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1. At a Glance
A company that has been putting electricity onto Indian wires for over a hundred years just posted a quarter where revenue grew 38% and new orders fell 30%. Both numbers come from the same three months, which is the sort of thing that happens when a factory finally starts converting a backlog it spent two years building.
Revenue for the June 2026 quarter was ₹1,836 Cr against ₹1,330 Cr a year earlier. Operating profit was ₹461 Cr, PAT ₹363 Cr, EPS ₹14.18. Order intake came in at ₹1,137 Cr versus ₹1,620 Cr in the year-ago quarter — the CEO attributed this primarily to lower realisation of TBCB awards in the January–March window, which carried into April–June. The order backlog stood at ₹20,930 Cr in June 2026 against ₹21,460 Cr in March, down 2.5% because, in management’s phrasing, execution outpaced new orders.
Elsewhere on the ledger: gross margin 41.3% against 48.4% a year ago, which the CFO decomposed into three quantified drivers rather than leaving to interpretation. EBITDA margin of 25.1% was reaffirmed as consistent with the “mid-20s” guidance. Cash generation of ₹430 Cr during the quarter took available cash including cash-pool lending to ₹2,930 Cr. ICRA upgraded the long-term rating to [ICRA]AA with a Stable outlook on July 29.
The interesting arithmetic sits in the backlog: at ₹20,930 Cr against FY26 revenue of ₹6,206 Cr, the company has booked more than three years of last year’s sales. What it does with that over the next twelve quarters is the rest of this entry.
2. Introduction
GE Vernova T&D India Limited is the listed Indian entity of GE’s Grid Solutions business — the bit of the sprawling GE estate that handles power transmission and distribution. The company has been in this business for more than a century, which in Indian industrial terms means it was wiring substations while the country was still arguing about whether to have a grid at all. It was known as ALSTOM T&D India, then GE T&D India, and is now GE Vernova T&D India, a naming history that reads like a corporate genealogy chart.
The parent is GE Vernova, a global energy group covering Power, Wind and Electrification, headquartered in Cambridge, Massachusetts, with over 85,000 employees across 100+ countries. Promoter holding sits at 51.00% as of June 2026, held principally through Grid Equipments Private Limited at 50.70%, alongside a supporting cast of several dozen GE entities holding 0.00% each — Uruguay, Morocco, Wuhan, Romania, and a Libyan electrical services company are all technically on the register.
The recent news flow has been dense. In December 2025 the company disclosed a contract to build a 2,500 MW ±500 kV HVDC VSC terminal, and separately an LOA from PGCIL for refurbishment and upgrades of the 2×500 MW Chandrapur HVDC link. In November 2025 the board approved ₹806 crore of expansions at Vadodara, Hosur and Padappai for 2026–28, and in May 2026 a further ₹55 crore capacity addition at Vallam, Tamil Nadu, with first production expected by December 2026. Total announced capacity investment across all locations is around ₹1,000 Cr. Shareholders approved Rashmi Joshi as Independent Director in March 2026 and reappointed Sandeep Zanzaria as MD and CEO through April 2029.
The FY26 annual report and BRSR were filed this month, alongside the 70th AGM notice — a company old enough that its AGM count has entered its eighth decade.
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3. Business Model: WTF Do They Even Do?
They make the heavy, unglamorous, extremely expensive metal that stands between a solar farm in Gujarat and a light switch in Delhi.
Specifically: power transformers, circuit breakers, gas-insulated switchgear, instrument transformers, substation automation equipment, digital software solutions, turnkey substation engineering and construction, FACTS, HVDC, and maintenance support. ICRA notes the company provides transmission systems comprising substations from 66 kV to 1,200 kV, while operating primarily in the high-voltage space of 440 kV and 765 kV. These are products where the unit of measurement is the megavolt-ampere and the delivery vehicle is a specially routed truck.
Operations run across four verticals — products, solutions, automation and services — from five manufacturing units at Vadodara, Hosur, Padappai, Pallavaram and Noida. For financial reporting the company treats the whole thing as a single operating segment relating to products, projects and systems for electricity transmission, which is a tidy way of saying everything here plugs into the same grid.
Geography: domestic was 67% of FY26 revenue against 72% in FY25; exports 33% against 28%. In the June quarter the split was 70% domestic, 30% exports. The company exports to 60+ countries. The customer list reads like a roll call of Indian heavy industry — NTPC, Adani Transmission, Hindalco, Tata Power, BHEL, Indigrid, Powergrid, NHPC, Reliance Industries, JSW Steel — with Amazon sitting in the middle of it, which tells you something about where data centres now rank among consumers of high-voltage equipment.
Q1 commissioning work included 765 kV shunt reactors for PGCIL at Bareilly and for Resonia at Beawar, 400 kV bays at Adani’s Khavda site in Gujarat, 275 MVA 765 kV generator transformers at NUPPL Ghatampur, 400 kV outdoor GIS bays for RenewPower at Badla, and 220 kV and 400 kV GIS bays at Khimti in Nepal. Management described the Nepal work as a foundational milestone for
