This article first appeared on GuruFocus .
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Revenue:INR17 billion in Q3 FY25-26, up 58% year on year from INR10.7 billion in Q3 FY24-25.
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Order Bookings:INR29.4 billion in Q3, a 41% increase from INR20.8 billion in the previous year.
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Order Backlog:INR143.8 billion as of December 2025, up 10% from INR131.1 billion in September 2025.
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Profit Before Tax and Exceptional Items:INR4.6 billion in Q3, more than 2.4x increase from INR1.9 billion in the previous year.
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Cash and Cash Equivalents:INR15.9 billion as of December 31, 2025, up from INR15.2 billion as of September 30, 2025.
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Cash Generated in Q3:INR0.7 billion.
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EBITDA Margin:26.7% for the quarter; 27.1% for the nine-month period, an 80 basis point improvement over the previous year.
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Cash Generated (Nine-Month Period):INR6.7 billion operationally.
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Debt:No debt as of the end of December 2025.
Release Date: January 28, 2026
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 58% year-on-year for Q3, reaching INR17 billion.
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The company achieved a robust order book with bookings of INR29.4 billion, marking a 41% increase compared to the previous year.
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EBITDA margin expanded to 27.1% for the nine-month period, reflecting an 80 basis point improvement over the last financial year.
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The company has a strong cash position with cash and cash equivalents of INR15.9 billion and no debt.
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GE Vernova T&D India Ltd is well-positioned to support India's renewable energy infrastructure with its high-performance transmission solutions.
Negative Points
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The Adani HVDC orders were not included in the current quarter due to pending commercial milestones.
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There is uncertainty regarding the impact of potential changes in trade agreements with Europe on export competitiveness and raw material costs.
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Concerns about potential competition from Chinese companies entering the Indian market remain speculative but could impact future business.
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Execution timelines for large projects like HVDC are lengthy, spanning multiple years, which could delay revenue realization.
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The company faces challenges in maintaining high margins amidst commodity price fluctuations, although it has strategies to mitigate these risks.
Q & A Highlights
Q: Can you explain why the Adani HVDC orders were not included in the current quarter? Does it include transformers for the project? A: According to company processes, orders are booked upon reaching certain milestones. Once these milestones are achieved, the order will be booked. The transformers for the HVDC are included as part of the order. - Sandeep Zanzaria, CEO and MD
Q: How does the recent trade agreement with Europe impact your competitiveness and costs? A: We are still awaiting details of the agreement. Once available, we will assess its impact on exports and costs. It is premature to comment at this stage. - Sandeep Zanzaria, CEO and MD
Q: What is the timeline for the HVDC project execution, and do you have the capacity to execute it immediately? A: The order execution has already started, and the timeline is approximately four years. We have the necessary capacity to execute the order without needing additional capacity. - Sandeep Zanzaria, CEO and MD
Q: How are you mitigating the impact of commodity inflation on costs? A: Many of our products have variable pricing, allowing us to pass on cost changes to customers. For firm price contracts, we build cost assumptions into our pricing. We also work with our supply chain to improve costs and mitigate risks. - Sandeep Zanzaria, CEO and MD
Q: Can you provide insights into the domestic and international order pipeline? A: We see a strong pipeline of projects domestically, with no slowdown. Internationally, there is significant traction, although decision-making can be slower. We continue to work on improving our pipeline and order intake. - Sandeep Zanzaria, CEO and MD
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
