GE Vernova T&D India posts record FY26 orders, approves Vallam facility

GE Vernova T&D India Limited reported audited financial results for the fourth quarter and full year ended March 31, 2026, with record order bookings and strong growth in revenue and profitability. The Board also approved an investment of Rs 550 million to establish a new manufacturing facility in Vallam, Tamil Nadu, for disconnectors and drives for 362 kV Dead Tank Circuit Breakers.

For the fourth quarter ended March 31, 2026, revenue rose 42% year-on-year (YoY) to Rs 16.4 billion from Rs 11.5 billion. Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) increased 77% YoY to Rs 4.4 billion, with margin improving to 27.2% from 21.9%. Profit After Tax (PAT) climbed 89% YoY to Rs 3.5 billion, with margin increasing to 21.5% from 16.2%. Order bookings surged 188% YoY to Rs 86.1 billion from Rs 29.9 billion.

For FY26, revenue increased 45% YoY to Rs 62.1 billion from Rs 42.9 billion. EBITDA more than doubled to Rs 16.8 billion from Rs 8.2 billion, while margin improved to 27.1% from 19.1%. PAT rose 103% YoY to Rs 12.3 billion from Rs 6.1 billion, with margin expanding to 19.9% from 14.2%. Order bookings reached Rs 147.8 billion, compared to Rs 107.8 billion in the previous year.

During FY26, the company secured several major orders across transmission and grid infrastructure projects. These included an order from Adani Energy Solutions Ltd. for supply of a High Voltage Direct Current (HVDC) Voltage Source Converter (VSC) terminal station for the 2.5 GW Khawda-South Olpad renewable power transmission corridor. It also received orders from Power Grid Corporation of India Ltd. (PGCIL) for refurbishment of the 2×500 MW Chandrapur HVDC Back-to-Back Station and for 765 kV 500 MVA Interconnecting Transformers (ICTs) and 765 kV 110 MVA reactors for renewable energy zone evacuation.

Additional orders included 765 kV 500 MVA ICTs, 765 kV 110 MVA reactors, and 800 kV/420 kV/245 kV Gas Insulated Switchgear (GIS) from a private Tariff Based Competitive Bidding (TBCB) developer in Gujarat, along with 765 kV/400 kV Air Insulated Switchgear (AIS) equipment and Grid Automation packages from multiple Engineering, Procurement and Construction (EPC) players in India. The company also secured export orders for AIS and GIS equipment from Europe, the Middle East, and Africa.

Operationally, the company commissioned multiple substations and switchyards during Q4 FY26. These included a 400/200 kV substation at Gadag in Karnataka, a 132/33 kV GIS substation at Tuensang in Nagaland, a 400/132 kV AIS switchyard at Kahalgaon in Bihar, and a 220/132/33 kV AIS substation at Kangoo in Himachal Pradesh. It also commissioned 765 kV and 420 kV shunt reactors at multiple sites, as well as a Supervisory Control and Data Acquisition (SCADA) system, for Damodar Valley Corporation.

The Board approved an investment of Rs 550 million to establish new manufacturing capacity for disconnectors and drives for 362 kV Dead Tank Circuit Breakers at a new facility in Vallam, Tamil Nadu. The capacity will be developed in phases, with first production tentatively scheduled for December 2026. The project will be funded through internal accruals and is intended to serve both Indian and international markets, where the company currently has no existing capacity for these products.

The Board also recommended a dividend of Rs 10 per equity share for FY26, subject to shareholder approval.

Sandeep Zanzaria, Managing Director and Chief Executive Officer (CEO), GE Vernova T&D India Limited, said the company delivered a strong year driven by record order bookings and execution. He added that the company initiated capital investments of more than Rs 10 billion across multiple product lines and facilities to support future growth and remains focused on SQDC, Safety, Quality, Delivery and Cost, while supporting India’s energy transition.