StrengthTalking point
Profit outpacing revenue
Profit grew 102.7% while revenue grew 44.6%, so the company kept more of each rupee of revenue as profit.
Importance 72 / 95 · growth
GE Vernova T&D India Limited · Research view
GE Vernova T&D India Limited
NSE: GVT&DBSE: 522275ISIN INE200A01026Face value ₹2standalone
₹4,270
+2.47% · 2026-10-01 · 52-wk ₹2,558–₹5,534
Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
WatchTalking point
Volatile earnings
Profit has swung sharply over 6 years (from ₹-303 to ₹1,233) — one year is a weak guide to the earnings power.
Importance 65 / 95 · growth
StrengthTalking point
Returns at a multi-year high
ROE of 55.3% is the highest in 7 years (prior range -24.4% to 40.3%).
Importance 65 / 95 · profitability
StrengthTalking point
More profitable than peers
ROE of 55.3% is well above the heavy electrical equipment median of 21.2%.
Importance 63 / 95 · profitability
Section 03 · The company
Who is this company?
Classified by the exchange under Industrials › Capital Goods › Electrical Equipment › Heavy Electrical Equipment.
- Market cap
- ₹1.09 L cr
- FY2026 revenue
- ₹6,206 cr
- FY2026 net profit
- ₹1,233 cr
- Net worth
- ₹2,690 cr
- Total debt
- ₹0 crnet cash
- EPS (basic)
- ₹48.16
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 8 heavy electrical equipment.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Strength
Profit grew 102.7% while revenue grew 44.6%, so the company kept more of each rupee of revenue as profit.
Rule PROFIT_FASTER_THAN_REVENUE
- Revenue growth per year
- +5.7%over 7 years
- Revenue growth
- +44.6%vs last year
- Net profit growth
- +102.7%vs last year
- Change in net profit since FY19
- +480%
Profit has swung sharply over 6 years (from ₹-303 to ₹1,233) — one year is a weak guide to the earnings power.
Net profit grew 102.7% year on year (FY2025 → FY2026).
Revenue grew 44.6% year on year (FY2025 → FY2026).
Revenue has compounded at 5.7% a year over 7 years (₹4,219 → ₹6,206) — steady rather than rapid.
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 revenue was ₹1,836 cr, up 38.0% from ₹1,330 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
Strength
Q1 FY27 net profit was ₹363 cr, up 24.7% from ₹291 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Concern
Q1 FY27 EBITDA margin was 27.4%, down 2.99 percentage points from 30.4% a year earlier.
Rule QTR_MARGIN_CHANGED_YOY
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 1,108 | — | 145 | — | 13.1% |
| Q3 FY25 | 1,074 | +28.0% | 143 | +189.1% | 13.3% |
| Q4 FY25 | 1,153 | +26.2% | 186 | +181.3% | 16.2% |
| Q1 FY26 | 1,330 | +38.8% | 291 | +116.4% | 21.9% |
| Q2 FY26 | 1,538 | +38.9% | 299 | +107.1% | 19.5% |
| Q3 FY26 | 1,701 | +58.4% | 291 | +103.8% | 17.1% |
| Q4 FY26 | 1,637 | +42.0% | 352 | +88.6% | 21.5% |
| Q1 FY27 | 1,836 | +38.0% | 363 | +24.7% | 19.8% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹6,712 crTTM
- EBITDA
- ₹1,873 crTTM
- EBIT
- ₹1,826 crTTM
- PBT
- ₹1,747 crTTM
- Net profit
- ₹1,305 crTTM
C. Corporate actions
21 Aug 2026DividendDividend - Rs. - 10.0000 — ₹10.00/share
22 Aug 2025DividendFinal Dividend - Rs. - 5.0000 — ₹5.00/share
28 Aug 2024DividendFinal Dividend - Rs. - 2.0000 — ₹2.00/share
16 Jul 2019DividendDividend - Rs. - 1.8000 — ₹1.80/share
17 Jul 2018DividendDividend - Rs. - 1.8000 — ₹1.80/share
17 Jul 2017DividendDividend - Rs. - 1.8000 — ₹1.80/share
18 Jul 2016DividendDividend - Rs. - 1.8000 — ₹1.80/share
15 Jul 2015DividendDividend - Rs. - 1.8000 — ₹1.80/share
25 Jun 2014DividendDividend - Rs. - 1.8000 — ₹1.80/share
24 Jun 2013DividendDividend - Rs. - 1.8000 — ₹1.80/share
16 Jul 2012DividendDividend - Rs. - 1.8000 — ₹1.80/share
14 Dec 2011Scheme of arrangementScheme of Arrangement
26 Apr 2011DividendDividend - Rs. - 1.8000 — ₹1.80/share
13 Apr 2010DividendDividend - Rs. - 1.8000 — ₹1.80/share
29 Apr 2009DividendDividend - Rs. - 1.8000 — ₹1.80/share
22 Oct 2008Otherother
15 Apr 2008DividendDividend - Rs. - 9.0000 — ₹9.00/share
22 Oct 2007DividendDividend - Rs. - 6.0000 — ₹6.00/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Strength
ROE of 55.3% is the highest in 7 years (prior range -24.4% to 40.3%).
