GE Vernova T&D India: FY26 surge, Q3 revenue +58% YoY

A mid-cap that stood out in a volatile tape

GE Vernova T&D India (NSE: GVT&D) has stayed in focus even as broader markets dealt with bouts of geopolitical uncertainty. The stock was reported to have dipped about 7% in that period, yet it still showed a 6.5% gain for FY26 in the same broader context. Separately, the company also featured among a set of stocks where a dozen names posted gains of 50% to 140%, including three multibaggers. Against that backdrop, GE Vernova T&D India’s FY26 move has been one of the most discussed.

In FY26, the stock surged 141%, rising from Rs 1,559 to Rs 3,763. It also hit fresh peaks in early February, reflecting a sharp re-rating that has been linked to financial execution and order momentum.

FY26 price action and recent highs

On 4 Feb 2026, GE Vernova T&D India rose to an intraday high of Rs 3,813.35, described as both a new 52-week and all-time peak at the time. The move was an 8.03% gain on the day, while the Sensex was up 0.05%.

The same update noted ten consecutive trading sessions of gains, delivering a cumulative return of 49.2% over that stretch. Over the past week, the stock outpaced the Sensex by 28.35%, and over the last month by 20.57%, while the Sensex was down 2.31% over that monthly period. One-year return was cited at 126.30% compared with the Sensex’s 6.61%.

Other performance snapshots in the provided data also show variation by timeframe and source, including a one-year return of 83.10% (with Sensex at 8.49%) and a year-to-date return figure of 19.20% (with Sensex at -1.69%). What remains consistent across these snapshots is material outperformance versus the benchmark over multiple horizons.

Key company snapshot and trading multiples

GE Vernova T&D India’s market cap was listed at ₹95,012 crore. The company was described as virtually debt-free, with a very low debt-to-equity (0.01) in one snapshot, and negative net debt and net debt-to-equity of -0.41 in another.

Valuation metrics in the article data point to a clear premium. P/E (TTM) was listed at 88.96 in one set of metrics, while other sections cite around 80.98x to 81x, with forward P/E estimates stated in a wide range of 42.6x to 65x. The price-to-book was also presented at elevated levels (35.70x in one peer table and 45.54 in another snapshot), and dividend yield was shown as modest (0.13% to 0.17% depending on the data point).

Revenue growth track record and analyst expectations

The article content links the price move to revenue momentum. The company’s last-year revenue growth was stated at 41%, and total revenue growth over the last three years at 109%.

Looking ahead, estimates from nine analysts covering the company suggested revenue should grow by 30% over the next year. The write-up also notes that the stock’s upward swing has lifted its P/S figure, consistent with the market paying more for growth.

Q3FY26 results: revenue, margins, and profit

For the quarter ended December 2025 (Q3FY26), the company reported revenue from operations of ₹1,700.64 crore, up 58.4% year-on-year from ₹1,073.65 crore. Net profit (PAT) was ₹290.80 crore, up 103.8% year-on-year from ₹142.68 crore. Earnings per share (EPS) for the quarter was ₹11.36 versus ₹5.57.

Operating performance was a standout in the reporting. EBITDA was given as ₹454.6 crore versus ₹179.7 crore in Q3FY25, and EBITDA margin expanded to 26.7% from 16.7%, a 1,000 basis point improvement. Operating margin was also referenced at 26.73%.

Nine-month (9M FY26) performance: momentum sustained

For the nine months ended December 31, 2025, revenue from operations was ₹4,569.23 crore versus ₹3,139.76 crore in 9M FY25, a rise of 45.5%. Net profit was ₹881.48 crore versus ₹421.84 crore, up 109.0%. EPS for the nine months was ₹34.43 versus ₹16.47.

These numbers reinforce the quarterly picture of faster top-line growth alongside a stronger profitability profile. They also help explain why the stock’s re-rating has been persistent across multiple time horizons in the data provided.

Orders, backlog, and the HVDC theme

The company held an earnings conference call on January 28, 2026. It highlighted order bookings of ₹2,940 crore and an order backlog of ₹14,380 crore. The update also referenced major HVDC project wins, including Adani Khavda.

This linkage to large grid projects matters because HVDC and extra-high voltage transmission equipment are central to evacuation and grid-strengthening requirements. The narrative in the provided material ties the company’s momentum to India’s grid modernisation and renewable integration needs, including the stated national target of 500 GW renewable capacity by 2030.

Ownership and institutional positioning

Shareholding data in the article shows promoter holding steady at 51.00% through multiple quarters. FII holding increased to 18.46% in Dec’25 from 16.15% in Sep’25. Mutual fund holding was 20.51% in Dec’25 versus 22.31% in Sep’25, indicating a reduction over the quarter. Insurance holding was 2.16% in Dec’25.

The article also cites third-party platform rankings and scores, including a MarketsMojo mention of a Mojo Score of 82.0 and a Buy to Strong Buy upgrade on 2 Feb 2026, along with other score snapshots elsewhere in the material.

Market impact: why results moved the stock

The immediate market impact described in the content centers on a combination of strong quarterly growth and operating leverage. Revenue acceleration to ₹1,700.64 crore in Q3FY26 and margin expansion to the mid-to-high 20% range supported a sharp increase in operating profit and a doubling of net profit year-on-year.

And because the company was also described as virtually debt-free or net cash, the earnings surprise did not come with balance-sheet stress in the provided data. The order backlog of ₹14,380 crore and fresh bookings of ₹2,940 crore added to the perception of revenue visibility, helping explain why the stock recorded multi-day momentum runs in early February.

Analysis: premium valuation meets premium execution

The material repeatedly flags that the valuation is expensive, with P/E cited in the ~80x to ~89x zone and P/BV at very high levels. At those multiples, the market is effectively pricing continued execution on margins and orders. The same content also notes upgraded FY26/27E EPS estimates (+9.9%/+2.0%) and a management stance of guiding FY26 EBITDA margin toward the higher end of the mid-20s.

The key analytical point in the provided text is the trade-off. On one side are strong reported metrics such as ROE at 44.09%, a cited ROCE of 95.27%, and rapid growth in revenue and profit. On the other is the reality that premium multiples can amplify volatility when sentiment shifts, which is consistent with the stock’s large swings across some short-term windows cited in the dataset.

What to watch next

GE Vernova T&D India’s latest reported quarter and nine-month results show a combination of growth, margin improvement, and a sizeable backlog. The stock’s FY26 surge and early-February peak underline how quickly sentiment can reprice execution in a capital goods name.

The next set of cues, based on what is explicitly mentioned in the material, will be follow-through on margin guidance, delivery against the ₹14,380 crore backlog, and any further updates on large HVDC and grid-related project wins discussed during the January 28, 2026 call.