GE Vernova T&D India Ltd.
GVT&DIndustrials filings
We hold this company’s filings and have not read the financial statements out of them yet. Every filing on record is listed under filings, and each one opens.
Earnings calls
32 transcript(s)/analyst meet(s) served; 0 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (0 of 32 documents here); elsewhere sentences render unattributed.
| Kind | Date | Period | Served | Attribution rate |
|---|---|---|---|---|
| TRANSCRIPT | 20190306 | 2018-12-31 | yes | |
| TRANSCRIPT | 20190530 | 2019-03-31 | yes | |
| TRANSCRIPT | 20190808 | 2019-06-30 | yes | |
| TRANSCRIPT | 20191115 | 2019-09-30 | yes | |
| TRANSCRIPT | 20200709 | 2020-06-30 | yes | |
| TRANSCRIPT | 20200819 | 2020-06-30 | yes | |
| TRANSCRIPT | 20201124 | 2020-09-30 | yes | |
| TRANSCRIPT | 20210222 | 2020-12-31 | yes | |
| TRANSCRIPT | 20210621 | 2021-03-31 | yes | |
| TRANSCRIPT | 20210728 | 2021-06-30 | yes | |
| TRANSCRIPT | 20210824 | 2021-06-30 | yes | |
| TRANSCRIPT | 20211117 | 2021-09-30 | yes | |
| TRANSCRIPT | 20220210 | 2021-12-31 | yes | |
| TRANSCRIPT | 20220530 | 2022-03-31 | yes | |
| TRANSCRIPT | 20220817 | 2022-06-30 | yes | |
| TRANSCRIPT | 20221115 | 2022-09-30 | yes | |
| TRANSCRIPT | 20230220 | 2022-12-31 | yes | |
| TRANSCRIPT | 20230531 | 2023-03-31 | yes | |
| TRANSCRIPT | 20230812 | 2023-06-30 | yes | |
| TRANSCRIPT | 20231115 | 2023-09-30 | yes | |
| TRANSCRIPT | 20240212 | 2023-12-31 | yes | |
| TRANSCRIPT | 20240527 | 2024-03-31 | yes | |
| TRANSCRIPT | 20240807 | 2024-06-30 | yes | |
| TRANSCRIPT | 20241113 | 2024-09-30 | yes | |
| TRANSCRIPT | 20250211 | 2024-12-31 | yes | |
| TRANSCRIPT | 20250530 | 2025-03-31 | yes | |
| TRANSCRIPT | 20250805 | 2025-06-30 | yes | |
| TRANSCRIPT | 20250806 | 2025-06-30 | yes | |
| TRANSCRIPT | 20251110 | 2025-09-30 | yes | |
| TRANSCRIPT | 20260203 | 2025-12-31 | yes | |
| TRANSCRIPT | 20260526 | 2026-03-31 | yes | |
| TRANSCRIPT | 20260814 | 2026-06-30 | yes |
GVT&D
files the standard Schedule III statements. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.
Identity
| Statement division | general |
| Scope served | standalone |
| Panels on this page | 4 |
Market
No split, bonus or consolidation is on record for this company inside the period this price series covers, so the closes need no adjustment.
| Last close | 4,286.30 |
| 52-week range | 2557.8 – 5533.5 |
| Return 1M | 2.42% |
| Return 3M | -15.0% |
| Return 1Y | 41.8% |
| Return 3Y | 996.1% |
| Return 5Y | 3180.75% |
| Market capitalisation | not shown — we could not confirm it |
| Shares outstanding | not shown — we could not confirm it |
| P/E | not shown — we could not confirm it |
| P/B | not shown — we could not confirm it |
| EV/EBITDA | not shown — we could not confirm it |
Latest quarter filed — period ending 2026-06-30
In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.
| Revenue from operations | 1,836.00 |
| Other income | 42.00 |
| Total income | 1,878.00 |
| Cost of materials consumed | 1,090.00 |
| Purchases of stock-in-trade | 0.00 |
| Changes in inventories | -13.00 |
| Employee benefit expense | 112.00 |
| Finance costs | 3.00 |
Ownership — 2026-06-30, and the change from 2026-03-31
| Holder | Per cent | Change |
|---|---|---|
| promoter and promoter group | 0.51 | 0.00 |
| institutions foreign | 0.23 | 0.02 |
| institutions domestic | 0.18 | -0.03 |
| mutual funds | 0.15 | -0.03 |
| public | 0.49 | 0.00 |
Documents on file
| Class | Most recent | On file |
|---|---|---|
| TRANSCRIPT | 2026-06-30 | 32 |
Financial statements
Filed results, standalone, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.
