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 ₹4,350, in a confirmed uptrend and 64 weeks into that stage. That is +10.8% against its own 200-day average. It sits at 59% 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 (4 weeks and counting).

Today the stock is in a confirmed uptrend — week 64 of stage 2, confirmed. At ₹4,350 it trades +10.8% versus its 200-day average and sits at 59% 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 +995% while the NIFTY 500 moved +278% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (4 weeks and counting; last ahead the week of 2026-07-17) — 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.

Story check

GE Vernova T&D India Ltd's story is not scored yet against the markers our research file set on 17 May 2026. Where it sits in its own cycle: MID_EXPANSION. Still open: A government policy signal allowing Chinese T&D equipment makers to qualify domestically would compress the 85x PE premium; management estimates a 2–3 year qualification lag even if policy changes.

Our read, 17 May 2026. India's only proven VSC-HVDC supplier, printing 100%+ PAT growth for four consecutive quarters on a record ₹14,384 Cr backlog — but valuation at 85x PE with Bronze data tier caps conviction until Adani HVDC books and tier upgrades.

From the numbers. PE at 52nd percentile of 10-year range (81.4x) looks mid-cycle optically. With PAT compounding at 100%+ YoY for four consecutive quarters, the pe_pb_cycle data correctly identifies this as an EARNINGS_DISCONNECT — the…

From the price. Price stage 2, week 64 — above its 200-day line, relative strength falling.

From the research. India's only proven VSC-HVDC supplier, printing 100%+ PAT growth for four consecutive quarters on a record ₹14,384 Cr backlog — but valuation at 85x PE with Bronze data tier caps conviction until Adani HVDC books and…

🚨 Where they disagree. PE at 52nd percentile of 10-year range (81.4x) looks mid-cycle optically. With PAT compounding at 100%+ YoY for four consecutive quarters, the pe_pb_cycle data correctly identifies this as an EARNINGS_DISCONNECT — the earnings base has grown so fast that PE has compressed from a 2023 peak of 627x to 81x. The right analytical lens is EPS trajectory acceleration, not the absolute PE level. NEAR_TROUGH cycle position reflects the PE compressing relative to its own history despite being at a high absolute level.

What is proven. India's only proven VSC-HVDC supplier, printing 100%+ PAT growth for four consecutive quarters on a record ₹14,384 Cr backlog — but valuation at 85x PE with Bronze data tier caps conviction until Adani HVDC books and tier upgrades.

What is not proven yet. A government policy signal allowing Chinese T&D equipment makers to qualify domestically would compress the 85x PE premium; management estimates a 2–3 year qualification lag even if policy changes.

Layer 2 read, 19 July 2026 — BENCH. Excellent HVDC compounder, but an extended stock at 88x PE / -50% MoS in a supply-flooding sector — BENCH at full-force stress, not a DROP. GE Vernova's engine is genuinely elite — revenue +45%, PAT +103%, OPM 19%->27%, backlog 3.5x revenue. But it is late-innings (price run 41.67x, 59 weeks in stage-2, margins AT_PEAK) with three EXTREME signals, and the external streams sharpen the caution: capital flows read CAPACITY_RISK — sector capex +232.8% is a SUPPLY_FLOOD with institutions ABSENT — and the ALIGNED sector_timeline itself names PEAK_MARGIN_VALUE_TRAP plus a 3x external-guidance MISS pattern [sector_timeline.verdict; GP3/GP4/GP5]. Per the cross-the-cycles rule, extension in a supply-flooding late sector is squarely citable for BENCH; the real order book keeps it above the DROP bar.

What would change Layer 2’s mind. Two consecutive quarters where the order backlog bills through WITHOUT margin compression while sector capex growth decelerates from the +232.8% supply flood (CAPACITY_RISK easing toward NEUTRAL) — confirming margins are a structural floor not a peak — would flip BENCH to ADVANCE. Conversely, an OPM roll from the 91st-percentile peak or a confirmed Chinese-import policy reversal would escalate toward DROP.

The test written in advance. Chinese competition policy reversal — Chinese competition policy reversal Ministry of Power or BIS notification on import criteria for 400kV+ T&D equipment by the next result.

The test written in advance. Promoter stake reduction overhang — Promoter stake reduction overhang Further block deals or OFS announcements by Grid Equipments Pvt Ltd or GE Grid Alliance B.V. by the next result.

The test written in advance. HVDC order booking timing risk — HVDC order booking timing risk Q4 FY26 investor presentation or Q1 FY27 result — Adani Khavda formal booking appearing in order backlog figure by the next result.

