GE Vernova T&D India Ltd logo

GE Vernova T&D India Ltd

GVT%26D NSE

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]

AI Verdict: HOLD Confidence: 5%

GE Vernova T&D India delivers exceptional growth with 45% TTM sales growth and 110% TTM profit growth, backed by India's massive T&D capex cycle. However, at 114x PE and 52x price-to-book, the stock prices in years of flawless execution, making risk-reward unfavorable for fresh entry at current levels.

Key Fundamentals

LargecapElectrical EquipmentCapital Goods
Market Cap
1.3L Cr
Volatility
Moderate
P/E Ratio
104.69
EBITDA
₹1,620 Cr
Debt to Equity
0.03
Book Value
₹105.07
52W High
₹5,650
52W Low
₹2,265

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 85.8% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 42.2%
  • Company has been maintaining a healthy dividend payout of 23.4%

Weaknesses

2
  • Stock is trading at 48.1 times its book value
  • Promoter holding has decreased over last 3 years: -24.0%

Growth Rate

Revenue Growth
42.51% ↗
Net Income Growth
96.41% ↗
Cash Flow Change
74.32% ↗
ROE
135.48% ↗
ROCE
103.98% ↗
EBITDA Margin (Avg.)
27.12% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 1d ago
HOLD
Risk high

GE Vernova T&D India delivers exceptional growth with 45% TTM sales growth and 110% TTM profit growth, backed by India's massive T&D capex cycle. However, at 114x PE and 52x price-to-book, the stock prices in years of flawless execution, making risk-reward unfavorable for fresh entry at current levels.

Bull Case 8
  • Exceptional profit growth with 110% TTM compounded profit growth and 85.8% CAGR over 5 years, demonstrating strong operating leverage
  • Revenue acceleration with TTM sales growth of 45% versus 5-year CAGR of only 12%, indicating a structural inflection in order inflows
  • Outstanding return on equity at 57% last year and 42% 3-year average, signaling superior capital efficiency
  • Virtually debt-free balance sheet gives financial flexibility to invest in capacity expansion without dilution risk
  • Strong analyst consensus with 78.57% buy ratings (11 out of 14 analysts) reflecting institutional conviction in the T&D capex theme
  • Stock has compounded at 197% CAGR over 3 years, reflecting sustained momentum and re-rating driven by India's grid modernization spend
  • Healthy dividend payout ratio of 23.4% despite being in a high-growth phase, indicating disciplined capital allocation
  • Parent GE Vernova's global technology access provides competitive moat in HVDC, gas-insulated switchgear, and grid automation segments
Bear Case 8
  • Extreme valuation at 114x PE leaves no margin of safety — even a minor earnings miss could trigger sharp de-rating
  • Price-to-book of 52.3x is extraordinarily stretched, implying the market assumes sustained 50%+ ROE for many years forward
  • Promoter holding has decreased by 24% over 3 years, raising concerns about parent commitment or stake monetization
  • Dividend yield of just 0.18% offers negligible downside protection for investors at current market cap of Rs 1,43,104 crore
  • 10-year sales CAGR of only 7% shows the current 45% growth is cyclical and may not sustain once the order backlog normalizes
  • Stock has rallied 136% in just 1 year, significantly increasing the probability of mean reversion or time correction
  • Only 1 sell and 2 hold ratings out of 14 suggests crowded consensus — any negative surprise could trigger coordinated downgrades
  • High dependence on government and utility capex spending makes revenues vulnerable to policy delays or budget reprioritization

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 1d ago
Headwinds 2
  • Stock falls 3.46% amid selloff Jun 8

    GE Vernova T&D India dropped 3.46% to ₹4,880, underperforming the BSE Capital Goods index which fell 2.09%. The stock traded well below its record high of ₹5,220 hit on May 29, 2026.

  • Extremely low trading volumes Jun 8

    Only 1,241 shares traded on BSE versus the one-month average of 80,535 shares, indicating thin liquidity which can amplify price swings.

Positives 4
  • Nomura buy with ₹5,675 target Jun 2

    Nomura assigned a buy rating with a target price of ₹5,675 (roughly 17% upside), citing GE Vernova T&D India as a key beneficiary of India's datacentre boom with 30%+ CAGR expected during CY25-30.

  • Stock surges 110% in one year Jun 2

    GE Vernova T&D India gained 110.55% over the past year versus a 5.46% decline in NIFTY, and rose 11.37% in the last month, significantly outperforming broader markets.

  • Datacentre demand multi-year tailwind Jun 2

    India's datacentre capacity could reach 7 GW by CY30 from 1.5-1.6 GW in 2025, with high-voltage switchgear and substation equipment accounting for 15-20% of datacentre capex. Delivery lead times of 2-4 years create favourable multi-year order backlogs.

  • Export base for AIS/GIS equipment Jun 2

    Localisation investments have made GE Vernova T&D a cost-competitive export hub for AIS and GIS equipment serving Europe, Middle East and Africa, where grid modernisation and datacentre growth create a long-term runway.

Neutral 3
  • Promoter stake free of encumbrance Jun 11

    Grid Equipments Private Limited confirmed its entire 50.70% promoter stake in GE Vernova T&D India remains unencumbered for FY ended March 31, 2026.

  • IEPF share transfer notice issued May 26

    Shareholders notified of pending transfer of unclaimed dividend shares from FY 2018-19, 2023-24, and 2024-25 to IEPF, scheduled for August 27, 2026 with claim deadline of August 17, 2026.

