GE Vernova T&D India FY26: Revenue +45%, backlog ₹214bn

Key takeaways from the earnings commentary

GE Vernova T&D India reported a sharp jump in FY 2025-26 revenue and profitability, backed by stronger execution and record order inflows. Full-year revenue rose 45% year-on-year to ₹62.1 billion, while Q4 order intake climbed 188% year-on-year to ₹86.1 billion. The company also reported a record Q4 EBITDA margin of 27.2% and indicated that it is guiding for sustained mid-20s margins. Management linked the improved visibility to a robust order backlog, strong cash generation, and demand driven by India’s energy transition and export opportunities.

Q4 FY26: order intake drove a record backlog

In the March 2026 quarter, the company said it booked orders worth ₹86.1 billion, compared with ₹29.9 billion in the quarter ended March 2025. That year-on-year growth of 188% pushed the order backlog to a record ₹214 billion as on March 31, 2026. Management described the order book as strong through Q4, positioning it as a key support for multi-year revenue visibility. The scale of quarterly bookings also implies that inflows outpaced revenue during the period. The update was framed in the context of continued investment activity tied to power grid upgrades and broader energy transition requirements.

Q4 FY26: revenue growth and margin expansion

Q4 revenue was reported at ₹16.4 billion versus ₹11.4 billion a year earlier, an increase of 42% year-on-year. Alongside the revenue growth, the company reported a record EBITDA margin of 27.2% in the quarter. It also noted that the EBITDA margin expanded by 530 basis points to reach 27.2%. Q4 net profit was reported at ₹3.52 billion, nearly doubling from ₹1.8649 billion in the year-ago period, according to a regulatory filing referenced in the article text. Total income for the quarter rose to ₹16.7424 billion from ₹11.7365 billion a year earlier.

FY26 performance: revenue up 45%, EBITDA more than doubled

For FY 2025-26, GE Vernova T&D India reported revenue of ₹62.1 billion compared with ₹42.9 billion in the previous year, a 45% year-on-year rise. The revenue growth translated into an EBITDA of ₹17 billion, more than doubling versus ₹8 billion in the prior year. Profitability also improved on the bottom line, with FY26 net profit reported at ₹12.3325 billion versus ₹6.0833 billion a year earlier. Total income during FY26 was reported at ₹62.9715 billion compared with ₹43.5489 billion in FY25. The company also highlighted cash generation, reporting ₹9 billion of cash generated in Q4 and ₹15.8 billion cumulatively during FY 2025-26.

Q1 FY26 results: strong YoY growth, softer QoQ

For the quarter ended June 2025 (Q1 FY26 in the provided text), the company reported revenue of ₹13.3013 billion, up 38.8% year-on-year from ₹9.5834 billion. Net income for the quarter was ₹2.9120 billion, up 116.4% year-on-year from ₹1.3454 billion. On a sequential basis versus the March 2026 quarter in the table, revenue was down 15.4% and net income was down 56.2%. Operating income in the quarter was ₹3.7646 billion, while total operating expense was ₹9.5367 billion. Diluted normalized EPS was reported at ₹11.37 versus ₹5.25 in the year-ago quarter.

Orders, backlog, and cash updates in Q1

Management said Q1 order bookings were ₹16.22 billion, up 57% year-on-year versus ₹10.3 billion. The company added that new orders outpaced revenue, expanding the orders backlog to ₹129.66 billion as on June 25, up 2% quarter-on-quarter. It also disclosed a cash and cash equivalent balance of ₹12.22 billion as on June 30, versus ₹10.5 billion as on March 31, 2025. Cash generated in Q1 was reported at ₹1.7 billion. The quarter’s revenue mix was described as 39% from execution of export backlogs and 61% from domestic contracts.

Context from Q3 and nine-month disclosures

Earlier disclosures in the provided text show that in Q3 FY25-26 the company reported revenue of ₹17 billion, a 58% increase from ₹10.7 billion in the same quarter of FY24-25. Order bookings for that quarter were ₹29.4 billion, up 41% year-on-year from ₹20.8 billion. As of December 2025, order backlog was reported at ₹143.8 billion, while profit before tax and exceptional items was ₹4.6 billion versus ₹1.9 billion a year earlier. The EBITDA margin for the quarter was stated at 26.7%, and for the nine-month period at 27.1%, with an 80 basis point improvement versus the prior year. Operational cash generation for the nine-month period was reported at ₹6.7 billion, and the company stated it had no outstanding debt as of end-December 2025.

Market reaction and brokerage actions

Following the Q4 earnings update, shares of GE Vernova T&D India rose over 9% to an intraday high of ₹4,799.90 on May 20, as cited in the text. Separately, the stock was quoted at ₹2,726.80, a 5% gain on July 31, 2025 at 11:07 AM IST, in the context of buying interest after the Q1 result announcement dated July 29. The article text also notes that a brokerage revised its EPS estimates upward by 7.6% for FY27 and 7.2% for FY28. These datapoints indicate that the market focus remained on earnings momentum, margin trajectory, and order-driven visibility.

Summary table: orders, revenue, margins, and cash

Why the numbers matter for investors

The FY26 print combined high growth with a meaningful margin improvement, with Q4 EBITDA margin at 27.2% and management guiding for sustained mid-20s margins. Order intake in Q4 materially exceeded quarterly revenue, and the backlog figure of ₹214 billion as of March 31, 2026 provides measurable visibility relative to annual revenue of ₹62.1 billion. Cash generation of ₹15.8 billion during FY 2025-26 and the disclosure of no outstanding debt as of December 2025 also shape how investors assess balance sheet risk and execution capacity. In Q1, the company reiterated strong demand and reported order growth and cash generation, while the sequential drop versus the March quarter in the table underlines the importance of tracking quarterly mix and execution pace.

Conclusion

GE Vernova T&D India’s FY 2025-26 results showed a combination of higher revenue, improved profitability, and a record order backlog. Q4 stood out for the sharp rise in order bookings and a 27.2% EBITDA margin, while FY26 delivered ₹62.1 billion revenue and ₹17 billion EBITDA. The company’s updates on backlog levels, cash generation, and margin guidance will remain central datapoints for investors tracking execution through FY26 and beyond. The next earnings-related update referenced in the text is scheduled for November 3, 2025.