GE Vernova T&D India Ltd
GVT&D NSE
GE Vernova T&D India Ltd
Capital GoodsNSE: GVT&D BSE: 522275 Electrical Equipment
Key Fundamentals
MidcapElectrical EquipmentCapital GoodsMarket Cap
1.1L Cr
Volatility
Moderate
P/E Ratio
82.29
EBITDA
₹1,775 Cr
Return on Equity
45.84%
Debt to Equity
0.01
Book Value
₹105.07
52W High
₹5,650
52W Low
₹2,523.2
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view GE Vernova T&D India Ltd insights
47 extracted metrics + investor summaries across FY14–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
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 39.9 times its book value
- Promoter holding has decreased over last 3 years: -24.0%
Growth Rate
Revenue Growth
44.60% ↗
Net Income Growth
102.73% ↗
Cash Flow Change
89.23% ↗
ROE
33.61% ↗
ROCE
31.14% ↗
EBITDA Margin (Avg.)
39.23% ↗
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoAI opinion · based on fundamentals
Risk high
GE Vernova T&D India Ltd is a capital goods company trading at a market cap of ₹1,10,315 Cr with a PE of 84.7x and PB of 41.1x. The company has delivered 77% TTM profit growth and 44% TTM sales growth with a 3-year ROE of 42%, but trades at a steep premium to book value with declining promoter holding over the last three years.
Bull Case 8
- Exceptional profit growth with compounded profit CAGR of 490% over 3 years and 86% over 5 years, indicating a strong earnings recovery trajectory
- TTM revenue growth of 44% and FY25 revenue of ₹42.9 billion (35% YoY increase) shows accelerating top-line momentum driven by India's T&D capex cycle
- 3-year ROE of 42% and last year ROE of 57% demonstrate highly efficient capital deployment relative to peers in the capital goods sector
- Company is virtually debt-free, providing financial flexibility to fund growth without leverage risk and a debt-to-equity ratio near zero
- Order backlog reached an all-time high of ₹98.4 billion as of September 2024 (up from ₹62.7 billion in March 2024), providing strong revenue visibility
- FII shareholding increased from 12.04% in December 2024 to 18.46% in December 2025, reflecting institutional confidence in the business
- Healthy dividend payout ratio of 23.4% maintained despite high reinvestment needs, signalling management confidence in cash flow sustainability
- Stock CAGR of 130% over 3 years and 101% over 5 years reflects sustained re-rating driven by India's grid modernization and renewable energy integration spending
Bear Case 8
- PE ratio of 84.7x is extremely elevated for a capital goods company, leaving minimal margin of safety if growth decelerates
- Price-to-book of 41.1x means the stock trades at over 41 times its book value, implying near-perfect execution is already priced in
- Q1 FY27 order intake fell 30% YoY to ₹11.4 billion from ₹16.2 billion due to lower TBCB market realizations, raising concerns about future order pipeline
- Promoter holding has decreased by 24% over the last 3 years, partly due to the GE Vernova spin-off restructuring, which may create overhang uncertainty
- 10-year compounded sales CAGR of only 7% shows the recent growth surge is a relatively recent phenomenon, not a long structural trend
- Dividend yield of just 0.23% offers negligible income return, making the investment entirely dependent on capital appreciation
- Order backlog declined 2.5% QoQ to ₹209.3 billion in June 2026 from ₹214.6 billion, suggesting potential plateauing of order momentum
- DII holdings fell from 52.86 crore shares in December 2025 to 48.77 crore shares in March 2026 (estimated net sell of ₹3,801 Cr), indicating domestic institutional profit-booking at current valuations
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 7h ago Positives 3
- Q1FY27 revenue up 38% YoY Aug 14
Revenue jumped 38% YoY to ₹1,840 crore in Q1FY27 with PBT rising over 1.25x to ₹490 crore. Order book stands strong at ₹20,900 crore, though gross margins moderated to 41.3%.
- Q1FY26 net profit up 25% Aug 7
Net profit for Q1FY26 came in at ₹3,630 million, up 25% YoY, with revenue at ₹18,361 million driven by order wins in North America and Europe.