Quarterly results, as filed
| Line | 2022-09-30 | 2022-12-31 | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 701.00 | 777.00 | 703.00 | 718.00 | 698.00 | 839.00 | 914.00 | 958.00 | 1,108.00 | 1,074.00 | 1,153.00 | 1,330.00 | 1,538.00 | 1,701.00 | 1,637.00 | 1,836.00 |
| Other income | 28.00 | -7.00 | 4.00 | 12.00 | 9.00 | -4.00 | 6.00 | 12.00 | 4.00 | 26.00 | 21.00 | 16.00 | 19.00 | 19.00 | 37.00 | 42.00 |
| Total income | 729.00 | 770.00 | 707.00 | 730.00 | 707.00 | 835.00 | 919.00 | 970.00 | 1,112.00 | 1,099.00 | 1,174.00 | 1,346.00 | 1,557.00 | 1,719.00 | 1,674.00 | 1,878.00 |
| Cost of materials consumed | 557.00 | 525.00 | 510.00 | 435.00 | 463.00 | 548.00 | 566.00 | 571.00 | 672.00 | 653.00 | 758.00 | 721.00 | 924.00 | 954.00 | 998.00 | 1,090.00 |
| Purchases of stock-in-trade | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Changes in inventories | -33.00 | 16.00 | 7.00 | 55.00 | -20.00 | -13.00 | 45.00 | 2.00 | -21.00 | 15.00 | -93.00 | -36.00 | -57.00 | 21.00 | -130.00 | -13.00 |
| Employee benefit expense | 94.00 | 90.00 | 76.00 | 86.00 | 99.00 | 94.00 | 94.00 | 90.00 | 120.00 | 100.00 | 90.00 | 97.00 | 119.00 | 113.00 | 118.00 | 112.00 |
| Finance costs | 10.00 | 12.00 | 13.00 | 11.00 | 7.00 | 7.00 | 3.00 | 2.00 | 3.00 | 4.00 | 6.00 | 3.00 | 2.00 | 3.00 | 7.00 | 3.00 |
| Depreciation and amortisation | 14.00 | 14.00 | 15.00 | 13.00 | 13.00 | 12.00 | 12.00 | 12.00 | 12.00 | 12.00 | 11.00 | 11.00 | 12.00 | 12.00 | 12.00 | 12.00 |
| Other expenses | 77.00 | 100.00 | 82.00 | 90.00 | 95.00 | 114.00 | 98.00 | 114.00 | 132.00 | 126.00 | 146.00 | 159.00 | 156.00 | 158.00 | 206.00 | 186.00 |
| Total expenses | 719.00 | 756.00 | 702.00 | 691.00 | 657.00 | 762.00 | 818.00 | 790.00 | 918.00 | 910.00 | 918.00 | 956.00 | 1,156.00 | 1,260.00 | 1,211.00 | 1,391.00 |
| Profit before exceptional items and tax | 10.00 | 13.00 | 4.00 | 39.00 | 50.00 | 73.00 | 101.00 | 180.00 | 194.00 | 190.00 | 256.00 | 390.00 | 401.00 | 459.00 | 463.00 | 487.00 |
| Exceptional items | -6.00 | -1.00 | -4.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -69.00 | 6.00 | 0.00 |
| Profit before tax | 4.00 | 12.00 | -0.00 | 39.00 | 50.00 | 73.00 | 101.00 | 180.00 | 194.00 | 190.00 | 256.00 | 390.00 | 401.00 | 390.00 | 469.00 | 487.00 |
| Current tax | 0.00 | 0.00 | 13.00 | 0.00 | 9.00 | 10.00 | 27.00 | 45.00 | 62.00 | 56.00 | 65.00 | 113.00 | 121.00 | 111.00 | 110.00 | 131.00 |
| Deferred tax | 1.00 | 8.00 | 2.00 | -10.00 | 4.00 | 13.00 | 8.00 | 0.00 | -13.00 | -9.00 | 5.00 | -14.00 | -19.00 | -12.00 | 7.00 | -7.00 |
| Tax expense | 1.00 | 8.00 | 15.00 | -10.00 | 13.00 | 24.00 | 35.00 | 45.00 | 49.00 | 47.00 | 70.00 | 99.00 | 102.00 | 99.00 | 117.00 | 124.00 |
| Profit for the period | 3.00 | 5.00 | -15.00 | 49.00 | 37.00 | 49.00 | 66.00 | 135.00 | 145.00 | 143.00 | 186.00 | 291.00 | 299.00 | 291.00 | 352.00 | 363.00 |
| Other comprehensive income | -1.00 | 0.00 | -7.00 | 0.00 | -3.00 | -24.00 | 16.00 | 1.00 | -96.00 | 93.00 | -25.00 | -128.00 | -20.00 | -10.00 | -27.00 | 51.00 |
| Total comprehensive income | 1.00 | 5.00 | -22.00 | 49.00 | 34.00 | 26.00 | 82.00 | 136.00 | 49.00 | 235.00 | 162.00 | 163.00 | 279.00 | 280.00 | 325.00 | 414.00 |
| Earnings per share, basic | 0.11 | 0.19 | -0.60 | 1.10 | 1.45 | 1.93 | 2.59 | 5.25 | 5.65 | 5.57 | 7.28 | 11.37 | 11.70 | 11.36 | 13.74 | 14.18 |
