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GE Vernova T&D India Ltd

₹ 2,621-6.25%
16 Jan – close price
🔗ge.com/in/ge-td-india-limited•BSE: 522275•NSE: GVT&D
Market Cap₹ 67,103 Cr.
Current Price₹ 2,621
High / Low₹ 3,324
Stock P/E73.0
Book Value₹ 81.5
Dividend Yield0.19 %
ROCE54.7 %
ROE40.4 %
Face Value₹ 2.00
Sales₹ 5,095 Cr.
OPM23.9 %
Mar Cap₹ 67,103 Cr.

ABOUT

GE T&D is the listed entity of GE’s Grid Solutions business in India. It has been in the power transmission and distribution business for more than 100 years and provides a versatile range of solutions for connecting and evacuating power from generation sources onto the grid.[1]

KEY POINTS

ParentageThe company is a part of the GE Vernova group, a global energy company that includes the Power, Wind, and Electrification segments. GE Vernova is headquartered in Cambridge, Massachusetts, U.S., with over 75,000 employees across more than 100 countries.[1]

Also present in buckets:
Aggressive Growth TriggersExcellent ResultsRevenue GuidanceAsset Base ExpansionCapacity Expansion And ProductsOrder Book PositionLarge Order ReceiptsCredit Rating UpdatesRed Flags And Poor Performance

Peer Comparision

S.No.NameCurrent Price (Rs.)Price to EarningMarket Capitalization (Rs.Cr.)Dividend yield (%)Net Profit latest quarter (Rs.Cr.)YOY Quarterly profit growth (%)Sales latest quarter (Rs.Cr.)YOY Quarterly sales growth (%)Return on capital employed (%)Sales (Rs.Cr.)OPM (%)Profit after tax (Rs.Cr.)Profit after tax latest quarter (Rs.Cr.)Price to book valueReturn on assets (%)Debt to equity
1.Siemens2919.2061.57103892.250.41485.40-7.145171.2016.0215.8317364.2011.561687.44484.907.867.460.01
2.A B B4872.5058.46103303.640.91409.04-7.173310.7213.6938.6513010.6516.561766.99408.8814.3516.040.01
3.B H E L265.40165.3392344.900.19374.89253.177511.8014.094.8729269.174.03558.54374.893.790.810.45
4.CG Power & Ind561.7082.7988453.210.23284.4429.762922.7921.1437.4811069.2912.971068.45286.7211.8614.530.02
5.Siemens Ener.Ind2327.0075.3282855.220.17359.60–2645.70–38.527826.7019.341100.10359.6018.9113.260.03
6.Hitachi Energy16214.00100.6472182.050.04264.36405.571832.5517.9419.446815.4012.60717.23264.3615.775.770.02
7.GE Vernova T&D2621.3072.9567102.790.19299.48107.081538.4638.8854.745094.7823.87919.85299.4832.1714.760.01
–Median: 37 Co.502.944.266300.590.0541.4741.39482.5625.0528.091522.9113.99169.545.145.5712.290.14

Quarterly Results

Standalone figures in ₹ crores

Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Sales
7017777037186988399149581,1081,0741,1531,3301,538
Expenses
6957316756676377428037769038949009431,142
Operating Profit
54628516197111182205180252388396
Other Income
22-8-1129-4612426211619
Profit before tax
412-0395073101180194190256390401
Tax %
35%62%12,692%27%26%32%34%25%25%25%27%25%25%
Net Profit
35-1528374966135145143186291299
EPS in Rs
0.110.19-0.601.101.451.932.595.255.655.577.2811.3711.70

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales
3,5243,7113,3034,0524,3324,2193,1593,4523,0662,7733,1684,2925,095
Expenses
3,2113,3793,1973,9964,0573,7653,3543,2823,1552,6522,8363,4613,879
Operating Profit
31333210757275454-195171-891213328311,216
Other Income
44111421412394956913622226282
Interest
92911071821068587845961412714
Depreciation
87828688908378665855504746
Profit before tax
17717056-73319335-35689-69272638201,237
Net Profit
11712134-87209213-30360-50-1181608920
EPS in Rs
4.574.711.35-3.388.158.31-11.822.36-1.94-0.067.0723.7635.92
Dividend Payout %
39%38%134%-53%22%22%0%0%0%0%28%21%–

