GE Vernova T&D India LimitedUnclassifiedGVT&D
Q1 FY27 earnings callGE Vernova T&D India Limited
Strong revenue execution and cash generation were offset by a significant drop in order intake and moderated gross margins.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Order Intake | INR 11.4 billion | -30% year-on-year | |
| Revenue | INR 18.4 billion | +38% year-on-year | |
| Gross Margin | 41.3% | — | |
| EBITDA Margin | 25.1% | — | |
| Profit Before Tax (PBT) | INR 4.9 billion | growing by more than 1.25x year-on-year | |
| Order Backlog | INR 209.3 billion | -2.5% quarter-on-quarter | |
| Cash Balance | INR 29.3 billion | — |
Financials
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹1,073.65 Cr+28% YoY-3.1% QoQ | ₹142.68 Cr+189.1% YoY-1.3% QoQ | ₹5.57+188.6% YoY-1.4% QoQ |
| Q2 FY25 | ₹1,107.77 Cr+58.8% YoY+15.6% QoQ | ₹144.62 Cr+289.1% YoY+7.5% QoQ | ₹5.65+289.7% YoY+7.6% QoQ |
| Q1 FY25 | ₹958.34 Cr+33.6% YoY+4.9% QoQ | ₹134.54 Cr+174.5% YoY+103% QoQ | ₹5.25+377.3% YoY+102.7% QoQ |
| Q4 FY24 | ₹913.60 Cr+29.9% YoY+8.9% QoQ | ₹66.29 CrTurned profitable YoY+34.3% QoQ | ₹2.59Turned positive YoY+34.2% QoQ |
| Q3 FY24 | ₹838.98 Cr+8% YoY+20.2% QoQ | ₹49.35 Cr+941.1% YoY+32.8% QoQ | ₹1.93+915.8% YoY+33.1% QoQ |
TL;DR
- Order intake of INR 11.4 billion was down 30% year-on-year.
- Revenue grew 38% year-on-year to INR 18.4 billion.
- Gross margin moderated to 41.3% from 48.4% a year ago.
- EBITDA margin was 25.1%, in line with the mid-20s guidance.
- Profit before tax grew to INR 4.9 billion from INR 3.9 billion.
- Order backlog moderated to INR 209.3 billion, down 2.5% quarter-on-quarter.
Said on the call
“I'm not saying that the HVDC pipeline is going anywhere. The HVDC pipeline remains strong.”
From the Q&A
| Topic | What management said |
|---|---|
| Large RPT Order Delays | The INR 1,300 crore US data center RPT order is still under discussion with the end customer, expected in Q2 or Q3. The separate INR 3,000 crore RPT project has been put on hold by the customer. |
| Domestic Ordering & TBCB Pipeline | Soft TBCB pipeline in Jan-Mar impacted order intake, but the pipeline has improved from June onward. Management expects the market to either remain at the same level or see 6-7% growth. |
| Gross Margin Decline | The 400 bps gross margin decline vs FY26 was attributed to: 1) lower export revenue share & high-profit export order execution in prior year (1-1.5%), 2) elevated commodity prices reducing execution savings, and 3) ramping up of an HV business segment with lower gross margins (2-2.5%). |
| Chinese Competition in GIS | The impact of newly approved Chinese GIS suppliers is not yet known and will be seen once negotiations start; their ability to deliver with 60-70% local content requirements is also a question. |
| Commodity Price Pass-through | For transformer business, price escalation formulas provide compensation. For other businesses, new costs are built into tender pricing, but there is a lag of 1-2 years before execution benefits. |
| Future Growth Trajectory | Backlog of INR 209 billion provides multiyear visibility. Growth is expected to be robust, with a 'meaningful growth from the financial year '29 onward' driven by HVDC project execution. |
| Capacity & Capex | Capacity utilization is consistent with prior calls, with some factories loaded well and others having room to grow. Announced capex is INR 10 billion, with management evaluating options for the remaining cash. |
Guidance
- Maintains EBITDA margin guidance of mid-20s for the financial year.
- Confident in converting the INR 209 billion backlog profitably over the coming years.
- Expects base order flows of INR 7,000-8,000 crores for the full year.
Source
Summary written from the transcript filed by GE Vernova T&D India Limited for the call held on 7 Aug 2026; published 18 Aug 2026, 20:08 IST.