GE Vernova T&D India FY26: Profit doubles, orders soar

FY26 performance: profit more than doubles

GE Vernova T&D India Limited reported a sharp improvement in FY26 financial performance, supported by a stronger execution cycle and a surge in orders in the final quarter. Net profit for FY26 more than doubled to ₹1,233.3 crore, while revenue from operations rose to ₹6,206.3 crore. The company also ended the year with a record order backlog, highlighting the pace of demand in the power transmission and grid build-out cycle. Management commentary in the provided text attributed the order momentum to market demand and customer confidence. The FY26 numbers also showed that new orders outpaced revenue, expanding visibility for future execution. The company described the year as “transformative”, pointing to record orders and margin expansion.

Q4 FY26 revenue rose 42% year-on-year

For the quarter ended March 31, 2026 (Q4 FY26), revenue from operations stood at ₹1,637.1 crore, compared with ₹1,152.5 crore in Q4 FY25. Sequentially, revenue was lower than ₹1,700.6 crore reported in Q3 FY26. The article also cited year-on-year revenue growth of 42% for the quarter, consistent with the reported revenue numbers. The quarterly trend indicates Q4 had a strong year-on-year lift, even as it moderated from the preceding quarter. The revenue growth was linked to growth in both domestic operations and exports.

Q4 profit climbed, EPS improved

Net profit in Q4 FY26 was ₹351.8 crore, up from ₹186.5 crore in Q4 FY25 and above ₹290.8 crore in Q3 FY26. Basic and diluted earnings per share (not annualised) for Q4 FY26 were ₹13.74, compared with ₹7.28 in Q4 FY25. The company also reported profit before exceptional items and tax of ₹463 crore in Q4 FY26 versus ₹256.1 crore in Q4 FY25. Another metric cited in the text was profit before tax and exceptional items rising to ₹460 crore from ₹260 crore, with the pre-exceptional margin at 28.3% versus 22.2% a year earlier. Together, these figures point to a quarter of stronger profitability alongside higher scale.

EBITDA and margin expansion in the quarter

On an operating basis, EBITDA for Q4 FY26 stood at about ₹445 crore versus ₹250 crore in Q4 FY25, with EBITDA margin expanding to 27.18% from 21.88%. Separately, the article also referred to “adjusted EBITDA” of ₹500 crore, up 96% year-on-year, with adjusted margins at 30.2%. This adjusted metric was reported “despite” a one-off mark-to-market (MTM) charge of ₹50 crore on foreign currency derivatives, suggesting the adjusted measure accounts for specific items. The company also described a record quarterly EBITDA margin of about 27.2% in its commentary. Across the variants presented, the consistent point was margin expansion year-on-year.

Orders surged 188% in Q4, led by large projects

The headline development was the order intake spike in Q4 FY26. Order intake for the quarter surged 188% year-on-year to ₹8,614.0 crore from ₹2,991.1 crore in Q4 FY25. The text highlighted the Khavda-South Olpad HVDC contract as an anchor for Q4 order inflows of about ₹8,600 crore, nearly three times the year-ago quarter’s intake. The article also stated that Q4 order intake alone exceeded the combined intake of the first three quarters of the year. Management commentary noted robust order intake and continued customer trust.

Backlog hit a record ₹21,455.7 crore

The order backlog expanded significantly to ₹21,455.7 crore as of March 31, 2026. This compared with ₹14,380.0 crore as of December 31, 2025 and ₹12,660.0 crore as of March 31, 2025. The article described this as a 70% year-on-year increase, and also noted an increase of about 49% from December 2025. A book-to-bill ratio of 3.5 times was also cited, reflecting that quarterly orders materially exceeded revenue during Q4 FY26. The combination of a higher backlog and improved book-to-bill suggests elevated execution visibility, subject to project schedules.

Full-year order intake rose 37%

For FY26, order intake was reported at ₹14,776.1 crore, up 37% from ₹10,778.3 crore in FY25. The quarterly split in the text showed orders of ₹1,620 crore in Q1, ₹1,610 crore in Q2, ₹2,940 crore in Q3, and then ₹8,610 crore in Q4. This pattern underscores how concentrated the year’s ordering was in the final quarter. It also explains the sharp step-up in the closing backlog.

Domestic and export mix supported Q4 growth

The article stated that Q4 revenue was driven by growth in both domestic operations (up 22% year-on-year) and exports (up 109% year-on-year). Exports contributed about one-third of the revenue mix in the quarter, as per the provided text. This mix mattered because export acceleration can change the revenue composition and operating leverage in a given quarter. The company also reported a one-off MTM charge linked to foreign currency derivatives, tying into the export and currency context.

Exceptional items and one-offs disclosed

GE Vernova T&D India reported an exceptional gain of ₹5.73 crore in Q4 FY26, related to reassessment of the impact of new labour and wage codes. In addition, the quarter included a one-off MTM charge of ₹50 crore on foreign currency derivatives, as referenced in the adjusted EBITDA discussion. These items were explicitly highlighted in the text as notable factors alongside the core operational improvement. The company’s reported and adjusted numbers should be read with these one-offs in mind.

Key reported numbers at a glance

Market impact and why the quarter stood out

The Q4 numbers showed a clear step-up in profitability and order momentum, with the order spike having a direct effect on backlog and visibility. The company’s Q4 profit growth came alongside margin expansion, with EBITDA margins moving from about 21.9% to about 27.2% year-on-year on the reported basis. The large Q4 order intake also lifted full-year order intake growth to 37% and pushed the backlog to a record level. Management indicated that demand conditions and customer trust were supportive, and the magnitude of Q4 intake suggests a strong project award cycle during the quarter.

Conclusion

GE Vernova T&D India closed FY26 with higher revenue, record quarterly profitability, and a sharp rise in orders that lifted the backlog to ₹21,455.7 crore as of March 31, 2026. The key near-term focus, based on the data provided, will be execution against the expanded order book and sustaining margins as projects progress.