GE Vernova T&D India Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

GE Vernova T&D India Ltd trades at ₹4,387, in a confirmed uptrend and 60 weeks into that stage. That is +14.3% against its own 200-day average. It sits at 61% of a 52-week range of ₹2,621 to ₹5,534. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (3 weeks and counting).

Today the stock is in a confirmed uptrend — week 60 of stage 2, confirmed. At ₹4,387 it trades +14.3% versus its 200-day average and sits at 61% of its 52-week range (₹2,621–₹5,534).

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +1,119% while the NIFTY 500 moved +280% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (3 weeks and counting; last ahead the week of 2026-07-01) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 59th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

GE Vernova T&D India Ltd trades at 87.8× P/E, mid-range by its own standards (59th percentile). Its long-run median P/E is 81.1×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 87.8× is mid-range by its own standards (59th percentile), against a long-run median of 81.1× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +102.7% against a +86.0% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +99.7%/yr price move, ~+88.0%/yr came from earnings growth and ~+11.7 pp from the multiple (expanding); over 10y, of the +28.4%/yr price move, ~+43.4%/yr came from earnings growth and ~−15.0 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

GE Vernova T&D India Ltd reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROCE lifting at 76.0% — the per-curve reads carry the story. The read is built from 10 quarters across 3 curves, on partial evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

No sector-relative score — GE Vernova T&D India Ltd is not present in the sector comparison for Electrical Equipments/HVDC.

The score is a rank WITHIN a peer set: every metric is scored by percentile against the other members. Without the peer set there is no score to state, so none is invented here.

Revenue Revenue is the top line: everything the company billed its customers in the period.

GE Vernova T&D India Ltd reported ₹1,637 Cr of revenue in the Mar 26 quarter, +42.0% year on year. That is the 10th straight quarter of year-on-year growth. Over 10 years it has compounded at 6.5% a year. The last full year, FY26, came in at ₹6,206 Cr. The last four reported quarters add to ₹6,206 Cr.

GE Vernova T&D India Ltd reported ₹1,637 Cr of revenue in the Mar 26 quarter, +42.0% year on year. That is the 10th straight quarter of year-on-year growth. Over 10 years it has compounded at 6.5% a year. The last full year, FY26, came in at ₹6,206 Cr. The last four reported quarters add to ₹6,206 Cr.

FY26 revenue came in at ₹6,206 Cr (+44.6% on the year), capping 10 years at 6.5% compound. The latest quarter (Mar 26) printed ₹1,637 Cr, +42.0% year on year — the 10th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +44.5% growth against the decade's 6.5% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +44.6% over the last 4 quarters against +39.9%/yr over the last 8 — accelerating; TTM profit +102.5% vs +161.7%/yr — rolling over.

→ Revenue grew — did margins hold as it scaled? Next: 27.0% this quarter (+5.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

GE Vernova T&D India Ltd's operating margin is 27.0% in the Mar 26 quarter, +5.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 14 fiscal years the operating margin has ranged −6.0% to 27.0%. The current quarter sits inside that band.

GE Vernova T&D India Ltd's operating margin is 27.0% in the Mar 26 quarter, +5.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 14 fiscal years the operating margin has ranged −6.0% to 27.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 27.0%, +5.0 pp against the same quarter a year ago. Across 14 fiscal years the operating margin has ranged −6.0%–27.0%, and FY26's 27.0% is the top of that band — a record year.

Why the margin moved: operating margin went +5.3 pp year on year while gross margin went +4.7 pp — the gain came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

→ Margins held — did that reach the bottom line? Next: profit +89.2% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

GE Vernova T&D India Ltd earned ₹352 Cr of net profit in the Mar 26 quarter, +89.2% year on year. It is the 8th consecutive quarter of growth. Full-year FY26 profit was ₹1,233 Cr. The 10-year compound rate is 43.2%. That is 21.5% of the quarter's revenue. The same quarter a year earlier earned ₹186 Cr.

