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

• Market Cap: ₹960.02B
• Dividend Yield: 0.1%
• Average Volume (3M): 30.54K
• Price to Earnings (P/E): 90.7
• Beta (1Y): 1.25
• 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): 48.23
• Revenue Forecast (FY): ₹62.08B

• Rating: 72 Outperform
• Price Target: ₹4,200.00 ▲(41.93% Upside)
• Action: Upgraded Date: 01/30/26
• Date: Action: Upgraded 01/30/26

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

Strong revenue growth and improving margins

A 35.5% revenue rise alongside materially wider gross and operating margins indicates durable demand for T&D systems and improved execution. Higher margins suggest better pricing mix and cost control, supporting sustainable profitability across project cycles over the next 2–6 months.

Robust cash generation and conversion

Free cash flow up 66.8% and OCF/NI of 1.49 signal strong conversion of earnings into cash. Consistent cash generation enhances ability to fund capex and working capital, reduces refinancing risk, and provides resilience to support project execution and aftermarket services over coming quarters.

Very low leverage with high ROE

Near-zero financial leverage and a 34.3% ROE provide a durable financial cushion and efficient capital returns. Low debt limits interest burden and gives flexibility to pursue large EPC contracts or absorb timing swings, underpinning financial stability in medium term.

Negative Factors

Prior-year operational weakness (2023)

A prior period of negative net income and cash flow highlights execution and cyclical risk in project delivery. Such episodes can recur if order timing, cost overruns, or receivable delays emerge, threatening cash buffers and requiring renewed operational discipline to sustain improvements.

Potential underutilization of assets

Asset growth lagging equity may indicate idle capacity or low asset turnover, which can depress return on invested capital if not addressed. Over time this may limit scalable revenue growth and margin expansion until assets are more fully deployed or capital allocation is adjusted.

Revenue and earnings tied to tender/order cycles

Dependence on utility and industrial capex cycles and competitive tender outcomes creates structural revenue visibility risk. Variability in order wins and backlog timing can cause lumpy top-line and cash flow patterns and place sustained pressure on margins during competitive procurement phases.

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

GVT&D primarily makes money by selling and executing power transmission and distribution products, systems, and projects for customers such as electricity utilities, transmission companies, and industrial users. Key revenue streams typically include: (1) Equipment sales: revenue from manufacturing and supplying high-voltage T&D equipment used in substations and grid networks (for example, switchgear and other substation components). (2) Turnkey and EPC-style projects: revenue from engineering, procurement, installation, testing, and commissioning of substations and grid infrastructure, often recognized over the life of long-duration contracts based on project progress and contractual terms. (3) Services and spares: revenue from after-sales services such as maintenance, repairs, upgrades, retrofits, and supply of replacement parts that extend the operating life and performance of installed equipment. (4) Solutions and systems integration: revenue from designing and integrating multiple components into complete substation or grid solutions, including project engineering and system design. Earnings are influenced by order intake and backlog (timing and size of utility and industrial capex), execution capability (cost control, project schedules, and working-capital management), and the ability to win competitive tenders and long-term supply or framework arrangements. Specific details on significant partnerships or customer concentration are null.

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	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2021
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	₹758.90B	25.60	―	1.48%	-1.26%	27.83%
GVT&D	72 Outperform	₹960.02B	90.71	―	0.10%	33.42%	132.99%
POWERGRID	72 Outperform	₹2.82T	14.70	―	3.37%	0.80%	-3.25%
Sector *	66 Neutral	$17.65B	18.10	5.60%	3.62%	6.62%	11.55%
NHPC	65 Neutral	₹751.57B	90.79	―	2.44%	15.72%	6.45%
TATAPOWER	65 Neutral	₹1.29T	39.28	―	0.59%	4.06%	8.22%
RELINFRA	60 Neutral	₹36.79B	152.35	―	―	-10.55%	-5.08%