GE Vernova T&D India Ltd(GVT&D)

NSE: GVT&DBSE: 522275

₹ 3,685-1.47%refreshed 23 Oct, 03:56 pm ISTMarket cap: ₹ 94,353 crNext results: 30 Oct 2026Website: www.gevernova.com/regions/asia/in/gevernovUpdated: 24 Oct 2026

About

GE Vernova T&D India Limited designs, manufactures and supplies high-voltage transmission equipment and grid solutions, from medium voltage up to 1200 kV. Its range includes power transformers, GIS/AIS switchgear, FACTS, HVDC systems and digital grid software, and it exports to more than 60 countries. It is a listed company within the Electrification segment of GE Vernova (NYSE: GEV). More than 50% of India's 765 kV AC grid is built on GE Vernova technology, and the company reported FY26 revenue of Rs 6206.31 crore.^[1]

Order book and inflows

Order backlog was INR209.3B as of June 2026, down 2.5% from INR214.6B at March 2026, because execution in Q1 FY27 outpaced new orders.^[2]
Q1 FY27 order intake was INR11.4B, down 30% from INR16.2B in Q1 FY26, mainly because few TBCB tenders came up in January to March 2026.^[2]
FY26 order intake was INR147.8B, up 37% YoY. Q4 FY26 alone brought INR86.1B (+188% YoY), including the VSC HVDC Adani Khavda award.^[3]
The backlog was about 3.5 times revenue in Q1 FY27.^[2]
Of the INR209.3B backlog as of June 2026, private customers account for 77%, central utilities and PSUs for 21%, and state utilities for 2%.^[2]

Products and technology

The portfolio runs from medium voltage to 1200 kV: power transformers, circuit breakers, GIS, AIS, instrument transformers, substation automation, digital software, turnkey substations, FACTS, HVDC and maintenance support.^[4]
Digital products include the GridOS grid operating system, GridBeats analytics, the FACTSFlex STATCOM, Advanced DERMS, Digital Dynamic Line Rating and Digital Twins.^[4]
SF6-free g3 switchgear is offered at 145 kV and 420 kV, with up to 99% lower global warming potential than conventional SF6 equipment.^[4]
GIS localisation ranges from about 55-60% to 75%+ depending on voltage class. Localisation of 765 kV GIS is under way.^[5]

Manufacturing operations

As of FY26 the company runs 5 manufacturing plants and 8 national offices, serving customers in 28 states and 65 countries.^[4]
The Vadodara, Gujarat plant, set up in 2009, makes transformers and reactors up to 765 kV and HVDC converter transformers. It has supplied more than 700 units across India.^[4]
The Hosur plant is adding new lines for bushings and air-core reactors, plus more AIS and GIS capacity.^[5]
The Padappai plant is also adding AIS and GIS capacity.^[5]
The Noida (Sector 83) facility assembles and integrates Digital Control System Platforms for smart grids.^[4]
The company has delivered over 800 units of 765 kV power transformers and reactors in India and more than 100 smart grid control centre projects.^[4]
The company had 1,851 permanent employees as of March 31, 2026.^[4]

Customers and exports

Customers are government and private companies in power generation, transmission and distribution, and industrial clients in metals, mining and oil & gas.^[4]
Exports were 46% of Q1 FY27 order intake (INR5.2B of INR11.4B) and 30% of Q1 FY27 revenue.^[2]
Q1 FY27 export orders included CTs/CVTs for North America, 400 kV GIS for Spain and Morocco, and AIS/GIS equipment for several other markets.^[4]
More than 50% of India's 765 kV AC grid is built on GE Vernova technology. The company pioneered localisation of 765 kV GIS in India.^[4]
The FY26 annual report names the US, Middle East and EU as export opportunities for India's power transmission equipment.^[4]
Per the FY25 annual report, customer contracts carry price variation clauses to cover copper and CRGO price risk.^[6]

Expansion and capex

The capex programme exceeds INR10B across the Vadodara, Hosur, Padappai, Pallavaram, Noida and Vallam facilities. It is phased through December 2028 and funded entirely from internal accruals.^[3]
The Board approved INR550M to restart manufacturing of disconnectors and dead-tank circuit breaker drives at a new facility in Vallam, Tamil Nadu. Part is expected to be commissioned in Q1 FY28 and the rest by end-2027.^[3]
Transformer and reactor capacity at Vadodara is being expanded by more than 50%.^[4]
The FY25 annual report states the company is investing in India to expand its HVDC valve production line for LCC and VSC valves.^[6]

Market context

The FY26 annual report cites about ₹5 trillion of transmission projects under bidding or execution, rising to ₹7.9 trillion by 2036.^[4]
India plans to add 33 GW of new HVDC bipole capacity by 2032, per the FY26 annual report.^[4]
The FY26 annual report expects India's data centre capacity to grow from 1.4 GW to nearly 8 GW by 2030.^[4]
The FY26 annual report lists as risks: weak DISCOM finances delaying payments and ordering, geopolitical and trade disruption, and cybersecurity.^[4]

Recent developments

In FY26 the company won India's first VSC-technology HVDC order, the 2.5 GW Khavda-South Olpad project from Adani Group. Revenue from it is expected to ramp up from FY29.^[3]
In December 2025 Power Grid awarded a 2×500 MW Chandrapur HVDC LCC refurbishment order.^[3]
GE Vernova announced it will acquire 100% of transformer maker Prolec. Management expects this to bring large transformer orders that could be partly supplied from Indian factories.^[2]
Bids for the first phase of the Barmer-South Kalamb HVDC project have been submitted. The developer is expected to be selected in August-September 2026.^[2]
ICRA upgraded the company's long-term rating to A+ (Positive), per the FY25 annual report.^[6]

Market Cap

₹94,353 Cr

High / Low

₹5,650 / 3,536

Stock P/E

72.3

Price / Book

35.1

Book Value

₹105

EPS

₹48.2

No. of Shares

25.6 Cr

ROCE

76.9%

ROE

55.3%

OPM

27.4%

Debt / Equity

0.00

Sales

₹6,206 Cr

Net Profit

₹1,233 Cr

Promoter holding

51.0%

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