GE Vernova T&D India Q4 FY26: Orders Surge, Backlog Builds, Margins Hold

FY26 revenue was INR 62.1 billion (up 45 percent YoY), EBITDA was INR 16.8 billion (27.1 percent margin), and profit before tax and exceptional items was INR 17.1 billion (27.6 percent margin).

Q4 order intake was INR 86.1 billion (up 188 percent YoY). FY26 order intake was INR 147.8 billion (up 37 percent). Order backlog was INR 214.6 billion at March 31, 2026 (up 70 percent versus March 2025).

FY26 orders were 92 percent domestic and 8 percent exports. FY26 sales were 67 percent domestic and 33 percent exports.

Orders in hand were reported as 76 percent private, 22 percent central utilities and PSUs, and 2 percent state utilities. Management highlighted state exposure is under 2 percent.

Management said long-cycle HVDC projects have longer execution cycles and meaningful execution conversion is expected from FY28-29 onwards; early years involve engineering and supply-chain securing.

Management said it initiated more than INR 10 billion capex across product lines and facilities to expand capacity through 2028. The board also approved INR 550 million for a new Vallam, Tamil Nadu facility for disconnectors and drives.

CFO said Q4 other expenses included about INR 500 million mark-to-market loss on foreign currency derivatives (notional). Exceptional items related to new wage code provisions were also referenced (INR 690 million provision in the year and INR 57 million reversal in the current quarter).