| Earnings per share, diluted | 0.11 | 0.19 | -0.60 | 1.10 | 1.45 | 1.93 | 2.59 | 5.25 | 5.65 | 5.57 | 7.28 | 11.37 | 11.70 | 11.36 | 13.74 | 14.18 |
Annual results, as filed
| Line | 2019-03-31 | 2020-03-31 | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 4,219.00 | 3,159.00 | 3,452.00 | 3,066.00 | 2,773.00 | 3,168.00 | 4,292.00 | 6,206.00 |
| Other income | 58.00 | 60.00 | 66.00 | 26.00 | 34.00 | 23.00 | 63.00 | 91.00 |
| Total income | 4,277.00 | 3,218.00 | 3,518.00 | 3,092.00 | 2,807.00 | 3,190.00 | 4,355.00 | 6,297.00 |
| Cost of materials consumed | 2,715.00 | 2,290.00 | 2,480.00 | 2,455.00 | 1,983.00 | 2,011.00 | 2,653.00 | 3,598.00 |
| Purchases of stock-in-trade | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Changes in inventories | 83.00 | -10.00 | 58.00 | -81.00 | -13.00 | 66.00 | -97.00 | -201.00 |
| Employee benefit expense | 383.00 | 420.00 | 402.00 | 410.00 | 354.00 | 374.00 | 400.00 | 447.00 |
| Finance costs | 66.00 | 68.00 | 59.00 | 39.00 | 42.00 | 28.00 | 14.00 | 15.00 |
| Depreciation and amortisation | 83.00 | 78.00 | 66.00 | 58.00 | 55.00 | 50.00 | 47.00 | 46.00 |
| Other expenses | 612.00 | 673.00 | 367.00 | 391.00 | 348.00 | 397.00 | 517.00 | 679.00 |
| Total expenses | 3,943.00 | 3,520.00 | 3,432.00 | 3,271.00 | 2,769.00 | 2,927.00 | 3,535.00 | 4,584.00 |
| Profit before exceptional items and tax | 335.00 | -302.00 | 86.00 | -180.00 | 38.00 | 263.00 | 820.00 | 1,713.00 |
| Exceptional items | 0.00 | -54.00 | 3.00 | 110.00 | -11.00 | 0.00 | 0.00 | -64.00 |
| Profit before tax | 335.00 | -356.00 | 89.00 | -69.00 | 27.00 | 263.00 | 820.00 | 1,650.00 |
| Current tax | 147.00 | 6.00 | 7.00 | -5.00 | 13.00 | 46.00 | 228.00 | 455.00 |
| Deferred tax | -25.00 | -59.00 | 22.00 | 25.00 | 15.00 | 36.00 | -16.00 | -39.00 |
| Tax expense | 122.00 | -53.00 | 29.00 | 20.00 | 28.00 | 82.00 | 211.00 | 416.00 |
| Profit for the period | 213.00 | -303.00 | 60.00 | -89.00 | -1.00 | 181.00 | 608.00 | 1,233.00 |
| Other comprehensive income | -1.00 | -18.00 | 11.00 | 7.00 | -6.00 | -11.00 | -27.00 | -186.00 |
| Total comprehensive income | 212.00 | -321.00 | 71.00 | -82.00 | -8.00 | 170.00 | 581.00 | 1,048.00 |
| Earnings per share, basic | 8.31 | -11.82 | 2.36 | -1.94 | -0.06 | 7.07 | 23.76 | 48.16 |
| Earnings per share, diluted | 8.31 | -11.82 | 2.36 | -1.94 | -0.06 | 7.07 | 23.76 | 48.16 |
Balance sheet, as filed
| Line | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Total assets | 3,792.00 | 3,679.00 | 3,319.00 | 3,584.00 | 4,039.00 | 4,661.00 | 6,064.00 | 7,739.00 |
| Non-current assets | 1,030.00 | 1,014.00 | 989.00 | 950.00 | 1,037.00 | 989.00 | 1,078.00 | 1,220.00 |
| Current assets | 2,762.00 | 2,666.00 | 2,331.00 | 2,634.00 | 3,002.00 | 3,672.00 | 4,987.00 | 6,520.00 |
| Property, plant and equipment | 433.00 | 413.00 | 399.00 | 393.00 | 344.00 | 372.00 | 388.00 | 404.00 |
| Capital work-in-progress | 5.00 | 9.00 | 10.00 | 11.00 | 15.00 | 47.00 | 42.00 | 65.00 |
| Goodwill | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other intangible assets | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Inventories | 697.00 | 644.00 | 583.00 | 589.00 | 612.00 | 704.00 | 935.00 | 1,228.00 |
