GE Vernova T&D India Q3FY26 Results & Earnings Call: Strong Growth with HVDC Wins

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.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+2.16%	+3.10%	+42.18%	+31.04%	+157.38%	+2,931.31%

GE Vernova T&D India Ltd. recorded a substantial block trade transaction on the National Stock Exchange (NSE), highlighting significant institutional activity in the electrical equipment sector.

Block Trade Details

The transaction involved a considerable volume of shares and represents a notable movement in the company's stock.

Parameter:	Details
Transaction Value:	Rs. 54.64 crores
Number of Shares:	202,177 shares
Price Per Share:	Rs. 2702.40
Exchange:	NSE

Market Implications

Block trades of this magnitude typically indicate institutional investor activity, such as mutual funds, insurance companies, or foreign institutional investors executing large transactions. These trades are conducted outside the regular market to avoid impacting the stock's market price during normal trading hours.

The transaction price of Rs. 2702.40 per share reflects the current market valuation at which institutional investors are willing to transact in GE Vernova T&D India shares. Such block deals often provide insights into institutional sentiment towards the company and can influence future trading patterns.

About the Transaction

Block trades are pre-negotiated deals between large investors that are executed on the exchange but reported separately from regular market trades. These transactions help maintain market stability by preventing large orders from causing significant price volatility during regular trading sessions.