GE Vernova T&D India Limited Earnings Summary — Q1 FY2027
GE Vernova T&D India Reports Strong Q1 Growth with Net Profit Up 25% YoY
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue grew 12.2% sequentially in Q1 FY2027.
- Revenue of ₹1,836 Cr is 38.0% higher year-on-year.
- Revenue has compounded at 36.4% annualised over the last 10 quarters.
- Revenue is at its highest level in 10 quarters.
- Net profit has reached its highest level in 10 quarters.
- Net profit of ₹363 Cr is 24.7% above the same quarter last year.
- Profit growth is trailing revenue growth this quarter.
- Net profit has compounded at 112.9% annualised across the period.
- Operating margin stands at 25.1% in Q1 FY2027.
- Operating margin compressed by 404 bps year-on-year.
- Over the last two years operating margin has expanded by 609 bps.
- PBT margin is 26.5%.
- Expenses grew 45.9% against revenue growth of 38.0%.
- Operating profit of ₹461 Cr is 18.9% higher year-on-year.
- Operating leverage has been under pressure recently.
- 6 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 73/100 (Strong) on the latest 10 quarters.
- Business momentum remains positive heading into the next quarter.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Improving | 1,836 | 1,637 | 1,701 | 1,538 | 1,330 | 1,153 | 1,074 | 1,108 | 958 | 914 |
| Expenses | Improving | 1,375 | 1,192 | 1,246 | 1,142 | 943 | 900 | 894 | 903 | 776 | 803 |
| Operating Profit | Strong Uptrend | 461 | 445 | 455 | 396 | 388 | 252 | 180 | 205 | 182 | 111 |
| Operating Margin | Improving | 25.1% | 27.2% | 26.7% | 25.8% | 29.1% | 21.9% | 16.7% | 18.5% | 19.0% | 12.2% |
| Other Income | Volatile | 42 | 43 | -51 | 19 | 16 | 21 | 26 | 4 | 12 | 6 |
| Interest | Volatile | 3 | 7 | 3 | 2 | 3 | 6 | 4 | 3 | 2 | 3 |
| Depreciation | Stable | 12 | 12 | 12 | 12 | 11 | 11 | 12 | 12 | 12 | 12 |
| Profit Before Tax | Strong Uptrend | 487 | 469 | 390 | 401 | 390 | 256 | 190 | 194 | 180 | 101 |
| Tax | Strong Uptrend | 124 | 117 | 99 | 102 | 99 | 70 | 47 | 49 | 45 | 35 |
| Net Profit | Strong Uptrend | 363 | 352 | 291 | 299 | 291 | 186 | 143 | 145 | 135 | 66 |
| Net Margin | Improving | 19.8% | 21.5% | 17.1% | 19.5% | 21.9% | 16.2% | 13.3% | 13.1% | 14.0% | 7.3% |
Key Takeaways
- Revenue for Q1 FY2027 surged 38% YoY to ₹18,361.4 million, driven by strong execution across turnkey solutions and product supplies.
- Net profit increased to ₹3,629.9 million, representing a 24.7% YoY growth despite rising raw material costs.
- The company successfully transitioned its customer mix, with state utility exposure now at an all-time low of under 2%.
- Order backlog reached a record ₹214.6 billion as of March 2026, providing exceptional multi-year visibility through FY2029.
- Management initiated a ₹10 billion capital investment program to expand manufacturing capacity for disconnectors and drives through 2028.
- Cash position remains robust with ₹25 billion in cash and cash equivalents and zero debt as of the start of the fiscal year.
- Adopted hedge accounting effectively, resulting in a ₹686.1 million gain in Other Comprehensive Income for the current quarter.
Management Guidance
Management targets sustaining mid-20s EBITDA margins while focusing on high-value exports and service contracts. Significant revenue conversion for long-cycle HVDC projects is expected to begin from FY2028-29 onwards. The company is actively bidding on 33+ TBCB projects and expects growth from data center and renewable integration segments.
Sentiment Shift
Stable
The company maintains strong momentum from the prior fiscal year, supported by a massive order backlog and successful derisking of the customer profile away from state utilities.
Outlook
The outlook is highly supportive due to India's target of 800GW renewable capacity by 2035 and rising peak demand. Exports are expected to ramp up through 'India for the World' strategy, targeting US and Middle East grid replacement cycles.
From the Annual Report (Key Quotes)
“Our backlog has grown by approximately 70% in just 12 months... providing us with exceptional multiyear visibility.”
“India's energy transition is accelerating, and the need for robust transmission and distribution infrastructure will only grow stronger.”
“By prioritizing high credit quality counterparties, we're not only protecting our margins but also ensuring a more predictable cash conversion cycle.”
Official Quarterly Documents
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This summary is AI-generated from GE Vernova T&D India Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.