GE Vernova T&D India Ltd.
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ABOUT
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Company has delivered good profit growth of 82.9% CAGR over last 5 years
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 51.9%
- Company has a good return on equity (ROE) track record: 3 Years ROE 37.1%
- Operating margins have improved to 27.5% from 5.6%
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.55x)
CONS
- Promoter holding has decreased over last 2 years: -24.0pp
- Stock is trading at 34.7x its book value
- Rich enterprise valuation - EV/EBITDA of 51.1x
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ABB | 7269.10 | 51.56 | 154038.32 | 0.54 | 3623.00 | 930.02 | 35588.70 | 1110.31 | 30.18 | 12.56 |
| CGPOWER | 910.00 | 114.69 | 143365.96 | 0.14 | 308.28 | 15.52 | 3280.81 | 13.99 | 27.94 | 12.11 |
| SIEMENS | 3960.90 | 43.07 | 141055.77 | 0.45 | 214.31 | -49.38 | 4713.70 | 8.44 | 21.42 | 9.14 |
| POWERINDIA | 31415.40 | 121.72 | 140025.86 | 0.03 | 2941.50 | 2135.18 | 24936.90 | 1586.18 | 28.73 | 14.58 |
| GVT&D | 4545.00 | 623.18 | 116373.15 | 0.22 | 362.99 | 24.65 | 1836.14 | 38.04 | 75.51 | 25.10 |
| ENRIN | 3178.75 | 76.08 | 113201.81 | 0.13 | 440.90 | 67.83 | 2485.60 | 39.28 | 40.19 | 23.56 |
| WAAREEENER | 2627.50 | 19.80 | 75580.39 | 0.15 | 891.87 | 15.39 | 7931.79 | 79.22 | 37.92 | 18.15 |
| APARINDS | 17496.15 | 62.01 | 73260.47 | 0.34 | 4674.50 | 1677.98 | 65910.60 | 1191.31 | 31.84 | 11.50 |
| HAVELLS | 1114.80 | 42.84 | 69960.57 | 0.90 | 289.71 | -16.64 | 6518.19 | 19.48 | 25.74 | 7.15 |
| SUZLON | 44.16 | 19.31 | 60700.73 | 0.00 | 305.22 | -5.89 | 3829.09 | 22.83 | 35.79 | 15.55 |
| SCHNEIDER | 1227.70 | 159.75 | 29354.80 | 0.00 | 12.44 | -69.84 | 651.36 | 4.78 | 31.01 | 5.23 |
| TDPOWERSYS | 804.85 | 91.45 | 25148.09 | 0.13 | 862.93 | 72.33 | 6400.54 | 72.10 | 34.01 | 19.00 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 718 | 698 | 839 | 914 | 958 | 1,108 | 1,074 | 1,153 | 1,330 | 1,538 | 1,701 | 1,637 | 1,836 | |
| 667 | 637 | 742 | 803 | 776 | 903 | 894 | 900 | 943 | 1,142 | 1,246 | 1,211 | 1,391 | |
| Operating Profit | 51 | 61 | 97 | 111 | 182 | 205 | 180 | 252 | 388 | 396 | 455 | 426 | 445 |
| OPM % | 7.08% | 8.69% | 11.51% | 12.15% | 19.01% | 18.48% | 16.74% | 21.88% | 29.14% | 25.77% | 26.73% | 26.01% | 24.25% |
| 12 | 9 | -4 | 6 | 12 | 4 | 26 | 21 | 16 | 19 | -51 | 31 | 42 | |
| Interest | 11 | 7 | 7 | 3 | 2 | 3 | 4 | 6 | 3 | 2 | 3 | 7 | 3 |
| Depreciation | 13 | 13 | 12 | 12 | 12 | 12 | 12 | 11 | 11 | 12 | 12 | 12 | 12 |
| Profit before Tax | 39 | 50 | 73 | 101 | 180 | 194 | 190 | 256 | 390 | 401 | 390 | 469 | 487 |
| Tax % | 26.90% | 26.10% | 32.36% | 34.48% | 25.22% | 25.36% | 24.86% | 27.19% | 25.34% | 25.37% | 25.38% | 24.95% | 25.48% |
| Net Profit | 28 | 37 | 49 | 66 | 135 | 145 | 143 | 186 | 291 | 299 | 291 | 352 | 363 |
| 1.10 | 1.45 | 1.93 | 2.59 | 5.25 | 5.65 | 5.57 | 7.28 | 11.37 | 11.70 | 11.36 | 13.74 | 14.18 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 4,052 | 4,332 | 4,219 | 3,159 | 3,452 | 3,066 | 2,773 | 3,168 | 4,292 | 6,206 | 6,712 | |
| 3,996 | 4,057 | 3,774 | 3,355 | 3,282 | 3,222 | 2,659 | 2,836 | 3,467 | 4,502 | 4,990 | |
| Operating Profit | 57 | 274 | 444 | -196 | 170 | -156 | 115 | 332 | 826 | 1,704 | 1,722 |
| OPM % | 1.40% | 6.34% | 10.54% | -6.21% | 4.93% | -5.09% | 4.14% | 10.47% | 19.23% | 27.46% | 25.66% |
| 141 | 240 | 58 | 6 | 69 | 203 | 29 | 23 | 68 | 27 | 41 | |
| Interest | 182 | 106 | 85 | 87 | 84 | 59 | 61 | 41 | 27 | 35 | 15 |
