GE Vernova T&D India Limited has accepted the resignation of Mr. Fabrice Aumont as a Non-Executive Non-Independent Director, effective August 26, 2026. The departure follows his relocation to the United States, which he cited as making it unviable to remain fully present and dedicated to the board given the time difference.

The company disclosed the change in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Mr. Aumont, whose DIN is 10465933, served on the board for two years. In his resignation email, he expressed gratitude for the productive interactions during his tenure.

Board Composition Update

Mr. Aumont’s exit reduces the number of non-executive non-independent directors on the board. The company stated that his resignation was due to personal reasons related to his new assignment in the US. No immediate replacement was announced in the filing.

The disclosure was signed by Shweta Mehta, Company Secretary and Compliance Officer of GE Vernova T&D India Limited.

GE Vernova T&D India Limited delivered robust top-line growth in the first quarter of FY27, with revenue rising 38% year-on-year to ₹1,840 crore from ₹1,330 crore in the corresponding period of FY26. The company’s execution pace outstripped new order intake, driving a significant expansion in profitability even as gross margins faced headwinds from mix shifts and commodity costs.

Financial Performance

Profit before tax and exceptional items for the quarter ended June 2026 reached ₹490 crore, compared to approximately ₹390 crore in the same quarter of the previous financial year, marking a growth of more than 1.25x. This operational leverage was achieved despite a moderation in gross margins, which fell to 41.3% from 48.4% a year ago and 47% in the preceding quarter.

*Note: FY26 full-year gross margin was 45.3%; EBITDA margin comparison based on management commentary regarding mid-20s guidance.

The company maintained its EBITDA margin at 25.1%, consistent with its mid-20s band guidance. Management attributed the gross margin compression to three primary factors: a lower share of high-margin export revenues (30% of total revenue in Q1FY27 versus 33% in FY26), elevated commodity prices reducing execution savings, and the ramp-up of higher-voltage business segments which carry lower gross margins but offer better operating leverage at the EBITDA level.

Order Book and Backlog

New order intake moderated to ₹1,140 crore in Q1FY27, down 30% year-on-year from ₹1,620 crore in Q1FY26. This decline was primarily due to lower realization of transformers, circuit breakers, and busbar (TBCB) market opportunities in the fourth quarter of FY26. Consequently, the order backlog decreased by 2.5% quarter-on-quarter to ₹20,900 crore as of June 2026, from ₹21,460 crore at the end of March 2026.

Despite the sequential dip, the backlog represents more than three years of FY26 revenue, providing multi-year visibility. Private customers now account for 77% of the backlog, central utilities and PSUs contribute 21%, and state utilities exposure has reduced to just 2%, reflecting a continued de-risking of counterparty concentration.

What the Numbers Show

A critical divergence exists between the company’s top-line momentum and new order inflows. While revenue surged 38% driven by the conversion of existing backlog, new orders contracted significantly. However, this divergence is mitigated by the sheer scale of the remaining order book (₹20,900 crore), which acts as a buffer against short-term demand volatility. Furthermore, the shift in customer mix towards private entities (77% of backlog) suggests improved credit quality and potentially faster realization cycles compared to state-owned utilities, enhancing the predictability of future cash flows.

Balance Sheet and Capital Allocation

GE Vernova T&D India remains debt-free, maintaining a zero-net-debt position. The company generated ₹430 crore in cash during the quarter, bringing total available cash—including funds lent to the cash pool—to ₹2,930 crore.

Management outlined a utilization plan for approximately ₹1,300 crore of this surplus, comprising:

• ₹1,000 crore for capacity expansion programs announced in the previous financial year.
• ₹250 crore for dividend payout in Q2FY27, subject to shareholder approval.

The remaining cash balance is under evaluation for further shareholder return optimization. Export diversification continues to strengthen, with exports constituting 46% of Q1 orders, including secured deals from GE Vernova entities in North America, Spain, and Morocco.

Operational Highlights

The company commissioned its first 400 kV substation in Nepal for the NEA Khimti site, marking a key milestone in regional grid infrastructure. Domestically, it partnered with Adani to build substations for renewable power evacuation from the Khavda solar park and augmented transformation capacity for key clients including PGCIL, Resonia, and NLP. Management noted that while the domestic TBCB pipeline was soft in the first half of the year, visibility has improved since June, with expectations for better order conversion in subsequent quarters.