GE Vernova T&D India Limited (GVT&D) AI Stock Analysis

• Market Cap: ₹826.33B
• Dividend Yield: 0.1%
• Average Volume (3M): 30.54K
• Price to Earnings (P/E): 77.4
• Beta (1Y): 1.32
• Revenue Growth: 33.42%
• EPS Growth: 132.99%
• Country: IN
• Employees: 2,258
• Sector: Utilities
• Sector Strength: 65
• Industry: Industrial - Specialties
• EPS (TTM): 13.40
• Shares Outstanding: 256,046,540
• 10 Day Avg. Volume: 24,173
• 30 Day Avg. Volume: 30,536
• PEG Ratio: 0.00
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 72 Outperform
• Price Target: ₹3,511.00 ▲(18.65% Upside)

The score is driven primarily by strong financial performance (rapid revenue/profit growth, improving margins, robust free cash flow, and very low leverage). This is tempered by expensive valuation (high P/E and minimal dividend yield) and limited technical signal availability due to missing indicators.

Positive Factors

Revenue and Margin Momentum

Sustained double-digit top-line growth alongside materially higher gross, EBIT/EBITDA and net margins indicates improved pricing, cost control and product mix. These structural margin improvements support durable profitability across project cycles and fund reinvestment for long-term scaling.

Strong Cash Generation

Robust FCF growth and high OCF/NI and FCF/NI ratios show efficient conversion of earnings into cash. Durable cash generation improves capacity to fund capex, absorb project working-capital swings, deleverage if needed, and sustain long-term operational investments.

Low Leverage & High ROE

Very low leverage combined with a strong ROE provides structural financial resilience. Minimal debt reduces interest burden and increases financial flexibility to pursue projects, withstand procurement delays, and invest strategically without stressing liquidity over time.

Negative Factors

Historical Earnings/Cashflow Volatility

A prior year with negative net income and cash flows indicates operational or working-capital sensitivity. For a project-driven T&D business, execution or timing issues can recur, producing lumpy earnings and cashflow that pressure partner confidence and planning across cycles.

Potential Asset Underutilization

Assets growing slower than equity suggests capital may not be fully deployed into productive capacity. Persistent underutilization can cap revenue upside, force reliance on equity-funded growth, and signal inefficiencies in capital allocation or project rollout timing.

Concentration on Large Contracts & Partnerships

Reliance on long-term utility contracts and major government/private partnerships creates concentration risk. Tender cycles, procurement delays, or policy shifts can make revenue lumpy and tie growth to external project pipelines, reducing predictability over multi-quarter horizons.

GE Vernova T&D India Limited Business Overview & Revenue Model

Company Description

GE Vernova T&D India Limited engages in building power transmission and distribution infrastructure in India and internationally. It offers power electronics equipment, including high voltage direct current, flexible alternate current transmission systems, and industrial DC substations. The company also provides power and instrument transformers, circuit breakers, gas insulated substations and switchgears, air insulated substations, substation automation equipment, and capacitors and reactors, as well as control panels, and turnkey solutions for substation engineering and construction. In addition, it offers turnkey projects and consulting services; electrical balance of plant; high voltage substations; and maintenance support and asset management services. Further, the company provides digital software solutions, including energy management, microgrids and DER management, wide area and interconnected networks, and virtual power plant-DERMS; distribution and outage management, grid operations and optimization, digital workspace, and geospatial and mobile solutions; protection and control, substation automation, digital substations, and communications; and remote monitoring and diagnostics, advanced data analytics and prognostics, fleet management, and asset performance management solutions. Additionally, it offers power electronics solutions; and power management smart grid solutions for transmission and distribution, including renewable energies integration. The company was formerly known as GE T&D India Limited and changed its name to GE Vernova T&D India Limited in October 2024. The company was incorporated in 1957 and is based in Noida, India. GE Vernova T&D India Limited operates as a subsidiary of Grid Equipments Private Limited.

