GVT&D · Capital Goods
GE Vernova T&D India Ltd. reported revenue of ₹1,701 cr for October to December 2025, +58.4% on the year and +10.6% on the quarter. It is the highest quarterly revenue in the last 11 quarters on record. Over the last four quarters revenue comes to ₹5,722 cr, +41.1% on the four before.
Operating profit (EBITDA) was ₹455 cr, a margin of 26.7%, +999 bps on the year and +100 bps on the quarter. Over the last 8 quarters the margin has ranged from 12.1% to 29.2%, averaging 21.2%. Operating costs grew +39.4% against revenue growth of +58.4%, so more of each rupee of sales reached operating profit.
Net profit was ₹291 cr, +103.5% on the year and −2.7% on the quarter, with earnings per share of ₹11.36. Profit before other income, one-offs and tax grew faster, at +168.9%; other income, one-offs or tax held the headline back. The tax rate of 25% is in line with its recent average. Profit over the last four quarters totals ₹1,067 cr, +118.2% on the four before.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹41.71 over the last four quarters, the stock at ₹3,959.10 trades at 94.9 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
Reported profit +103.5% on the year; profit before other income, exceptional items and tax +168.9%.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹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 |
| YoY | — | — | — | +33% | +59% | +28% | +26% | +39% | +39% | +58% | +42% | +38% |
| EBITDA margin | 8.7% | 11.6% | 12.1% | 19.0% | 18.5% | 16.8% | 21.9% | 29.2% | 25.7% | 26.7% | 27.2% | 25.1% |
| Other income, % of PBT | 18% | −5% | 6% | 7% | 2% | 14% | 8% | 4% | 5% | −13% | 9% | 9% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 32% | 34% | 25% | 25% | 25% | 27% | 25% | 25% | 25% | 25% | 25% |
| Net profit | ₹37.0 cr | ₹49.0 cr | ₹66.0 cr | ₹135 cr | ₹145 cr | ₹143 cr | ₹186 cr | ₹291 cr | ₹299 cr | ₹291 cr | ₹352 cr | ₹363 cr |
| YoY | — | — | — | +382% | +292% | +192% | +182% | +116% | +106% | +103% | +89% | +25% |
| Core profit YoY | — | — | — | +522% | +363% | +113% | +147% | +123% | +101% | +169% | +81% | +19% |
| 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 |
| Flags | · | · | · | ✓ | ✓ | 1 | 1 | ✓ | ✓ | ✓ | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
GE Vernova T&D India Ltd. reported revenue of ₹1,701 cr (+58.4% on the year) and net profit of ₹291 cr (+103.5% on the year) for October to December 2025.
Profit before other income, exceptional items and tax moved +168.9% on the year, against +103.5% for reported profit.
None of the 7 checks that could run raised a question.
No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.
Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.