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

Executive summary

• Achieved record renewable energy additions in India, with 38 GW solar and 6.3 GW wind in 2025, driving robust T&D demand.

• Q3 FY 25-26 revenue grew 58% year-over-year to INR 17 billion, with strong margin expansion and a healthy order book from both domestic and export markets.

• 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, subject to shareholder approval.

• 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 reached INR 17 billion, up 58% year-over-year from INR 10.7 billion; 9M revenue rose 46% 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 previous year; 9M profit before tax up 2.2x to INR 17.9 billion.

• Net profit for the quarter was INR 2.91 billion, compared to INR 1.43 billion last year.

• Order bookings in Q3 were INR 29.4 billion, up 41% year-over-year; order backlog at INR 143.8 billion as of December 2025.

• Cash and cash equivalents stood at INR 15.9 billion at quarter-end, with no debt.

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

• Exceptional item: INR 693 million provision for retirement benefits due to new wage codes.

Outlook and guidance

• Management expects to deliver EBITDA at the higher end of the mid-20s range for the full year.

• Strong order pipeline and no major slowdown anticipated in domestic or export markets.

• Large export order in the pipeline expected to be booked in the second half of the next financial year.

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