| Depreciation | 88 | 90 | 83 | 78 | 66 | 58 | 55 | 50 | 47 | 46 | 47 |
| Profit before Tax | -73 | 319 | 335 | -356 | 89 | -69 | 27 | 263 | 820 | 1,650 | 1,747 |
| Tax % | -18.27% | 34.52% | 36.43% | 14.93% | 32.48% | 28.58% | 105.57% | 31.18% | 25.78% | 25.24% | 25.29% |
| Net Profit | -87 | 209 | 213 | -303 | 60 | -50 | -1 | 181 | 608 | 1,233 | 1,305 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 2.36 | -1.94 | -0.06 | 7.07 | 23.76 | 48.16 | — |
| Dividend Payout % | -53.18% | 22.08% | 21.67% | 0.00% | 0.00% | 0.00% | 0.00% | 28.28% | 21.05% | 20.76% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 7%
- 5 Years:
- 12%
- 3 Years:
- 31%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 43%
- 5 Years:
- 83%
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- 66%
RETURN ON EQUITY
- 10 Years:
- 11%
- 5 Years:
- 21%
- 3 Years:
- 37%
- Last Year:
- 55%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 |
| 982 | 1,138 | 1,377 | 1,000 | 1,071 | 1,029 | 1,022 | 1,192 | 1,722 | 2,639 | |
| 518 | 100 | 81 | 588 | 303 | 215 | 261 | 30 | 21 | 9 | |
| Trade Payables | 1,663 | 1,709 | 1,155 | 996 | 1,116 | 1,111 | 1,061 | 886 | 1,026 | 1,580 |
| 2,587 | 2,568 | 2,482 | 2,439 | 2,442 | 2,261 | 2,202 | 2,404 | 2,993 | 4,998 | |
| Total Liabilities | 5,801 | 5,567 | 5,145 | 5,074 | 4,985 | 4,667 | 4,596 | 4,563 | 5,814 | 9,277 |
| 656 | 586 | 513 | 538 | 494 | 449 | 413 | 393 | 372 | 404 | |
| Capital Work in Progress | 25 | 18 | 5 | 12 | 22 | 9 | 9 | 11 | 47 | 65 |
| 1,120 | 1,026 | 634 | 649 | 580 | 623 | 644 | 589 | 704 | 1,228 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,438 | 1,469 | 2,172 | |
| Cash & Bank | 72 | 532 | 60 | 60 | 60 | 82 | 47 | 134 | 473 | 1,528 |
| 3,929 | 3,405 | 3,933 | 3,815 | 3,830 | 3,504 | 3,483 | 1,998 | 2,749 | 3,880 | |
| Total Assets | 5,801 | 5,567 | 5,145 | 5,074 | 4,985 | 4,667 | 4,596 | 4,563 | 5,814 | 9,277 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 211 | 1,192 | -232 | -193 | 330 | 31 | -9 | 518 | 904 | 1,710 | |
| Cash from Investing | -46 | -305 | 287 | -31 | 12 | 116 | 3 | -172 | -496 | -511 |
| Cash from Financing | -131 | -585 | -114 | 290 | -324 | -102 | 9 | -259 | -69 | -147 |
| 12 | 165 | -183 | -0 | -1 | 22 | -26 | 87 | 339 | 1,052 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - GE Vernova T&D India Limited has informed the Exchange regarding voting results of Annual General Meeting held on September 09, 2026
2026-09-10 - GE Vernova T&D India Limited has informed the Exchange about disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 regarding appointment/re-appointment of directors and Statutory Auditors in the 70th Annual General Meeting
2026-09-10 - GE Vernova T&D India Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on September 09, 2026
2026-09-09 - GE Vernova T&D India Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on September 09, 2026
2026-09-07 - GE Vernova T&D India Limited has informed the Exchange about Bagging/Receiving of orders/contracts
2026-08-26 - GE Vernova T&D India Limited has informed the Exchange regarding Resignation of Mr. Fabrice Aumont as Non- Executive & Non Independent Director of the company w.e.f. August 26, 2026.
2026-08-26 - GE Vernova T&D India Limited has informed the Exchange about Resignation of Director/KMP/SMP
2026-08-14 - GE Vernova T&D India Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-14 - GE Vernova T&D India Limited has informed the Exchange about Transcript
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