News ArticleGE Vernova T&D India Posts 32% Revenue Growth and INR 24.4 Billion Q2 Order Intake on Transmission Sector Momentum
Order backlog remains steady at INR 214.4 billion, supporting over three years of revenue as company advances HVDC projects and digital grid solutions
GE Vernova T&D India's Q2 FY26-'27 earnings conference call reveals a 32% year-on-year revenue increase to INR 20.3 billion and a 52% rise in order book to INR 24.4 billion, driven by India's transmission infrastructure expansion and grid modernization efforts. Key project commissions include 400 kV substations and 765 kV transformers supporting India's evolving power grid and energy transition.
GE Vernova T&D India Limited
Earnings Call Transcript
GE Vernova T&D India Limited reported a 32% year-on-year revenue increase to INR 20.3 billion for the quarter ended September 30, 2026, alongside a 52% rise in new order intake to INR 24.4 billion, reflecting strong demand amid India's power grid expansion and modernization.
The company highlighted the energy sector's shift towards decentralization, digitalization, and decarbonization, contributing to increased demand for transmission infrastructure, including high-voltage direct and alternating current systems to integrate renewable energy sources.
GE Vernova's order backlog stood at INR 214.4 billion as of September 2026, consistent with March 2026 levels, representing over three years of revenue coverage based on FY25-'26 figures.
Profit before tax and exceptional items rose to INR 5.8 billion in the quarter, a 1.4-fold increase from the previous year, supported by operational efficiencies and growth in key segments.
Operationally, the company commissioned major projects including 400 kV substations for Nepal Electricity Authority and GETCO, 765 kV reactors for PGCIL and Resonia, and a 765 kV generator transformer for NUPPL, alongside GIS installations in Delhi and exports to Spain and Senegal.
Order wins featured major packages such as 400 kV generator transformers and 420 kV GIS for a 1,500 MW pumped storage project in Maharashtra, multiple GIS packages in Andhra Pradesh, and high voltage equipment for transmission projects in Himachal Pradesh.
Highlights
- Q2 FY26-'27 revenue rose 32% to INR 20.3 billion versus INR 15.4 billion in Q2 FY25-'26.
- Q2 order intake surged 52% to INR 24.4 billion from INR 16.1 billion year-on-year.
- Order backlog steady at INR 214.4 billion, covering more than three years of revenue.
- Profit before tax and exceptional items increased to INR 5.8 billion, up 1.4 times year-on-year.
- Key commissioned projects include 400 kV substations in Nepal and India and 765 kV reactors and transformers supporting grid expansion.
- Major order wins include generator transformers and gas insulated switchgear for large-scale hydro and transmission projects.
Key Data Snapshot
What happened
- GE Vernova T&D India delivered a 32% increase in revenue to INR 20.3 billion in Q2 FY26-'27 compared to the same quarter last year.
- Order intake rose by 52% year-on-year to INR 24.4 billion for the quarter ended September 30, 2026.
- Profit before tax and exceptional items increased by 1.4 times to INR 5.8 billion versus the previous year.
- Order backlog stood at INR 214.4 billion, ensuring over three years of revenue visibility based on prior fiscal year revenue.
- Operational achievements include commissioning of multiple high-voltage substations and reactors supporting India's power grid expansion.
Operational performance
- Commissioned 400 kV substation for Nepal Electricity Authority, strengthening Nepal's 400 kV grid backbone.
- Completed a 400 kV Gas Insulated Switchgear (GIS) station for GETCO at Babarzar and commissioned GIS at Narela, Delhi.
- Installed 765 kV reactors for customers like PGCIL at Bidar and Resonia at Beawar, plus a 765 kV generator transformer for NUPPL at Ghatampur.
- Executed export projects involving GIS technology in Spain and Senegal.
- Focused on network augmentation and operational excellence to support grid modernization and renewable integration demands.
Order and execution details
- Secured major orders including 400 kV generator transformer and 420 kV GIS packages for a 1,500 MW pumped storage hydro project in Maharashtra.
- Won contracts for 800 kV and 420 kV GIS packages for transmission projects in Andhra Pradesh.
- Awarded supply contracts for 400 kV reactors and 420/220 kV GIS packages for TBCB transmission projects in Himachal Pradesh.
- These orders reflect GE Vernova's technical capabilities and diversified market presence in India’s transmission sector.
Business impact
- Company prioritizes execution excellence on mega projects such as high voltage direct current (HVDC) lines.
- Focused on increased local manufacturing in India to reduce global supply chain risks and support self-reliance.
- Expanding services and software business, emphasizing grid automation and asset performance management to optimize grid reliability and reduce losses.
- Cash generation and strong balance sheet support continued investment in strategic growth areas.
Background and context
- India's power transmission sector is undergoing significant transformation with grid decentralization, digitalization, and decarbonization initiatives.
- Expanding transmission infrastructure is critical to meet growing energy demand and integrate large-scale renewable energy sources located far from consumption centers.
- Technological advancements like flexible AC transmission systems and energy storage integration are essential for a resilient and greener grid.
- GE Vernova positions itself as a key player by providing hardware, software, and digital infrastructure for grid modernization.
Highlights
- Q2 FY26-'27 revenue rose 32% to INR 20.3 billion versus INR 15.4 billion in Q2 FY25-'26.
- Q2 order intake surged 52% to INR 24.4 billion from INR 16.1 billion year-on-year.
- Order backlog steady at INR 214.4 billion, covering more than three years of revenue.
- Profit before tax and exceptional items increased to INR 5.8 billion, up 1.4 times year-on-year.
- Key commissioned projects include 400 kV substations in Nepal and India and 765 kV reactors and transformers supporting grid expansion.
- Major order wins include generator transformers and gas insulated switchgear for large-scale hydro and transmission projects.
Disclosures
- Securities and Exchange Board of India (Listing Obligations & Disclosure Requirements) Regulations, 2015
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