GE Vernova T&D India Q4 FY26: 42% Revenue Surge

Q4 FY26 result sets a strong tone

GE Vernova T&D India delivered a sharp improvement in Q4 FY26, reflecting strong execution in the power transmission and distribution cycle. The company reported a steep rise in revenue and profit compared with the same quarter last year, supported by higher operating profit. The quarter also reinforced the broader narrative of accelerating electrification and grid expansion, where suppliers with proven capability in high-voltage projects are seeing sustained demand.

Market action around the results was mixed on the day in parts, as investors weighed strong fundamentals against valuation comfort. Still, multiple brokerages reiterated positive views, pointing to the company’s position in long-cycle transmission investment. The quarter’s numbers also come after a strong Q3 FY26, adding continuity to the earnings trajectory.

Revenue and profit jump year-on-year

For Q4 FY26 (Mar’26), GE Vernova T&D India reported net profit of ₹351.77 crore, up 88.62% to 89% year-on-year. Revenue growth was also strong, reported as up 42.04% to ₹1,637.08 crore in one set of disclosures, and as up 42% to ₹1,674.24 crore in another figure cited for the same quarter. While the revenue value differs across sources quoted, both point to a similar growth rate and a meaningfully higher base than last year.

The company also reported profit before exceptional items and tax of ₹463 crore for Q4 FY26, compared with ₹256.12 crore in Q4 FY25. The gap between PBT and PAT underlines improved operating momentum and the scale of profitability in the current cycle.

EBITDA rises sharply as operating performance improves

Operating profitability strengthened materially in Q4 FY26. EBITDA stood at ₹440 crore, a 76% increase from ₹250 crore in the same period last year. The jump in EBITDA indicates both stronger topline and better operating leverage, a key factor for transmission equipment and project-driven companies.

In addition to Q4, commentary around the company highlights performance consistency. The financial trend cited includes 11 consecutive quarters of positive results, indicating that execution has remained stable even as project cycles fluctuate.

FY26 order intake growth led by HVDC and data-centre demand

The company’s FY26 order intake was reported at approximately ₹14,800 crore, up 37% year-on-year. The increase was linked to key High-Voltage Direct Current (HVDC) projects and strong demand for data center components in the U.S. Order intake matters because it supports multi-year revenue visibility for companies with a long execution cycle.

A separate brokerage note referenced a “robust order book” of ₹14,380 crore (₹143.8 billion). Taken together, the reported order intake and order book numbers indicate healthy workload levels and continued tender activity across power transmission and related electrification projects.

Stock moves reflect optimism, but valuation remains a debate

In the market, the stock was cited at ₹4,431.00 as of 18-May, described as rising and showing a trend reversal after earlier declines. On May 19, 2026, the shares were reported at ₹4,388.85, down 0.95% on the day, suggesting some near-term caution. Another data point showed the stock rising 0.09% to ₹4,435.20 on the BSE following the results.

Alongside price action, the narrative around valuation is more guarded. The stock has been described as “very expensive” on valuation metrics, even as quality and financial trend indicators remain strong. This is consistent with how high-growth industrial names often trade when the market is pricing in sustained execution.

Brokerages reiterate ‘Buy’ with higher targets

Broker commentary in the update remained largely constructive. IDBI Capital reiterated a ‘Buy’ rating with a target price of ₹5,214, citing GE Vernova T&D’s strategic advantage in electrification and transmission expansion. Emkay Global revised its target to ₹4,750, referencing the company’s placement in the global energy transition theme. MOFSL reiterated ‘Buy’ with a revised target of ₹5,200, expecting margins to stay strong due to a healthy revenue mix and operating leverage.

A separate note also cited Prabhudas Lilladher with a ‘Buy’ view and a target of ₹4,050 (research report dated January 29, 2026). In addition, MarketsMOJO maintained a Strong Buy rating, last updated on 02 Feb 2026.

Q3 FY26 performance provides context for momentum

Q4 followed an already strong Q3. In Q3 FY26, GE Vernova T&D India reported net profit of ₹290.80 crore, up 103.78% year-on-year, and revenue of ₹1,700.64 crore, up 58.40%. While there was a slight sequential decline in profit cited in the update, the year-on-year trend remained strong and consistent with the broader pickup in transmission capex.

This Q3 revenue level is also useful context for interpreting Q4, where revenue growth was strong year-on-year but can vary quarter-to-quarter depending on project milestones, billing, and execution schedules.

Management outlook: FY26 revenue and margin expectations

Expectations for FY26 were also outlined in the update. The company expects FY26 revenue to rise by over 35% year-on-year to ₹5,500 to ₹6,000 crore. EBITDA margin is projected to stay around the mid-20% range, supported by a 30% to 35% export mix.

The same context flagged robust demand drivers, including India’s push toward 500 GW of non-fossil fuel capacity and an expectation that peak power demand could rise by 80% by 2032. These data points explain why transmission and grid equipment ordering remains strong.

Key numbers at a glance

Broker targets and ratings mentioned

Why the quarter matters for investors tracking transmission capex

The quarter adds to evidence that transmission and electrification demand is translating into higher revenue and profit, not just order announcements. The sharp rise in EBITDA suggests operating leverage is working, which is important for project businesses where fixed cost absorption improves at higher volumes. Order intake growth, especially linked to HVDC, points to participation in complex, high-value projects that typically have longer execution timelines.

At the same time, the valuation discussion remains relevant because strong growth stocks can face volatility if expectations soften. With multiple targets clustered in a broad range and some notes pointing to stretched valuation, near-term price moves can remain sensitive to execution updates and order inflows.

Conclusion

GE Vernova T&D India’s Q4 FY26 performance showed strong year-on-year growth in revenue, profit, and EBITDA, supported by higher order intake linked to HVDC projects and export-led demand such as data center components. Brokerages largely maintained positive ratings with targets ranging from ₹4,050 to ₹5,214 in the cited notes. Next cues for the stock are likely to come from how the company tracks against the stated FY26 revenue band of ₹5,500 to ₹6,000 crore and its ability to sustain mid-20% EBITDA margins with a 30% to 35% export mix.