Larsen & Toubro Ltd.
NSE: LT
Industrials · Engineering & Construction
₹3,627.50 last close on 12 Oct 2026 −2.05%
Research updated
GE Vernova T&D India Ltd
NSE: GVT&DIndustrialsSpecialty Industrial Machinery
- Last close
- ₹4,254.00
- Day change
- +₹59.60 (+1.42%)vs
- Market cap
- ₹1.09 lakh crIndian rupees
- Research updated
- 1 report
About GE Vernova T&D India
GE Vernova T&D India Ltd is a company that operates in the electrical power transmission and distribution sector. Its primary function is to design, manufacture, and service equipment and solutions for the efficient transfer of electricity. GE Vernova T&D India Ltd focuses on products and systems that facilitate the transmission of electrical power across long distances and through complex power grids. This involves high-voltage transmission infrastructure, as well as sophisticated control systems that ensure stability and efficiency in electricity distribution. The company plays a significant role in supporting the energy industry, especially as demand for sustainable and reliable power increases globally. Part of General Electric's portfolio, GE Vernova T&D India Ltd contributes to innovation and modernization efforts within the Indian electrical infrastructure, aligning with global goals of reducing carbon emissions and enhancing energy efficiency.
- Sector
- Industrials
- Industry
- Specialty Industrial Machinery
- Listing
- NSE: GVT&D
- Chief executive
- Mr. Sandeep Zanzaria
- Employees
- 1,851
- Headquarters
- Noida, India
- ISIN
- INE200A01026
Public research · Report of
Business model & financial foundation
GE Vernova T&D India (NSE: GVT&D), Heavy electrical equipment - power transmission & distribution (transformers, switchgear, HVDC): revenue of ₹6,206 crore in FY26 (+44.6% on FY25), an EBITDA margin of 27.1% and net profit of ₹1,233 crore.
- Revenue, FY26 (₹ crore)
- 6,206
- standalone
- Revenue growth, FY26
- +44.6%
- on FY25
- EBITDA margin, FY26
- 27.1%
- EBITDA (company def.: excl. other income & exceptional) / revenue
- Net profit, FY26 (₹ crore)
- 1,233
- to owners
- Return on equity, FY26
- 55.3%
- on average equity
- Market capitalisation (₹ crore)
- 1,11,792
- at the close of 12 Oct 2026
Company profile
GE Vernova T&D India makes and installs power transmission equipment in India — power transformers and reactors up to 1200 kV, gas- and air-insulated switchgear, instrument transformers, substation automation, FACTS/STATCOM and HVDC systems — for Power Grid, private transmission developers, industry and exports to the GE Vernova group. It runs factories at Vadodara, Hosur, Padappai, Pallavaram/Vallam (Chennai) and Noida. Revenue was INR 6,206 cr in FY26 with a 27% EBITDA margin and no debt.
| Item | Value |
|---|---|
| Legal name | GE Vernova T&D India Limited (formerly GE T&D India Limited, ALSTOM T&D India Limited, Areva T&D India Limited, ALSTOM Limited, The English Electric Company of India) |
| Exchange and ticker | NSE: GVT&D; BSE: 522275 |
| ISIN | INE200A01026 |
| Sector | Industrials |
| Industry | Heavy electrical equipment - power transmission & distribution (transformers, switchgear, HVDC) |
| Headquarters | Noida, India |
| Fiscal year end | March |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | Deloitte Haskins & Sells LLP (since 2021) |
| Market capitalisation | ₹1,11,792 crore (12 Oct 2026) |
| Shares outstanding | 25.60 crore shares (FY26) |
| Price | ₹4,194 (close, 12 Oct 2026) |
| 52-week range | ₹2,523 - ₹5,650 (to 12 Oct 2026) |
| Website | https://www.gevernova.com/regions/in/ge-vernova-td-india |
Corporate structure and shareholding
Parent: Grid Equipments Private Limited (50.70%) and GE Grid Alliance B.V. (0.30%), both GE Vernova Inc. group entities.
No subsidiary is recorded.
No subsidiaries, associates or JVs. Listed arm of GE Vernova's Electrification (Grid Solutions) segment in India; group supplies technology under licence and buys exports from the company.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 51.00% | 51.00% | 51.00% | 51.00% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 16.15% | 18.46% | 20.39% | 22.89% |
| Domestic institutions | 25.20% | 23.28% | 21.39% | 18.47% |
| of which mutual funds | 22.31% | 20.51% | 18.03% | 14.70% |
| Retail | 7.65% | 7.26% | 7.22% | 7.64% |
| Other | 0.00% | 0.00% | 0.00% | 0.00% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
GE Vernova T&D India (NSE: GVT&D) designs, makes and installs high-voltage transmission equipment — power transformers and reactors to 1200 kV, GIS/AIS switchgear, instrument transformers, substation automation, STATCOM and HVDC converter stations — at plants in Vadodara, Hosur, Padappai, Chennai and Noida. Customers are Power Grid, private TBCB developers (77% of the Q1FY27 backlog), central PSUs (21%) and state utilities (2%), plus exports, largely to GE Vernova group entities (sales to group 1,800.7 cr, 29% of FY26 revenue). It runs on GE technology under licence (licence fee 117.8 cr and trademark fee 42.5 cr in FY26). Revenue is execution of an order backlog (21,460 cr at FY26, 20,930 cr at Q1FY27); customer advances fund working capital (contract liabilities 1,269.6 cr at FY26). Standalone only: no subsidiaries.
