GE Vernova T&D India Ltd Q3 FY26 — ₹1,701 Cr Quarterly Revenue, 27% OPM, ₹9,836 Cr Order Book & 55% ROCE: Grid Ka King Ya Valuation Ka Voltage Shock?

1. At a Glance

GE Vernova T&D India Ltd right now is behaving like that topper who failed once, cried in the washroom, then came back with a gold medal and an attitude problem. Market cap sitting at ₹79,711 Cr, stock flirting around ₹3,113, and a Q3 FY26 PAT of ₹291 Cr with 139% YoY profit growth. Quarterly revenue exploded to ₹1,701 Cr (+58%), while operating margin climbed to 27%—which, in heavy electricals, is basically luxury housing.

ROCE at 54.7%, ROE at 40.4%, and debt so low (₹30.5 Cr) it’s practically decorative. Order book at ₹9,836 Cr, almost 3× FY22 levels. Exports forming nearly half of new orders. And valuation? A spicy 71× P/E and 50× EV/EBITDA—the stock market clearly believes India’s grid will never sleep again.

But question time: is this a structural rerating story or peak-cycle euphoria with Swiss precision branding? Let’s open the switchyard.

2. Introduction

For nearly a decade, GE T&D India looked like a PSU intern stuck in corporate form—low margins, erratic profits, working capital nightmares, and occasional losses that made shareholders question their life choices.

Then came the pivot.

GE carved out its energy business globally into GE Vernova, and suddenly the Indian grid subsidiary discovered operating leverage, pricing power, and something very rare in capital goods: discipline. From negative margins in FY22 to 19.5% EBITDA margin in H1 FY25, and now 26–27% OPM quarterly—this is not a mild turnaround, this is a full Bollywood redemption arc.

India’s grid capex cycle is booming: renewable evacuation, HVDC links, transmission upgrades, and digitisation. GE Vernova T&D is sitting right in the middle, selling not just iron and copper but brains—software, automation, and ultra-high voltage tech.

But remember: markets love stories most at the