GE Vernova, L&T and Bondada report strong Q3 FY26 performance
Author: PPD Team Date: January 29, 2026
GE Vernova T&D India Limited, Larsen and Toubro Limited (L&T), and Bondada Engineering Limited reported strong quarterly financial and order book performance, supported by higher order inflows, improved execution and margin expansion across power and infrastructure segments.
GE Vernova T&D India reported a 58% year on year increase in revenue to Rs 17.0 billion, while profit after tax rose to Rs 2.9 billion. Order bookings for the quarter grew 41% to Rs 29.4 billion. Key wins included refurbishment work at Power Grid Corporation of India Ltd’s Chandrapur High Voltage Direct Current station and export orders for substation equipment to Europe, the Middle East and Africa. EBITDA stood at Rs 4.5 billion, with margins improving to 26.7%, driven by better execution and higher capacity utilisation.
L&T reported a record quarterly order inflow of Rs 1,356 billion, marking a 17% increase over the same period last year. Revenue for the quarter rose 10% to Rs 714 billion. The company’s order book reached an all-time high of Rs 7,332 billion, with international orders accounting for 49% of the total. Recurring profit after tax increased 31% to Rs 44 billion, supported by operational efficiencies and improved working capital management. Growth was led by infrastructure projects, energy and high-tech manufacturing segments.
Bondada Engineering also posted sharp growth during the quarter. Revenue increased 89.4% year on year to Rs 7.1 billion, while net profit rose 119.1% to Rs 542 million. A major component of this pipeline comes from Battery Energy Storage System (BESS) projects. Bondada has BESS orders totalling 850 MWh under execution. These include a 200MW or 400MWh project for Tamil Nadu Green Energy Corporation Limited (TNGECL) and a 225MW or 450MWh project for Andhra Pradesh Transmission Corporation (APTRANSCO). It also has solar Engineering, Procurement and Construction (EPC) contracts valued at around Rs 68.7 billion.
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