This article first appeared on GuruFocus .
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Revenue:$15.4 billion in Q2 FY 2025-26, up 39% from $11.1 billion in Q2 FY 2024-25.
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Order Book:$16.1 billion in Q2, down 66% year-on-year from $46.8 billion in Q2 FY 2024-25.
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Order Backlog:$131.1 billion as of September 25, up 1% from $129.6 billion as of June 25.
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Profit Before Tax and Exceptional Items:4 billion INR, more than 2.1x growth from 1.9 billion INR in the previous year.
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Cash and Cash Equivalents:15.2 billion INR as of September 30, up from 12.2 billion INR as of June 30, 2025.
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Cash Generated in Q2:4.3 billion INR before dividend payment.
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EBITDA Margin:25.8% in Q2, a 70 basis point increase from the previous year.
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H1 Revenue:$28.6 billion, a 39% year-over-year growth.
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H1 EBITDA:27.3%, with an EBITDA of 78 billion INR.
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CapEx Investment:$8 billion announced, in addition to $1.4 billion announced in May, totaling $10.4 billion.
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Release Date: November 03, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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GE Vernova T&D India Ltd ( BOM:522275 ) reported a significant revenue growth of 39% year-on-year, reaching $15.4 billion in Q2 FY 2025-26.
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The company achieved a strong EBITDA margin of 25.8%, representing a 70 basis point increase over the previous financial year.
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The order backlog expanded to 131.1 billion INR, providing strong visibility for long-term growth.
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GE Vernova T&D India Ltd announced an additional $8 billion investment to expand its engineering and manufacturing capabilities, focusing on advanced grid technologies.
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The company generated a healthy cash flow, with cash and cash equivalents increasing to 15.2 billion INR as of September 30, 2025, with no debt.
Negative Points
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The order bookings in Q2 were down 66% year-on-year, primarily due to the absence of large orders that were present in the previous year.
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There was a noted softness in the domestic order pipeline due to industry challenges such as ROW issues and slower tendering processes.
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Pricing pressure remains a concern, with no significant improvement in pricing power compared to the previous year.
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The STATCOM opportunities have experienced a slowdown, impacting the potential for new orders in this segment.
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The company faces challenges in the export market due to varying competition and pricing strategies across different geographies.
Q & A Highlights
Q: What is the outlook for domestic orders in the second half of the year, considering challenges in the first half? A: Sandeep Zanzaria, CEO, mentioned that while there was some softness in the first half, the pipeline is expected to strengthen. The National Committee of Transmission has identified several projects, and the outlook for the second half is positive.
Q: Can you provide details on the recent CapEx announcement of 8 billion rupees? A: Sandeep Zanzaria explained that while specific details cannot be shared, the CapEx is aimed at expanding capabilities in transformers, reactors, and GIS products. The investment is part of a broader strategy to enhance manufacturing capacity.
Q: What opportunities do you see in the data center market, and are you qualified for international orders? A: Sandeep Zanzaria stated that GE Vernova is qualified to supply products like gas-insulated switchgears and transformers for data centers. While the US market is primarily served domestically, opportunities in other regions are being targeted.
Q: How do you view the current pricing environment for new orders? A: Sandeep Zanzaria noted that while prices are stable, there is slight pressure. However, the company expects to maintain healthy margins, with a focus on delivering EBITDA in the mid-20s for the current financial year.
Q: What is the status of the HVDC projects, and how do they impact your business? A: Sandeep Zanzaria mentioned that the HVDC pipeline is strong, with at least two more projects expected after the current ones. These projects are crucial for long-term growth, and the company is preparing to handle them with existing and expanded capacities.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
