01 — At a Glance
The Transformer That Turned Itself Around
- 52-Week High / Low₹3,999 / ₹1,253
- Q3 FY26 Revenue₹1,701 Cr
- Q3 FY26 PAT (Standalone)₹291 Cr
- Q3 FY26 EPS₹11.36
- TTM EPS₹41.71
- Book Value₹81.5
- Price to Book47.5x
- Debt / Equity0.01x
- Order Backlog (Dec 2025)₹14,400 Cr
- 3-Month Return+39.7%
Auditor’s Opening Note: GE Vernova T&D India closed Q3 FY26 with ₹1,701 crore revenue — up 58% year-on-year. PAT came in at ₹291 crore, up 139% YoY. The company posted its highest quarterly order intake this financial year at ₹2,940 crore. Nine-month revenue already at ₹4,601 crore, up 46% YoY. And the HVDC order that management won’t stop talking about (but mysteriously hasn’t booked yet) sits in the wings like a season finale cliffhanger. The stock is up 172% in one year. Whether that’s justified is precisely what this article is about.
02 — Introduction
From Losses to ROCE of 55%: The Glow-Up Nobody Saw Coming
Three years ago, GE T&D India was the awkward relative at the capital goods family reunion. Operating margins were negative. The stock was range-bound near ₹400–600. Management was delivering results with the enthusiasm of a Monday morning government employee. The company hadn’t paid a dividend in years. Old retention money was stuck like that neighbour’s borrowed mixer — apparently never coming back.
Fast forward to December 2025. EBITDA margin: 27%. ROCE: 54.7%. Order backlog: ₹14,400 crore. Revenue up 58% in a single quarter. A 2,500 MW HVDC order just won. ICRA upgraded them to AA- with a Positive outlook. The stock hit ₹3,999. If this were a Bollywood script, someone would say “ye toh puri duniya badal gai.”
What changed? India decided to build a serious power grid. Renewables grew to ~50% of installed capacity. NTPC, Power Grid Corporation, Adani, and every state utility suddenly needed transformers, switchgear, gas-insulated substations, and HVDC terminals — all things GE Vernova T&D manufactures. The company happened to have a hundred years of operational history in India, GE Vernova’s global tech backing, and manufacturing facilities in Tamil Nadu, Noida, Chennai, and Gujarat. Being in the right place at the right time helps. Being technically irreplaceable helps more.
In this article, we break down Q3 FY26 results, the order book obsession, the HVDC angle everyone is pricing in, and whether P/E of 88x is a feat of financial faith or simple market euphoria.
Concall Note (Feb 2026): “This is where HVDC transmission becomes not just useful but essential.” — Management. Said with the confidence of someone who just won a ₹2,500 MW HVDC order and is now subtly suggesting the stock price should reflect that.
03 — Business Model: WTF Do They Even Do?
They Make the Stuff That Makes Electricity Go Somewhere
EduInvesting runs entirely on reader support — ₹360 a year keeps the lights on.
