GE Vernova T&D India Limited delivered a strong financial performance for the quarter and year ended March 31, 2026, with annual net profit more than doubling and revenue from operations recording significant year-on-year growth. The Board of Directors approved the financial results at its meeting held on May 18, 2026, audited by M/s. Deloitte Haskins & Sells, Chartered Accountants, who issued an unmodified audit opinion. The company also held an earnings conference call with analysts and institutional investors on May 19, 2026, sharing a detailed analyst presentation covering order intake, backlog, financial performance, and key project executions.

Annual Financial Performance

The company's revenue from operations for FY26 rose to Rs. 62,063.1 million from Rs. 42,923.0 million in FY25. Total income, including other income of Rs. 908.4 million, stood at Rs. 62,971.5 million for FY26, compared to Rs. 43,548.9 million in the prior year. Profit before exceptional item and tax for the full year reached Rs. 17,132.9 million, against Rs. 8,196.7 million in FY25. After accounting for an exceptional charge of Rs. 635.7 million related to new labour code provisions, profit before tax for FY26 stood at Rs. 16,497.2 million versus Rs. 8,196.7 million in FY25. Net profit for FY26 came in at Rs. 12,332.5 million, compared to Rs. 6,083.3 million in the previous year.

The following table summarises the key annual financial metrics:

Quarterly Performance — Q4 FY26

For the quarter ended March 31, 2026, revenue from operations stood at Rs. 16,370.8 million, compared to Rs. 11,525.4 million in the corresponding quarter of the previous year and Rs. 17,006.4 million in the preceding quarter ended December 31, 2025. Net profit for Q4 FY26 was Rs. 3,517.7 million, against Rs. 1,864.9 million in Q4 FY25 and Rs. 2,908.0 million in Q3 FY26. Basic and diluted earnings per share (not annualised) for Q4 FY26 were Rs. 13.74, compared to Rs. 7.28 in Q4 FY25. On an operating basis, EBITDA for Q4 FY26 stood at Rs. 4.45 billion versus Rs. 2.5 billion in Q4 FY25, with EBITDA margin expanding to 27.18% from 21.88% in the year-ago quarter.

Detailed Financial Performance — Analyst Presentation

The analyst presentation provided a granular breakdown of the income statement for both quarterly and full-year periods. The data highlights consistent margin improvement driven by gross profit expansion and operating leverage. The following table captures the detailed financial performance as presented to analysts:

Order Intake and Backlog

Order intake for Q4 FY26 surged 188% year-on-year to ₹86,140 million from ₹29,911 million in Q4 FY25, driving full-year FY26 order intake to ₹147,761 million, up 37% from ₹107,783 million in FY25. The order backlog expanded significantly to ₹214,557 million as at March 31, 2026, compared to ₹143,800 million as at December 31, 2025 and ₹126,600 million as at March 31, 2025, representing a 70% year-on-year increase. The company also reported cash generation of ₹15.8 billion during FY26 (before dividend payment of ₹1,280 million), with available cash equivalents of ₹25 billion including lending to the GEV Cash Pool.

The quarterly order intake trend is summarised below:

Order and Sales Mix

The FY26 order intake of ₹147,761 million was predominantly domestic, with domestic orders accounting for ₹135,928 million (92%) and exports contributing ₹11,833 million (8%). On the sales side, FY26 revenues of ₹62,063 million comprised domestic sales of ₹41,732 million (67%) and export sales of ₹20,331 million (33%). The order backlog of ₹214,557 million was led by private sector customers at ₹163,364 million (76%), followed by Central Utilities & PSUs at ₹47,936 million (22%) and State Utilities at ₹3,257 million (2%).

Key Orders Booked During FY26

Among the significant orders secured during FY26, the company booked:

• Supply of 2.5GW VSC-based HVDC terminal station at Khavda-South Olpad from the Adani group
• Refurbishment of 2x500MW Chandrapur HVDC Back-to-Back Station from PGCIL
• Supply of 765kV 500 MVA ICTs and 765kV 110 MVAR reactors from PGCIL
• Supply of 765kV 500 MVA ICTs, 765kV 110 MVAR reactors and 765kV/420kV/245kV GIS from a private TBCB developer in Gujarat
• Supply of 765kV/400kV AIS equipment and Grid Automation packages from multiple EPC players
• Multiple orders for export of AIS/GIS equipment to Europe, Middle East and Africa

Exceptional Item — New Labour Codes

The company recognised an exceptional charge during the year related to the Government of India's notification of four Labour Codes on November 21, 2025, consolidating 29 existing labour laws. Based on its assessment, the company made an additional provision of Rs. 693.0 million during the quarter and nine months ended December 31, 2025. Upon reassessment and actuarial valuations performed during Q4 FY26, the impact was reduced by Rs. 57.3 million, which was reversed in the quarter ended March 31, 2026. The net exceptional charge for FY26 stood at Rs. 635.7 million. Given the materiality, regulatory-driven, and non-recurring nature of this impact, the company presented it under "Exceptional item."