| Trade receivables | 1,507.00 | 1,551.00 | 1,354.00 | 1,438.00 | 1,379.00 | 1,469.00 | 1,929.00 | 2,172.00 |
| Cash and cash equivalents | 34.00 | 45.00 | 27.00 | 132.00 | 84.00 | 471.00 | 886.00 | 1,525.00 |
| Total equity and liabilities | 3,792.00 | 3,679.00 | 3,319.00 | 3,584.00 | 4,039.00 | 4,661.00 | 6,064.00 | 7,739.00 |
| Equity | 1,090.00 | 1,073.00 | 1,135.00 | 1,243.00 | 1,376.00 | 1,773.00 | 2,086.00 | 2,690.00 |
| Equity share capital | 51.00 | 51.00 | 51.00 | 51.00 | 51.00 | 51.00 | 51.00 | 51.00 |
| Other equity | 1,039.00 | 1,022.00 | 1,084.00 | 1,192.00 | 1,325.00 | 1,722.00 | 2,035.00 | 2,639.00 |
| Total liabilities | 2,702.00 | 2,607.00 | 2,184.00 | 2,341.00 | 2,663.00 | 2,888.00 | 3,978.00 | 5,049.00 |
| Non-current liabilities | 147.00 | 143.00 | 142.00 | 90.00 | 99.00 | 98.00 | 97.00 | 157.00 |
| Current liabilities | 2,555.00 | 2,464.00 | 2,043.00 | 2,251.00 | 2,564.00 | 2,790.00 | 3,881.00 | 4,892.00 |
| Borrowings, non-current | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Borrowings, current | 401.00 | 220.00 | 40.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Trade payables | 997.00 | 1,061.00 | 796.00 | 886.00 | 943.00 | 1,026.00 | 1,381.00 | 1,580.00 |
Cash flow, as filed
| Line | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Net cash from operating activities | -267.00 | -37.00 | 193.00 | 518.00 | 464.00 | 904.00 | 605.00 | 1,710.00 |
| Net cash from investing activities | 10.00 | 3.00 | -9.00 | -172.00 | -452.00 | -496.00 | -51.00 | -511.00 |
| Net cash from financing activities | 220.00 | 9.00 | -201.00 | -259.00 | -60.00 | -69.00 | -139.00 | -147.00 |
| Purchase of property, plant and equipment | 8.00 | 16.00 | 9.00 | 29.00 | 13.00 | 87.00 | 29.00 | 188.00 |
| Net increase in cash | -37.00 | -26.00 | -17.00 | 87.00 | -48.00 | 339.00 | 414.00 | 1,054.00 |
| con:CFO.BEFORE_TAX | -250.00 | -9.00 | 203.00 | 539.00 | 536.00 | 1,109.00 | 791.00 | 2,202.00 |
| con:INTEREST_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INTEREST_PAID.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:DIVIDENDS_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:TAX_PAID.OPERATING | 17.00 | 28.00 | 10.00 | 21.00 | 72.00 | 205.00 | 186.00 | 492.00 |
| con:CF_OTHER.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_PURCHASED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:PPE_DISPOSALS | 10.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_ACQUIRED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_ACQUIRED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Who owns it
The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.
| Holder | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|
| Promoter and promoter group | 51.00 | 51.00 | 51.00 | 0.51 | 0.51 | 0.51 | 0.51 |
| Domestic institutions | 28.40 | 28.19 | 26.76 | 0.25 | 0.23 | 0.21 | 0.18 |
| Mutual funds | — | — | 23.53 | 0.22 | 0.21 | 0.18 | 0.15 |
| Insurance companies | 2.73 | 2.46 | 2.28 | 0.02 | 0.02 | 0.02 | 0.03 |
| Foreign institutions | 12.05 | 13.05 | 14.49 | 0.16 | 0.18 | 0.20 | 0.23 |
| Government | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Public | 49.00 | 49.00 | 49.00 | 0.49 | 0.49 | 0.49 | 0.49 |
| Non-institutional | 8.55 | 7.77 | 7.75 | 0.08 | 0.07 | 0.07 | 0.08 |
| Shares outstanding | 256046535 | 256046535 | 256046535 | 256046535 | 256046535 | 256046535 | 256046535 |