| Peer | Why the dossier compares them |
|---|---|
| Hitachi Energy India (POWERINDIA) | Closest product peer: transformers, HVDC, grid automation; same customers (PGCIL, TBCB developers) and MNC-parent export model |
| Siemens Energy India (ENRIN) | MNC-parent transmission equipment and HVDC player demerged from Siemens; competes in GIS, transformers, HVDC |
| ABB India (ABB) | |
| CG Power and Industrial Solutions (CGPOWER) | Domestic transformer and switchgear maker competing in power systems |
| Bharat Heavy Electricals (BHEL) | Won HVDC terminal packages (Bhadla-Fatehpur) and supplies transformers; domestic competitor for HVDC |
| Siemens (SIEMENS) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 3,066 | 2,749 | 3,168 | 4,292 | 6,206 |
| Cost of revenue (vendor classification) * | 2,374 | 1,979 | 2,086 | 2,557 | 3,408 |
| Other operating costs (vendor classification) * | 536.5 | 281.6 | 349.2 | 663.4 | 560.5 |
| EBITDA (vendor classification) * | -83.1 | 123.5 | 350.1 | 881.3 | 1,774 |
| EBIT * | -30.8 | 68.8 | 291.4 | 834.0 | 1,664 |
| Finance costs | 38.7 | 42.0 | 28.3 | 14.3 | 14.8 |
| Profit before tax | -69.5 | 26.8 | 263.1 | 819.7 | 1,650 |
| Total income tax expense | -19.9 | 28.2 | 82.0 | 211.3 | 416.5 |
| Net profit | -49.6 | -1.49 | 181.1 | 608.3 | 1,233 |
| Basic and diluted EPS (₹) | -1.94 | -0.06 | 7.07 | 23.76 | 48.16 |
| Raw material, components & project costs + change in inventories | 2,078 | 2,557 | 3,397 | ||
| Employee benefits expense | 373.8 | 399.9 | 447.3 | ||
| Other expenses | 397.3 | 517.1 | 678.6 | ||
| EBITDA (company def.: excl. other income & exceptional) | 319.0 | 818.7 | 1,684 | ||
| Other income | 22.6 | 62.6 | 90.8 | ||
| Depreciation and amortisation | 50.2 | 47.3 | 46.4 | ||
| Exceptional items (signed; loss negative) | 0.00 | 0.00 | -63.6 | ||
| Net profit attributable to owners | 181.1 | 608.3 | 1,233 | ||
| Non-controlling interest | 0.00 | 0.00 | 0.00 | ||
| Share of profit of associates/JVs | 0.00 | 0.00 | 0.00 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 1,080 | 1,073 | 1,243 | 1,773 | 2,690 |
| Borrowings (excl. leases) | 225.9 | 273.3 | 41.8 | 0.00 | 0.00 |
| Cash and cash equivalents * | 70.8 | 44.7 | 131.9 | 471.2 | 1,525 |
| Trade receivables * | 1,563 | 1,551 | 1,438 | 1,469 | 2,172 |
| Inventories * | 622.6 | 643.9 | 589.2 | 703.5 | 1,228 |
| Trade payables * | 1,111 | 1,061 | 885.6 | 1,026 | 1,580 |
| Property, plant and equipment (net) | 448.9 | 413.0 | 393.0 | 340.2 | 382.6 |
| Capital work in progress | 8.96 | 9.21 | 11.1 | 47.3 | 65.4 |
| Total assets * | 3,767 | 3,679 | 3,584 | 4,661 | 7,739 |
| Loans: inter-corporate deposits to GE group (LM Wind Power Blades India) | 578.3 | 971.0 | |||
| Lease liabilities | 34.6 | 24.0 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations * | -97.6 | -0.97 | 552.0 | 903.6 | 1,710 |
| Free cash flow (vendor definition) * | -16.7 | -53.8 | 489.2 | 816.2 | 1,521 |
| Dividends paid (the provider's sign: an outflow is negative) * | -51.2 | -128.0 | |||
| Capital expenditure (the provider's sign: an outflow is negative) * | -24.9 | -16.4 | -29.2 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 25.58 | 25.60 | 25.60 | 25.60 | 25.60 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,108 | 1,074 | 1,153 | 1,330 | 1,538 | 1,701 | 1,637 | 1,836 |
| Cost of revenue (vendor classification) * | 651.1 | 668.3 | 665.1 | 686.0 | 975.3 | 868.1 | 1,077 | |
| Other operating costs (vendor classification) * | 131.8 | 125.9 | 145.6 | 159.3 | 157.7 | 205.6 | 186.0 | |
| EBITDA (vendor classification) * | 208.6 | 205.5 | 273.3 | 403.9 | 473.4 | 482.1 | 502.6 | |
