GE Vernova T&D India profit rises 44% in September quarter

GE Vernova T&D India Limited reported net profit of Rs 431.39 crore for the quarter ended September 30, 2026, up 44% from Rs 299.48 crore a year earlier. Revenue from operations rose 32% to Rs 2,026.98 crore, while profit before tax increased 45% to Rs 580 crore as total income grew faster than total expenses.

How did GE Vernova T&D India perform in the September quarter?

GE Vernova T&D India reported Rs 431.39 crore in net profit for the September 2026 quarter, compared with Rs 299.48 crore in the September 2025 quarter and Rs 362.99 crore in the June 2026 quarter. Basic and diluted earnings per share, which are not annualised, rose to Rs 16.84 from Rs 11.70 a year earlier and Rs 14.18 in the preceding quarter.

Revenue from operations reached Rs 2,026.98 crore, against Rs 1,538.46 crore a year earlier and Rs 1,836.14 crore in the June 2026 quarter. Other income was Rs 50.33 crore, compared with Rs 18.63 crore in the year-earlier quarter. Total income therefore rose to Rs 2,077.31 crore from Rs 1,557.09 crore.

The increase in total income was Rs 520.22 crore, exceeding the Rs 341.49 crore rise in total expenses. Consequently, profit before exceptional items and tax rose by Rs 178.73 crore to Rs 580 crore. No exceptional item was reported in either the September 2026 or September 2025 quarter.

What costs changed for GE Vernova T&D India?

GE Vernova T&D India’s total expenses rose to Rs 1,497.31 crore in the September 2026 quarter from Rs 1,155.82 crore a year earlier. Raw materials, components and other project-related costs, its largest expense line, increased to Rs 1,179.77 crore from Rs 924.36 crore, an increase of Rs 255.41 crore.

Employee benefits expense increased to Rs 137.98 crore from Rs 118.58 crore, while other expenses rose to Rs 214.78 crore from Rs 155.90 crore. Finance costs were Rs 7.83 crore, compared with Rs 2.21 crore, and depreciation and amortisation was Rs 12.24 crore against Rs 11.61 crore in the September 2025 quarter.

Changes in inventories of finished goods and work in progress reduced reported expenses by Rs 55.29 crore, compared with a Rs 56.84 crore reduction a year earlier. The smaller benefit from inventory changes was more than offset by the increase in revenue and other income, leaving profit before tax at Rs 580 crore for the quarter.

How did tax and hedging affect GE Vernova T&D India’s results?

GE Vernova T&D India recorded total income tax expense of Rs 148.61 crore in the September 2026 quarter, compared with Rs 101.79 crore a year earlier. Current tax was Rs 156.39 crore, while deferred tax was a credit of Rs 7.78 crore, resulting in net profit of Rs 431.39 crore after Rs 580 crore in profit before tax.

Total comprehensive income was Rs 444.13 crore, Rs 12.74 crore above net profit. This included a Rs 16.13 crore gain on fair-value changes in derivatives designated as cash-flow hedges, partly offset by Rs 4.06 crore in related income-tax expense. In the June 2026 quarter, the comparable derivatives gain was Rs 68.61 crore and total comprehensive income was Rs 414.33 crore.

GE Vernova T&D India has applied hedge accounting under Indian Accounting Standard 109, Financial Instruments, from April 1, 2023 for specified highly probable forecast transactions. The company said amounts recognised in other comprehensive income will be reclassified to profit or loss when those forecast transactions become underlying transactions, meaning the September-quarter hedge gain was not included in reported net profit.

What do GE Vernova T&D India’s half-year results and cash flows show?

GE Vernova T&D India reported net profit of Rs 794.38 crore for the six months ended September 30, 2026, compared with Rs 590.68 crore in the corresponding 2025 period. Half-year revenue from operations rose to Rs 3,863.12 crore from Rs 2,868.59 crore, while profit before tax increased to Rs 1,067.13 crore from Rs 791.28 crore.

The company reports one operating segment covering products, projects and systems for electricity transmission and related activities. Total expenses in the six-month period were Rs 2,888.16 crore, compared with Rs 2,112.24 crore a year earlier, while total income rose to Rs 3,955.29 crore from Rs 2,903.52 crore.

Net cash flow from operating activities increased to Rs 1,139 crore in the six months ended September 2026 from Rs 605.10 crore a year earlier. Cash generated from operations was Rs 1,380.80 crore, compared with Rs 791.11 crore, before direct taxes paid of Rs 241.80 crore. Trade receivables produced a Rs 130.85 crore cash inflow, versus a Rs 476.69 crore outflow in the prior-year period.

Investing activities used Rs 31.25 crore, compared with Rs 50.85 crore used in the previous corresponding half year. Acquisitions of property, plant and equipment, capital work in progress and intangible assets were Rs 208 crore, up from Rs 29.49 crore. Financing activities used Rs 253.59 crore, including Rs 256.05 crore in dividend payments.

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

GE Vernova T&D India’s total assets were Rs 8,688.75 crore at September 30, 2026, compared with Rs 7,739.43 crore at March 31, 2026. Current assets increased to Rs 7,303.54 crore from Rs 6,519.53 crore, led by cash and cash equivalents of Rs 2,385.57 crore, up from Rs 1,525.26 crore.

Inventories rose to Rs 1,360.24 crore from Rs 1,227.68 crore, while trade receivables declined to Rs 2,047.79 crore from Rs 2,172.26 crore over the same period. Total equity increased to Rs 3,294.71 crore from Rs 2,690.29 crore, and total liabilities rose to Rs 5,394.04 crore from Rs 5,049.14 crore.

The unaudited standalone results were reviewed by the Audit Committee and approved by the board on October 30, 2026. Deloitte Haskins & Sells, Chartered Accountants, issued the limited review report cited in the filing. GE Vernova T&D India stated that it had no subsidiary, associate or joint venture as of September 30, 2026.

Conclusion

GE Vernova T&D India’s September-quarter profit increase reflected a Rs 520.22 crore rise in total income against a Rs 341.49 crore increase in expenses. The company also reported higher first-half net profit and operating cash flow, while cash and cash equivalents rose by Rs 860.31 crore from March 31, 2026 to September 30, 2026.

The matter to watch is the company’s continuing assessment of the four labour codes notified on November 21, 2025. GE Vernova T&D India recognised a Rs 63.57 crore exceptional impact in financial year 2025-26 based on draft rules, frequently asked questions and its interpretation, and said it will assess any further impact as developments emerge.