GE Vernova T&D India (GVTD IN) – Q1FY27 Result Update – Healthy Q1; all eyes on order momentum – ACCUMULATE
Published on 08 Aug 2026
GE Vernova T&D (GET&D) delivered a healthy operational performance with revenue increasing 38% YoY, driven by robust domestic execution. However, EBITDA margin declined 404bps YoY, primarily due to lower gross margins (-709bps) impacted by higher input costs, lower export contribution and ramp-up of lower gross margin HV business. Although order inflow moderated (-30% YoY) due to a weak domestic TBCB ordering environment from Jan-Mar affecting order conversion, the company maintained a healthy order backlog of ~Rs209bn, providing strong multi-year execution visibility. We believe 1) a healthy order pipeline, 2) a robust order book (Rs209bn), and 3) the management’s focus on margin resilience augur well for strong revenue & profit growth of GVTD. The stock is trading at a P/E of 71.5x/59.4x on FY27/28E. We maintain our ‘Accumulate’ rating with a revised TP of Rs4,701 (Rs4,650 earlier) valuing the stock at a PE of 65x Mar’28E (same as earlier).
