GE Vernova T&D Q1 FY27 Earnings Call — Analysis (NSE: GVT&D)

GE Vernova T&D India posted 38% YoY revenue growth to ₹1,840 Cr and held EBITDA margin at 25.1%, but Q1 order intake fell 30% YoY to ₹1,140 Cr on soft TBCB order flows, while management reiterated FY27 mid-20s margin guidance and ₹7,000–8,000 Cr base-order confidence.

· Analysis by Alpha Inflection

Result quality: stable — Steady quarter. Management sentiment: neutral.

The take

GE Vernova T&D India posted 38% YoY revenue growth to ₹1,840 Cr and held EBITDA margin at 25.1%, but Q1 order intake fell 30% YoY to ₹1,140 Cr on soft TBCB order flows, while management reiterated FY27 mid-20s margin guidance and ₹7,000–8,000 Cr base-order confidence.

Results

Revenue ₹1,840 Cr (+38% YoY); EBITDA margin 25.1%; PBT ₹490 Cr vs ₹390 Cr (>1.25x); order intake ₹1,140 Cr (-30% YoY); backlog ₹20,930 Cr (-2.5% QoQ).

Guidance

Management reiterated FY27 mid-20s EBITDA margin guidance and remained confident on ₹7,000–8,000 Cr of base order flows for the year, with meaningful HVDC-driven revenue growth seen from FY29 onward.

Key themes

Soft TBCB intake, export diversification, margin defence

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