GE Vernova T&D India Q3FY26 Results & Earnings Call: Strong Growth with HVDC Wins
GE Vernova T&D India delivered outstanding Q3FY26 performance with revenue growing 58% to Rs 17,006.4 million and net profit doubling to Rs 2,908.0 million. The company held an earnings conference call on January 28, 2026, highlighting strong order bookings of Rs 29.4 billion, major HVDC project wins including Adani Khavda, and robust market positioning with order backlog of Rs 143.8 billion.
*this image is generated using AI for illustrative purposes only.
GE Vernova T&D India Limited has announced robust financial results for the quarter and nine months ended December 31, 2025, demonstrating strong operational performance across key metrics. The company's Board of Directors approved the unaudited standalone financial results during their meeting held on January 28, 2026, followed by an earnings conference call with analysts and investors.
Financial Performance Highlights
The company delivered impressive financial results for Q3FY26, with significant improvements across revenue and profitability metrics compared to the corresponding period last year.
| Metric: | Q3FY26 | Q3FY25 | Growth (%) |
|---|---|---|---|
| Revenue from Operations: | Rs 17,006.4 million | Rs 10,736.5 million | +58.4% |
| Net Profit: | Rs 2,908.0 million | Rs 1,426.8 million | +103.8% |
| Total Income: | Rs 17,193.9 million | Rs 10,994.5 million | +56.4% |
| Earnings Per Share: | Rs 11.36 | Rs 5.57 | +103.8% |
Nine-Month Performance
For the nine-month period ended December 31, 2025, the company maintained strong momentum with substantial year-over-year growth.
| Parameter: | 9M FY26 | 9M FY25 | Change (%) |
|---|---|---|---|
| Revenue from Operations: | Rs 45,692.3 million | Rs 31,397.6 million | +45.5% |
| Net Profit: | Rs 8,814.8 million | Rs 4,218.4 million | +109.0% |
| Total Income: | Rs 46,229.1 million | Rs 31,812.4 million | +45.3% |
| Earnings Per Share: | Rs 34.43 | Rs 16.47 | +109.0% |
Order Book and Business Performance
During the earnings conference call, CEO and Managing Director Sandeep Zanzaria highlighted strong order bookings and market positioning. The company secured orders worth Rs 29.4 billion in Q3FY26, representing a 41% year-on-year growth compared to Rs 20.8 billion in the corresponding quarter.
| Business Metric: | Current Status |
|---|---|
| Q3FY26 Order Bookings: | Rs 29.4 billion (+41% YoY) |
| Order Backlog (Dec 2025): | Rs 143.8 billion |
| Cash and Cash Equivalents: | Rs 15.9 billion |
| EBITDA Margin (Q3): | 26.7% |
| EBITDA Margin (9M): | 27.1% |
HVDC Project Wins and Market Outlook
The company won the significant Adani Khavda HVDC project, which will be reported in subsequent quarters upon achieving defined commercial milestones. This VSC HVDC order from Adani Group involves building HVDC stations at Khavda and South Olpad, with an execution timeline of approximately 4 years.
Additionally, the company secured the Chandrapur HVDC refurbishment order from Power Grid Corporation during Q3FY26. Management expressed confidence about the Barmer-South Kalamb HVDC project, expecting order finalization in Q2 of FY27.
Exceptional Item Impact
The company recorded an exceptional item of Rs 693.0 million during Q3FY26 related to additional provisions for the four Labour codes notified by the Government of India on November 21, 2025. These codes consolidate 29 existing Labour Laws, and the company has estimated the financial implications based on draft rules and FAQs issued by the Ministry of Labour and Employment.
Board Appointments and Leadership Changes
The Board approved significant leadership appointments during the meeting:
Independent Director Appointment
| Detail: | Information |
|---|---|
| Name: | Ms. Rashmi Joshi |
| DIN: | 06641898 |
| Position: | Independent Director |
| Term: | First term of five consecutive years |
| Effective Date: | Subject to shareholder approval through Postal Ballot |
Ms. Rashmi Joshi, aged about 59 years, is a qualified Chartered Accountant and Company Secretary with over three decades of business-oriented finance leadership experience across Oil & Gas, Lubricants, FMCG, Consumer Durables and Pharmaceuticals sectors.
Managing Director Re-appointment
| Parameter: | Details |
|---|---|
| Name: | Mr. Sandeep Zanzaria |
| DIN: | 0890291 |
| Position: | Managing Director and Chief Executive Officer |
| Term Duration: | 3 years |
| Effective Period: | April 17, 2026 to April 16, 2029 |
| Approval Required: | Shareholders through Postal Ballot |
Market Positioning and Growth Strategy
During the earnings call, management emphasized India's renewable energy growth, with 38 gigawatts of solar and 6.3 gigawatts of wind capacity additions in calendar year 2025. The Draft NEP 2026 targets 2,000 kilowatt hour per capita electricity consumption by 2030, rising to over 4,000 kilowatt hour by 2047, supporting strong transmission infrastructure demand.
The company maintains a strong order book with 98% exposure to private customers, central utilities and public sector enterprises, while limiting state utility exposure to less than 2%. Export orders contributed approximately 15% of total bookings during the financial year, with the company actively pursuing international opportunities across multiple geographies.
Historical Stock Returns for GE Vernova T&D
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -2.20% | -1.89% | +3.76% | +19.88% | +144.24% | +3,040.33% |
16
Access 50+ Readymade Screeners 
Use 200+ Custom Filters 
Get Full Market Insights 