Compounded Sales Growth

10 Years:1%
5 Years:6%
3 Years:12%
TTM:33%

Compounded Profit Growth

10 Years:18%
5 Years:35%
3 Years:81%
TTM:133%

Stock Price CAGR

10 Years:20%
5 Years:84%
3 Years:181%
1 Year:32%

Return on Equity

10 Years:7%
5 Years:12%
3 Years:21%
Last Year:40%

Balance Sheet

Standalone figures in ₹ crores

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
51515151515151515151515151
Reserves
1,1981,2611,1279821,1381,3771,0001,0711,0291,0221,1921,7222,035
Borrowings
49328050451810081599316226273423530
Other Liabilities
2,9572,9003,0903,5633,4792,6882,5032,6302,4612,3332,3002,8533,948
Total Liabilities
4,7004,4924,7725,1144,7694,1964,1544,0693,7673,6793,5844,6616,064
Fixed Assets
639687684656586513538494457421401379395
Gross Block
1,130.561,244.96769.82829.59839.66844.18947.91963.75917.41771.02794.48815.31–
Accumulated Depreciation
491.15558.2485.73173.93254.08331.56410.19470.15460.67350.31393.88435.99–
CWIP
110703325185122299114742
Investments
0000000000000
Other Assets
3,9503,7354,0554,4334,1653,6793,6043,5543,3023,2503,1734,2345,627
Total Assets
4,7004,4924,7725,1144,7694,1964,1544,0693,7673,6793,5844,6616,064

Cash Flows

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity
-141502-911881,054-355-2603118-37518904
Cash from Investing Activity
-119-137-50-47-306287-30121163-172-495
Cash from Financing Activity
219-320120-131-585-114290-324-1029-259-69
Net Cash Flow
-4245-2011163-182-0-122-2687339

Ratios

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days
238211228205152175219201186204166125
Inventory Days
24729251154223413617714396119103100
Days Payable
673766823805389247272275171197156146
Cash Conversion Cycle
-188-262-84-58-4631256911112711479
Working Capital Days
505022-2-1848782313202935
ROCE %
18%16%10%7%30%31%-14%11%-9%8%23%55%

Shareholding Pattern

Numbers in percentages

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Promoters
75.00%75.00%75.00%75.00%75.00%75.00%75.00%59.38%51.00%51.00%51.00%51.00%
FIIs
0.26%0.26%0.37%0.59%0.69%1.20%2.04%6.82%12.04%13.04%14.49%16.15%
DIIs
15.73%15.72%16.52%16.18%16.11%15.84%14.96%25.61%28.40%28.18%26.75%25.20%
Public
9.01%9.02%8.11%8.23%8.20%7.96%8.00%8.19%8.55%7.77%7.74%7.66%

* The classifications might have changed from Sep'2022 onwards.ℹ️

BSE Announcements AI Summary

Direct from BSE filings, auto-summarised

GE Vernova T&D India's Supreme Court Plea Dismissed; Company to Appeal Customs Duty Order

10th April 2026, 11:31 pm

GE Vernova T&D India Files SEBI Compliance Certificate for Q4 FY2026 Dematerialization

8th April 2026, 10:35 pm

GE Vernova T&D India Receives Customs Penalty and Fine for Import Duty Discrepancy

7th April 2026, 11:40 pm

GE Vernova T&D India Updates Shareholder Communication Email

1st April 2026, 9:34 pm

GE Vernova T&D India Appoints New Independent Director, Re-appoints MD & CEO

22nd March 2026, 5:03 am

Published by Other Websites

External media mentions & references

GE Vernova India's 2800% Stock Rally Faces Perfection Test

8th April 2026, 8:37 am

AI Data Centers Ignite India's Capital Goods Sector Boom

23rd February 2026, 3:25 pm

MF Investing Fails to Predict Returns; Outliers Shine

10th February 2026, 11:56 am

India-US Trade Deal Sparks Market Rally, 10 Stocks Recommended

3rd February 2026, 7:20 am

Indian Markets Show Divergence, Low-Cap Stocks Surge

29th January 2026, 4:39 pm

News Articles

Editorial & research coverage

MF Investing Fails to Predict Returns; Outliers Shine
MF Investing Fails to Predict Returns; Outliers Shine

10th February 2026, 11:56 am

India-US Trade Deal Sparks Market Rally, 10 Stocks Recommended
India-US Trade Deal Sparks Market Rally, 10 Stocks Recommended

3rd February 2026, 7:20 am

Indian Markets Show Divergence, Low-Cap Stocks Surge
Indian Markets Show Divergence, Low-Cap Stocks Surge

29th January 2026, 4:39 pm

GE Vernova T&D India: Strong Growth Meets Valuation Scrutiny
GE Vernova T&D India: Strong Growth Meets Valuation Scrutiny

29th January 2026, 1:24 pm

GE Vernova India Stock Surges on Record Q3, Valuation Questions Loom
GE Vernova India Stock Surges on Record Q3, Valuation Questions Loom

