GE Vernova T&D India Q2 orders rose 52% to Rs 2,438.1 crore

GE Vernova T&D India Limited booked Rs 2,438.1 crore of orders in Q2 FY 26-27, a 52% increase from Rs 1,606 crore a year earlier. The intake included high-voltage equipment packages for a 1,500 MW pumped-storage project in Maharashtra and transmission projects in Andhra Pradesh and Himachal Pradesh, while exports supplied 21% of the quarter's orders.

What drove GE Vernova T&D India’s Q2 order growth?

GE Vernova T&D India’s Q2 growth was associated with a series of domestic transmission-equipment packages and multiple export equipment orders. The company identified an order to supply 400 kilovolt, or kV, generator transformers and a 420 kV gas-insulated switchgear, or GIS, package for a major 1,500 megawatt pumped-storage hydro project in Maharashtra among the key bookings.

The listed domestic projects also included 800 kV and 420 kV GIS packages for a transmission project in Andhra Pradesh. GE Vernova T&D India additionally booked a package combining 400 kV reactors with 420/220 kV GIS for a tariff-based competitive bidding, or TBCB, transmission project in Himachal Pradesh, as well as 765 kV shunt reactors rated 110 megavolt-amperes reactive, or MVAr, and 80 MVAr for a TBCB project in Andhra Pradesh.

The company did not disclose the value of each project package, so the contribution of any individual Maharashtra, Andhra Pradesh or Himachal Pradesh contract to the Rs 2,438.1 crore quarterly total cannot be determined from the presentation. It did, however, identify multiple orders for air-insulated switchgear, or AIS, and GIS equipment exports to North America, Europe, the Middle East and Africa, alongside grid-automation packages for state utilities and engineering, procurement and construction companies serving transmission and data-centre projects.

How did domestic and export orders compare in Q2?

Domestic business accounted for Rs 1,927.2 crore, or 79%, of GE Vernova T&D India’s Q2 FY 26-27 order intake, while exports represented Rs 510.9 crore, or 21%. The split places the disclosed Maharashtra pumped-storage and domestic transmission packages at the centre of the quarter’s order mix, although export equipment orders remained a material component.

In the first half, the domestic share was lower at 71%, with exports higher at 29%. GE Vernova T&D India booked Rs 2,543.7 crore of domestic orders and Rs 1,031.4 crore of export orders in H1 FY 26-27, indicating that exports formed a larger portion of the six-month intake than in the second quarter alone.

The difference follows from the first-quarter composition implied by the half-year figures: H1 exports of Rs 1,031.4 crore exceeded Q2 exports of Rs 510.9 crore. The presentation does not provide a separate Q1 domestic-export table, but it records multiple Q2 export orders across four international regions and specifies that Q2 revenue from exports was Rs 643.8 crore, or 32% of quarterly revenue.

How did Q2 order intake compare with Q1 and the first half?

Q2 FY 26-27 order intake of Rs 2,438.1 crore was more than twice Q1 FY 26-27 intake of Rs 1,137 crore, producing H1 orders of Rs 3,575.1 crore. Compared with Q2 FY 25-26, when orders were Rs 1,606 crore, the second-quarter increase was 52%; compared with H1 FY 25-26, when orders were Rs 3,225.9 crore, the first-half increase was 11%.

The contrast between the quarterly and half-year rates reflects the lower first-quarter intake in FY 26-27 rather than an equal pace of growth across both quarters. Q1 FY 26-27 orders of Rs 1,137 crore were below the Rs 1,619.9 crore recorded in Q1 FY 25-26, while Q2 FY 26-27 added Rs 832.1 crore more than the comparable prior-year quarter.

GE Vernova T&D India’s order backlog was Rs 21,443.2 crore at September 2026, compared with Rs 20,930 crore at June 2026 and Rs 21,460 crore at March 2026. The quarter therefore increased backlog by Rs 513.2 crore from June, while the September total remained Rs 16.8 crore below the March level despite the Rs 3,575.1 crore of H1 order intake.

What do revenue and backlog figures show about execution?

GE Vernova T&D India reported Q2 FY 26-27 revenue of Rs 2,027 crore, up 32% from Rs 1,538.5 crore in Q2 FY 25-26 and above Rs 1,836.1 crore in Q1 FY 26-27. Domestic revenue was Rs 1,383.2 crore, or 68%, while export revenue was Rs 643.8 crore, or 32%, a larger export proportion than exports’ 21% share of Q2 orders.

For H1 FY 26-27, revenue reached Rs 3,863.1 crore, up 35% from Rs 2,868.6 crore in H1 FY 25-26. The company reported Rs 2,676.4 crore of domestic H1 revenue and Rs 1,186.7 crore of export revenue, representing 69% and 31% respectively, while H1 orders were 71% domestic and 29% export.

The September 2026 backlog was concentrated in private-sector orders, which represented Rs 16,820 crore, or 78%, of Rs 21,443.2 crore. Central utilities and public-sector undertakings, or PSUs, accounted for Rs 4,260.5 crore, or 20%, and state utilities for Rs 362.7 crore, or 2%, showing that the disclosed backlog mix differed from the Q2 order-intake split between domestic and export markets.

Profit before tax rose to Rs 580 crore in Q2 FY 26-27 from Rs 401.3 crore a year earlier, with the reported margin increasing to 28.6% from 26.1%. For H1, profit before tax was Rs 1,067.1 crore, compared with Rs 791.3 crore a year earlier, while the margin was unchanged at 27.6%; these figures sit alongside H1 revenue growth of 35% and order-intake growth of 11%.

Conclusion

GE Vernova T&D India’s Rs 2,438.1 crore Q2 order intake was driven by disclosed high-voltage transformer, reactor and GIS packages for domestic transmission and pumped-storage projects, with export AIS, GIS and grid-automation orders adding Rs 510.9 crore. The 52% quarterly increase followed a lower Q1 intake, leaving H1 growth at 11%, while revenue rose 35% to Rs 3,863.1 crore and September backlog stood at Rs 21,443.2 crore.

The next disclosed item to watch is an order under negotiation with GE Grid Solutions LLC under an active related-party approval running from 16 May 2026 to 15 May 2027. GE Vernova T&D India also reported that major anticipated orders connected with two approvals that lapsed between the 2025 and 2026 annual general meetings were on hold at the customer end, leaving their timing unresolved.