  • Management at Nomura forum Singapore May 26

    GE Vernova T&D India management attended Nomura Investment Forum Asia 2026 in Singapore on June 2-3, with confirmation that no UPSI would be shared.

TL;DR: GE Vernova T&D India is riding a powerful structural tailwind from India's datacentre buildout and grid modernisation, delivering 110% returns over one year with Nomura backing it as a top pick at a ₹5,675 target. The company's export competitiveness in high-voltage switchgear and multi-year order visibility provide strong earnings support. Near-term risks include elevated valuations, thin liquidity, and broader capital goods sector volatility as seen in the recent 3.46% single-day drop. The trend remains firmly positive given the multi-year demand runway, though the stock's proximity to all-time highs warrants monitoring for consolidation.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
703
718
698
839
914
958
1,108
1,074
1,153
1,330
1,538
1,701
1,637
Expenses
675
667
637
742
803
776
903
894
900
943
1,142
1,246
1,192
Operating Profit
28
51
61
97
111
182
205
180
252
388
396
455
445
OPM %
4%
7%
9%
12%
12%
19%
18%
17%
22%
29%
26%
27%
27%
Other Income
-1
12
9
-4
6
12
4
26
21
16
19
-51
43
Interest
13
11
7
7
3
2
3
4
6
3
2
3
7
Depreciation
15
13
13
12
12
12
12
12
11
11
12
12
12
PBT
0
39
50
73
101
180
194
190
256
390
401
390
469
Tax %
12692%
27%
26%
32%
34%
25%
25%
25%
27%
25%
25%
25%
25%
Net Profit
-15
28
37
49
66
135
145
143
186
291
299
291
352
EPS in Rs
-0.6
1.1
1.45
1.93
2.59
5.25
5.65
5.57
7.28
11.37
11.7
11.36
13.74
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
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
Expenses
3,379
3,197
3,996
4,057
3,765
3,354
3,282
3,155
2,652
2,836
3,461
4,523
Operating Profit
332
107
57
275
454
-195
171
-89
121
332
831
1,684
OPM %
9%
3%
1%
6%
11%
-6%
5%
-3%
4%
10%
19%
27%
Other Income
11
142
141
239
49
5
69
136
22
22
62
27
Interest
91
107
182
106
85
87
84
59
61
41
27
15
Depreciation
82
86
88
90
83
78
66
58
55
50
47
46
PBT
170
56
-73
319
335
-356
89
-69
27
263
820
1,650
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
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
Div. Payout %
38%
134%
-53%
22%
22%
0%
0%
0%
0%
28%
21%
21%
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
2,630
2,461
2,333
2,300
2,853
5,025
Total Liabilities
4,492
4,772
5,114
4,769
4,196
4,154
4,069
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
3,554
3,302
3,250
3,173
4,234
7,262
Total Assets
4,492
4,772
5,114
4,769
4,196
4,154
4,069
3,767
3,679
3,584
4,661
7,739
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
-511
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
1,052
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
131
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
211
228
205
152
175
219
201
186
204
166
125
128
Inventory Days
292
511
542
234
136
177
143
96
119
103
100
132
Days Payable
766
823
805
389
247
272
275
171
197
156
146
170
Cash Conversion Cycle
-262
-84
-58
-4
63
125
69
111
127
114
79
90
Working Capital Days
50
22
-2
-18
48
78
23
13
20
29
35
6
ROCE %
16%
10%
7%
30%
31%
-14%
11%
-9%
8%
23%
55%
76%

Shareholding Pattern

As of Mar 2026
Promoters 51.00%
DIIs 21.39%
FIIs 20.39%
Public 5.36%
Others 1.86%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
59.38%
51.00%
51.00%
51.00%
51.00%
51.00%
51.00%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.59%
0.69%
1.20%
2.04%
6.82%
12.05%
13.05%
14.49%
16.15%
18.46%
20.39%
DIIs
15.08%
14.55%
15.09%
15.49%
15.47%
15.72%
15.71%
15.74%
15.72%
16.52%
16.19%
16.11%
15.84%
14.97%
25.61%
28.40%
28.19%
26.76%
25.20%
23.28%
21.39%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
7.66%
7.96%
8.04%
7.80%
7.86%
7.65%
7.61%
7.61%
7.62%
6.45%
5.99%
5.96%
5.87%
6.12%
6.13%
6.36%
5.76%
5.76%
5.73%
5.42%
5.36%
Others
2.26%
2.48%
1.86%
1.71%
1.67%
1.63%
1.69%
1.65%
1.65%
2.03%
2.24%
2.24%
2.09%
1.87%
2.06%
2.19%
2.01%
1.99%
1.91%
1.84%
1.86%
No. of Shareholders
40,464
43,290
42,059
41,143
41,862
40,825
39,063
39,123
38,865
38,226
39,717
37,443
44,121
59,130
74,413
87,000
82,054
90,663
1,02,934
1,03,226
1,10,662

Documents

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%26D 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 Industrials 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 ₹127972.06 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 104.69. 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 ₹2,265 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 0.20%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
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]

Website gevernova.com/regions/asia/in/gevernova-td-india
CEO Mr. Sandeep Zanzaria
Employees 1,697
Listed 2008-06-30
Face Value ₹ 2
Issued Size 25,60,46,535

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