Balance Sheet and Cash Flow Highlights

Total assets as at March 31, 2026 stood at Rs. 77,394.3 million, compared to Rs. 46,610.8 million as at March 31, 2025. Total equity increased to Rs. 26,902.9 million from Rs. 17,731.1 million. Cash and cash equivalents at year end were Rs. 15,252.6 million, up from Rs. 4,711.9 million at the start of the year. Net cash flow from operating activities for FY26 was Rs. 17,098.8 million, compared to Rs. 9,035.8 million in FY25.

Dividend Recommendation and Record Date

The Board of Directors has recommended a final dividend of Rs. 10 per equity share (face value of Re. 2 each), representing 500% of face value, for the financial year ended March 31, 2026. The dividend is subject to approval by shareholders at the ensuing Annual General Meeting and will be paid or dispatched within 30 days from the date of the AGM, if approved. The record date for determining eligible shareholders has been fixed as August 21, 2026 (Friday).

The company operates within a single business segment covering products, projects, and systems for electricity transmission and related activities, as per Ind AS-108. The financial results were prepared in accordance with Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013.

The Board of Directors of GE Vernova T&D India Limited held its meeting on May 18, 2026, approving a series of significant governance and leadership decisions. The meeting commenced at 5:28 P.M. (IST) and concluded at 6:29 P.M. (IST), with resolutions covering statutory and cost auditor appointments, as well as key changes to the company's board and senior management.

Auditor Appointments Approved

The board approved the re-appointment of M/s. Deloitte Haskins & Sells, Chartered Accountants (Firm Registration Number: 015125N), as Statutory Auditors of the company for a second term of 5 consecutive years. The re-appointment is effective from the conclusion of the 70th Annual General Meeting until the conclusion of the 75th Annual General Meeting, subject to shareholder approval at the ensuing Annual General Meeting. Additionally, the board approved the appointment of M/s. Ramanath Iyer & Co., Cost Accountants, as Cost Auditors for Financial Year 2026-27, effective May 18, 2026.

The following table summarises the key details of both auditor appointments:

Deloitte Haskins & Sells is a leading professional services firm with a strong Audit & Assurance practice comprising over 3,500 professionals and offices across 16 cities in India. M/s. Ramanath Iyer & Co. is a New Delhi-based firm of Cost Accountants operating since 1978, with expertise in cost audit and cost and management accounting across manufacturing and service sectors.

Director Re-appointment and New Appointment

The board also approved two significant changes to its leadership composition, both on the recommendation of the Nomination & Remuneration Committee.

Re-appointment of Sushil Kumar as WTD & CFO

Mr. Sushil Kumar (DIN: 08510312) has been re-appointed as Whole Time Director and Chief Financial Officer of the company for a further period of 5 years, effective January 1, 2027, up to December 31, 2031, subject to shareholder approval at the ensuing Annual General Meeting. Mr. Sushil Kumar brings more than 26 years of finance experience, having worked with organisations including GE, Alstom, Areva, and Schneider. He has been associated with the company for 14 years, holding responsibilities across strategy, commercial finance, treasury, turnkey business, and business planning. He is a Chartered Accountant and an alumnus of Shri Ram College of Commerce, University of Delhi. Mr. Sushil Kumar is not debarred from holding the office of director by virtue of any SEBI, Ministry of Corporate Affairs, or any other authority order.

Appointment of Marco Simiano as Additional Director

Mr. Marco Simiano has been appointed as an Additional Director under the category of Non-Executive Non-Independent Director, effective July 1, 2026, subject to the allotment of a Director Identification Number by the Ministry of Corporate Affairs. He will hold office up to the date of the ensuing Annual General Meeting. The board has also recommended his appointment as Director under the category of Non-Executive Non-Independent Director, liable to retire by rotation, for shareholder approval at the ensuing Annual General Meeting.

The following table provides a summary of the director changes approved at the meeting:

Mr. Marco Simiano, aged about 50 years and based in Italy, is a senior business executive at GE Vernova with over two decades of international experience in the energy sector. He currently serves as Chief Commercial & Product Officer (CCPO) of Grid Automation at GE Vernova, with responsibility for global strategy and commercial performance in Grid Automation. He holds an M.Sc. in Nuclear Engineering from the University of Palermo, Italy, an MBA (International) from the University of St. Gallen, Switzerland, and a PhD from ETH Zurich, Switzerland. Mr. Marco Simiano is not debarred from holding the office of a director by virtue of any SEBI, Ministry of Corporate Affairs, or any other authority order.

Regulatory Compliance

All decisions were taken pursuant to Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. The requisite disclosures as per the Listing Regulations, read with SEBI Circular HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, have been filed accordingly. The intimation was signed by Shweta Mehta (Membership No. A18600), Company Secretary & Compliance Officer of GE Vernova T&D India Limited.