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GE Vernova T&D India

GVT&D NSE
₹4,265.00 +215.00 (+5.31%)
P/E
83.66
View as Markdown
MCP
Close 4 Nov 2026 ₹4,265.00 +1,264.50 +42.1% 1Y
Start ₹3,000.50

Key Fundamentals

MidcapElectrical EquipmentCapital Goods

Price-based figures as of · EPS basis: Standalone · TTM

ROCE
77.40%
Debt to Equity
0.01
EPS (TTM)
₹50.98
Book Value
₹128.67
Market Cap
—
P/E (TTM)
83.66
P/B
33.15
ROE
57.40%
Dividend Yield
0.25%
EBITDA
₹1,775 Cr
52W High
₹5,650.00
52W Low
₹2,523.20
Day Range
₹3,903.00 – ₹4,265.00
Volume
8,83,202

Peer Comparison

Industrials › Capital Goods › Electrical Equipment › Heavy Electrical Equipment

GE Vernova T&D peer comparison
Bharat Heavy Electricals
₹423.8551.25₹1,46,351 Cr5.520.35%6.23%9.14%₹37,782 Cr₹2,878 Cr
ABB
₹6,750.0047.87₹1,40,908 Cr15.321.36%22.40%29.90%₹13,477 Cr₹2,988 Cr
CG Power & Industrial Solutions
₹841.4596.28₹1,27,312 Cr15.170.16%20.50%26.70%₹13,699 Cr₹1,364 Cr
Hitachi Energy
₹29,100.00112.75₹1,24,045 Cr25.060.03%21.90%29.40%₹9,162 Cr₹1,149 Cr
Siemens
₹3,509.00—₹1,22,035 Cr9.030.53%19.20%21.40%₹18,062 Cr₹3,276 Cr
GE Vernova T&D (this company)
₹4,265.0083.66₹1,04,523 Cr33.150.25%57.40%77.40%₹6,712 Cr₹1,305 Cr
Siemens Energy
₹2,963.0070.90₹1,01,562 Cr21.930.14%50.50%67.80%₹9,436 Cr₹1,489 Cr
Median 7 companies₹3,509.0077.28₹1,24,045 Cr15.320.25%21.90%29.40%₹13,477 Cr₹1,489 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

54 Average

Data confidence 100/100

Category scores

Quality
70
Strong
Returns, margins, earnings quality 22% weight
Valuation
29
Poor
Cheap vs sector & own history 24% weight
Growth
97
Strong
Sales & profit trajectory 9% weight
Financial Health
79
Strong
Solvency, leverage, coverage 9% weight
Momentum
25
Poor
Trend strength, vol-adjusted 12% weight
Ownership
50
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

6
  • Company has reduced debt.
  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 85.6% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 42.3%
  • Company has been maintaining a healthy dividend payout of 23.4%

Weaknesses

2
  • Stock is trading at 39.5 times its book value
  • Promoter holding has decreased over last 3 years: -24.0%

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish4411
OscillatorsBearish342
Moving AveragesStrong Bullish109

Key readings

RSI (14)
56.85
Neutral
MACD (12,26,9)
−33.53
Bullish
SMA (50)
4,221.85
Bullish
SMA (200)
4,169.07
Bullish

As of

Analyst Rating

Based on 18 analysts
BUY89%

16 of 18 analysts rate Buy, 1 Hold, 1 Sell.

As of

BUY
16
89%
HOLD
1
6%
SELL
1
6%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+6.51%
5Y+12.45%
3Y+30.80%
1Y+44.59%
TTM+43.88%

Net profit

Net profit growth by window
10Y+43.20%
5Y+83.05%
3YTurned to profit
1Y+102.80%
TTM+70.59%

Operating cash flow

Operating cash flow growth by window
10YTurned positive
5Y+40.62%
3YTurned positive
1Y+89.16%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+24.25 pp
5Y+22.54 pp
3Y+23.13 pp
1Y+8.13 pp
TTM+4.21 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹4,052 Cr
Mar 2018₹4,332 Cr
Mar 2019₹4,219 Cr
Mar 2020₹3,159 Cr
Mar 2021₹3,452 Cr
Mar 2022₹3,066 Cr
Mar 2023₹2,773 Cr
Mar 2024₹3,168 Cr
Mar 2025₹4,292 Cr
Mar 2026₹6,206 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017−₹87.00 Cr
Mar 2018₹209 Cr
Mar 2019₹213 Cr
Mar 2020−₹303 Cr
Mar 2021₹60.00 Cr
Mar 2022−₹50.00 Cr
Mar 2023−₹1.00 Cr
Mar 2024₹181 Cr
Mar 2025₹608 Cr
Mar 2026₹1,233 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹545 Cr −9.1% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 4 Nov 2026
AI opinion · based on fundamentals
Risk high

GE Vernova T&D India Ltd trades at ₹4,265 as of 2026-11-04 with a market cap of ₹1,04,523 crore. The company is virtually debt-free (debt-to-equity of 0.01) with an ROE of 45.84% and ROCE of 58.45%, but trades at a PE of 83.66x and 33.15x book value, reflecting rich valuations relative to its strong earnings momentum.

