GE Vernova T&D India (522275) Q1 25/26 earnings summary

Executive summary

• Orders grew 57% year-over-year to INR 16.2 billion in Q1 FY26, reflecting robust demand and energy transition momentum.

• Revenue increased 39% year-over-year to INR 13.3 billion in Q1 FY26.

• Profit before tax rose to INR 3.9 billion, more than double the previous year.

• Export revenues contributed 39-40% of turnover this quarter, with a long-term target of 30% export mix.

• Unaudited financial results for the quarter ended June 30, 2025, were approved by the Board on July 29, 2025.

Financial highlights

• Q1 revenue: INR 13.3 billion, up from INR 9.6 billion year-over-year.

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

• Profit after tax increased to INR 2.9 billion, up from INR 1.3 billion year-over-year.

• Cash and cash equivalents at INR 12.2 billion as of June 30, 2025, with INR 1.7 billion cash generated in Q1.

• No debt on the balance sheet.

Outlook and guidance

• Order backlog reached INR 129.6 billion as of June 2025, supporting long-term growth and future revenue visibility.

• Management confident of delivering better EBITDA margins than last year, targeting improvement over the 19% achieved in FY25.

• Export revenues expected to sustain at around 30% of total revenue over the next few years.

• Order pipeline remains strong, with single-digit growth expected in non-HVDC transmission orders.

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