Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 5 Oct
Source: Bse
GE Vernova T&D India Limited (GVT&D)
Mid CapIndustrials stocks · Mid cap · NSE
GE Vernova T&D India Limited provides electrification solutions, including High Voltage AC, High Voltage DC, Grid Automation & Software. The company leverages advanced technologies to serve the growing long-cycle market, with strong localization and ~7 decades of execution history in India.
Data qualityFresh enough for analysisQuote updated 21 Oct, 11:46 am ISTDetails
Quote21 Oct, 11:46 am IST
Base fundamentals16 Oct 2026 · screener
Latest result16 Aug, 01:31 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
36BearishSMA20 -3.7% / mo · MACD −
Stock trend: 30
Sector RS: 46
Sector 3M: -7.1% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
GVT&DD candles · FIT view-16.7%TODAY · PROVISIONALLatest price ₹3763.80 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-4.0%
RSI
28
MACD hist
-43.52
52W pos
40%
2026-10-21O ₹3920.00H ₹3925.00L ₹3761.00C ₹3763.80Vol 2.9L shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
GVT&DNifty India ManufacturingNifty 500
- GVT&D
- -11.7%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- -6.1 pp
Chart stats
19 Oct 2026- From 52W high
- -30.5%
- 52W range position
- 45%
- ATR (14)
- 3.5%
- Volume vs 20D
- 0.65x
- Avg traded value
- ₹244 Cr
- 20D price channel
- ₹3,877.1 - ₹4,513.5
₹5,650
₹2,523.2 - ₹5,650
₹138.8
Latest completed session
20-session average
29.8% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED64
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
pending—
No classified quarterly result is available yet.
Technical
Bearish36
Price trend and sector-relative-strength timing.
Valuation
Legacy model-87.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence87
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarterly result analysis pending
No classified quarterly result is available yet. Financial-history charts below may still contain upstream data.
Fundamentals
Valuation
- P/E
- 74.90
- P/B
- 37.61
- EV/EBITDA
- 56.06
- Market Cap
- 101114.00Cr
Profitability
- ROE
- 57.40%
- ROCE
- 77.40%
- ROA
- 16.86%
- Dividend Y
- 0.25%
Growth (CAGR)
- Revenue 5Y
- 12.00%
- EPS 5Y
- 86.00%
- Revenue 3Y
- 31.00%
- EPS 3Y
- 215.00%
Balance Sheet
- Debt/Equity
- 0.01
- Interest Coverage
- 117.13×
- Altman Z
- 8.22
- Book Value
- 105.00
Cash Flow
- FCF Yield
- 1.19%
- FCF Positive Y
- 8/5
- OCF
- 1710.00 Cr
- EPS TTM
- 50.98
Shareholding
- Promoter Hold
- 51.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 46%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 1,836+12.2% vs prev
Net Profit
₹ CrLatest: 363+3.1% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 28.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~4.9% over last month) — short-term momentum negative.
- RSI(14) at 28 — oversold zone; bounce conditions.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 33% off 52W high · 49% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
80
RS percentile
Stage 1 Base / Transition
1M return
-10.5%
3M return
-11.7%
6M return
-7.4%
1Y return
+32.2%
RS 1D
-2
RS 20D
+2
Sector rank
#5
Industry rank
#1
Stage evidence
- Price is 11.1% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed +1.4% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 135.47+0.16%
RS vs Nifty 500135
Valuation & peers
U-Score 64 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 64 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · UNDERVALUEDValuation0/30
Growth22/25
Quality20/20
Balance Sheet10/15
Cash Flow7/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
64
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
64/100 · legacy band UNDERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 20/20 to the score.
- Growth contributes 22/25 to the score.
Main drags
- Fair-value margin of safety is negative at -87.9%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Balance sheet is weaker at 10/15; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
74.9
PB
37.6
EV/EBITDA
56.1
ROE
57.4%
ROCE
77.4%
FCF Yield
1.2%
Debt/Equity
0.0
MoS
-87.9%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
64
Previous: 64
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
-87.9%
Previous: -95.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
39
39
39
39
39
39
64
64
64
64
64
64
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹347.05
-984.5% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹2,003.51
-87.9% MoS
PEG
0.54
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
HIRECT
Small
Hind Rectifiers Limited
Electrical Equipment
match 115
44
100.0
25.2%
-133%
WATCHLIST
GENUSPOWER
Small
Genus Power Infrastructures Limited
Electrical Equipment
match 102
71
13.1
30.9%
+47%
UNDERVALUED
KCEIL
SME
Kay Cee Energy & Infra Ltd.
Electrical Equipment
match 102
65
5.0
22.8%
+83%
UNDERVALUED
VIVIANA
SME
Viviana Power Tech Ltd.
Electrical Equipment
match 102
66
14.9
59.7%
+44%
UNDERVALUED
JAINIK
SME
Jainik Power Cables Ltd.
