to last year?
p. 20
“Yes, you can say that it was slightly dull for us, but that was a conscious decision, I would put it like that.”
Sandeep Zanzaria, page 20 of the filed PDF · View the filing
Management said the improved margins reflected normal course of business, driven by higher export revenue mix and structural shifts to central/private customers plus productivity improvements.
Answered by Sushil Kumar
Asked by Subhadip Mitra: Did a one-off order drive the higher gross margins in Q4?
p. 21
“The gross margin for the quarter was higher because we had a very significant part of revenue coming from the export business.”
Sushil Kumar, page 21 of the filed PDF · View the filing
Management named Lakadia-Alephata as a listed upcoming LCC HVDC project.
Answered by Sandeep Zanzaria
Asked by Subhadip Mitra: What is the next HVDC project expected after Barmer?
p. 21
“I think one of the projects which has been listed, Subhadip, is like Lakadia-Alephata.”
Sandeep Zanzaria, page 21 of the filed PDF · View the filing
Risks flagged
Delay in customer decision-making on a large active export RPT project
p. 12
“that project is still active, but there is a delay in the decision from the customer and we are in constant discussion”
Sushil Kumar, page 12 of the filed PDF · View the filing
Uncertain timeline for HVDC Barmer tender submission due to extensions
p. 10
“Presently, it is getting extended. So we are not very sure that what will be the time line for the ultimate submission.”
Sandeep Zanzaria, page 10 of the filed PDF · View the filing
Order intake can be delayed on a quarterly basis due to decision timing
p. 10
“quarterly, there are times when decisions get delayed and things like that”
Sandeep Zanzaria, page 10 of the filed PDF · View the filing
Lack of domestic supply chain for VSC control hardware requiring continued imports
p. 17
“But the hardware for those panels today, there is no supply chain in India. So, we are still dependent on import sources.”
Sandeep Zanzaria, page 17 of the filed PDF · View the filing
Component-level imports still required despite meeting localization targets
p. 8
“However, at component level, there are still imports, which will be required.”
Sandeep Zanzaria, page 8 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.