What the company does. Q4 FY26 delivered PAT ₹351.7 Cr (+88.68% YoY) and revenue ₹1,637 Cr (+42%), with order bookings surging 188% to ₹8,610 Cr — the highest quarterly booking in company history. EBITDA margins expanded from 12% (Mar 2024) to 26–29% over four quarters; three simultaneous levers are active: volume operating leverage, commercial discipline, and execution productivity. PE at 52nd percentile with TTM PAT growing 100%+ is an earnings disconnect — but Bronze data tier and 85x absolute PE warrant conservative sizing until Barmer-South Kalamb HVDC books and Q1 FY27 margins confirm the floor.

Lever 1 · Operating leverage — BUILDING. Revenue +39–58% over four quarters translating to PAT +100%+ via fixed-cost absorption, pricing discipline, and execution productivity — three levers simultaneously active with no incremental fixed cost additions at scale. What proves it keeps working: Operating Leverage Inflection. It stops working if Ministry of Power or BIS notification on import criteria for 400kV+ T&D equipment.

Lever 6 · Order-book wins — BUILDING. Backlog ₹14,384 Cr as of Dec 2025; Q4 FY26 order bookings ₹8,610 Cr (+188% YoY) — highest quarterly booking in company history; Adani Khavda HVDC not yet included in backlog number. What proves it keeps working: Order Book / Contract Wins. It stops working if Ministry of Power or BIS notification on import criteria for 400kV+ T&D equipment.

Lever 2 · Value-added mix — BUILDING. Only proven VSC-HVDC supplier in India — Adani Khavda HVDC win (VSC stations at Khavda and South Olpad) confirmed the moat; Chandrapur HVDC refurbishment secured Q3 FY26; export orders at 15% of FY26 bookings carry structurally better margins. What proves it keeps working: Value-Added Product Mix Shift (HVDC VSC moat). It stops working if Ministry of Power or BIS notification on import criteria for 400kV+ T&D equipment.

Lever 14 · A bigger market to sell into — BUILDING. India added 38 GW solar + 6.3 GW wind in CY2025; Draft NEP 2026 targets 446 GW peak demand by 2030 (vs 260 GW today); data centre and AI compute expansion creating incremental T&D demand beyond renewables. What proves it keeps working: TAM Expansion (India grid modernisation + data centres). It stops working if Ministry of Power or BIS notification on import criteria for 400kV+ T&D equipment.

Sources: our stock research file (17 May 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

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

GE Vernova T&D India Ltd reported ₹1,836 Cr of revenue in the Jun 26 quarter, +38.0% year on year. That is the 11th 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 ₹6,712 Cr.

Why this happened. Q4 FY26 order bookings surged 188% to ₹8,610 Cr per Business Standard press coverage (May 19, 2026) — the highest in company history. The Adani Khavda VSC HVDC order was won in Q3 FY26 but pending formal booking in subsequent quarters upon achieving commercial milestones, meaning the ₹14,384 Cr Dec 2025 backlog excludes this large contract. The Barmer-South Kalamb HVDC order finalization is expected in Q2 FY27, adding further backlog. 98% of orders are from private entities, central utilities and PSEs, with less than 2% state utility exposure.

FY26 revenue came in at ₹6,206 Cr (+44.6% on the year), capping 10 years at 6.5% compound. The latest quarter (Jun 26) printed ₹1,836 Cr, +38.0% year on year — the 11th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +44.3% 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 +43.9% over the last 4 quarters against +40.3%/yr over the last 8 — accelerating; TTM profit +70.6% vs +113.2%/yr — rolling over.

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 25.0% in the Jun 26 quarter, −4.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 13 fiscal years the operating margin has ranged −6.0% to 27.0%. The current quarter sits inside that band.

Why this happened. Q3 FY26 EBITDA margin reached 26.7% versus 16.7% a year prior; 9-month FY26 EBITDA was 27.1%. Q4 FY26 EBITDA was ₹440 Cr on revenue ₹1,637 Cr (26.9%). Q1 FY26 touched 29.1% EBITDA — the highest quarterly margin. The inflection reflects: (1) volume leverage as revenue scaled 39–58% YoY with existing manufacturing base; (2) commercial discipline prioritising private TBCB and export orders over state utility volume; (3) execution productivity reducing project delivery costs. All three levers have been simultaneously active across four consecutive quarters, which is the distinguishing feature versus a one-quarter event.

The latest quarter's operating margin is 25.0%, −4.0 pp against the same quarter a year ago. Across 13 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 −4.0 pp year on year while gross margin went −7.1 pp — the loss 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.

