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Revenue
₹1,700 Cr
verification pending
Revenue YoY
58%
reported change
EBITDA
Pending
latest reported figure
Source
manual review required
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
GE Vernova T&D India delivered a stellar Q3 FY26 with revenue surging 58% YoY to ₹1,700 crore, driven by strong execution of a robust order book. EBITDA margin expanded to 26.7% (9M: 27.1%), aided by volume growth, better pricing, and operational leverage. Order inflows of ₹2,940 crore (up 41% YoY) pushed the order backlog to a record ₹14,380 crore, providing multi-year visibility. The company won a large HVDC project from Adani (to be booked on milestone achievement) and expects the Barmer-Kutch HVDC order to finalize in H2 FY27. Management guided for margins to sustain at the higher end of mid-20s, with no major dilution expected. Key risk: potential Chinese competition in T&D, though management downplayed near-term impact due to localization hurdles.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects full-year EBITDA margin to be at the higher end of the mid-20% range, supported by strong 9M performance.
- Management does not foresee significant margin dilution, aiming to maintain mid-20% EBITDA margins going forward.
- The Barmer-Kutch HVDC project is expected to be finalized by Q2 of FY27, subject to customer timelines.
- A large export order requiring related-party approval has been delayed by the customer and is now expected in the second half of FY27.
Risks flagged
- Media reports suggest potential relaxation of restrictions on Chinese players; management considers it speculative but acknowledges risk if materialized.
- A significant export order has been deferred to H2 FY27 due to customer delays, impacting near-term order inflow visibility.
- HVDC projects are complex turnkey contracts; any execution slippage could impact margins and cash flows.
- Rising commodity costs could pressure margins if not fully passed through; management uses variable pricing and cost buffers to mitigate.
Key quotes
- We are building the network through which this energy will flow. We are enabling grid modernization, supporting renewable integration and ensuring that India's growth story has the power infrastructure it deserves.
- We don't think that government is going to dilute its make in India criteria... even if the Chinese factories get locally qualified, they would still take a lot of time to reach those maturity levels.
- Our endeavor is to continue to perform like this and to deliver good dividend in the coming years.
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