GE Vernova T&D India (522275) Q1 26/27 earnings summary

Executive summary

• Q1 FY 2026-27 revenue rose 38% year-on-year to INR 18.4 billion, with profit before tax increasing to INR 4.9 billion from INR 3.9 billion year-on-year.

• Order intake declined 30% year-on-year to INR 11.4 billion, mainly due to lower PGCIL market realization.

• Cash generated in the quarter was INR 4.3 billion, resulting in a cash balance of INR 29.3 billion.

• Unaudited standalone financial results for the quarter ended June 30, 2026, were approved by the Board, with no material misstatements found by the auditor.

Financial highlights

• Q1 revenue: INR 18.4 billion, up 38% year-on-year.

• Gross margin: 41.3%, down from 47% a year ago.

• EBITDA margin: 25.1%, compared to 27.2% in the prior year.

• Profit before tax and exceptional items: INR 4.87 billion, up from INR 3.9 billion year-on-year.

• Exceptional item reversal of INR 57.3 million related to labour code provisions.

Outlook and guidance

• Order backlog remains strong at INR 209.3 billion as of June 2026, representing over three years of revenue visibility.

• Management maintains mid-20s EBITDA margin guidance for FY 2026-27.

• Market growth expected at 6-7% for the year, with no anticipated slowdown.

• Export diversification remains a strategic focus, with 46% of Q1 orders from exports.

• The company continues to monitor regulatory changes, particularly new labour codes.