GE Vernova T&D
GE Vernova T&D
Capital Goods F&OKey Fundamentals
MidcapElectrical EquipmentCapital GoodsTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
6- Company has reduced debt.
- Company is almost debt free.
- Company is expected to give good quarter
- Company has delivered good profit growth of 85.6% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 42.3%
- Company has been maintaining a healthy dividend payout of 23.4%
Weaknesses
2- Stock is trading at 41.4 times its book value
- Promoter holding has decreased over last 3 years: -24.0%
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 4d agoGE Vernova T&D India Ltd is a capital goods company with a market cap of ₹1,12,576 Cr, trading at a PE of 85.4x and 41.4x book value. The company has delivered 77% TTM profit growth and a 3-year ROE of 42%, but its valuation multiples are significantly elevated relative to earnings and book value.
- Exceptional profit growth with TTM compounded profit growth at 77% and a 5-year CAGR of 86%, indicating strong earnings momentum
- High return on equity with last year ROE at 57% and a 3-year average ROE of 42%, reflecting efficient capital deployment
- Company is virtually debt-free, providing financial flexibility and low balance sheet risk
- Revenue growth accelerating with TTM compounded sales growth of 44%, up from a 3-year CAGR of 31% and 5-year CAGR of 12%
- Consistent dividend payout of 23.4% demonstrates commitment to returning capital to shareholders, with a current yield of 0.23%
- Long-term profit compounding at 44% CAGR over 10 years shows sustained business improvement, not a one-time turnaround
- Stock has delivered 1-year returns of 45% and 3-year CAGR of 122%, reflecting strong market confidence in the T&D infrastructure cycle
- Stock trades at 41.4x price-to-book value, an extremely stretched valuation that leaves very little margin of safety
- PE ratio of 85.4x is significantly above typical capital goods sector averages, pricing in years of continued high growth
- Promoter holding has decreased by 24.0% over the last 3 years, which may signal reduced promoter commitment or dilution
- 5-year compounded sales CAGR of only 12% suggests that recent revenue acceleration to 44% TTM may not be sustainable over a full cycle
- 10-year sales CAGR of just 7% highlights that the business historically grows at a modest pace, and current growth rates may revert to the mean
- Dividend yield of only 0.23% offers negligible income return relative to the valuation premium investors are paying
- At 85.4x PE, any earnings miss or slowdown in order inflows could trigger a sharp de-rating in the stock price
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 11h ago- Strong Q1FY27 revenue and profit Sep 17
Revenue surged 38% YoY to ₹18.4B in Q1FY27 with PAT up 25% to ₹4.9B. Company remains debt-free with a robust order backlog of ₹209.3B.
- Massive ₹13,000Cr HVDC order win Sep 8
Emerged as L1 bidder for Power Grid's 6000 MW, 800kV HVDC project on Barmer II-South Kalamb corridor valued at ₹13,000 crore. Citi set target at ₹5,400 and Nomura raised to ₹6,000, projecting 31% PAT CAGR for FY26-29F.
- US China grid ban boosts stock Aug 27
Stock hit a 5-day rally high at ₹4,410 (+1.61%) on Trump's executive order restricting foreign power grid equipment, potentially shifting US supply chain toward Indian manufacturers. Monthly gain of 6.94% significantly outperformed NIFTY (-0.14%) and Sensex (-0.21%).
- Investor meet in Mumbai Sep 16
GE Vernova T&D India will hold analyst and institutional investor meetings in Mumbai from Sep 21-23, 2026, organized by Nomura India.
- ₹10 dividend declared at AGM Sep 9
70th AGM held on Sep 9, 2026 declared ₹10 per share dividend for FY26. Shareholders approved board appointments and related-party transactions.
- Non-exec director resignation Aug 26
Fabrice Aumont resigned as Non-Executive Non-Independent Director effective Aug 26, 2026, due to relocation to the United States.
TL;DR: GE Vernova T&D India is firing on all cylinders with 38% revenue growth, a massive ₹13,000Cr HVDC order win, and a debt-free balance sheet backed by a ₹209.3B order backlog. Analyst targets from Citi (₹5,400) and Nomura (₹6,000) reflect strong earnings visibility with 31% projected PAT CAGR through FY29. The US grid equipment ban on foreign suppliers adds a potential tailwind for Indian power equipment makers. No material headwinds are visible currently, though the premium valuation at 82x TTM PE leaves limited room for execution missteps.
