GE Vernova T&D India cash reaches Rs 2,385.57 crore by September

GE Vernova T&D India Limited reported Rs 2,385.57 crore of cash and cash equivalents at September 30, 2026, up from Rs 1,525.26 crore at March 31. GE Vernova T&D India generated Rs 1,139 crore of operating cash in the six months, versus Rs 605.1 crore a year earlier, as trade receivables became a cash inflow.

How did GE Vernova T&D India generate Rs 1,139 crore of operating cash?

GE Vernova T&D India generated Rs 1,139 crore of net cash from operating activities in the six months ended September 30, 2026, compared with Rs 605.1 crore in the corresponding 2025 period. Cash generated from operations before direct taxes increased to Rs 1,380.8 crore from Rs 791.11 crore, while direct taxes paid rose to Rs 241.8 crore from Rs 186.01 crore.

Profit before tax rose to Rs 1,067.13 crore from Rs 791.27 crore, while operating cash flow before working-capital movements increased to Rs 978.01 crore from Rs 869.16 crore. The reconciliation included Rs 24.32 crore of depreciation and amortisation, Rs 20.67 crore of warranty provision and Rs 11.25 crore of finance cost in the latest half year.

Interest income reduced the cash-flow reconciliation by Rs 90.72 crore, compared with Rs 34.17 crore a year earlier. Unrealised gains on derivatives reduced it by Rs 24.37 crore, whereas the prior-year half included an unrealised derivative loss of Rs 57.18 crore. Revenue from operations rose to Rs 3,863.12 crore from Rs 2,868.59 crore and net profit increased to Rs 794.38 crore from Rs 590.68 crore.

Why did GE Vernova T&D India’s working capital improve?

GE Vernova T&D India recorded a Rs 130.85 crore cash inflow from trade receivables in the latest six months, reversing a Rs 476.69 crore outflow in the corresponding period of 2025. Trade receivables on the balance sheet declined to Rs 2,047.79 crore at September 30, 2026, from Rs 2,172.26 crore at March 31, 2026.

Inventory remained a use of cash, consuming Rs 130.71 crore, but this was below the Rs 225.11 crore outflow a year earlier. Inventory nevertheless rose on the balance sheet to Rs 1,360.24 crore from Rs 1,227.68 crore over the six months. Other assets generated Rs 20.89 crore of cash, compared with a Rs 153.27 crore cash use in the earlier period.

Trade payables supplied Rs 218.94 crore of cash, down from Rs 356.65 crore in the prior-year half. Other current liabilities, provisions and other financial liabilities contributed Rs 177.42 crore, compared with Rs 411.28 crore a year earlier, while financial assets consumed Rs 14.6 crore after providing Rs 9.09 crore in the 2025 period. The movement in receivables was therefore the largest change in the direction of working-capital cash flow.

What drove GE Vernova T&D India’s higher cash balance?

GE Vernova T&D India increased cash and cash equivalents by Rs 854.16 crore in the six months ended September 30, 2026, compared with an increase of Rs 415.57 crore in the corresponding prior-year period. Opening cash was Rs 1,525.26 crore and a Rs 6.15 crore foreign-exchange impact contributed to the closing balance of Rs 2,385.57 crore.

Investing activities used Rs 31.25 crore, compared with an outflow of Rs 50.85 crore in the prior-year period. The company spent Rs 208 crore on property, plant and equipment, capital work-in-progress, intangible assets, capital advances and capital creditors, up from Rs 29.49 crore. A Rs 121.25 crore net inflow from inter-corporate deposits lent to a related party and Rs 81.37 crore of interest received partly offset that spending.

Financing activities used Rs 253.59 crore, compared with Rs 138.68 crore a year earlier. Dividend payments accounted for Rs 256.05 crore, double the Rs 128.02 crore paid in the corresponding 2025 half year. Lease-liability payments, including interest, were Rs 8.09 crore, while short-term borrowings provided a net inflow of Rs 10.64 crore.

How did GE Vernova T&D India’s balance sheet change by September?

GE Vernova T&D India’s total assets rose to Rs 8,688.75 crore at September 30, 2026, from Rs 7,739.43 crore at March 31. Current assets increased to Rs 7,303.54 crore from Rs 6,519.53 crore, led by the Rs 860.31 crore increase in cash and cash equivalents.

Capital work-in-progress rose to Rs 115.45 crore from Rs 65.41 crore, consistent with the higher Rs 208 crore acquisition-related investing outflow. Property, plant and equipment was Rs 376.89 crore, slightly below Rs 382.57 crore at March 31. The acquisition-related cash-flow line also covers intangible assets, capital advances and capital creditors, rather than only physical asset additions.

Total equity increased to Rs 3,294.71 crore from Rs 2,690.29 crore, as other equity rose to Rs 3,243.5 crore from Rs 2,639.08 crore; share capital remained Rs 51.21 crore. Total liabilities increased to Rs 5,394.04 crore from Rs 5,049.14 crore, and current liabilities rose to Rs 5,230.55 crore from Rs 4,891.95 crore.

GE Vernova T&D India reports a single operating segment for products, projects and systems for electricity transmission and related activities. The unaudited standalone results for the quarter and half year ended September 30, 2026 were approved by the board on October 30, 2026. Deloitte Haskins & Sells said its limited review found nothing indicating that the financial statement lacked required disclosures or contained a material misstatement.

Conclusion

GE Vernova T&D India’s closing cash balance of Rs 2,385.57 crore reflects higher half-year operating cash generation and a reversal in receivables cash flow. Profit before tax increased by Rs 275.86 crore year on year, while the receivables movement changed from a Rs 476.69 crore outflow to a Rs 130.85 crore inflow. Higher dividends and capital-related spending absorbed part of the operating cash generated.

The next balance-sheet movement to watch is acquisition-related investing cash outflow, which rose to Rs 208 crore from Rs 29.49 crore as capital work-in-progress increased by Rs 50.04 crore. GE Vernova T&D India also said it is continuously monitoring developments around the four labour codes and will assess any impact; it recorded a Rs 63.57 crore exceptional item in financial year 2025-26 based on available information and interpretation.