GE Vernova T&D India (GVTD IN) – Q3FY26 Result Update – Robust Q3, growth story remains intact – BUY
Published on 29 Jan 2026
We revise our FY26/27E EPS estimates upward by +9.9%/+2.0%, factoring in strong execution momentum and margin gains led by strong growth in volume, better pricing and execution of higher margin order backlog. GE Vernova T&D India (GVTD) reported a strong quarter with 58.4% YoY revenue growth and a 1000bps YoY improvement in EBITDA margin to 26.7%. On the back of sustained execution strength over the past few quarters, management has upgraded its FY26 EBITDA margin guidance to the higher end of mid-20s (mid-20’s earlier). During the quarter, GVTD secured a VSC-HVDC order (Khavda–South Olpad), which is expected to be booked in subsequent quarters having a ~4-year execution timeline. Domestic order pipeline remains robust, led by TBCB opportunities generating across states, while export order in pipeline experienced a delay from the customer side now expected in H2FY27. Adequate existing capacity provides headroom to execute HVDC Khavda-South Olpad projects alongside potential new HVDC wins. Ongoing capex of ~Rs10bn through FY28 and effective raw-material pass-through mechanisms support operating leverage and margin resilience.
