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
Here’s a simple truth most retail investors miss: electricity doesn’t travel from a power plant to your socket by magic. It travels through transformers, switchgear, circuit breakers, gas-insulated substations, automation systems, and HVDC terminals. All of which GE Vernova T&D India manufactures, installs, and services.
The business breaks into four clean buckets — Products (power transformers, circuit breakers, switchgear, up to 1,200 kV), Solutions (turnkey substation engineering and construction), Automation (digital software and monitoring), and Services (maintenance and upgrades of existing equipment). About 50% of India’s power flow is monitored through their digital solutions. That’s not a fact. That’s a moat wearing a tuxedo.
Revenue currently splits ~72% domestic / ~28% exports, with 75+ countries in the export book. Clients include NTPC, Power Grid, Adani Transmission, TATA Power, JSW Steel, Amazon, Reliance, and Hindalco — basically everyone who has ever assembled a serious industrial balance sheet in India.
Order Backlog₹14,400 CrDec 2025
9M Order Intake₹6,160 CrFY26 so far
Export Share~72%FY25 (72% of revenue)
Mfg. Units5TN, Chennai, Noida, GJ
Export Margin Secret: The CFO confirmed in the Feb 2026 concall that export volumes carry better pricing — “export volume gives us better margin… better price deals.” With exports at ~28% of Q3 execution and the large parent-related export order coming in 2H FY27, this margin tailwind isn’t leaving any time soon.
💬 Comment below: Does your state’s electricity utility use GE Vernova equipment? Spoiler: it probably does, and you didn’t know because nobody talks about transformer companies at dinner.
04 — Financials Overview
Q3 FY26: The Numbers That Made Analysts Do a Double-Take
Result type: Quarterly Results (Standalone) | Q3 FY26 EPS: ₹11.36 | Annualised EPS (Q4 CY24 + Q1 + Q2 + Q3 FY26 average × 4 = TTM): ₹41.71 | Note: TTM EPS used since 4-quarter trailing data is available
| Metric (₹ Cr) |
Q3 FY26
Dec 2025 |
Q3 FY25
Dec 2024 |
Q2 FY26
Sep 2025 |
YoY % |
QoQ % |
| Revenue | 1,701 | 1,074 | 1,538 | +58.4% | +10.6% |
| Operating Profit | 455 | 180 | 396 | +152.8% | +14.9% |
| OPM % | 27% | 17% | 26% | +1,000 bps | +100 bps |
| PAT | 291 | 143 | 299 | +103.5% | -2.7% |
| EPS (₹) | 11.36 | 5.57 | 11.70 | +103.9% | -2.9% |
P/E Recalculated: TTM EPS (trailing 4 quarters: Q4 FY25 ₹7.28 + Q1 FY26 ₹11.37 + Q2 FY26 ₹11.70 + Q3 FY26 ₹11.36) = ₹41.71. CMP ₹3,869 ÷ ₹41.71 = P/E 92.8x (screener shows 88.6x — minor rounding on standalone vs consolidated). Industry median P/E is 31x. QoQ PAT dipped slightly due to a ₹69.3 crore provision for retiral benefit liability under new wage codes — a one-time accounting entry, not an operational deterioration. The underlying business accelerated.
05 — Valuation: Fair Value Range Only
What’s ₹99,000 Crore of Market Cap Actually Anchored To?
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