India · Delayed Price · Currency is INR GE Vernova T&D India Earnings Call Transcripts
Fiscal Year 2026
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Record order intake and 45% revenue growth marked FY 2025-2026, with EBITDA more than doubling and margins reaching 27.2%. Strong order backlog, robust cash position, and strategic CapEx support a positive outlook amid rising domestic and export demand.
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Q3 FY2025-26 saw 58% revenue growth and EBITDA margin expansion to 26.7%, with a record order book and strong cash position. Export and domestic markets remain robust, and management expects margins at the higher end of mid-20s for the year.
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Q2 saw 39% revenue growth, strong EBITDA margin expansion, and a healthy order backlog, with robust demand in both domestic and export markets. Major CapEx of INR 8 billion was announced, and management expects mid-20s EBITDA margins for the year.
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Q1 FY25-26 saw 39% revenue growth, 57% higher order bookings, and strong EBITDA margin expansion, driven by robust domestic and export demand. Order backlog reached INR 129.6 billion, with management guiding for further margin improvement and sustained export mix near 30%.
Fiscal Year 2025
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Q4 and FY24-25 saw strong revenue and margin growth, with record order intake and backlog driven by robust demand in transformers and advanced grid tech. Strategic CapEx will expand HVDC and STATCOM capacity, supporting both domestic and export growth. Cash position and profitability improved significantly.
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Q3 FY25 saw 28% revenue growth and record order backlog, with strong margin expansion and robust cash generation. Export orders and execution are set to rise, supported by a healthy pipeline and ongoing operational efficiency. Pricing power remains firm amid supply chain constraints.
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Record Q2 order booking and revenue growth were driven by large export and digital orders, with margins and cash position significantly improved year-over-year. The order backlog reached an all-time high, providing strong revenue visibility, while management expects continued robust order inflow and margin tailwinds from export and automation segments.
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Q1 FY25 saw strong revenue and profit growth, with EBITDA margin rising to 20.2% and gross margin to 40.3%. Order backlog surged 59% YoY, and cash position strengthened. Management expects continued robust demand and margin improvement, supported by operational efficiency and a strong order pipeline.