GE Vernova T&D India (522275) Q3 25/26 earnings summary

Executive summary

• Q3 FY2025-26 revenue grew 58% year-over-year to INR 17 billion, with profit before tax more than doubling to INR 4.6 billion and a robust order backlog of INR 143.8 billion as of December 2025.

• Order bookings reached INR 29.4 billion in Q3, with a nine-month total of INR 61.6 billion.

• Significant progress in India's transmission infrastructure, including major HVDC and substation projects, and key project completions in turnkey solutions and export orders.

• 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.

• 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 was INR 17 billion, up from INR 10.7 billion year-over-year; nine-month revenue rose 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 prior year; net profit for the quarter was INR 2.9 billion.

• EBITDA margin for Q3 was 26.7%; nine-month EBITDA margin was 27.1%, up 80 basis points year-over-year.

• Cash and cash equivalents stood at INR 15.9 billion as of December 31, 2025, with operational cash generation of INR 6.7 billion for the nine months.

• Basic and diluted EPS for the quarter was INR 11.36, up from INR 5.57 year-over-year.

Outlook and guidance

• Management expects to deliver EBITDA at the higher end of the mid-20s range for the full year, with strong visibility for continued business strength due to a healthy order backlog and robust project pipeline.

• No major margin dilution expected; focus remains on profitable growth and commercial discipline.

• Large orders from both domestic and export markets expected to be booked in subsequent quarters.

• The company continues to monitor regulatory developments regarding new labour codes and will adjust accounting as needed.