Related parties
Transactions with related parties as disclosed to the exchange for the period ending 2024-09-30, by counterparty, largest first. Amounts are as filed. Each row names the filing and the date it was filed.
| Counterparty | Relationship | Type | Amount in the period | Transactions |
|---|---|---|---|---|
| LM Wind Power Blades (India) Pvt Ltd | Fellow Subsidiary | Interest received, Loan | 24,190,090,000.00 | 3 |
| Grid Solutions SAS | Fellow Subsidiary | Purchase of goods or services, Sale of goods or serv | 1,623,480,000.00 | 2 |
| UK Grid Solutions Ltd | Fellow Subsidiary | Purchase of goods or services, Sale of goods or serv | 497,890,000.00 | 2 |
| Grid Equipments Pvt Ltd | Immediate Holding Company | Dividend paid | 350,990,000.00 | 1 |
| GE Grid Solutions, LLC | Fellow Subsidiary | Purchase of goods or services, Sale of goods or serv | 295,650,000.00 | 2 |
| GE Grid Solutions S.A. | Fellow Subsidiary | Sale of goods or services | 287,260,000.00 | 1 |
| General Electric Technology GmbH | Fellow Subsidiary | Purchase of goods or services, Sale of goods or serv | 245,940,000.00 | 2 |
| GE Grid Solutions (UK) Ltd | Fellow Subsidiary | Purchase of goods or services, Sale of goods or serv | 245,770,000.00 | 2 |
| Grid Solutions S.p.A. | Fellow Subsidiary | Purchase of goods or services, Sale of goods or serv | 217,010,000.00 | 2 |
| GE Digital Services Europe | Fellow Subsidiary | Any other transaction, Sale of goods or services | 208,210,000.00 | 2 |
| PT Unelec Indonesia | Fellow Subsidiary | Sale of goods or services | 176,770,000.00 | 1 |
| GE Vernova Inc | Ultimate Holding Company | Purchase of goods or services | 176,230,000.00 | 1 |
| GE Renewable Energy Technologies Pvt Ltd | Fellow Subsidiary | Purchase of goods or services, Sale of goods or serv | 144,090,000.00 | 2 |
| Grid Solutions Transmissao de Energia Ltda. | Fellow Subsidiary | Purchase of goods or services, Sale of goods or serv | 131,470,000.00 | 2 |
| GE Grid Solutions, S.A. de C.V. | Fellow Subsidiary | Purchase of goods or services, Sale of goods or serv | 129,730,000.00 | 2 |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2026-08-14 | Q1FY27 | CHIEF FINANCIAL OFFICER, GE VERNOVA, OFFICER AND MANAGING DIRECTOR, OPERATIONS | Read the call |
| 2026-05-26 | Q4FY26 | CHIEF FINANCIAL OFFICER, OFFICER & MANAGING DIRECTOR, OPERATIONS | Read the call |
| 2026-02-03 | Q3FY26 | CHIEF FINANCIAL OFFICER, OFFICER & MANAGING DIRECTOR, OPERATIONS | Read the call |
| 2025-11-10 | Q2FY26 | CHIEF FINANCIAL OFFICER, GE VERNOVA, OFFICER & MANAGING DIRECTOR, OPERATIONS | Read the call |
| 2025-08-06 | Q1FY26 | CHIEF FINANCIAL OFFICER, OFFICER & MANAGING DIRECTOR, OPERATIONS | Read the call |
| 2025-08-05 | Q1FY26 | CHIEF FINANCIAL OFFICER, OFFICER & MANAGING DIRECTOR, OPERATIONS | Read the call |
| 2025-05-30 | Q4FY25 | & MANAGING DIRECTOR, CHIEF FINANCIAL OFFICER –, OPERATIONS | Read the call |
| 2025-02-11 | Q3FY25 | CHIEF FINANCIAL OFFICER, FP&A OPERATIONS, OFFICER & MANAGING DIRECTOR, OPERATIONS | Read the call |
| 2024-11-13 | Q2FY25 | INDIA LIMITED, VERNOVA T&D INDIA LIMITED | Read the call |
| 2024-08-07 | Q1FY25 | Read the call | |
| 2024-05-27 | Q4FY24 | GE T&D INDIA LIMITED, INDIA LIMITED, T&D INDIA LIMITED | Read the call |
