GE Vernova T&D India (GVTD IN) – Q4FY26 Result Update – Strong Q4; growth momentum remains intact – Downgrade to ‘ACCUMULATE’
Published on 20 May 2026
We believe 1) a healthy order pipeline in the power market, 2) a robust order book (Rs212.3bn), and 3) the management’s focus on margin improvement augur well for strong revenue & profit growth of GVTD. The stock is trading at a P/E of 75.0x/61.3x on FY27/28E. We roll forward to Mar’28E and downgrade our rating from ‘BUY’ to ‘Accumulate’ due to rally in stock price with a revised TP of Rs4,650 (Rs4,050 earlier) valuing the stock at a PE of 65x Mar’28E (65x Sep’27E earlier).
