GE Vernova T&D India (522275) Q4 25/26 earnings summary

Executive summary

• Achieved record order intake and significant margin expansion in FY 2025-2026, with robust demand and improved profitability across key metrics.

• Order intake for FY 2025-26 reached INR 147.8 billion, up 37% year-on-year; Q4 order intake surged 188% to INR 86.1 billion.

• Order book/backlog at year-end stood at INR 214.6 billion, up 70% year-on-year, providing multi-year revenue visibility.

• Revenue for FY 2025-26 was INR 62.1 billion, up 45% year-on-year; Q4 revenue rose 42% to INR 16.4 billion.

• Board recommended a final dividend of INR 10 per equity share for FY 2025-26, subject to shareholder approval.

Financial highlights

• EBITDA for the year was INR 17 billion, more than doubling from INR 8 billion; EBITDA margin improved to 27.1% for FY 25-26.

• Profit before tax and exceptional items for FY 25-26 was INR 17.1 billion, up 2.1x year-on-year; margin rose to 27.6%.

• Net profit for FY 2025-26 was INR 12,332.5 million, compared to INR 6,083.3 million in the previous year.

• Cash and cash equivalents stood at INR 25 billion as of March 31, 2026; net cash flow from operating activities for FY 2025-26 was INR 17,098.8 million.

• Gross profit margin for FY 25-26 was 45.3%, up from 42.3% in FY 24-25.

Outlook and guidance

• Management expects continued revenue growth, supported by a strong order backlog and robust demand in both domestic and export markets.

• Margin guidance maintained at mid-twenties, with ongoing productivity and cost control measures.

• Export opportunities expected to grow, especially in high voltage products for data centers and HVDC projects globally.

• Company continues to monitor and evaluate the impact of new labor codes and regulatory changes.