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.

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 and Commissioning

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

Key projects commissioned during Q4 FY26 include:

• 400 / 200 kV substation for Renew RTM Extension site at Gadag, Karnataka
• 132 / 33 kV GIS Substation for PGCL at Tuensang, Nagaland
• 400 / 132 kV AIS Switchyard for NTPC at Kahalgaon, Bihar
• 220 / 132 / 33 kV AIS substation for HPPTCL at Kangoo, Himachal Pradesh
• 420 kV, 1-phase Shunt Reactor at RESONIA, Kishtwar site
• 765 kV, 1-phase Shunt Reactor at RESONIA, Fatehgarh III & Beawar sites
• 765 kV, 1-phase ICT and Shunt Reactor at PGCL, Ramgarh, Bhadia III and Maheshwaram sites
• Supervisory Control and Data Acquisition (SCADA) system for Damodar Valley Corporation

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.

GE Vernova T&D India Limited has announced that the audio recording of its earnings conference call, held on May 19, 2026, is now available. The call was conducted to discuss the company's audited financial results for the quarter and year ended March 31, 2026. This disclosure was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Conference Call Details

The earnings call was originally scheduled to provide insights into the financial performance for the period. The key details of the event are summarised below:

Accessing the Recording

Investors and analysts can access the audio recording of the conference call through the company's official website. The recording has been hosted to ensure transparency and provide broader access to the information shared during the session with senior management.

The intimation regarding the availability of the recording was signed by Shweta Mehta, Company Secretary & Compliance Officer (Membership No. A18600), on May 19, 2026.