GE Vernova T&D India Limited declared a final dividend of ₹10 per equity share for the financial year ended March 31, 2026, during its 70th Annual General Meeting held on September 9, 2026.

The meeting, conducted via video conference, transacted both ordinary and special business items as outlined in the notice dated August 5, 2026. Mr. Rathindra Nath Basu, Chairman of the Board, presided over the proceedings, which were attended by all directors and key managerial personnel.

Key Resolutions Passed

Shareholders approved several critical governance and operational resolutions during the meeting:

• Adoption of the audited financial statements for FY26 along with reports from the Board and Auditors.
• Re-appointment of M/s. Deloitte Haskins & Sells as Statutory Auditors for a five-year term until the conclusion of the 75th AGM in 2031.
• Appointment of Mr. Marco Simiano as a Non-Executive and Non-Independent Director.
• Re-appointment of Mr. Sushil Kumar as Whole-time Director effective from January 1, 2027, through December 31, 2031.

Special Business Approvals

The company secured shareholder approval for material related-party transactions with LM Wind Power Blades (India) Private Limited and GE Vernova Inc. Additionally, the Board obtained approval to increase the overall limits under Section 186 of the Companies Act, 2013, enhancing flexibility for loans, investments, and guarantees.

Remuneration for Non-Executive Directors was approved for a five-year period commencing April 1, 2026. The cost auditor remuneration for M/s. Ramanath Iyer & Co. for FY27 was also ratified.

Voting Process

National Securities Depository Limited (NSDL) facilitated remote e-voting from September 5 to September 8, 2026. Members participating via video conferencing who had not voted remotely were provided voting facilities during the meeting. Mr. Manish Gupta of M/s. RMG & Associates served as the scrutinizer to ensure a fair and transparent voting process.

The meeting commenced at 3:03 pm and concluded at 4:57 pm, including time allocated for e-voting.

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.