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GE Vernova T&D India (522275) investor relations material
GE Vernova T&D India Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record renewable energy additions in India, with 38 GW solar and 6.3 GW wind in 2025, driving robust T&D demand.
Q3 FY 25-26 revenue grew 58% year-over-year to INR 17 billion, with strong margin expansion and a healthy order book from both domestic and export markets.
Board recommended appointment of Ms. Rashmi Joshi as Independent Director for five years and re-appointment of Mr. Sandeep Zanzaria as Managing Director and CEO for three years, subject to shareholder approval.
Unaudited standalone financial results for the quarter and nine months ended December 31, 2025, were approved by the Board on January 28, 2026.
Financial highlights
Q3 revenue reached INR 17 billion, up 58% year-over-year from INR 10.7 billion; 9M revenue rose 46% to INR 45.7 billion.
Profit before tax and exceptional items for Q3 was INR 4.6 billion, more than 2.4x higher than the previous year; 9M profit before tax up 2.2x to INR 17.9 billion.
Net profit for the quarter was INR 2.91 billion, compared to INR 1.43 billion last year.
Order bookings in Q3 were INR 29.4 billion, up 41% year-over-year; order backlog at INR 143.8 billion as of December 2025.
Cash and cash equivalents stood at INR 15.9 billion at quarter-end, with no debt.
EBITDA margin for Q3 was 26.7%; nine-month EBITDA margin was 27.1%, up 80 bps year-over-year.
Exceptional item: INR 693 million provision for retirement benefits due to new wage codes.
Outlook and guidance
Management expects to deliver EBITDA at the higher end of the mid-20s range for the full year.
Strong order pipeline and no major slowdown anticipated in domestic or export markets.
Large export order in the pipeline expected to be booked in the second half of the next financial year.
The company continues to monitor regulatory developments regarding new labour codes and will adjust accounting as needed.
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- ABFRL
Q3 FY26 net losses persisted despite revenue growth, amid restructuring and regulatory costs. - TRACXN
Q3 FY26 revenue was INR 21 crore with a net loss, but customer and account growth remained strong. - DWNI
Stabilized real estate values, strong rental demand, and major transactions drive results. - OCUL
Net loss widened in 2025 as clinical trials advanced, but cash runway extends into 2028. - VARROC
Revenue and EBITDA margin rose YoY, but exceptional costs and legal disputes weighed on profit. - PRIC
Record Q4 order intake, new contracts, and improved cash flow despite lower sales and profits. - ENSI
Record revenue growth, positive EBITDA, and strong outlook with cash flow positivity expected by end-2026. - DWNI
Stable rental growth, Care segment sale, and positive 2025 outlook despite lower EBT. - JUBLINGREA
Volume growth in specialty and nutrition offset pricing headwinds; net debt down 20% YoY. - TRI
Strong organic growth, margin expansion, and capital returns set the stage for 2026 targets.
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