GE Vernova T&D India Limited First Take: Mixed print: Revenue beats, but margins and order inflows disappoint

Research evidence excerpt

J P M O R G A N

Asia Pacific Equity Research

06 August 2026

GE Vernova T&D India Limited

First Take: Mixed print: Revenue beats, but margins and

order inflows disappoint

Our First Take: While revenue beat expectations (up 38% yoy, 15%/7% ahead of

JPM/consensus), OI and margins (the two most critical metrics) disappointed.

Reported EBITDA margins at 25.1% were largely in-line with sell-side

expectations (24.9%/25.8% JPM/consensus) and compressed yoy/qoq by

~400/200bps (we await further details on FX/derivative losses (if any) in 1Q).

Given the lower share of exports in the current backlog, margins were at-risk of

some compression (see our preview), but buy-side expectations were likely higher

heading into the print. Order inflows at Rs11.4bn (down 30% yoy) were the bigger

disappointment, especially in the context of (1) higher order inflow growth

reported by other power equipment names so far, (2) press release highlighting

numerous export wins, implying domestic order inflows could have been even

weaker, and (3) the large ~Rs14bn US DC related export order which management

talked about on the 4Q call not being booked this Q. Management will host a

conference call on 7th Aug at 4PM IST, and we expect questions around (1) reasons

behind a weaker-than-peers domestic order inflow print for the past 2 quarters and

the near-term outlook, (2) updates on the large export opportunities previously

highlighted by management, GVTD’s right-to-win (product capabilites/coststructure/lead-times) versus GEV’s other global factories (see our read-across

note) in the US market, and (3) drivers of the margin print this Q (product mix/

exports vs domestic mix/FX losses etc).

Overweight

GETD.NS, GVTD IN

Price (05 Aug 26):Rs4,410.00

Price Target (Mar-27):Rs5,500.00

India Industrials, Electric Utilities,

and Infrastructure Sectors

Rishabh Gupta AC

(91-22) 6157-3429

Atul Tiwari

(91-22) 6157-3582

Muskan Agarwal

(91-22) 6157-3226

J.P. Morgan India Private Limited, J.P. Morgan

Tower, Santacruz(E), Mumbai - 400098, SEBI

Registration: INH000001873, (91-22) 6157-3000.

Key Positives

Stronger-than-expected revenue growth was a slight positive, however the press

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