29th January 2026, 10:12 am

Documents

Announcements

Announcement under Regulation 30 (LODR)-Credit Rating

8 Jan - NSE Sustainability assigned ESG Rating 66 to GE Vernova T&D India for FY2024-25 (public data). (Jan 8, 2026)

Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018

7 Jan - Certificate under regulation 74(5) of SEBI (Depository and Participants) Regulations, 2018

Intimation Under Regulation 30 Of The SEBI (LODR) Regulations, 2015

31 Dec - Dec 30, 2025 GST orders: Delhi ₹48.01M total; Raigarh ₹40.76M total; company will appeal.

Announcement under Regulation 30 (LODR)-Change in Management

31 Dec - Ms Poonam Mathur appointed Head of Human Resources w.e.f. January 1, 2026; Mr Amresh Singh ceases as SMP.

Closure of Trading Window

Annual Reports

Financial Year 2025

(from bse)

Financial Year 2024

(from bse)

Financial Year 2023

(from bse)

Financial Year 2022

(from bse)

Financial Year 2021

(from bse)

Financial Year 2020

(from bse)

Financial Year 2019

(from bse)

Financial Year 2018

(from bse)

Financial Year 2017

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Financial Year 2016

(from bse)

Financial Year 2015

(from bse)

Financial Year 2014

(from bse)

Financial Year 2013

(from bse)

Financial Year 2012

(from bse)

Financial Year 2010

(from bse)

Credit Ratings

Rating update

2 Sep 2025 from icra

Rating update

27 Nov 2024 from icra

Rating update

12 Apr 2024 from icra

Rating update

4 Sep 2023 from icra

Rating update

6 Jan 2023 from icra

Rating update

25 Feb 2022 from icra

Concalls

Nov 2025

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Stock Analysis

Description

  1. GE Vernova T&D India Limited is a key player in the power transmission and distribution sector, offering a comprehensive range of solutions for grid connectivity and power evacuation, and is part of the global GE Vernova group.

Key Growth Triggers

  1. Continued strong demand from India's power sector, driven by grid expansion, energy transition initiatives, and government support.
  2. Expansion of manufacturing capacities with a significant INR 8 billion capex plan to meet growing demand for transformers, reactors, GIS, and AIS products.
  3. Securing major contracts such as the 2500 MW HVDC project and the PGCIL Chandrapur HVDC link refurbishment.
  4. Leveraging its global reach and 'Make in India' initiative to cater to domestic and international markets.
  5. Opportunities in emerging areas like data centers and electric vehicles (EVs).

Order Book

  1. Order Book: As of Q2 FY26, the order backlog stood at INR 131.1 billion. Previously, Q1 FY26 saw new orders grow 57% YoY to INR 16.2 billion, pushing the backlog to INR 129.6 billion. For FY25, the order book was ₹126.6B (+102% YoY).

Key Red Flags

  1. Recurring GST demand and penalty orders from tax authorities, indicating potential ongoing compliance challenges, despite the company's stance on no material impact and intention to appeal.

Key Dates To Watch

  1. November 3, 2025: Board meeting to approve un-audited financial results for Q2 FY26.
  2. September 10, 2025: 69th Annual General Meeting (AGM) held, with a dividend of ₹5 per equity share declared.

Corporate Announcements

10th Apr 26
Impact Rating: 5
Update on GE Vernova T&D India's customs duty litigation: Supreme Court dismissed the Special Leave Petition. The company now has permission to file an appeal before the Commissioner (Appeals) regarding the Order-in-Original from 2015.
8th Apr 26
Impact Rating: 2
GE Vernova T&D India Limited provided a confirmation certificate from its RTA, CB Management Services, for the quarter ended March 31, 2026, affirming compliance with SEBI dematerialization regulations.
7th Apr 26
Impact Rating: 4
GE Vernova T&D India has been ordered by the Joint Commissioner of Customs to pay INR 15,14,900 as short-levied duty, INR 15,14,900 as penalty, and INR 200,000 as redemption fine for customs duty assessment issues.
1st Apr 26
Impact Rating: 1
GE Vernova T&D India Limited announced a change in its official email for shareholder communication and grievance redressal. The new address is secretarial.compliance@gevernova.com, replacing the previous one. Investors are advised to update their records.
21st Mar 26
Impact Rating: 4
In a recent postal ballot, GE Vernova T&D India's shareholders approved the appointment of Ms. Rashmi Joshi as an Independent Director for five years from March 20, 2026. Mr. Sandeep Zanzaria was also re-appointed as Managing Director and Chief Executive Officer.