| 2024-02-12 | Q3FY24 | Read the call | |
| 2023-11-15 | Q2FY24 | GE T&D INDIA LIMITED, INDIA LIMITED, T&D INDIA LIMITED | Read the call |
| 2023-08-12 | Q1FY24 | GE T&D INDIA LIMITED, T&D INDIA LIMITED | Read the call |
| 2023-05-31 | Q4FY23 | Read the call | |
| 2023-02-20 | Q3FY23 | GE T&D INDIA LIMITED, T&D INDIA LIMITED | Read the call |
| 2022-11-15 | Q2FY23 | Read the call | |
| 2022-08-17 | Q1FY23 | GE T&D INDIA LIMITED, T&D INDIA LIMITED | Read the call |
| 2022-05-30 | Q4FY22 | AND CHIEF EXECUTIVE OFFICER, LEADER, WHOLE-TIME DIRECTOR | Read the call |
| 2022-02-10 | Q3FY22 | GE T&D INDIA LIMITED, GE T&D INDIA LIMITED., T&D INDIA LIMITED | Read the call |
| 2021-11-17 | Q2FY22 | Read the call | |
| 2021-08-24 | Q1FY22 | GE T&D INDIA LIMITED, T&D INDIA LIMITED | Read the call |
| 2021-07-28 | Q1FY22 | GE T&D INDIA LIMITED, T&D INDIA LIMITED | Read the call |
| 2021-06-21 | Q4FY21 | CHIEF EXECUTIVE OFFICER, LEADER | Read the call |
| 2021-02-22 | Q3FY21 | CHIEF EXECUTIVE OFFICER | Read the call |
| 2020-11-24 | Q2FY21 | Read the call | |
| 2020-08-19 | Q1FY21 | INDIA LIMITED, T&D INDIA LIMITED | Read the call |
| 2020-07-09 | Q1FY21 | INDIA LIMITED, T&D INDIA LIMITED | Read the call |
| 2019-11-15 | Q2FY20 | LIMITED, T&D INDIA LIMITED | Read the call |
| 2019-08-08 | Q1FY20 | GE T&D INDIA LIMITED, T&D INDIA LIMITED | Read the call |
| 2019-05-30 | Q4FY19 | Read the call | |
| 2019-03-06 | Q3FY19 | LEADER | Read the call |
What they said about it, quarter by quarter
| Topic | Q3FY26 | Q4FY19 | Q4FY21 | Q4FY22 | Q4FY23 | Q4FY24 | Q4FY25 | Q4FY26 |
|---|---|---|---|---|---|---|---|---|
| Capex | And sir, anything on the capex that we had announced earlier this fiscal, any update? | — | We saw TBCB projects and renewable capacity addition also getting delayed. | — | 2,40,000 crores kind of CapEx number in transmission which CEA talks about, I was just trying to get a sense of within that Rs. | Just wanted to know is there any capital expenditure plans or not capacity expansion but anything else? | My first question is on the capex of INR140 crores on STATCOM and HVDC products, capex and all. | This is far more than the capacity addition milestone. |
| Capital allocation | — | — | — | — | — | We are also pleased to inform all our shareholders that board has recommended a dividend of Rs 2/- per share after a gap of 5 years which is subject t… | — | The Board of Directors also recommended a dividend of INR10 per equity share for financial year '25-'26, subject to shareholders' approval. |
| Costs | My second question, how to think about the impact of the FTA with Europe, does it make our product more competitive for the European region, thereby i… | — | And along with the commodity cost pressures, both of these will build up some bit of pressure on margins in FY 2022, is that a fair assumption? | So, my first question is on the gross margins, wherein we saw an all-time low of about 14% raw material to sales increase to 86%. | — | — | If there is an increase in raw material prices, we are able to pass on. | In light of the strong inflation in terms of various geopolitical crisis, which is shaping the world right now, just wanted to understand in terms of … |
