GE Vernova T&D India (522275) investor relations material
GE Vernova T&D India Q2 26/27 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q2 FY27 revenue was ₹20,269.8m, up 32% YoY; H1 revenue was ₹38,631.2m, up 35%.
Q2 order intake rose 52% YoY to ₹24.38bn; H1 intake rose 11% to ₹35.75bn, with September backlog at ₹214.43bn.
H1 cash generation was ₹10.1bn before dividend payment; available cash equivalents were ₹32.5bn, including cash-pool funds.
Financial highlights
Q2 EBITDA was ₹5,497m, PBT ₹5,800m and PAT ₹4,313.9m; YoY figures were ₹3,965m, ₹4,012.7m and ₹2,994.8m, respectively.
H1 EBITDA was ₹10,105m, PBT ₹10,671.3m and PAT ₹7,943.8m, versus ₹7,841m, ₹7,912.8m and ₹5,906.8m, respectively, a year earlier.
Q2 total income was ₹20,773.1m versus ₹15,570.9m YoY; H1 total income was ₹39,552.9m versus ₹29,035.2m.
Outlook and guidance
FY EBITDA guidance remains in the mid-20s; H1 EBITDA margin was 26.2% and Q2 margin was 27.1%.
FY order intake target remains ₹70–80bn; management expects a stronger year than last year and a robust domestic pipeline over the next four to five months.
Management expects at least two to three HVDC projects to emerge next year; significant HVDC execution is expected from FY28, with no significant execution this FY or next FY.
A sizable share of STATCOM orders is expected in Q4; stronger data-center traction is expected from Q4 or next year.
- Higher earnings and T&D momentum met sharp input-cost and pass-through pressures.522275
Q4 2005 - Strong T&D growth and capacity expansion, tempered by raw-material and execution risks.522275
Q4 2006 - FY07 growth accelerated as profits and orders rose, alongside major capacity investment.522275
Q4 2007 - Orders surged 37%, backing expansion as FY08 sales reached ₹26,412m.522275
Q4 2008 - Sales grew 35%, but margins fell as utility demand and 765 kV wins bolstered the 2010 outlook.522275
Q4 2009 - Sales rose 12.7%, but price pressure and ramp-up costs weighed on profit.522275
Q4 2010 - Transmission leadership and record backlog amid demerger and market pressure.522275
Q4 11/12 - Record backlog and market leadership offset a contracting, margin-pressured T&D market.522275
Q4 12/13 - Profit rose despite a contracting market, but slower collections stretched working capital.522275
Q4 13/14