Bull Case 8
  • Near-zero leverage with a debt-to-equity ratio of just 0.01, providing significant financial flexibility and resilience through business cycles
  • Exceptional return on equity of 45.84% and ROCE of 58.45% as of 2026-11-04, indicating highly efficient capital deployment in a capital-intensive sector
  • Compounded profit growth of 86% CAGR over 5 years and 77% TTM profit growth demonstrate sustained and accelerating earnings expansion
  • 3-year ROE average of 42% and last year ROE of 57% show a consistently improving profitability trajectory, well above capital goods sector norms
  • TTM revenue growth of 44% and 3-year compounded sales growth of 31% reflect strong demand tailwinds from India's transmission and distribution infrastructure build-out
  • Stock has delivered a 1-year CAGR of 38% and 5-year CAGR of 100%, rewarding long-term shareholders with significant wealth creation
  • Healthy dividend payout ratio of 23.4% with a current yield of 0.25%, indicating willingness to return capital to shareholders even while reinvesting for growth
  • 10-year compounded profit growth of 44% demonstrates that the earnings trajectory is not a recent phenomenon but a long-duration structural trend
Bear Case 7
  • Trailing PE of 83.66x as of 2026-11-04 implies the stock is priced for perfection — any earnings miss could trigger a sharp de-rating
  • Promoter holding has declined by 24.0 percentage points over the last 3 years, which may signal reduced promoter confidence or strategic dilution
  • The stock is 24.5% below its 52-week high of ₹5,650, having already corrected from peak levels, yet remains 69% above the 52-week low of ₹2,523, indicating elevated volatility
  • 10-year compounded sales growth of only 7% contrasts sharply with 44% profit CAGR over the same period, suggesting margin expansion may be reaching its limits and future profit growth will need revenue acceleration to sustain
  • Dividend yield of just 0.25% offers negligible income cushion for investors at current price levels of ₹4,265
  • At a market cap of ₹1,04,523 crore, the stock's EPS of ₹50.98 must grow substantially to justify the current multiple — even a modest slowdown in the 77% TTM profit growth rate could pressure the valuation
  • Capital goods earnings are inherently cyclical and tied to government and utility capex cycles; current peak-cycle profitability (57% ROE last year) may not be sustainable through a downturn

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

12h ago

TL;DR: GE Vernova T&D India secured a significant HVDC project order from Power Grid Corporation, highlighting its capability in large-scale renewable energy transmission. With only one recent headline, there are no visible headwinds but limited data points to assess trend direction. The 6,000 MW HVDC win is a clear positive for the order book, and further contract announcements could strengthen the bullish outlook.

Positives 1
  • 6,000 MW HVDC project win Nov 04

    GE Vernova T&D India won an award from Power Grid Corporation of India for a 6,000 MW HVDC project focused on long-distance transfer of renewable energy, reinforcing its position in high-capacity transmission infrastructure.

Quarterly Results

₹ Cr
GVT&D quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
718
698
839
914
958
1,108
1,074
1,153
1,330
1,538
1,701
1,637
1,836
2,027
Expenses
667
637
742
803
776
903
894
900
943
1,142
1,246
1,192
1,375
1,477
Operating Profit
51
61
97
111
182
205
180
252
388
396
455
445
461
550
OPM %
7%
9%
12%
12%
19%
18%
17%
22%
29%
26%
27%
27%
25%
27%
Other Income
12
9
−4
6
12
4
26
21
16
19
−51
43
42
50
Interest
11
7
7
3
2
3
4
6
3
2
3
7
3
8
Depreciation
13
13
12
12
12
12
12
11
11
12
12
12
12
12
PBT
39
50
73
101
180
194
190
256
390
401
390
469
487
580
Tax %
27%
26%
32%
34%
25%
25%
25%
27%
25%
25%
25%
25%
25%
26%
Net Profit
28
37
49
66
135
145
143
186
291
299
291
352
363
431
EPS (₹)
1.1
1.45
1.93
2.59
5.25
5.65
5.57
7.28
11.37
11.7
11.36
13.74
14.18
—