| Debt and cash | — | And sir then other bookkeeping question, what would be the net debt on the books? | Another important area where we made significant progress as per our earlier communication to the investor community is the improvement in cash flow a… | 80 crore of net cash, which helped us in the reduction of net debt by Rs. | — | The cash and cash equivalent balance was at 2,765 MINR as on March 31, 2024 vs 1,573 MINR as on Dec 31, 2023 and Net debt of 1,730 MINR as on March 31… | And now since we are in surplus, to make an efficient working capital management and cash management, we are investing a part of the available surplus… | — |
| Demand | The peak power demand is projected to touch 446 gigawatts by 2030. | Sir, if you can help us with the order book mix in terms of PGCIL, SEB's private. | But going forward, now we are seeing a good pipeline of the projects coming up, both in the TBCB space and the state. | And if you look at the order book side, it was comparatively a muted quarter and the overall year was down by about 5% as compared to 2021. | 8,706 million of orders which is 58% higher than the 4th quarter order booking in the last financial year. | With this critical demand driver, we see a robust addressable market for our energy-focused Software business, esp for GridOS, which is a highly diffe… | We are witnessing significant and consistent growth quarter-over-quarter, fueled by robust demand across our portfolio, particularly for transformers,… | Electrification is deepening across industries and households, and the demand for a stronger, smarter and a more resilient transmission and distributi… |
| Guidance | So, we expect that order to get finalized in Q2 of '26- '27 for the developers and then whatever time additional it requires for the OEM to take. | So, we expect the bid submission to happen in the next quarter, not in this quarter, because of Eid and all they are factories will be closed, or they… | But we expect in 2023- 2024 again the market to go back to the levels of Rs. | Otherwise, the pipeline has primarily getting shifted, and we expect now the next year to be a very heavy TBCB year. | On the question on the next financial year, I will not give a guidance but we will say that our endeavor is always to improve the margins from hereon … | With ongoing investments in grid modernization, capacity expansion, and the integration of technologies, the future outlook for the country’s transmis… | But we expect at least 1 to 2 projects to get decided during this year. | But we expect this market to grow to a meaningful number in the next 4 years, 5 years. |
| Margin | Due to disciplined underwriting process at the company and phasing of the old low-margin orders, the margin on order-in-hand has also improved over th… | And sir again going back to the earlier question, you mentioned you see some pressure in execution in FY20, but you continue to maintain, as you had m… | So, on Q4 numbers, the revenue was higher than the last year by 36%, EBITDA at around 5% Rs. | After the slow start to the financial year '21-’22, when the opportunities started to uphold in the market, the competition was brutally intensified, … | However, there was a significant improvement in terms of operational execution and our EBITDA improved from a loss of Rs. | However, a very important improvement is in the EBITDA level where we have about 12.8% EBITDA for the quarter, a significant 8.3 points improvement ve… | The combination of favorable demand trends and disciplined execution is accelerating our margin expansion and significantly reinforcing our confidence… | It's a pleasure to review what has been a transformative year for GE Vernova T&D India Limited, characterized by record order intake, significant marg… |
