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Chinese competition in T&D market
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GE Vernova T&D India Limited — Q3 FY26
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.
bullish
high
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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.
GE Vernova T&D India ने वित्त वर्ष 2026 की तीसरी तिमाही में शानदार प्रदर्शन किया। कंपनी की आय पिछले साल की तुलना में 58% बढ़कर ₹1,700 करोड़ हो गई, जिसका कारण मजबूत ऑर्डर बुक का अच्छा निष्पादन था। कंपनी का मुनाफा (EBITDA मार्जिन) 26.7% रहा, जो ज्यादा बिक्री, बेहतर कीमतों और कम लागत के कारण संभव हुआ। नए ऑर्डर ₹2,940 करोड़ (41% की बढ़ोतरी) मिले, जिससे कुल ऑर्डर बैकलॉग ₹14,380 करोड़ का रिकॉर्ड स्तर पर पहुंच गया। इससे आने वाले कई सालों के लिए काम का भरोसा मिलता है। कंपनी ने अडानी से एक बड़ा HVDC प्रोजेक्ट जीता और बाड़मेर-कच्छ HVDC ऑर्डर वित्त वर्ष 2027 की दूसरी छमाही में मिलने की उम्मीद है। प्रबंधन का कहना है कि मुनाफा 25% के आसपास बना रहेगा। चीन से प्रतिस्पर्धा का खतरा है, लेकिन स्थानीय बाधाओं के कारण फिलहाल इसका असर कम है।
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Order Inflow
₹2,940 Cr
+41% YoY
Highest quarterly order booking in FY26, excluding Adani HVDC which will be booked later.
Order Backlog
₹14,380 Cr
+10% QoQ
Record order book as of Dec 2025, providing strong revenue visibility.
Cash & Cash Equivalents
₹1,590 Cr
+₹70 Cr QoQ
Healthy cash position with zero debt; ₹670 Cr generated operationally in 9M.
Export Order Share (9M)
15%
N/A
Export orders contributed 15% of total order booking in 9M FY26; domestic remains dominant.
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Guidance and risk preview
Management expects full-year EBITDA margin to be at the higher end of the mid-20% range, supported by strong 9M performance.
Media reports suggest potential relaxation of restrictions on Chinese players; management considers it speculative but acknowledges risk if materia...
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