AI-generated · cited to primary sources · not investment advice
GE Vernova T&D (522275) Nov 2025 Filing Analysis
Does management do what it says?
The company significantly outperformed its mid-to-high teens target by achieving an EBITDA margin of 19.1% for FY 2024-25. (5 exceeded across 5 tracked commitments)
“Overall, in first half, we delivered EBITDA of 27.3%. We have higher confidence to delivering EBITDA in the range of mid 20 in this financial year”
The company successfully reached an export mix of 30% of total orders in FY 2024-25, meeting its strategic target. (2 met, 2 exceeded, 1 in progress across 5 tracked commitments)
“And on the long term, we expect that revenue execution should be also in the same proportion, where exports will be around 30% to 35% of revenue.”
Management has proposed a total dividend payout of 1.3 BINR for FY 2025-26, which is a specific aggregate target rather than a per-share commitment, reflecting continued shareholder returns. (1 revised, 1 met across 2 tracked commitments)
“but definitely, if you look at about INR 1,500 crores of quarterly revenue, then we are looking at somewhere between INR5,500 crores and INR6,000 crores of annual revenue this year, which is again going to be close to about a 35% growth over last year.”
Management expects a decision on the INR 3,000 crore Related Party Transaction (RPT) order by Q4. — target: Decision by Q4
“We expect the decision by Q4 in the current scenario, however, it may change depending on the customer's plan.”
Expanding existing capacities for GIS & AIS products at Hosur and Padappai facilities by up to 25%. — target: 25% capacity increase (+1 more commitment)
“Expanding existing capacities for GIS & AIS products at Hosur and Padappai facilities expanding capacity upto 25%”
See the full cited Management analysis of GE Vernova T&D
How durable is the business?
The company is utilizing its strong cash position to fund a major 8,060 million INR capacity expansion (Capex) through internal accruals, targeting 50% growth in Transformer & Reactor capacity. (1 expanding)
“The Board of Directors has approved investments of ₹ 8,060 MINR... funded through internal accruals.”
See the full cited Business Model analysis of GE Vernova T&D
Where does growth come from?
Revenue growth is showing strong momentum, maintaining a 39% year-over-year growth rate for both the current quarter and the first half of the fiscal year. (1 steady across 1 signal)
“Overall, in first half of this financial year, we achieve 28.6 BINR of revenue against a growth of 39% on year over year basis”
See the full cited Future Growth analysis of GE Vernova T&D
What could break the thesis?
Management acknowledged some 'softness' in the pipeline during H1 due to industry-wide ROW issues and slower tendering, but expects a pickup in H2 as the National Committee of Transmission identifies new projects. (1 stable)
“Umesh, we have seen some softness in the pipeline... we have seen challenges with respect to industry for ROW issues or slower tendering. But I'm expecting it to pick up because the National Committee of Transmission, has identified multiple projects.”
See the full cited Risk analysis of GE Vernova T&D
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