Sep 2026: from the results filed on 30 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
GVT&D profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
3,711
3,303
4,052
4,332
4,219
3,159
3,452
3,066
2,773
3,168
4,292
6,206
6,712
Expenses
3,379
3,197
3,996
4,057
3,765
3,354
3,282
3,155
2,652
2,836
3,461
4,500
4,956
Operating Profit
332
107
57
275
454
−195
171
−89
121
332
831
1,706
1,757
OPM %
9%
3.2%
1.4%
6%
11%
−6%
4.9%
−2.9%
4.4%
10%
19%
28%
26%
Other Income
11
142
141
239
49
5
69
136
22
22
62.59
25
53
Interest
91
107
182
106
85
87
84
59
61
41
27
35
15
Depreciation
82
86
88
90
83
78
66
58
55
50
47
46
47
PBT
170
56
−73
319
335
−356
89
−69
27
263
820
1,650
1,747
Tax %
29%
38%
18%
35%
36%
−15%
32%
−29%
106%
31%
26%
25%
—
Net Profit
121
34
−87
209
213
−303
60
−50
−1
181
608
1,233
1,305
EPS (₹)
4.71
1.35
−3.38
8.15
8.31
−11.82
2.36
−1.94
−0.06
7.07
23.76
48.17
50.98
Div. Payout %
38%
134%
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
22%
22%
0%
0%
0%
0%
28%
21%
21%
—

Balance Sheet

₹ Cr
GVT&D balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
51
51
51
51
51
51
51
51
51
51
51
51
Reserves
1,261
1,127
982
1,138
1,377
1,000
1,071
1,029
1,022
1,192
1,722
2,639
Borrowings
280
504
518
100
81
599
316
226
273
42
35
24
Other Liabilities
2,900
3,090
3,563
3,479
2,688
2,503
2,664
2,461
2,333
2,300
2,853
5,025
Total Liabilities
4,492
4,772
5,114
4,769
4,196
4,154
4,102
3,767
3,679
3,584
4,661
7,739
Fixed Assets
687
684
656
586
513
538
494
457
421
401
379
412
CWIP
70
33
25
18
5
12
22
9
9
11
47
65
Investments
0
0
0
0
0
0
0
0
0
0
0
0
Other Assets
3,735
4,055
4,433
4,165
3,679
3,604
3,587
3,302
3,250
3,173
4,234
7,262
Total Assets
4,492
4,772
5,114
4,769
4,196
4,154
4,102
3,767
3,679
3,584
4,661
7,739

Cash Flow

₹ Cr
GVT&D cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
502
−91
188
1,054
−355
−260
311
8
−37
518
904
1,710
Investing
−137
−50
−47
−306
287
−30
12
116
3
−172
−495
−509
Financing
−320
120
−131
−585
−114
290
−324
−102
9
−259
−69
−147
Net Cash Flow
45
−20
11
163
−182
0
−1
22
−26
87
339
1,054
Free Cash Flow
424
−141
142
1,043
−362
−292
324
−17
−54
489
816
1,521
CFO/OP
172
−39
373
433
−51
99
194
−35
−7
162
133
129

Ratios

GVT&D financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
211
228
205
152
175
219
201
186
204
166
125
128
Inventory Days
292
511
542
234
136
177
143
159
119
103
100
132
Days Payable
766
823
805
389
247
272
275
283
197
156
146
170
Cash Conversion Cycle
−262
−84
−58
−4
63
125
69
62
127
114
79
90
Working Capital Days
50
22
−2
−18
48
20
23
13
20
29
35
6
ROCE %
16%
10%
7%
30%
31%
−14%
11%
−9%
8%
23%
55%
77%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view GE Vernova T&D insights

62 extracted metrics across FY10–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 51.00%
  • DIIs 22.17%
  • FIIs 19.16%
  • Public 5.77%
  • Others 1.91%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Documents

Frequently Asked Questions about GE Vernova T&D India

What does GE Vernova T&D India Ltd do?
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.
Where is GE Vernova T&D India Ltd (GVT&D) listed?
GE Vernova T&D India Ltd trades as GVT&D on the NSE and under code 522275 on the BSE.
Which sector does GE Vernova T&D India Ltd belong to?
GE Vernova T&D India Ltd is classified under the Capital Goods sector, in the Electrical Equipment industry.
What is the PE ratio of GE Vernova T&D India Ltd?
GE Vernova T&D India Ltd trades at a PE ratio of 83.66 as of 4 Nov 2026, on earnings per share of ₹50.98, against a book value of ₹128.67 per share.
What is the 52-week high and low of GE Vernova T&D India Ltd?
Over the last 52 weeks GE Vernova T&D India Ltd has traded between ₹2,523.2 and ₹5,650 as of 4 Nov 2026.
Does GE Vernova T&D India Ltd pay dividends?
GE Vernova T&D India Ltd has a dividend yield of 0.25%.
What is the Return on Equity (ROE) of GE Vernova T&D India Ltd?
GE Vernova T&D India Ltd reported a return on equity of 57.40%. Its debt-to-equity ratio is 0.01.

Company Information

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.

Website gevernova.com/regions/asia/in/gevernova-td-india
CEO Mr. Sandeep Zanzaria
Employees 1,697
Listed 30 Jun 2008
Face Value ₹2

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