GE Vernova T&D India Ltd earned ₹352 Cr of net profit in the Mar 26 quarter, +89.2% year on year. It is the 8th consecutive quarter of growth. Full-year FY26 profit was ₹1,233 Cr. The 10-year compound rate is 43.2%. That is 21.5% of the quarter's revenue. The same quarter a year earlier earned ₹186 Cr.

Mar 26 profit was ₹352 Cr, +89.2% year on year — the 8th consecutive quarter of growth. On the full year, FY26 printed ₹1,233 Cr (+102.8%), and the 10-year compound rate is 43.2%.

Why profit moved: revenue contributed +42.0% and the margin +5.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +103.6% vs revenue +44.5%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 155% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 155% of GE Vernova T&D India Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹1,710 Cr of operating cash against ₹1,233 Cr of profit. After ₹97.0 Cr of capital spending, ₹1,613 Cr was left as free cash.

FY26: operating cash of ₹1,710 Cr against reported profit of ₹1,233 Cr, leaving free cash of ₹1,613 Cr after ₹97.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 155% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 155%: the cash cycle stretched 21 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

→ So follow the cash to where it goes. Next: a 90-day cycle and ₹190 Cr of building.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

GE Vernova T&D India Ltd's cash conversion cycle runs 90 days in FY26, up from 69 days in FY21. Capital spending ran ₹190 Cr over the last 3 years. At FY26 sales of ₹6,206 Cr each day of that cycle holds about ₹17.0 Cr, so roughly ₹1,530 Cr sits inside the business at any moment.

FY26: debtors at 128 days, inventory at 132 days — roughly 4.3 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 90 days, looser than FY21's 69.

The full loop: cash goes out to suppliers and production on day 0; stock waits 132 days to sell; customers pay about 128 days after that; and suppliers themselves are paid at 170 days — netting out to the 90-day cycle.

In money terms: at FY26 sales of ₹6,206 Cr, each day of the cycle holds about ₹17.0 Cr — so the 90-day loop keeps roughly ₹1,530 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹190 Cr over the last 3 fiscal years against ₹143 Cr of depreciation — building somewhat ahead of wear-and-tear. Capital work-in-progress stands at ₹65.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 76%.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

GE Vernova T&D India Ltd earns a ROCE of 76% in FY26. That is up from a trough of −14% in FY20. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 19.9% net margin on 0.80× asset turns.

FY26 ROCE is 76%, recovered from a FY20 trough of −14% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 19.9% net margin × 0.80× asset turns × 2.88× balance-sheet leverage ≈ 45.8% on equity. Margin is doing the heavy lifting; leverage is a meaningful part of the equation.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.01.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

GE Vernova T&D India Ltd carries ₹24.0 Cr of borrowings against ₹2,690 Cr of equity in FY26, a debt-to-equity of 0.01. Operating profit covers the interest bill north of 100×. Over 5 years borrowings went from ₹316 Cr to ₹24.0 Cr. Capital spending ran ₹190 Cr across the last 3 of those years.

FY26: borrowings of ₹24.0 Cr against equity of ₹2,690 Cr — a debt-to-equity of 0.01. Operating profit covers the interest bill north of 100×. Over 5 years borrowings went from ₹316 Cr to ₹24.0 Cr while capital spending ran ₹190 Cr in just the last 3 — the build-out is being paid for out of cash, not debt.

→ Who owns this, and are they adding or leaving? Next: Promoters cut 24.0 points over 8 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters cut 24.0 points of GE Vernova T&D India Ltd over 8 quarters, the biggest move on the register. That takes promoters to 51.0% of the company. Foreign institutions moved +19.2 points over the same window, to 20.4%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −24.0 points over 8 quarters to 51.0%; Foreign institutions: +19.2 points over 8 quarters to 20.4%; Domestic institutions: +5.6 points over 8 quarters to 21.4%.

🚨 Why the register moved: promoters drove it (−24.0 points), absorbed on the other side by foreign institutions (+19.2 points) — distribution into the market’s bid.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

GE Vernova T&D India Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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