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 more than doubled to INR 3.9 billion, with net profit rising to INR 2.91 billion.

• Cash generation in Q1 was INR 1.7 billion, with a cash balance of INR 12.2 billion as of June 30, 2025.

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

Financial highlights

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

• EBITDA margin expanded by 1000 basis points to 29.1% in Q1 FY26 from 19.0% in Q1 FY25.

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

• Net profit for the quarter was INR 2.91 billion, up from INR 1.35 billion year-over-year.

• Order backlog increased to INR 129.6 billion as of June 2025.

Outlook and guidance

• Management aims to deliver better EBITDA margins than last year’s 19%, supported by a strong order backlog and operational improvements.

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

• Focus remains on electricity transmission products, projects, and systems, with continued expansion in export markets.

• HVDC project orders (South Alot Kavra and Barmer South Kalan) expected to be finalized within the current fiscal year.

• Anticipates single-digit growth in non-HVDC order pipeline, with strong demand in both domestic and export markets.