GE Vernova T&D India (GVTD IN) – Q2FY27 Result Update – Strong execution; margins resilient – BUY
Published on 31 Oct 2026
GE Vernova T&D India (GVTD) reported a strong Q2FY27 performance, with revenue growing 32% YoY to INR20.3bn and EBITDA margin expanding by 135bps YoY to 27.1% at the higher end of mid-20s guidance. Order intake increased 52% YoY to INR24.4bn with momentum expected to carry over in H2 FY27 supported by a healthy pipeline of domestic TBCB projects and export opportunities while the Barmer-Kalamb HVDC order is expected to be booked in the current quarter. Pick up in STATCOM orders, large data centre projects and upcoming 2-3 HVDC projects bidding next year further strengthens order pipeline visibility. Export momentum remains healthy, with H1 export inflows of INR10.4bn already exceeding the INR11.8bn recorded in FY26, supported by broad-based demand across North America, Europe, the Middle East and Africa. The stock is trading at a P/E of 53.2x/37.6x on FY28/29E. We maintain our ‘BUY’ rating with an unchanged TP of INR5,928 (same as earlier) valuing the stock at a PE of 65x Sep’28E (same as earlier).
