GE Vernova T&D India Powers Ahead with Strong Q3 FY26 Performance

GE Vernova T&D India Limited, a pivotal entity in India's power transmission and distribution landscape, has announced its unaudited financial results for the third quarter ended December 31, 2025, showcasing a period of robust growth and strategic execution. The company reported a significant surge in revenues, coupled with impressive margin expansion and a healthy order backlog, underscoring its strong position amidst India's accelerating energy transition. This quarter's performance reflects the company's disciplined approach to securing margin-accretive orders and its commitment to operational excellence.

For Q3 FY26, GE Vernova T&D India Limited recorded revenues of INR 1,700.6 crore, marking a substantial 58% increase compared to INR 1,070 crore in the corresponding quarter of the previous fiscal year. This top-line growth was complemented by a remarkable expansion in profitability, with EBITDA reaching INR 454.6 crore, representing a 26.7% margin. For the nine-month period of FY26, the company's EBITDA stood at INR 1,238.7 crore, with a margin of 27.1%, an 80 basis point improvement over the last financial year. Profit before tax for Q3 FY26 was INR 389.7 crore, up significantly from INR 190 crore in Q3 FY25, demonstrating the effectiveness of their operational strategies.

Strategic Momentum and Order Book Strength

The company's order intake for Q3 FY26 was INR 2,940 crore, a 41% increase year-on-year, highlighting robust demand for its solutions. This strong order booking has further expanded the order backlog to INR 14,380 crore as of December 2025, up 10% from September 2025. This substantial backlog provides excellent revenue visibility and reflects the company's successful efforts in securing new projects. Notably, 98% of the orders-in-hand are from private customers, central utilities, and public sector enterprises, indicating a high-quality and diversified order book with minimal exposure to state utilities.

GE Vernova T&D India Limited is actively participating in India's ambitious energy transition. The country added nearly 38 gigawatts of solar and 6.3 gigawatts of wind capacity in calendar year 2025, marking its highest-ever annual renewable energy additions. This surge in renewables necessitates a robust transmission and distribution network to evacuate power and ensure grid stability. The company is well-positioned to support this with its HVDC solutions and comprehensive T&D offerings.

Key orders secured during Q3 FY26 include the refurbishment of a 2x500MW Chandrapur HVDC Back-to-Back Station from PGCIL, supply of 765kV 500 MVA ICTs from PGCIL and a private TBCB developer in Gujarat, and 765kV/400kV AIS equipment and Grid Automation packages. The company also secured multiple export orders for AIS/GIS equipment to Europe, Middle East, and Africa, showcasing its global reach and competitiveness.

Operational Excellence and Future Outlook

Operational highlights for the quarter include the successful commissioning of 400 kV and 220 kV AIS bays for Renew in Koppal RTM, 132 kV and 33 kV AIS bays with 100 MVA transformation capacity for JSUNL at Bhawnathpur substation, and 132 kV GIS bays for WBSETCL at Birlapur. Additionally, 765 kV Transformers and Reactors were commissioned at multiple substations for Power Grid Corporation of India Ltd. These achievements demonstrate the company's strong execution capabilities and commitment to delivering critical infrastructure projects.

Looking ahead, GE Vernova T&D India Limited is investing approximately INR 1,000 crore in capital expenditure, with implementation timelines extending into FY27 and FY28. This investment aims to increase capacity and introduce new products, positioning the company to capitalize on India's long-term energy transition. Management expects to deliver EBITDA at the higher end of the mid-20s range for the full financial year and does not anticipate a major dilution in profit margins in the foreseeable future. The HVDC project between Barmer and South Kalamb is expected to be finalized in Q2 FY27, and a significant export order is anticipated between September and March of the next financial year. The company projects the next financial year to be much stronger in terms of order booking.

Despite a provision of INR 69.3 crore for retiral benefits due to new wage codes and slower decision-making in international markets, the company's strong cash position, with INR 1,590 crore in cash and cash equivalents and no debt, provides a solid foundation. GE Vernova T&D India Limited remains committed to its disciplined approach, focusing on profitable growth and operational excellence to be India's trusted partner in building the energy infrastructure of tomorrow.