GVT&D
GE Vernova T&D India Limited
Power-transmission and grid equipment for utilities — GE Vernova's listed Indian arm
Industrials›Capital Goods›Electrical Equipment›Heavy Electrical Equipment
gevernova.com(opens the company website in a new tab)Key metrics
Price as of 2026-10-16
Stock price
₹3959.10
Market cap
1,01,348 Cr
Stock P/E
77.7
P/B
37.68
Dividend yield
0.1%
ROE (FY26)
45.8%
ROCE (FY26)
61.9%
Operating margin (FY26)
26.4%
Debt / equity (FY26)
0.00
OCF / EBITDA (FY26)
101.6%
OCF / EBITDA (3Y)
111.0%
Full years shown; sign in free for the trailing twelve months. Learn about these metrics →
Price & valuation
Share price and valuation multiples (P/E, P/B and more) over time.
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What you need to know
GE Vernova T&D India (GVT&D) makes power-transmission and grid equipment, including transformers, gas-insulated switches (GIS), circuit breakers and HVDC systems, for central utilities, private customers and export buyers.
Company snapshot
7thBy market cap
Ranked among 38 companies in Heavy Electrical Equipment.
What we see
Positives
- ✓Net margin of 19.9% — the business keeps a healthy share of every rupee it earns.
4 more signals from the filings.Sign in free to see them all
Statement tables · Standalone
Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.
Standalone only
Amounts in ₹ Cr · tap + to expand rows
Quarterly results
Quarterly · ₹ Cr · tap + rows to expand
| Metric | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 698 Cr | 839 Cr | 914 Cr | 958 Cr | 1,108 Cr | 1,074 Cr | 1,153 Cr | 1,330 Cr | 1,538 Cr | 1,701 Cr | 1,637 Cr | 1,836 Cr |
| Operating expenses (approx.) | 637 Cr | 742 Cr | 803 Cr | 776 Cr | 903 Cr | 894 Cr | 900 Cr | 943 Cr | 1,142 Cr | 1,246 Cr | 1,192 Cr | 1,375 Cr |
| EBITDA | 61 Cr | 97 Cr | 111 Cr | 182 Cr | 205 Cr | 180 Cr | 252 Cr | 388 Cr | 396 Cr | 455 Cr | 445 Cr | 461 Cr |
| OPM % | 8.7% | 11.5% | 12.1% | 19.0% | 18.5% | 16.7% | 21.9% | 29.1% | 25.8% | 26.7% | 27.2% | 25.1% |
| Other income | 9 Cr | -4 Cr | 6 Cr | 12 Cr | 4 Cr | 26 Cr | 21 Cr | 16 Cr | 19 Cr | 19 Cr | 37 Cr | 42 Cr |
| Interest | 7 Cr | 7 Cr | 3 Cr | 2 Cr | 3 Cr | 4 Cr | 6 Cr | 3 Cr | 2 Cr | 3 Cr | 7 Cr | 3 Cr |
| Depreciation | 13 Cr | 12 Cr | 12 Cr | 12 Cr | 12 Cr | 12 Cr | 11 Cr | 11 Cr | 12 Cr | 12 Cr | 12 Cr | 12 Cr |
| Profit before tax | 50 Cr | 73 Cr | 101 Cr | 180 Cr | 194 Cr | 190 Cr | 256 Cr | 390 Cr | 401 Cr | 390 Cr | 469 Cr | 487 Cr |
| Tax % | 26.1% | 32.4% | 34.5% | 25.2% | 25.4% | 24.9% | 27.2% | 25.3% | 25.4% | 25.4% | 25.0% | 25.5% |
| Net profit | 37 Cr | 49 Cr | 66 Cr | 135 Cr | 145 Cr | 143 Cr | 186 Cr | 291 Cr | 299 Cr | 291 Cr | 352 Cr | 363 Cr |
