GE Vernova T&D India (522275) investor relations material

Executive summary

• Orders grew 57% year-over-year to INR16.2 billion in Q1 FY26, reflecting strong demand and energy transition momentum.

• Revenue increased 39% year-over-year to INR13.3 billion in Q1 FY26, with robust EBITDA margin expansion and operational excellence.

• Profit before tax more than doubled to INR3.9 billion, with net profit at INR2.9 billion and EPS at INR11.37.

• Export revenues contributed 39–40% of turnover, with a long-term expectation of a 30% export mix.

• Financial statements prepared in accordance with Ind AS and reviewed by Deloitte Haskins & Sells.

Financial highlights

• Q1 revenue was INR13.3 billion, up from INR9.6 billion year-over-year; order backlog reached INR129.6 billion.

• Gross profit margin improved to 48.4% in Q1 FY26 from 40.3% in Q1 FY25.

• EBITDA margin rose to 29.1% in Q1 FY26 from 19.0% in Q1 FY25.

• Profit after tax increased to INR2.9 billion, up from INR1.3 billion year-over-year.

• Cash and cash equivalents stood at INR12.2 billion as of June 30, with INR1.7 billion cash generated in Q1.

Outlook and guidance

• Management expects to deliver better EBITDA margins than last year, driven by strong Q1 performance and a healthy backlog.

• Export revenue mix is expected to sustain at around 30% over the next three years, supported by a robust backlog.

• Non-HVDC order pipeline is projected to grow 7–8% year-over-year, with continued focus on both domestic and export markets.

• Anticipates finalization of major HVDC projects within the current financial year.

• Continued focus on electricity transmission products, projects, and systems.