| People | — | — | — | — | — | I wanted to know the capacity utilization for specifically Vadodara plant because if I am not wrong all the transformers come from our Vadodara plant. | — | — |
| Pricing | So, I can assume that the ordering, which was done in the last 9 months, for you or, let's say, for the industry, still no pricing pressure has come a… | It will be a little difficult now, given the levels of pricing that we have seen when we picked up some of the orders. | For instance, the teams always work on the product cost optimization, lean, work on the productivity, reducing the cost of quality, etc. So, these are… | The first one being the commodity price increase. | — | But India market, the pricing is also improving and the margins are also becoming better. | Various factors, which lead to such a high performance that include a better pricing. | Then because of very bad pricing environment at that point of time, we discontinued, we stopped manufacturing those disconnectors. |
| Revenue growth | Now turning to our financial performance, we had a productive strong quarter of robust demand, significant revenue growth and EBITDA margin expansion. | — | And one last question in terms of overall export, you did mention that exports are 15% of our revenue, but broadly if one looks in terms of the revenu… | 5,000 crores top line in 2 to 3 years’ timeframe. | — | So, this is something which is because of huge spur in growth of the renewable generations. | Turning to our financial performance, we had another quarter of robust demand, significant revenue growth and EBITDA margin expansion. | Turning to Slide 6, the momentum in order is translating directly into strong revenue top line growth. |
What they said they would do
Sentences in which management set an expectation. Each names the speaker and the page of the transcript it came from.
| Date | Quarter | Who | What they said |
|---|---|---|---|
| 2021-07-28 | Q1FY22 | GE T&D INDIA LIMITED | In this year, other than these 150 crores of purchase and sale of material and services, we anticipate a large HVDC order to be decided in this financial year. |
| 2021-07-28 | Q1FY22 | GE T&D INDIA LIMITED | Overall, we anticipate the contract value to be up to 2000 crores and accordingly we need to sign a joint and several liability undertaking primarily besides the other terms and condition that we may have to sign with the customer and for this purpose because this exceeds the materiality limit, we have placed for the approval of the shareholder and if we win this order, this will be a significant boost to the order book of the company. |
| 2022-05-30 | Q4FY22 | AND CHIEF EXECUTIVE OFFICER | First of all, with respect to the market conditions, we expect as compared to 2022-2023, at least about 15% the market would be more. |