| EBIT * | 196.5 | 193.8 | 261.8 | 392.8 | 392.5 | 475.7 | 490.6 | |
| Finance costs | 2.75 | 3.88 | 5.65 | 2.75 | 2.21 | 2.81 | 6.98 | 3.42 |
| Profit before tax | 193.8 | 189.9 | 256.1 | 390.0 | 401.3 | 389.7 | 468.7 | 487.1 |
| Total income tax expense | 49.1 | 47.2 | 69.6 | 98.8 | 101.8 | 98.9 | 117.0 | 124.1 |
| Net profit | 144.6 | 142.7 | 186.5 | 291.2 | 299.5 | 290.8 | 351.8 | 363.0 |
| Basic and diluted EPS (₹) | 5.65 | 5.57 | 7.28 | 11.37 | 11.70 | 11.36 | 13.74 | 14.18 |
| Raw material, components & project costs + change in inventories | 651.1 | 668.3 | 665.1 | 686.0 | 867.5 | 975.3 | 868.1 | 1,077 |
| Employee benefits expense | 120.2 | 99.8 | 89.7 | 97.2 | 118.6 | 113.0 | 118.4 | 112.3 |
| Other expenses | 131.8 | 125.9 | 145.6 | 159.3 | 155.9 | 157.7 | 205.6 | 186.0 |
| EBITDA (company def.: excl. other income & exceptional) | 204.7 | 179.7 | 252.1 | 387.6 | 396.5 | 454.6 | 444.9 | 460.8 |
| Other income | 3.88 | 25.8 | 21.1 | 16.3 | 18.6 | 18.8 | 37.2 | 41.8 |
| Depreciation and amortisation | 12.1 | 11.7 | 11.5 | 11.1 | 11.6 | 11.6 | 12.1 | 12.1 |
| Exceptional items (signed; loss negative) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -69.3 | 5.73 | 0.00 |
| Net profit attributable to owners | 144.6 | 142.7 | 186.5 | 291.2 | 299.5 | 290.8 | 351.8 | 363.0 |
| Non-controlling interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of profit of associates/JVs | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Standalone, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | -10.9% | -10.3% | 15.2% | 35.5% | 44.6% |
| EBITDA margin | 10.1% | 19.1% | 27.1% | ||
| Net margin | 5.7% | 14.2% | 19.9% | ||
| Return on equity | 15.6% | 40.3% | 55.3% | ||
| Return on capital employed | -2.2% | 5.2% | 22.2% | 54.5% | 74.6% |
| Return on assets | 5.0% | 14.8% | 19.9% | ||
| Borrowings less cash (₹ crore) | 155.1 | 228.7 | -90.1 | -471.2 | -1,525 |
| Borrowings less cash / EBITDA | -0.28x | -0.58x | -0.91x | ||
| Interest cover | -0.80x | 1.64x | 10.3x | 58.3x | 112.8x |
| Asset turnover | 0.78x | 0.74x | 0.87x | 1.04x | 1.00x |
| Receivable days | 186 | 206 | 166 | 125 | 128 |
| Inventory days (on revenue) | 74 | 85 | 68 | 60 | 72 |
| Payable days (on revenue) | 132 | 141 | 102 | 87 | 93 |
| Cash conversion | 3.05x | 1.49x | 1.39x | ||
| Capex intensity | 0.8% | 0.6% | 0.9% | ||
| Free cash flow (₹ crore) | -122.4 | -17.4 | 522.9 | ||
| Dividend payout | 8.4% | 10.4% | |||
| EPS, diluted (₹) | -1.94 | -0.06 | 7.07 | 23.76 | 48.16 |
| Book value per share (₹) | 42.24 | 41.90 | 48.54 | 69.25 | 105.1 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (company def.: excl. other income & exceptional) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Borrowings less cash (₹ crore): borrowings less cash and cash equivalents, with no investments netted; negative is cash beyond borrowings.
- Borrowings less cash / EBITDA: borrowings less cash / EBITDA (company def.: excl. other income & exceptional).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Basic and diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 12 Oct 2026); market data at the close of 12 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
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- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on GE Vernova T&D India
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Prices are the last close on the NSE, 12 Oct 2026. Research from Mool’s report of 12 Oct 2026; page updated 13 Oct 2026.
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