GE Vernova T&D, the Noida-based listed Indian grid equipment business of GE Vernova, reported a 44% rise in second-quarter profit after tax to ₹431.4 crore on 30 October 2026. Revenue for the September 2026 quarter rose 32% to ₹2,027 crore, and order bookings climbed 52% to ₹2,438.1 crore. The order backlog stood at ₹21,443.2 crore on 30 September 2026. Managing Director Sandeep Zanzaria linked the growth outlook to India’s renewable energy goals.
Key Financial Details
The company’s press release and analyst presentation report these figures for the quarter ended 30 September 2026, compared with the same quarter a year earlier:
- Revenue: ₹2,027 crore, against ₹1,538.5 crore, up 32%
- EBITDA: ₹549.7 crore, against ₹396.5 crore, up 39%, with the margin at 27.1% against 25.8%
- Profit before tax: ₹580 crore, against ₹401.3 crore
- Profit after tax: ₹431.4 crore, against ₹299.5 crore, up 44%
- Order bookings: ₹2,438.1 crore, against ₹1,606 crore, up 52%
For the first half of FY27, revenue rose 35% to ₹3,863.1 crore from ₹2,868.6 crore. Profit after tax was ₹794.4 crore, against ₹590.7 crore. Half-year order intake rose 11% to ₹3,575.1 crore from ₹3,225.9 crore.
The presentation reports cash generation of ₹1,010 crore in the first half, before the dividend payment. Available cash equivalents stood at ₹3,250 crore, a figure that includes lending to LM Wind Power Blades (India) Private Limited under a cash pool arrangement.
Order Wins and Backlog
The company listed these key wins in the quarter:
- 400 kV generator transformers and a 420 kV gas-insulated switchgear (GIS) package for a 1,500 MW pumped storage hydro project in Maharashtra
- 800 kV and 420 kV GIS packages for a transmission project in Andhra Pradesh
- 400 kV reactors and a 420/220 kV GIS package for a tariff-based competitive bidding project in Himachal Pradesh
- 765 kV shunt reactors for a tariff-based competitive bidding project in Andhra Pradesh
- Grid automation packages from state utilities and from EPC contractors for transmission and data centre projects
The company also secured multiple orders for export of air-insulated and gas-insulated equipment to North America, Europe, the Middle East and Africa. It has not given the value of the individual orders listed in the release.
The backlog moved from ₹21,460 crore in March 2026 to ₹20,930 crore in June 2026, before ending September at ₹21,443.2 crore. Private customers account for ₹16,820 crore, or 78%, according to the presentation’s backlog chart. Central utilities and public sector undertakings hold ₹4,260.5 crore, or 20%, and state utilities hold ₹362.7 crore, or 2%.
Execution in the Quarter
The company commissioned 765 kV interconnecting transformers and shunt reactors at POWERGRID’s Dausa, Khavda and Bidar sites. In Gujarat, it commissioned 400 kV GIS and 220 kV air-insulated bays for Gujarat Energy Transmission Corporation at Babarzar. It also commissioned a 765 kV generator transformer at the Ghatampur site of Neyveli Uttar Pradesh Power Limited. Abroad, it completed 400 kV GIS bays at Barhabise in Nepal and a distribution control centre for the Ceylon Electricity Board.
Management Comment
Zanzaria, who is also Chief Executive Officer, said the company had another quarter of significant order and revenue growth along with EBITDA margin expansion. He said momentum was backed by execution across the project portfolio. He added that the company is well positioned to grow alongside demand as India pushes forward on its renewable energy goals.
Related-Party Approvals
The presentation discloses that two related-party approvals have lapsed. They covered ₹900 crore with Grid Solutions Middle East FZE and ₹2,200 crore with Grid Solutions SAS, and both were valid from the 2025 to the 2026 annual general meeting. The company says the major anticipated orders behind them are on hold at the customer’s end. A separate approval of US$151 million with GE Grid Solutions LLC remains active until May 2027, and the related order is under negotiation.
About the Company
GE Vernova T&D is the listed entity of GE Vernova’s Electrification segment in India, with more than 100 years of presence in the country. It supplies power transformers, circuit breakers, GIS, instrument transformers, substation automation, FACTS and high-voltage direct current (HVDC) systems, and it runs five manufacturing sites.
The Company’s Recent Pipeline
According to the company’s filings in 2026:
- May 2026: Reported FY26 revenue of ₹6,210 crore, profit after tax of ₹1,230 crore and order bookings of ₹14,780 crore.
- May 2026: Approved ₹55 crore for new capacity for disconnectors and drives for 362 kV dead tank circuit breakers at Vallam, Tamil Nadu, with first production tentatively by December 2026.
- August 2026: Reported June-quarter revenue of ₹1,836.1 crore and profit after tax of ₹363 crore.
- September 2026: Told exchanges that POWERGRID had named it the lowest bidder for a 6,000 MW, ±800 kV HVDC terminal station for renewable power from Barmer II to South Kalamb.
Outlook
POWERGRID has named the company the lowest bidder for the Barmer II–South Kalamb HVDC terminal station, but no award or contract value has been disclosed. First production at Vallam is tentatively set for December 2026. The US$151 million related-party order remains under negotiation, and the two orders behind the lapsed approvals remain on hold at the customer’s end. The presentation does not give revenue guidance for the second half.
Official Sources
- GE Vernova T&D India Limited – Press release: Second Quarter FY 2026-27 Results (NSE, 30 October 2026): https://nsearchives.nseindia.com/corporate/GETDIL1_30102026170540_GETDILPRESSRELEASEINTIMATION30Oct2026signed.pdf
- GE Vernova T&D India Limited – Analyst presentation Q2 FY 2026-27 (NSE, 30 October 2026): https://nsearchives.nseindia.com/corporate/GETDIL1_30102026165109_GETDIntimationofInvestorPresentation30Oct2026signed.pdf
- GE Vernova T&D India Limited – Outcome of board meeting and financial results (NSE, 30 October 2026): https://nsearchives.nseindia.com/corporate/GETDIL1_30102026163741_GETDOutcomeoftheBoardMeetingOct302026.pdf
- GE Vernova T&D India Limited – Intimation of order: POWERGRID HVDC terminal station (NSE, 7 September 2026): https://nsearchives.nseindia.com/corporate/GETDIL1_07092026170552_GEVTDILAwardofOrderSeptember72026.pdf
- GE Vernova T&D India Limited – Intimation of capacity addition, Vallam (NSE, 18 May 2026): https://nsearchives.nseindia.com/corporate/GETDIL1_18052026201354_GEVTD_Intimation_of_Capacity_Addition-_May_18_2026_revised.pdf
- GE Vernova T&D India Limited – Press release on FY 2025-26 results (NSE, 18 May 2026): https://nsearchives.nseindia.com/corporate/GETDIL1_18052026202005_GETDILPRESSRELEASEINTIMATIONMay182026.pdf
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