- ₹10 final dividend for FY26 Aug 12
Board recommended ₹10 per share final dividend for FY26, subject to AGM approval on September 9, 2026. Record date fixed for August 21, 2026.
Neutral 3
- Q1FY27 earnings call scheduled Jul 30
Company will host earnings conference call on August 7, 2026 to discuss un-audited results for quarter ended June 30, 2026.
- ₹24.79 crore block trade on NSE Jul 29
Approximately 60,449 shares traded in a block deal at ₹4,101.80 per share totalling ₹24.79 crore, likely involving institutional participants.
- Independent director term ends Jul 26
Neera Saggi ceased to be Independent Director on July 26, 2026 after completing her second and final term.
TL;DR: GE Vernova T&D India is delivering strong top-line and bottom-line growth across consecutive quarters, with Q1FY27 revenue up 38% and a robust ₹20,900 crore order book providing visibility. Shareholder returns are healthy with a ₹10 dividend recommended. No material headwinds are visible in recent news, though gross margin moderation to 41.3% bears watching. The growth trend remains firmly positive, supported by international order wins and India's T&D capex cycle.
Quarterly Results
| 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
| 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
| 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
| 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
| 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% |
Documents
1
Board Meeting Intimation for Consider The Financial Results And Recommendation Of Dividend, If Any
1 May - Board meets May 18, 2026 to approve FY26 audited results and consider dividend. 1 May - Board meets May 18, 2026 to approve FY26 audited results and consider dividend.
2
Clarification sought from GE Vernova T&D India Ltd
5 May - Exchange has sought clarification from GE Vernova T&D India Ltd on May 5, 2026, with reference to news appeared in https://economictimes.indiatimes.com/ dated May 4, 2026 … 5 May - Exchange has sought clarification from GE Vernova T&D India Ltd on May 5, 2026, with reference to news appeared in https://economictimes.indiatimes.com/ dated May 4, 2026 …
3
Response On Clarification Sought From The Company.
5 May - Company denies receiving pumped storage order; says it belongs to GE Vernova Hydro Power India. 5 May - Company denies receiving pumped storage order; says it belongs to GE Vernova Hydro Power India.
4
Board Meeting Intimation for Consider The Financial Results And Recommendation Of Dividend, If Any
1 May - Board meets May 18, 2026 to approve FY26 audited results and consider dividend. 1 May - Board meets May 18, 2026 to approve FY26 audited results and consider dividend.
5
Announcement under Regulation 30 (LODR)-Newspaper Publication
20 Apr - Newspaper Advertisement of Special Window for Transfer and Dematerialization of Physical Shares 20 Apr - Newspaper Advertisement of Special Window for Transfer and Dematerialization of Physical Shares
Frequently Asked Questions about GE Vernova T&D India Ltd
What does GE Vernova T&D India Ltd do?
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]
Where is GE Vernova T&D India Ltd (GVT&D) listed?
GE Vernova T&D India Ltd is listed on the Indian stock exchanges. It is listed on NSE: GVT&D and BSE: 522275. You can view its live share price, financials, and ratios on Tapetide.
Which sector does GE Vernova T&D India Ltd belong to?
GE Vernova T&D India Ltd operates in the Capital Goods sector within the Electrical Equipment industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of GE Vernova T&D India Ltd?
GE Vernova T&D India Ltd has a market capitalisation of approximately ₹108896.59 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of GE Vernova T&D India Ltd?
The Price-to-Earnings (PE) ratio of GE Vernova T&D India Ltd is 82.29. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of GE Vernova T&D India Ltd?
Over the past 52 weeks, GE Vernova T&D India Ltd has traded between a low of ₹2,523.2 and a high of ₹5,650. This range helps investors understand the stock's price volatility and recent trading levels.
Does GE Vernova T&D India Ltd pay dividends?
Yes, GE Vernova T&D India Ltd has a dividend yield of 0.23%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of GE Vernova T&D India Ltd?
GE Vernova T&D India Ltd has a Return on Equity (ROE) of 45.84%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research GE Vernova T&D India Ltd on Tapetide?
On Tapetide, you can view GE Vernova T&D India Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
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]
CEO Mr. Sandeep Zanzaria
Employees 1,697
Listed 2008-06-30
Face Value ₹ 2
Issued Size 25,60,46,535