GE Vernova T&D
GE Vernova T&D
Capital Goods F&OKey Fundamentals
LargecapElectrical EquipmentCapital GoodsTapetide Score
Data-driven rating, 0–100. How it works →
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 43.3 times its book value
- Promoter holding has decreased over last 3 years: -24.0%
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoGE Vernova T&D India Ltd is a capital goods company with a market cap of ₹1,13,557 Cr, trading at a PE of 88.3x and PB of 42.8x. The company has delivered exceptional profit growth (77% TTM, 490% 3-year CAGR) and maintains a strong ROE of 57% in the last year, while operating in a nearly debt-free position. However, the stock's premium valuation and a 24% decline in promoter holding over three years present notable concerns.
- Explosive profit growth with TTM compounded profit growth of 77% and a 3-year CAGR of 490%, reflecting a sharp earnings turnaround
- Near debt-free balance sheet, reducing financial risk and providing flexibility for future capex or working capital needs
- Outstanding return on equity trajectory — last year ROE at 57%, 3-year average at 42%, well above capital goods sector norms
- Strong revenue momentum with TTM sales growth of 44% and 3-year compounded sales CAGR of 31%, indicating robust order execution
- 5-year compounded profit CAGR of 86% demonstrates sustained earnings improvement, not just a one-off spike
- Healthy dividend payout ratio of 23.4% signals management confidence in sustaining cash flows despite being in a growth phase
- Backed by the GE Vernova parentage, positioning it well for India's large-scale T&D infrastructure buildout and grid modernization spending
- Stock has delivered 1-year returns of 66% and 3-year CAGR of 138%, reflecting strong institutional and market interest
- Extremely rich valuation at 88.3x PE — well above the capital goods sector median, leaving limited margin of safety if growth slows
- Price-to-book ratio of 42.8x is extraordinarily elevated, implying the market has priced in years of flawless execution
- Promoter holding has decreased by 24% over 3 years, which may signal reduced parent commitment or future stake dilution risk
- Dividend yield of just 0.22% offers negligible income cushion for investors, meaning returns depend almost entirely on capital appreciation
- 10-year compounded sales CAGR of only 7% shows that the recent revenue acceleration is relatively new and its durability is unproven
- 5-year compounded sales CAGR of 12% versus 5-year profit CAGR of 86% suggests margin expansion has been the primary earnings driver — margins may mean-revert
- 10-year stock CAGR of 30% versus 3-year CAGR of 138% highlights that much of the re-rating is recent and could reverse if sector sentiment shifts
- Capital goods earnings are inherently cyclical and lumpy — current 77% TTM profit growth may normalize as base effects catch up
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- ₹13,000cr HVDC order from PowerGrid Sep 8
GE Vernova T&D emerged as L1 bidder for Power Grid's 6000 MW, 800kV HVDC project on the Barmer II-South Kalamb corridor valued at ₹13,000 crore. Citi set target at ₹5,400 and Nomura raised target to ₹6,000, projecting 31% PAT CAGR for FY26-29F.
- US China grid ban boosts stock Aug 27
Stock hit a 5-day rally high at ₹4,410 (up 1.61%) after Trump's executive order restricting foreign equipment in US power grids. Indian power equipment makers rallied on expectations of supply chain shift away from Chinese suppliers, with GE Vernova gaining 3% and trading volumes at 12.97 lakh shares vs 10.39 lakh daily average.
- ₹10/share dividend, leadership continuity Sep 10
Shareholders approved ₹10 per share final dividend for FY26 with 100% support at the 70th AGM. Sushil Kumar re-appointed as Whole-time Director until 2031 and Deloitte re-appointed as auditor for five years.
- Non-exec director resignation accepted Aug 26
Fabrice Aumont's resignation as Non-Executive Non-Independent Director accepted effective August 26, 2026, due to his relocation to the US.
- New non-exec director appointed Sep 10
Marco Simiano appointed as Non-Executive Director at the 70th AGM. Related party transactions with LM Wind Power Blades and GE Vernova Inc. approved; Section 186 limit increase passed with 80.60% support.
TL;DR: GE Vernova T&D India is on a strong trajectory, anchored by the massive ₹13,000 crore HVDC order win from Power Grid and analyst upgrades from Citi (₹5,400 target) and Nomura (₹6,000 target). The US executive order banning foreign grid equipment is a structural tailwind for Indian power equipment makers. No material headwinds are visible currently, though the stock trades at a premium PE of 82.32x TTM. The order pipeline and global supply chain realignment suggest an improving trend, but execution on large HVDC projects will be key to sustaining the premium valuation.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 718 | 698 | 839 | 914 | 958 | 1,108 | 1,074 | 1,153 | 1,330 | 1,538 | 1,701 | 1,637 | 1,836 |
| Expenses | 667 | 637 | 742 | 803 | 776 | 903 | 894 | 900 | 943 | 1,142 | 1,246 | 1,192 | 1,375 |
| Operating Profit | 51 | 61 | 97 | 111 | 182 | 205 | 180 | 252 | 388 | 396 | 455 | 445 | 461 |
| OPM % | 7% | 9% | 12% | 12% | 19% | 18% | 17% | 22% | 29% | 26% | 27% | 27% | 25% |
| Other Income | 12 | 9 | -4 | 6 | 12 | 4 | 26 | 21 | 16 | 19 | -51 | 43 | 42 |
| Interest | 11 | 7 | 7 | 3 | 2 | 3 | 4 | 6 | 3 | 2 | 3 | 7 | 3 |
| Depreciation | 13 | 13 | 12 | 12 | 12 | 12 | 12 | 11 | 11 | 12 | 12 | 12 | 12 |
| PBT | 39 | 50 | 73 | 101 | 180 | 194 | 190 | 256 | 390 | 401 | 390 | 469 | 487 |
| Tax % | 27% | 26% | 32% | 34% | 25% | 25% | 25% | 27% | 25% | 25% | 25% | 25% | 25% |
| Net Profit | 28 | 37 | 49 | 66 | 135 | 145 | 143 | 186 | 291 | 299 | 291 | 352 | 363 |
| EPS in Rs | 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 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 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 in Rs | 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% | -53% | 22% | 22% | 0% | 0% | 0% | 0% | 28% | 21% | 21% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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62 extracted metrics + investor summaries across FY10–FY26.
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Frequently Asked Questions about GE Vernova T&D
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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. [1]
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