GE Vernova T&D India Limited shareholders approved a final dividend of ₹10 per equity share for FY26 and key management appointments at its 70th Annual General Meeting (AGM) held on September 9, 2026. The meeting also saw the re-appointment of statutory auditors and approval of related-party transactions.

The scrutinizer's report confirms that all 11 ordinary and special business items were passed. M/s. RMG & Associates, led by CS Manish Gupta, served as the scrutinizer to ensure a fair voting process facilitated by National Securities Depository Limited (NSDL). The detailed voting results were filed with stock exchanges on September 11, 2026.

Voting Results Overview

Remote e-voting was conducted from September 5 to September 8, 2026. Members participating via video conference could vote during the meeting. The total number of shareholders on the record date (September 2, 2026) was 155,229. Out of 256,046,535 total shares, approximately 85.2% were polled across various resolutions.

Key Resolution Outcomes

The final dividend declaration received unanimous support, with 100% of valid votes cast in favor. The promoter and promoter group, holding 130,583,733 shares, voted in favor of all resolutions where they participated.

Governance and Management Changes

Shareholders approved the re-appointment of Mr. Sushil Kumar as Whole-time Director effective from January 1, 2027, through December 31, 2031. This resolution received 96.98% support overall. However, public institutional investors showed dissent, with only 92.49% voting in favor, while 7.51% voted against. Mr. Kumar has over 26 years of finance experience, including 16 years with the company, and is a Chartered Accountant.

Additionally, Mr. Marco Simiano was appointed as a Non-Executive and Non-Independent Director, garnering 98.29% affirmative votes. Public institutions supported this appointment with 95.76% in favor, while 4.24% voted against. Simiano, currently Chief Commercial & Product Officer (CCPO) of Grid Automation at GE Vernova, brings over two decades of international experience in the energy sector. He holds an M.Sc. in Nuclear Engineering from the University of Palermo, an MBA from the University of St. Gallen, and a PhD from ETH Zurich.

Auditor Re-appointment

M/s. Deloitte Haskins & Sells was re-appointed as Statutory Auditors for a second consecutive term of five years, until the 75th AGM in 2031. The resolution secured 99.99% approval. Remuneration for Non-Executive Directors for a five-year period commencing April 1, 2026, was approved with 99.98% support.

Related Party Transactions and Limits

The company secured approval for material related-party transactions with LM Wind Power Blades (India) Private Limited (56.75% support) and GE Vernova Inc. (99.91% approval). Notably, the promoter group abstained from voting on these related-party transactions as required by regulations. A special resolution to increase overall limits under Section 186 of the Companies Act, 2013, was passed with 80.60% of votes in favor, enhancing flexibility for loans, investments, and guarantees. Public institutions were divided on this special resolution, with 51.64% in favor and 48.36% against.

Procedural Compliance

The report confirms compliance with Section 108 of the Companies Act, 2013, and Rule 20 of the Companies (Management and Administration) Rules, 2014. Notices were sent electronically on August 13, 2026, with physical letters to those without registered emails. Advertisements were published in Financial Express and Jansatta on August 12 and August 14, 2026. The cut-off date for determining eligible voters was September 2, 2026.

GE Vernova T&D India has emerged as the L1 bidder for Power Grid Corporation's 6000 MW HVDC terminal station project on the Barmer II to South Kalamb transmission corridor. The win is valued at approximately ₹13,000 crore, marking a landmark order for the company's transmission business.

Project overview

The project involves the development of an 800kV HVDC Line Commutated Converter (LCC) terminal station. This infrastructure forms a key segment of India's high-capacity power transmission network, linking Barmer II to South Kalamb.

Brokerage views and financial impact

The order win has triggered positive revisions from major brokerage houses, citing significant revenue visibility and earnings upside.

Citi maintains a Buy rating with a target price of ₹5,400. The broker expects revenue recognition from FY29 to drive a 25% upside to prior FY29 EBITDA and EPS estimates. Citi views the win as a positive catalyst for the stock.

Nomura raises its target price to ₹6,000 (from previous levels) and maintains a Buy rating. The broker highlights that the landmark order strengthens long-term growth visibility. Nomura raises its revenue estimates for FY28 and FY29 by 4% and 9% respectively. The firm projects a 31% PAT CAGR for FY26–29F.

What the Numbers Show

The convergence of brokerage estimates indicates strong confidence in the order's contribution to near-term earnings. With Nomura projecting a 31% PAT CAGR over FY26–29F and Citi forecasting a 25% upside to FY29 EBITDA/EPS, the ₹13,000 crore order appears central to the growth narrative for GE Vernova T&D India in the coming fiscal years. The staggered revenue recognition starting from FY29 suggests immediate impact on order book depth rather than current quarter top-line.