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

Executive summary

• Achieved robust revenue and profitability growth in Q3 FY2025-26, with revenue up 58% year-over-year to INR 17 billion and profit before tax more than doubling, driven by strong operational execution and a healthy order book.

• Order bookings reached INR 29.4 billion in Q3, with a growing backlog of INR 143.8 billion as of December 2025.

• Significant progress in strengthening India's transmission infrastructure, including major HVDC and substation projects, and key project completions in turnkey solutions and export orders.

• Board recommended appointment of a new independent director for a five-year term and re-appointment of the 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 was 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 prior year; 9M profit before tax up 2.2x to INR 17.9 billion.

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

• Cash and cash equivalents stood at INR 15.9 billion as of December 31, 2025, with no debt.

• Net profit for the quarter was INR 2,908 million, with basic and diluted EPS at INR 11.36.

Outlook and guidance

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

• Strong visibility for continued business strength due to a healthy order backlog and robust pipeline; large orders from both domestic and export markets expected in subsequent quarters.

• No major margin dilution expected in the foreseeable future; focus remains on profitable growth.

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

• Next year anticipated to be stronger in terms of order inflow, with a sustainable project pipeline.