How the Company Makes Money

GE Vernova T&D India Limited generates revenue through multiple key streams, primarily by offering products and services related to electrical transmission and distribution. The company makes money by selling high-tech equipment such as transformers, circuit breakers, and switchgear, as well as providing engineering services for the installation and maintenance of these systems. Additionally, GVT&D engages in long-term contracts with utilities and large-scale energy projects, which provide stable revenue through service agreements and ongoing support. Significant partnerships with government agencies and private sector companies also contribute to their earnings, as they collaborate on infrastructure projects aimed at enhancing India's energy grid. Furthermore, GVT&D leverages digital platforms and advanced analytics to offer value-added services, creating new revenue opportunities in the evolving energy landscape.

GE Vernova T&D India Limited Financial Statement Overview

Summary

Strong operating and profitability trend: revenue grew 35.5% (2024→2025), margins improved (gross 40.4%, net 14.2%, EBIT 18%, EBITDA 20.5%), and free cash flow rose 66.8% with solid cash conversion (OCF/NI 1.49). Balance sheet leverage is very low (D/E 0.02) with strong ROE (34.3%). Main risk is the weaker 2023 period with negative net income/cash flows, though the company has since recovered.

Income Statement

GE Vernova T&D India Limited has shown strong revenue growth with a 35.5% increase from 2024 to 2025. The gross profit margin improved to 40.4%, and the net profit margin rose significantly to 14.2%, indicating enhanced profitability. The EBIT and EBITDA margins also improved to 18% and 20.5%, respectively, showcasing operational efficiency. However, the company faced challenges in 2023 with a negative net income, which has since been rectified.

Balance Sheet

The company's balance sheet reflects a solid equity position with an equity ratio of 38% in 2025. The debt-to-equity ratio is low at 0.02, indicating minimal leverage and financial stability. Return on equity improved significantly to 34.3% in 2025, reflecting strong profitability relative to shareholder equity. However, the total assets have grown at a slower pace compared to equity, which might suggest underutilization of assets.

Cash Flow

The cash flow statement shows a robust free cash flow growth rate of 66.8% from 2024 to 2025, indicating strong cash generation capabilities. The operating cash flow to net income ratio is 1.49, suggesting efficient conversion of income into cash. The free cash flow to net income ratio is 1.34, highlighting effective cash management. Despite previous challenges in 2023 with negative cash flows, the company has significantly improved its cash flow position.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	42.92B	31.68B	27.73B	30.66B	34.39B
Gross Profit	17.36B	10.68B	7.81B	6.80B	8.89B
EBITDA	8.81B	3.42B	1.24B	469.30M	2.14B
Net Income	6.08B	1.81B	-14.90M	-496.20M	603.20M
Balance Sheet
Total Assets	46.61B	35.84B	36.79B	37.67B	40.90B
Cash, Cash Equivalents and Short-Term Investments	4.95B	1.46B	538.30M	949.00M	602.00M
Total Debt	345.60M	418.20M	2.73B	2.26B	2.85B
Total Liabilities	28.88B	23.41B	26.07B	26.87B	29.67B
Stockholders Equity	17.73B	12.43B	10.73B	10.80B	11.23B
Cash Flow
Free Cash Flow	8.16B	4.89B	-537.70M	-166.50M	0.00
Operating Cash Flow	9.04B	5.18B	-373.40M	82.10M	2.70B
Investing Cash Flow	-4.96B	-1.72B	29.70M	1.16B	117.70M
Financing Cash Flow	-690.60M	-2.59B	85.60M	-1.02B	-2.83B

GE Vernova T&D India Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TORNTPOWER	75 Outperform	₹698.91B	23.25	―	1.48%	-1.26%	27.83%
GVT&D	72 Outperform	₹826.33B	77.37	―	0.10%	33.42%	132.99%
POWERGRID	72 Outperform	₹2.38T	15.36	―	3.37%	0.80%	-3.25%
Sector *	66 Neutral	$17.65B	18.10	5.60%	3.62%	6.62%	11.55%
NHPC	65 Neutral	₹785.52B	24.77	―	2.44%	15.72%	6.45%
TATAPOWER	65 Neutral	₹1.17T	28.90	―	0.59%	4.06%	8.22%
RELINFRA	57 Neutral	₹54.84B	0.84	―	―	-10.55%	-5.08%