GE Vernova T&D India Q2 FY26 Concall Decoded: The Grid Whisperer’s Billion-Volt Quarter ⚡
1. Opening Hook When the rest of India was arguing about who’ll light up Diwali cheaper — coal or solar — GE Vernova quietly lit up its own scoreboard. The power transmission major didn’t just plug into growth; it cranked the voltage up to record levels. With an ₹8 billion capex plan and 39% revenue surge, it’s safe to say the grid’s got a new guru. And yes, the CEO just dropped “HVDC” more times than influencers drop “collab.” Stick around — it gets juicier than a high-voltage short circuit.
2. At a Glance
Revenue up 39% – Clearly, electrons aren’t the only things surging through their wires.
EBITDA margin at 25.8% – A jolt of profitability even Tesla would admire.
Order book ₹131 billion – Enough backlog to power the next three financial years.
Order inflow ₹16.1 billion – Down 66%, but who cares when margins are glowing.
Capex announced ₹8 billion – Because transformers aren’t going to build themselves.
3. Management’s Key Commentary
Sandeep Zanzaria (CEO): “India’s peak power demand is set to jump 80% by 2032.” (Translation: The country’s going to need more wires, and we’re selling them by the mile.) ⚡
“Transmission remains the most stable and growth-oriented segment.” (Translation: Generation may fluctuate, but transmission’s the power couple that never breaks up.)
“We’ll invest ₹8 billion for advanced grid tech at Vadodara, Hosur, and Padappai.” (Translation: While others dream of smart cities, we’re building smart substations.)
Sushil Kumar (CFO): “We reported an EBITDA of 25.8% this quarter, up 700 bps YoY.” (Translation: Even Excel sheets are blushing at this operating leverage.)
“97% of backlog from PSUs and private players, just 3% from state utilities.” (Translation: We prefer clients who actually pay on time.) 😏
“Generated ₹5.9 billion cash in H1 and still debt-free.” (Translation: We’re the rare power company where cash flows faster than electrons.)
Abhishek Srivastava (Ops Head): “Commissioned key substations for THDC, Power Grid, and Vivid Renewables.” (Translation: If it buzzes, hums, or shocks, we probably built it.)
