GE Vernova T&D India
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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.
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Q3 25/26 earnings summary28 Jan, 2026

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.

Future impact of labor code finalization
Derivative OCI loss reclassification timeline
Ms. Joshi's expertise for board strategy
Adani HVDC project: What are booking milestones?
What drives 27% EBITDA margin sustainability?
Domestic T&D pipeline and China competition impact
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Q4 25/2621 May, 2026
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Q4 25/2621 May, 2026

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