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 ₹363 Cr of net profit in the Jun 26 quarter, +24.7% year on year. It is the 9th consecutive quarter of growth. Full-year FY26 profit was ₹1,233 Cr. The 10-year compound rate is 43.2%. That is 19.8% of the quarter's revenue. The same quarter a year earlier earned ₹291 Cr.

Jun 26 profit was ₹363 Cr, +24.7% year on year — the 9th 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 +38.0% and the margin −4.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit +80.9% vs revenue +44.3%. 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.

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.

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.

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. Return on invested capital clears the cost of that capital by +95.6 percentage points, so growth here adds value rather than only size. 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.

The capstone test — ROIC − WACC: 107.6% − 12.0% = a +95.6 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

GE Vernova T&D India Ltd carries total debt of ₹24.0 Cr against shareholder equity of ₹2,690 Cr as of Jun 26, a debt-to-equity of 0.01 — effectively unlevered. On the annual view that ratio went from 0.21 in FY22 to 0.01 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Jun 26: total debt of ₹24.0 Cr against shareholder equity of ₹2,690 Cr — a debt-to-equity of 0.01. On the annual view, debt-to-equity went from 0.21 (FY22) to 0.01 (FY26). The returns on this page are earned, not borrowed.

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 +20.9 points over the same window, to 22.9%. 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: +20.9 points over 8 quarters to 22.9%; Domestic institutions: +3.5 points over 8 quarters to 18.5%.

🚨 Why the register moved: promoters drove it (−24.0 points), absorbed on the other side by foreign institutions (+20.9 points) — distribution into the market’s bid.

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.

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 82.5× P/E, mid-range by its own standards (55th percentile). Its long-run median P/E is 79.3×, 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 82.5× is mid-range by its own standards (55th percentile), against a long-run median of 79.3× 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 +52.9% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +100.5%/yr price move, ~+89.3%/yr came from earnings growth and ~+11.2 pp from the multiple (expanding); over 10y, of the +29.3%/yr price move, ~+44.2%/yr came from earnings growth and ~−14.9 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.

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 — growth is normalizing off a hyper-growth base: profit growth has eased from +1266.7% at its peak to +70.6% but is still expanding, ROCE lifting at 76.0%. The read is built from 12 quarters across 4 curves, on partial evidence.

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

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.

4-Factor Sector Score

60.7/100 — rank 2 of 6 in Electrical Equipments/HVDC · 83% evidence confidence

GE Vernova T&D India Ltd scores 60.7 out of 100 against the 6 companies it is compared with in Electrical Equipments/HVDC, ranking 2. Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.

The four contributions add to the total exactly: 21.1 + 19.8 + 4.4 + 15.4 = 60.7. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Said versus delivered

What GE Vernova T&D India Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

STATCOM Market Recovery Deferral · 19 May 2026. In the Nov 2025 call, management projected a recovery in STATCOM opportunities for the following year, stating they expected projects to bounce back in 2026. However, in the May 2026 call, management deferred this recovery timeline to 2027, indicating that the previously anticipated growth in 2026 did not materialize.

Domestic Pipeline Outlook Shift · 19 May 2026. During the Jan 2026 call, management expressed high confidence in maintaining base order growth through the upcoming year and observed no major market slowdown. In the May 2026 call, management revised this stance, noting that they are no longer seeing substantial growth in the pipeline and describing the domestic market environment as dull.

🚨 Major Export Order Timeline Delay · 28 January 2026. Management previously guided confidently that the large related party export order (approx. INR 3,000 crores) was expected to be finalized by Q4 of the current financial year. In the latest call, this timeline has been pushed out significantly to the second half of the next financial year (Sep 2026 - Mar 2027), a delay of at least two quarters. Earlier call (Nov 2025): “We expect the decision by Q4 in the current scenario, however, it may change depending on the customer”. Later call (Jan 2026): “There has been some delay from the customer side... We now expect the order to move to the second half of the next financial year, meaning between September and March.”

🚨 HVDC Barmer Project Delay · 28 January 2026. In the July 2025 call, management explicitly stated they expected the Barmer-South Kalamb HVDC project to be finalized within the current financial year (by March 2026). The latest call reveals a significant timeline slippage, with the expected finalization now pushed to Q2 FY27, representing a delay of over a year from the initial expectation. Earlier call (Jul 2025): “So not the Leh-Ladakh project, Subhadip, but South Olpad-Khavda and Barmer-South Kalamb, we expect it to be ordered this financial year.” Later call (Jan 2026): “We expect that order [Barmer] to get finalized in Q2 FY27 for the developers. This is as of today, but it can change depending upon extensions which are not in our control.”

Every quote above is taken word for word from the company’s own earnings calls.

Frequently asked questions