Quarterly Results
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 718 | 698 | 839 | 914 | 958 | 1,108 | 1,074 | 1,153 | 1,330 | 1,538 | 1,701 | 1,637 | 1,836 |
| Expenses | 667 | 637 | 742 | 803 | 776 | 903 | 894 | 900 | 943 | 1,142 | 1,246 | 1,192 | 1,375 |
| Operating Profit | 51 | 61 | 97 | 111 | 182 | 205 | 180 | 252 | 388 | 396 | 455 | 445 | 461 |
| OPM % | 7% | 9% | 12% | 12% | 19% | 18% | 17% | 22% | 29% | 26% | 27% | 27% | 25% |
| Other Income | 12 | 9 | -4 | 6 | 12 | 4 | 26 | 21 | 16 | 19 | -51 | 43 | 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 |
| PBT | 39 | 50 | 73 | 101 | 180 | 194 | 190 | 256 | 390 | 401 | 390 | 469 | 487 |
| Tax % | 27% | 26% | 32% | 34% | 25% | 25% | 25% | 27% | 25% | 25% | 25% | 25% | 25% |
| Net Profit | 28 | 37 | 49 | 66 | 135 | 145 | 143 | 186 | 291 | 299 | 291 | 352 | 363 |
| EPS in Rs | 1.1 | 1.45 | 1.93 | 2.59 | 5.25 | 5.65 | 5.57 | 7.28 | 11.37 | 11.7 | 11.36 | 13.74 | 14.18 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,711 | 3,303 | 4,052 | 4,332 | 4,219 | 3,159 | 3,452 | 3,066 | 2,773 | 3,168 | 4,292 | 6,206 | 6,712 |
| Expenses | 3,379 | 3,197 | 3,996 | 4,057 | 3,765 | 3,354 | 3,282 | 3,155 | 2,652 | 2,836 | 3,461 | 4,500 | 4,956 |
| Operating Profit | 332 | 107 | 57 | 275 | 454 | -195 | 171 | -89 | 121 | 332 | 831 | 1,706 | 1,757 |
| OPM % | 9% | 3.2% | 1.4% | 6% | 11% | -6% | 4.9% | -2.9% | 4.4% | 10% | 19% | 28% | 26% |
| Other Income | 11 | 142 | 141 | 239 | 49 | 5 | 69 | 136 | 22 | 22 | 62 | 25 | 53 |
| Interest | 91 | 107 | 182 | 106 | 85 | 87 | 84 | 59 | 61 | 41 | 27 | 35 | 15 |
| Depreciation | 82 | 86 | 88 | 90 | 83 | 78 | 66 | 58 | 55 | 50 | 47 | 46 | 47 |
| PBT | 170 | 56 | -73 | 319 | 335 | -356 | 89 | -69 | 27 | 263 | 820 | 1,650 | 1,747 |
| Tax % | 29% | 38% | 18% | 35% | 36% | -15% | 32% | -29% | 106% | 31% | 26% | 25% | — |
| Net Profit | 121 | 34 | -87 | 209 | 213 | -303 | 60 | -50 | -1 | 181 | 608 | 1,233 | 1,305 |
| EPS in Rs | 4.71 | 1.35 | -3.38 | 8.15 | 8.31 | -11.82 | 2.36 | -1.94 | -0.06 | 7.07 | 23.76 | 48.17 | 50.98 |
| Div. Payout % | 38% | 134% | -53% | 22% | 22% | 0% | 0% | 0% | 0% | 28% | 21% | 21% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | 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 | 51 | 51 |
| Reserves | 1,261 | 1,127 | 982 | 1,138 | 1,377 | 1,000 | 1,071 | 1,029 | 1,022 | 1,192 | 1,722 | 2,639 |
| Borrowings | 280 | 504 | 518 | 100 | 81 | 599 | 316 | 226 | 273 | 42 | 35 | 24 |
| Other Liabilities | 2,900 | 3,090 | 3,563 | 3,479 | 2,688 | 2,503 | 2,664 | 2,461 | 2,333 | 2,300 | 2,853 | 5,025 |
| Total Liabilities | 4,492 | 4,772 | 5,114 | 4,769 | 4,196 | 4,154 | 4,102 | 3,767 | 3,679 | 3,584 | 4,661 | 7,739 |
| Fixed Assets | 687 | 684 | 656 | 586 | 513 | 538 | 494 | 457 | 421 | 401 | 379 | 412 |
| CWIP | 70 | 33 | 25 | 18 | 5 | 12 | 22 | 9 | 9 | 11 | 47 | 65 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 3,735 | 4,055 | 4,433 | 4,165 | 3,679 | 3,604 | 3,587 | 3,302 | 3,250 | 3,173 | 4,234 | 7,262 |
| Total Assets | 4,492 | 4,772 | 5,114 | 4,769 | 4,196 | 4,154 | 4,102 | 3,767 | 3,679 | 3,584 | 4,661 | 7,739 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 502 | -91 | 188 | 1,054 | -355 | -260 | 311 | 8 | -37 | 518 | 904 | 1,710 |
| Investing | -137 | -50 | -47 | -306 | 287 | -30 | 12 | 116 | 3 | -172 | -495 | -509 |
| Financing | -320 | 120 | -131 | -585 | -114 | 290 | -324 | -102 | 9 | -259 | -69 | -147 |
| Net Cash Flow | 45 | -20 | 11 | 163 | -182 | 0 | -1 | 22 | -26 | 87 | 339 | 1,054 |
| Free Cash Flow | 424 | -141 | 142 | 1,043 | -362 | -292 | 324 | -17 | -54 | 489 | 816 | 1,521 |
| CFO/OP | 172 | -39 | 373 | 433 | -51 | 99 | 194 | -35 | -7 | 162 | 133 | 129 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 211 | 228 | 205 | 152 | 175 | 219 | 201 | 186 | 204 | 166 | 125 | 128 |
| Inventory Days | 292 | 511 | 542 | 234 | 136 | 177 | 143 | 159 | 119 | 103 | 100 | 132 |
| Days Payable | 766 | 823 | 805 | 389 | 247 | 272 | 275 | 283 | 197 | 156 | 146 | 170 |
| Cash Conversion Cycle | -262 | -84 | -58 | -4 | 63 | 125 | 69 | 62 | 127 | 114 | 79 | 90 |
| Working Capital Days | 50 | 22 | -2 | -18 | 48 | 20 | 23 | 13 | 20 | 29 | 35 | 6 |
| ROCE % | 16% | 10% | 7% | 30% | 31% | -14% | 11% | -9% | 8% | 23% | 55% | 77% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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62 extracted metrics + investor summaries across FY10–FY26.
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Frequently Asked Questions about GE Vernova T&D
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Company Information
GE T&D is the listed entity of GE’s Grid Solutions business in India. It has been in the power transmission and distribution business for more than 100 years and provides a versatile range of solutions for connecting and evacuating power from generation sources onto the grid. [1]
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