GE Vernova T&D India Q2 profit rises 44% as margin expands

GE Vernova T&D India Limited reported profit after tax of Rs 430 crore for the quarter ended September 30, 2026, up 44% year on year, as revenue rose 32% to Rs 2,030 crore. EBITDA increased 39% to Rs 550 crore, while its margin rose 130 basis points to 27.1%.

What were GE Vernova T&D India’s Q2 financial results?

GE Vernova T&D India reported revenue of Rs 2,030 crore in the second quarter of financial year 2026-27, compared with Rs 1,540 crore in the quarter ended September 2025. The Rs 490 crore increase produced 32% year-on-year growth, while profit after tax, or PAT, rose by Rs 130 crore from Rs 300 crore to Rs 430 crore.

Profit grew faster than revenue in the reported period. PAT was 21.3% of revenue in the quarter ended September 30, 2026, compared with 19.5% a year earlier, an increase of 180 basis points. Earnings before interest, taxes, depreciation and amortisation, or EBITDA, rose by Rs 150 crore to Rs 550 crore.

How did GE Vernova T&D India’s EBITDA margin change?

GE Vernova T&D India’s EBITDA margin increased to 27.1% in the quarter ended September 30, 2026, from 25.8% in the quarter ended September 2025. The 1.3-percentage-point, or 130-basis-point, increase accompanied EBITDA growth of 39%, ahead of the 32% increase in revenue.

The reported figures show EBITDA of Rs 550 crore on Rs 2,030 crore of revenue, compared with Rs 400 crore on Rs 1,540 crore a year earlier. PAT margin also rose, to 21.3% from 19.5%, meaning both EBITDA and PAT represented a larger share of quarterly revenue than in the corresponding period of financial year 2025-26.

Managing Director and Chief Executive Officer Sandeep Zanzaria said the October 30, 2026 release reflected significant orders and revenue growth, EBITDA-margin expansion and execution across the project portfolio. He said GE Vernova T&D India was seeing momentum from execution and referred to India’s renewable-energy goals as a source of demand for grid-related work.

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

GE Vernova T&D India reported order bookings of Rs 2,440 crore in the September 2026 quarter, up 52% from Rs 1,610 crore in the quarter ended September 2025. The Rs 830 crore rise in bookings exceeded the Rs 490 crore increase in quarterly revenue in the company’s reported year-on-year comparison.

The company secured an order for 400 kilovolt, or kV, generator transformers and a 420 kV gas-insulated switchgear, or GIS, package for a 1,500 megawatt pumped-storage hydro project in Maharashtra. It also won orders for 800 kV and 420 kV GIS packages for a transmission project in Andhra Pradesh.

Other awards included 400 kV reactors and a 420/220 kV GIS package for a transmission project in Himachal Pradesh, as well as 765 kV shunt reactors rated at 110 MVAR and 80 MVAR for a project in Andhra Pradesh. MVAR denotes megavolt-amperes reactive. GE Vernova T&D India did not disclose individual order values or allocate the Rs 2,440 crore booking total by product, geography or customer.

Which markets and equipment featured in GE Vernova T&D India’s Q2 orders?

GE Vernova T&D India said its September 2026 quarter included multiple export orders for air-insulated switchgear, or AIS, and GIS equipment in North America, Europe, the Middle East and Africa. The reported Rs 2,440 crore order-booking figure therefore included both Indian transmission-project awards and orders for overseas equipment supply.

The company also secured multiple grid-automation package orders from state utilities and engineering, procurement and construction customers for transmission and data-centre projects. The release identified equipment ranging from 220 kV to 800 kV, including transformers, reactors, AIS and GIS, but did not state which product line or region contributed the most bookings.

The Maharashtra order concerned 400 kV generator transformers and 420 kV GIS, whereas the Andhra Pradesh transmission order covered 800 kV and 420 kV GIS. This comparison shows that the announced wins spanned multiple voltage levels and equipment categories, without providing a domestic-versus-export split of the 52% bookings increase.

What projects did GE Vernova T&D India commission in Q2?

GE Vernova T&D India commissioned 400 kV GIS bays and a power transformer at the NEA Barhabise site in Nepal during the second quarter of financial year 2026-27. In Gujarat, it commissioned 400 kV GIS and 220 kV AIS bays for GETCO at Babarzar.

The company also commissioned 765 kV interconnecting transformers and shunt reactors at Powergrid sites in Dausa, Khavda and Bidar. At the NUPPL Ghatampur site, it commissioned a 765 kV generator transformer, adding to the quarter’s list of high-voltage project completions.

GE Vernova T&D India further commissioned a supervisory control and data acquisition, or SCADA, supported Advanced Distribution Control Center for the Western Province of the Ceylon Electricity Board. The operating update therefore covered transmission equipment from 220 kV to 765 kV as well as a grid-control project outside India.

What business does GE Vernova T&D India operate?

GE Vernova T&D India is the listed entity of GE Vernova’s Electrification segment in India and has five manufacturing sites, according to its October 30, 2026 release. Its stated offering includes power transformers, circuit breakers, GIS, instrument transformers, substation automation, digital software solutions, turnkey substations, flexible alternating current transmission systems, high-voltage direct current systems and maintenance support.

The company said it provides solutions for connecting and evacuating power from generation sources onto the grid. Its second-quarter order list included a 1,500 MW pumped-storage hydro project, transmission projects and grid-automation packages for data centres, while management linked its outlook to demand associated with India’s renewable-energy goals.

Conclusion

GE Vernova T&D India paired 32% revenue growth with a 130-basis-point increase in EBITDA margin in the second quarter of financial year 2026-27. Revenue reached Rs 2,030 crore, EBITDA reached Rs 550 crore and PAT reached Rs 430 crore, while order bookings increased 52% to Rs 2,440 crore.

The next results will show how execution develops on the newly announced 400 kV to 800 kV equipment packages, including the 1,500 MW Maharashtra pumped-storage project and export AIS and GIS orders. Individual order values, backlog and the split between domestic and export bookings remain undisclosed in the October 30 release.