| EPS (₹) | ₹1.45 | ₹1.93 | ₹2.59 | ₹5.25 | ₹5.65 | ₹5.57 | ₹7.28 | ₹11.37 | ₹11.70 | ₹11.36 | ₹13.74 | ₹14.18 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 4,260 Cr | 4,386 Cr | 4,219 Cr | 3,159 Cr | 3,452 Cr | 3,066 Cr | 2,773 Cr | 3,168 Cr | 4,292 Cr | 6,206 Cr | Sign in free for the trailing twelve months |
| Operating expenses (approx.) | 4,220 Cr | 4,129 Cr | 3,793 Cr | 3,374 Cr | 3,307 Cr | 3,175 Cr | 2,672 Cr | 2,849 Cr | 3,474 Cr | 4,523 Cr | Sign in free for the trailing twelve months |
| EBITDA | 40 Cr | 257 Cr | 426 Cr | -215 Cr | 145 Cr | -109 Cr | 102 Cr | 319 Cr | 819 Cr | 1,684 Cr | Sign in free for the trailing twelve months |
| OPM % | 0.9% | 5.9% | 10.1% | -6.8% | 4.2% | -3.6% | 3.7% | 10.1% | 19.1% | 27.1% | Sign in free for the trailing twelve months |
| Other income | 141 Cr | 240 Cr | 58 Cr | 60 Cr | 66 Cr | 26 Cr | 34 Cr | 23 Cr | 63 Cr | 91 Cr | Sign in free for the trailing twelve months |
| Interest | 165 Cr | 88 Cr | 66 Cr | 68 Cr | 59 Cr | 39 Cr | 42 Cr | 28 Cr | 14 Cr | 15 Cr | Sign in free for the trailing twelve months |
| Depreciation | 88 Cr | 90 Cr | 83 Cr | 78 Cr | 66 Cr | 58 Cr | 55 Cr | 50 Cr | 47 Cr | 46 Cr | Sign in free for the trailing twelve months |
| Profit before tax | -73 Cr | 319 Cr | 335 Cr | -356 Cr | 89 Cr | -69 Cr | 27 Cr | 263 Cr | 820 Cr | 1,650 Cr | Sign in free for the trailing twelve months |
| Tax % | -18.3% | 34.5% | 36.4% | 14.9% | 32.5% | -28.6% | 105.6% | 31.2% | 25.8% | 25.2% | Sign in free for the trailing twelve months |
| Net profit | -87 Cr | 209 Cr | 213 Cr | -303 Cr | 60 Cr | -89 Cr | -1 Cr | 181 Cr | 608 Cr | 1,233 Cr | Sign in free for the trailing twelve months |
| EPS (₹) | ₹-3.40 | ₹8.20 | ₹8.31 | ₹-11.82 | ₹2.36 | ₹-1.94 | ₹-0.06 | ₹7.07 | ₹23.76 | ₹48.16 | Sign in free for the trailing twelve months |
| Dividend payout % | — | — | — | — | 0.0% | — | — | 0.0% | 8.4% | 10.4% | Sign in free for the trailing twelve months |
Sign in free for the trailing twelve months
The latest four quarters added up, next to each full year
Balance sheet
Annual · ₹ Cr · tap + rows to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 51 Cr | 51 Cr | 51 Cr | 51 Cr | 51 Cr | 51 Cr | 51 Cr | 51 Cr | 51 Cr | 51 Cr |
| Reserves | 982 Cr | 1,138 Cr | 1,377 Cr | 1,000 Cr | 1,071 Cr | 1,029 Cr | 1,022 Cr | 1,192 Cr | 1,722 Cr | 2,639 Cr |
| Borrowings | 518 Cr | 100 Cr | 81 Cr | 490 Cr | 221 Cr | 163 Cr | 220 Cr | 0.43 Cr | — | — |
| Other liabilities | 3,563 Cr | 3,479 Cr | 2,688 Cr | 2,612 Cr | 2,758 Cr | 2,524 Cr | 2,387 Cr | 2,341 Cr | 2,888 Cr | 5,049 Cr |
| Total liabilities | 5,114 Cr | 4,769 Cr | 4,196 Cr | 4,154 Cr | 4,102 Cr | 3,767 Cr | 3,679 Cr | 3,584 Cr | 4,661 Cr | 7,739 Cr |
