₹8,610 Cr Order Book: Electric Equipment Stock in Focus After Net Profit Soars 89%

Synopsis: GE Vernova T&D delivered strong growth in FY26 driven by renewable transmission projects, record order inflows, margin expansion, and fresh capacity investments supporting India’s fast-growing power infrastructure demand. 

The shares of this large cap company majorly engaged in the business of power transmission and distribution providing a wide range of solutions for connecting and evacuating power were in focus after the company posted Q4 FY26 results. 

With the market capitalization of Rs. 1,12,191 Crores, the shares of  GE Vernova T&D India Ltd were trading at around Rs. 4382 per share which is 10 percent discount from its 52 weeks high of Rs. 4850 per share and is trading at a P/E of 87.7 whereas industry P/E stands at 39

Q4 FY26 Results: 

Year on Year analysis: Revenue from operations has increased from Rs. 1153 Crores to Rs. 1637 Crores, up 42 percent Operating profit has increased from Rs. 252 Crores to Rs. 445 Crores, up 76 percent and net profit has increased from Rs. 186 Crores to Rs. 352 Crores, up 89 percent. 

Quarter on Quarter analysis: Revenue from operations has decreased  from Rs. 1701 Crores to Rs. 1637 Crores, down 3.7 percent. Operating profit has decreased from Rs. 455 Crores to Rs. 445 Crores, down 2 percent and net profit has increased  from Rs. 291 Crores to Rs. 352 Crores, up 21 percent. 

Record Order Inflows Boost Future Growth Visibility

The biggest highlight of the results was the strong growth in order bookings, which reflects rising investment activity in India’s power transmission and renewable energy sectors.

Quarterly order bookings jumped 188 percent  YoY to Rs. 8610 Crores  compared to Rs. 2990 Crores last year. Full-year order inflows also increased 37 percent  YoY to Rs. 14780 Crores from Rs. 10780 Crores. These large order wins provide strong revenue visibility for the coming years and strengthen the company’s position in the transmission infrastructure space. 

Major Renewable and HVDC Project Wins

GE Vernova secured several important domestic transmission projects during the year. One of the key wins was an order from Adani Energy Solutions for supplying an HVDC VSC terminal station for the 2.5 GW Khavda–South Olpad renewable energy transmission corridor.

The company also received orders from Power Grid Corporation of India for refurbishment work at the Chandrapur HVDC station, along with multiple transformer and reactor orders connected to renewable energy evacuation infrastructure.

Additional orders included 765 kV transformers, reactors, GIS equipment, AIS systems, and grid automation packages from both public and private sector developers. 

Apart from domestic projects, the company also secured multiple export orders for AIS and GIS equipment across Europe, the Middle East, and Africa. This international business expansion helps diversify revenue streams and reduces dependence on a single geography. 

Strong Project Execution Across India

The company commissioned several key projects during the year across different states. These included substations, switchyards, reactors, ICTs, and automation systems in Karnataka, Nagaland, Bihar, Himachal Pradesh, Rajasthan, Telangana, and Jammu & Kashmir. Successful execution of these projects demonstrates the company’s ability to handle large and technically complex transmission infrastructure projects.

Capacity Expansion to Support Future Demand

The Board approved an investment of Rs. 550 million to create additional manufacturing capacity for disconnectors and drives for 362 kV Dead Tank Circuit Breakers. The new facility will be located in Vallam, Tamil Nadu.

Management also stated that the company initiated capital investments of over Rs. 1000 Crores across multiple product lines and manufacturing facilities during the year. These investments are aimed at supporting the next phase of growth as demand for transmission equipment continues to rise.

Conclusion:  

GE Vernova T&D India delivered a strong FY26 performance driven by rising investments in renewable energy transmission and grid modernisation. Record order inflows, strong margin expansion, and large HVDC and transmission project wins have strengthened the company’s long-term growth visibility. The company is also expanding manufacturing capacity and increasing capital investments to meet future demand. With growing opportunities in India’s energy transition and export markets, GE Vernova appears well-positioned to benefit from the ongoing expansion of power infrastructure over the coming years.

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