Rule ROE_AT_MULTI_YEAR_HIGH
- EBITDA margin now
- 28.6%
- 8-year range
- -4.9–28.6%
- ROE FY2026
- 55.3%
- ROCE FY2026
- 77.4%
ROE of 55.3% is well above the heavy electrical equipment median of 21.2%.
EBITDA margin of 28.6% is the widest in 7 years (prior range -4.9% to 20.5%).
ROE improved from 40.3% to 55.3% year on year.
EBITDA margin improved from 20.5% to 28.6% of revenue.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Leverage and cash generation over the loaded history are shown above.
Operating cash flowNet profit
- Total debt
- ₹0 crnet cash
- Operating cash flow ÷ net profit
- 1.39×FY2026
- Free cash flow
- ₹1,521 cr
- Current ratio
- 1.33×
Section 08 · Relative position
How does it compare with peers?
Ranked against 8 heavy electrical equipment (FY2026, consolidated). No peer-relative rule fired for this company.
Revenue growth
GVT&D · 2nd of 6 · set median 26.5%
EBITDA margin
GVT&D · 1st of 8 · set median 18.2%
Return on equity
GVT&D · 1st of 8 · set median 21.2%
P/E ratio
GVT&D · 4th of 8 · set median 85.4×
- P / E
- 83.8×TTM to Jun 26
- P / B
- 40.6×latest book
- P / S
- 16.3×TTM sales
- Earnings yield
- 1.2%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 88.7× · P/S 17.4× · ROE 55.3%.
Section 09 · The stock
How has the stock performed?
Long-term price performance is shown above.
- 1-year return
- +39.0%
- 3-year return
- —
- 5-year return
- —
- From 52-wk high
- −22.8%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹4,312
- vs 200-day avg
- Above₹4,055
- RSI (14)
- 47.1neutral
- MACD histogram
- -21.4
- From 52-wk high
- −22.8%
- From 52-wk low
- +66.9%
- 30-day volatility
- 41.6%ann.
- 6-month return
- +17.3%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchVolatile earningsProfit has swung sharply over 6 years (from ₹-303 to ₹1,233) — one year is a weak guide to the earnings power.EARNINGS_VOLATILE · conviction 65
- Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,219 | 3,159 | 3,452 | 3,066 | 2,773 | 3,168 | 4,292 | 6,206 |
| Total income | 4,277 | 3,218 | 3,518 | 3,092 | 2,807 | 3,190 | 4,355 | 6,297 |
| EBITDA | 484 | −156 | 211 | −83 | 136 | 342 | 881 | 1,774 |
| Profit before tax | 335 | −356 | 89 | −69 | 27 | 263 | 820 | 1,650 |
| Net profit | 213 | −303 | 60 | −89 | −1 | 181 | 608 | 1,233 |
| EPS (₹) | 8.3 | −11.8 | 2.4 | −3.5 | −0.1 | 7.1 | 23.8 | 48.2 |
| Net worth | 1,428 | 1,051 | 1,123 | 1,080 | 1,073 | 1,243 | 1,773 | 2,690 |
| Total debt | 81 | 490 | 221 | 163 | 220 | 0 | 0 | 0 |
| Operating cash flow | — | — | 311 | 8 | −37 | 518 | 904 | 1,710 |
| Free cash flow | — | — | 311 | −17 | −54 | 489 | 816 | 1,521 |
| Ratio | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Growth | ||||||||
| Revenue growth YoY | — | -25.1 | 9.3 | -11.2 | -9.5 | 14.2 | 35.5 | 44.6 |
| Profit growth YoY | — | -242.3 | — | -248.1 | — | — | 236.0 | 102.7 |
| Profitability | ||||||||
| EBITDA margin % | 11.5 | -4.9 | 6.1 | -2.7 | 4.9 | 10.8 | 20.5 | 28.6 |
| Net margin % | 5.0 | -9.4 | 1.7 | -2.9 | -0.1 | 5.7 | 14.0 | 19.6 |
| Return on equity % | 14.9 | -24.4 | 5.5 | -8.1 | -0.1 | 15.6 | 40.3 | 55.3 |
| Return on capital % | 26.6 | -15.3 | 10.1 | -10.9 | 6.3 | 23.0 | 55.3 | 77.4 |
| Leverage & cash | ||||||||
| Debt to equity | 0.06 | 0.47 | 0.20 | 0.15 | 0.20 | 0.00 | 0.00 | 0.00 |
| Cash flow ÷ profit | — | — | 5.15 | — | — | 2.86 | 1.49 | 1.39 |
| Current ratio | 1.24 | 1.08 | 1.10 | 1.07 | 1.08 | 1.17 | 1.32 | 1.33 |