| Fixed assets (net) | 656 Cr | 583 Cr | 511 Cr | 536 Cr | 493 Cr | 449 Cr | 413 Cr | 393 Cr | 372 Cr | 404 Cr |
| CWIP | 25 Cr | 18 Cr | 5 Cr | 12 Cr | 22 Cr | 9 Cr | 9 Cr | 11 Cr | 47 Cr | 65 Cr |
| Investments | 0.01 Cr | 0.01 Cr | 0.01 Cr | 0.01 Cr | 0.01 Cr | 8 Cr | 8 Cr | 8 Cr | 7 Cr | 7 Cr |
| Loans & advances | — | — | 3 Cr | 0.92 Cr | 2 Cr | 0 Cr | 0 Cr | 143 Cr | 578 Cr | 971 Cr |
| Inventories | 1,120 Cr | 1,026 Cr | 634 Cr | 649 Cr | 580 Cr | 623 Cr | 644 Cr | 589 Cr | 704 Cr | 1,228 Cr |
| Trade receivables | 2,271 Cr | 1,799 Cr | 2,020 Cr | 1,899 Cr | 1,905 Cr | 1,563 Cr | 1,551 Cr | 1,438 Cr | 1,469 Cr | 2,172 Cr |
| Cash & bank | 69 Cr | 232 Cr | 50 Cr | 50 Cr | 49 Cr | 71 Cr | 45 Cr | 132 Cr | 471 Cr | 1,525 Cr |
| Other assets | 974 Cr | 1,109 Cr | 973 Cr | 1,006 Cr | 1,053 Cr | 1,046 Cr | 1,010 Cr | 871 Cr | 1,013 Cr | 1,366 Cr |
| Total assets | 5,114 Cr | 4,769 Cr | 4,196 Cr | 4,154 Cr | 4,102 Cr | 3,767 Cr | 3,679 Cr | 3,584 Cr | 4,661 Cr | 7,739 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | 188 Cr | 1,054 Cr | -355 Cr | -260 Cr | 311 Cr | 8 Cr | -37 Cr | 518 Cr | 904 Cr | 1,710 Cr |
| Cash from investing | -46 Cr | -305 Cr | 287 Cr | -31 Cr | 12 Cr | 116 Cr | 3 Cr | -172 Cr | -496 Cr | -511 Cr |
| Cash from financing | -131 Cr | -585 Cr | -114 Cr | 290 Cr | -324 Cr | -102 Cr | 9 Cr | -259 Cr | -69 Cr | -147 Cr |
| Net cash flow | 12 Cr | 165 Cr | -183 Cr | -0.30 Cr | -0.91 Cr | 22 Cr | -26 Cr | 87 Cr | 339 Cr | 1,054 Cr |
| Free cash flow (OCF − Capex) | 140 Cr | 1,036 Cr | -362 Cr | -292 Cr | 311 Cr | -17 Cr | -54 Cr | 489 Cr | 816 Cr | 1,521 Cr |
Ratios
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % | 5.9% | 31.6% | 26.6% | -18.7% | 11.1% | -2.5% | 5.3% | 23.4% | 47.0% | 61.9% |
| ROE % | -8.4% | 17.5% | 14.9% | -28.8% | 5.4% | -8.3% | -0.1% | 14.6% | 34.3% | 45.8% |
| Debtor days | 194 | 149 | 174 | 219 | 201 | 186 | 204 | 166 | 125 | 127 |
| Inventory days | 138 | 123 | 85 | 104 | 85 | 92 | 118 | 107 | 97 | 124 |
| Days payable | 204 | 205 | 155 | 159 | 164 | 165 | 195 | 161 | 141 | 160 |
| Cash conversion cycle | 127 | 67 | 105 | 164 | 122 | 113 | 127 | 112 | 80 | 92 |
| OCF / EBITDA % | n.m. | 410.4% | -83.3% | — | 213.9% | — | -36.8% | 162.5% | 110.4% | 101.6% |
| OCF / EBITDA % (3 years) | — | — | 122.9% | 94.0% | -85.3% | — | n.m. | 157.0% | 111.7% | 111.0% |
| Debt / equity | 0.50 | 0.08 | 0.06 | 0.47 | 0.20 | 0.15 | 0.20 | 0.0003 | 0.00 | 0.00 |
| Current ratio | 1.01 | 1.09 | 1.24 | 1.08 | 1.10 | 1.07 | 1.08 | 1.17 | 1.32 | 1.33 |
| Net debt / EBITDA | 11.35 | — | 0.07 | — | 1.19 | — | 1.72 | -0.41 | -0.58 | -0.91 |