GE Vernova T&D India targets 62.1% EBITDA margin in FY26

GE Vernova T&D India Limited presented its growth strategy at the Nomura Investment Forum Asia 2026, scheduled for June 2 and June 3, 2026, in Singapore. The presentation highlighted a robust financial execution with a total EBITDA margin expansion to 62.1% in FY26 from 30.6% in FY22. The company reported a total order book of 148 in FY26, comprising 136 domestic orders and 12 export orders, while the order backlog reached 215, reflecting a compound annual growth rate (CAGR) of 55%.

The disclosure, made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, emphasized that no unpublished price sensitive information would be shared. The management outlined a disciplined capital allocation strategy starting with a cash balance of ₹25.0 billion as of March 31, 2026. The company has committed capital expenditure of approximately ₹10.1 billion and declared a dividend of ₹2.6 billion, leaving available cash of ₹12.3 billion for working capital and further expansion.

Financial Performance

The company reported strong cash flow generation, which increased to 15.8 in FY26 from 0.8 in FY22, maintaining a debt-free status. Domestic margins improved to 41.7%, while export margins rose to 20.3% in FY26.

FY	Domestic Margin (%)	Exports Margin (%)	Total Margin (%)	Cash Flow
FY 22	23.4	7.2	30.6	0.8
FY 23	19.3	8.4	27.7	-0.9
FY 24	21.9	9.8	31.7	4.5
FY 25	31.8	11.1	42.9	8.3
FY 26	41.7	20.3	62.1	15.8

Capital Allocation and Expansion

Fresh investments in capacity expansion total approximately ₹10 billion. This includes ₹8.1 billion for the Vadodara facility to increase transformer and reactor capacity by 50%. Additional investments are allocated to facilities in Hosur, Padappai, Pallavaram, Noida Sec 63, and Vallam to enhance capabilities in GIS, AIS, HVDC valves, and other high-voltage equipment.

Market Outlook

The presentation highlighted a growing addressable market, projected to reach $10.9B by 2030 from $6.6B in 2025, driven by conventional markets, digital solutions, HVDC and STATCOM, and data centers. The company is targeting export opportunities in Asia, the Middle East, and Europe, leveraging its current reach to over 60 countries.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.98%	-9.41%	-4.91%	+55.68%	+107.35%	+3,384.48%

GE Vernova T&D India Limited has notified its shareholders regarding the impending transfer of equity shares to the Investor Education and Protection Fund (IEPF) due to unpaid dividends. The transfer, scheduled for August 27, 2026, pertains to shares for which dividends have remained unclaimed for seven consecutive years or more. This action is being taken pursuant to Section 124(6) of the Companies Act, 2013, and the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016.

The dividends specifically identified as unpaid and unclaimed include the Final Dividend for the financial years 2018-19, 2023-24, and 2024-25. The company has communicated with affected shareholders at their latest available addresses, requesting them to claim the outstanding amounts. Failure to claim these dividends will result in the transfer of the corresponding shares to the demat account of the IEPF Authority.

To prevent the transfer of shares and the unpaid dividend for the financial year 2018-19, shareholders must submit their claims by August 17, 2026. The process requires shareholders to send specific documents to the Registrar and Share Transfer Agent, MUFG Intime India Private Limited, located in Kolkata. The necessary documentation varies depending on whether the shares are held in dematerialized or physical form.

For shares held in demat form, shareholders must ensure their bank details are registered with their Depository Participant and submit a signed request letter along with a self-attested Demat Account Statement showing the client master list. Those holding shares in physical form must ensure their folio is KYC compliant and submit a signed request letter, along with forms ISR-1, ISR-2, and SH-13 or SH-14 if applicable, and a copy of the share certificate.

Once the shares are transferred to the IEPF, all future benefits, including dividends, will be credited to the fund. Shareholders will not be able to make claims against the company regarding these transferred amounts or shares. However, shares can be reclaimed from the IEPF Authority by submitting an online application in Form IEPF-5 on the Ministry of Corporate Affairs website after obtaining a letter of entitlement from the company.

The following table outlines the key dates and details regarding the dividend years and the transfer process: