GE Vernova T&D India Limited: Read-across from GE Vernova Inc’s Jun-Q results

研报英文原文证据摘录

GE Vernova T&D India Limited: Read-across from GE Vernova Inc’s Jun-Q results

J P M O R G A N Asia Pacific Equity Research

22 July 2026

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GE Vernova T&D India Limited Overweight

GETD.NS, GVTD IN

Read-across from GE Vernova Inc’s Jun-Q results Price (22 Jul 26):Rs4,481.50

Price Target (Mar-27):Rs5,500.00

GEV (covered by Mark Strouse, First Take) reported its Jun-Q, with Electrification India Industrials, Electric Utilities,

order inflow (the relevant segment for GVTD) of $6.3bn, up 66% yoy organic (vs. and Infrastructure Sectors

$7.1bn in Mar-Q, up 86% yoy organic), and maintained CY26 EBITDA margin Rishabh Gupta AC

guidance for the Electrification segment of 18-20% (raised from 17-19% in Mar- (91-22) 6157-3429

Q). Data Centers (DC)-related orders of $2.7bn remained strong ($2.4bn in Mar-Q) rishabh.x.gupta@jpmorgan.com

and, importantly, management highlighted $800m of US transformer order inflow Atul Tiwari

in 1H to be serviced by its global factories (ex-US). In addition to the domestic (91-22) 6157-3582

ordering, our OW rating on GVTD (see our initiation report) is predicated on atul.tiwari@jpmorgan.com

increasing export optionality (largely mandates from GEV). GEV’s healthy order Muskan Agarwal

(91-22) 6157-3226

inflow, especially DC-related orders (which are likely seeking lower lead times/ muskan.x3.agarwal@jpmchase.com

have favorable pricing), and management’s commentary on the Prolec acquisition J.P. Morgan India Private Limited, J.P. Morgan