Electrical Equipment
match 102
58
17.5
25.6%
+30%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-13T10:42:03.110Z
Management commentary snapshot
Q1 FY2026-27 revenue grew 38% QoQ to INR 18.4B, with PBT up to INR 4.9B. However, orders declined 30% QoQ to INR 11.4B, leading to a slight dip in the order backlog.
The company delivered strong Q1 FY26-27 revenue and PBT growth, driven by execution efficiencies and operating leverage. Significant capacity expansion plans and a robust order backlog support future growth. However, the QoQ decline in order intake warrants close monitoring for sustained momentum.
Current business mix
Revenue by Geography (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Domestic67.2%
Exports32.8%
Growth engines
Renewable Energy Integration
Renewable addition is driving transmission investment in India, with average investment/year expected to be >$15B.
Data Center Market
The emerging data center market offers significant upside potential as India captures growth.
HVDC Market Growth
The HVDC market is poised to grow with 7 new projects expected by 2030, along with multiple STATCOM opportunities per year.
Export Expansion
The company targets to add new countries in Asia, Middle East, and Europe, leveraging GE Vernova’s global reach.
Capacity and execution
Transformer & Reactor Capacity
+50% increase in Transformer & Reactor capacity at Pallavaram with ₹1.4B capex up to early 2027.
AIS & GIS Capacity
+25% increase in AIS capacity and new lines for Bushings & ACR at Padappai, and +25% capacity for GIS & AIS at Hosur, part of ₹8.1B capex up to Dec 2028.
HVDC & STATCOM Valves
New lines for HVDC valves (LCC) and VSC-STATCOM valves at Vadodara, part of ₹8.1B capex up to Dec 2028.
New Plant & Engineering Lab
New plant at Vallam for AIS 765kV disconnector, GIS GIB components assembly & Dead Tank 362 FK assembly. New Engineering & Test Lab at Noida Sec 63 with ₹0.6B capex up to Dec 2026.
Tailwinds
Energy Transition Investments
Record investments in India and globally are fueling an energy super cycle, particularly in clean energy and grid modernization.
Renewable Energy Growth
Renewable additions are driving significant transmission investments in India, with the market expected to grow 2.8x by 2035.
Emerging Digital Demand
Higher expected investments in AI Data Centers and Grid modernization are expanding the addressable market.
Risk radar
Order Inflow Volatility
Q1 FY27 order intake declined 30% QoQ, indicating potential volatility in new project awards which could impact future revenue.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare QOQ
Quarterly results are best assessed sequentially to understand recent operational momentum, execution pace, and short-term order book changes, especially for project-based businesses.
Sector KPIs management disclosed
Order Inflow
Q1 FY2026-27 orders were 11.4 BINR, a 30% decline from 16.2 BINR in Q1 FY2025-26.
Order Backlog
Order backlog stood at 209.3 BINR as of June 2026, a 2.5% decrease from 214.6 BINR in March 2026.
Revenue
Q1 FY2026-27 revenue was 18.4 BINR, a 38% increase from 13.3 BINR in Q1 FY2025-26.
EBITDA Margin
EBITDA Margin for FY2025-26 was 27.1%, driven by volume & product mix, execution efficiencies, and operating leverage.
Management forward view
Maximize Shareholder Returns
Management aims to maximize shareholder returns through prudent capex and strengthening manufacturing leadership.
Drive Profitability
Focused on driving industry-leading profitability and financial resilience through structural growth.
Expand Horizons
Plans to expand horizons through exports, innovation, and emerging opportunities like data centers and HVDC.
Execution Priorities
Key priorities include strengthening DC networks, building early presence in data centers, qualifying Indian factories for exports, and timely capex execution.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Inflow | 11.4 BINR (Q1 FY27) | Trend in new order wins, especially from emerging segments and exports. |
| Order Backlog | 209.3 BINR (Jun'26) | Conversion rate of backlog into revenue and its stability. |
| EBITDA Margin | 27.1% (FY26) | Ability to sustain or expand margins amidst execution and input cost pressures. |
| Capacity Expansion | ₹10.1B+ planned capex | Timely commissioning and utilization ramp-up of new manufacturing capacities. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
87Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 99th percentile of the scored universe and 99th percentile within Industrials. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
201 docs text-extracted · 91 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
99th percentile
overall median 67 · Industrials: 99th pctile, median 68 · Mid: 96th pctile, median 76
Evidence depth
Financial-only
201 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
98
strong · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.2%.
- ▸8 years of positive FCF.
- ▸Debt/equity is 0.01.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching GE Vernova T&D India Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 23 Sep - CRISIL ESG assigned GE Vernova T&D India ‘Crisil ESG 68’ and core ESG 74 for FY2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Sep - Intimation of Schedule of Analyst/Institutional Investor Call/Meet under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 7 Sep - GE Vernova T&D India named L1 bidder for 6,000 MW HVDC terminal station from Barmer II to South Kalamb.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
Annual report
Notice Of 70Th Annual General Meeting And Annual Report For The Financial Year 2025-26 13 Aug - FY2025-26 annual report: revenue ₹62.1 billion, PBT ₹16.5 billion, planned ₹10 billion investments.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.