GE Vernova T&D India Limited

Industrials — Specialty Industrial Machinery · NSE

₹3,959.10+₹10.10 (+0.26%)

DalalBaazaar Score

79 / 100

🟢 Good

Verdict

ATTRACTIVE

Risk

Moderate

Driven by moderate debt load, a very high earnings multiple, which leaves little margin for disappointment.

In simple words: Strong business and financial position, with both sales and profits growing well. Valuation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:02 pm

Understanding the Business

Company site ↗

The 60-second version of GE Vernova T&D India Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

GE Vernova T&D India Limited engages in power transmission and distribution business in India and internationally.

IndustrySpecialty Industrial Machinery

SectorIndustrials

Employees1,851

Annual revenue₹6,201 Cr

How does it make money?

Turns over ₹6,201 Cr a year. Of every ₹100 of sales, about ₹20 reaches shareholders as profit, with ₹29 left at the operating level before interest, tax and depreciation. Each of its 1,851 employees supports ₹3.35 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹3.35 Cr

Who are its competitors?

The closest listed comparisons in its industry are SIEMENS LTD, ABB INDIA LIMITED, LARSEN & TOUBRO LTD., HAVELLS INDIA LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Some evidence

ROCE of 58.5% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

Peer median ROE17.1%

What is the outlook?

13 analysts covering the stock expect revenue to grow about 30.5% and earnings to grow about 29.1% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+30.5%

Est. earnings growth+29.1%

Analysts13

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +126% while net margin moved -36794% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+126%

Margin effect-36794%

DalalBaazaar Score

79/ 100

Good

Weighted across six categories. Every point is explained below.

✗ P/E of 77.3x is demanding — it needs sustained high growth to justify
✓ P/E is 59% below its own historical median of 189.3x — cheap by its own standards
✗ P/B of 37.68x is a steep premium to book

Quality vs. Valuation

Company Quality

87/ 100

Excellent

How good the business is, ignoring the share price entirely.

Valuation

47/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

77.3x

2Y Median

189.3x

28 monthly readings · mean 193.1x · range 82.2x–385.7x

Sector Median

66.2x

median of 4 sector peers

🟢Current valuation is approximately 59% below its 2y median of 189.3x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

⚠️Against its sector it trades 17% above the peer median of 66.2x.

vs. its own history

Cheap

189.3x median over 28 months · -59%

vs. sector peers

Fair

66.2x median of 4 peers · +17%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

56.3x

PEG

3.13

What's Good / What's Bad

🟢 What's Going Well6

Margins are improving
EBITDA margin is up from 4.5% to 28.6% over 3 years.
Debt is being paid down
Total debt is down 91% over 3 years.
Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Return on equity is rising
ROE has improved from -0.1% to 45.8%.
Return on capital is rising
ROCE has improved from 5.7% to 58.5%.
High return on capital employed
ROCE of 58.5% is the mark of a business that converts capital into profit efficiently.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

No automated checks triggered

None of the automated financial checks below were triggered on the years of data available. That is not the same as a clean bill of health — see what could not be checked.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 58.5% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 4.5% to 28.6%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Deleveraging frees up earnings
Debt is down 91% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Priced below its own history
The stock trades 59% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.

🔴 Bear CaseWhat could go wrong?

Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 23% a year✓ 31.1% CAGR
Latest reported year was 38.0%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 27%✓ 28.6%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹1,521 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.0x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 55%✓ 58.5%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

10 / 12 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✗ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

7 good · 2 neutral · 2 weak

Market Cap

₹1.01 L Cr

Large Cap

Large, widely-covered business — typically the steadiest of the bands

P/E (Trailing)

77.3x

Expensive

Expensive — verify against sector peers

P/B Ratio

37.68x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹51.22

Profitable

Profitable on a per-share basis

ROE

45.8%

Strong

Strong capital efficiency

ROCE

58.5%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.89x

Moderate

Moderate leverage

Revenue Growth (YoY)

38.0%

Healthy

Healthy top-line growth

Profit Growth (YoY)

24.7%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.25%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹1,521 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

49.6x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

24.4%

Good

Healthy core-business profitability

Net Margin

19.4%

Good

Strong bottom-line conversion

Current Ratio

1.33

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.59

Defensive

Steadier than the market

52W Range Position

46%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

4230.8 / 4294.4

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

31.1

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹2,749 Cr	₹3,162 Cr	₹4,290 Cr	₹6,201 Cr	+31.1%
EBITDA	₹124 Cr	₹350 Cr	₹877 Cr	₹1,774 Cr	+143.1%
EBITDA Margin	4.5%	11.1%	20.5%	28.6%	—
PAT (Net Profit)	-₹1 Cr	₹181 Cr	₹608 Cr	₹1,233 Cr	—
EPS	₹-0.06	₹7.07	₹23.76	₹48.16	—
ROE	-0.1%	14.6%	34.3%	45.8%	—
ROCE	5.7%	21.9%	44.6%	58.5%	—
Total Debt	₹273 Cr	₹42 Cr	₹35 Cr	₹24 Cr	-55.6%
Free Cash Flow	-₹54 Cr	₹489 Cr	₹816 Cr	₹1,521 Cr	—

🟢 Revenue has grown at 31.1% a year over 3 years.

🟢 EBITDA has grown at 143.1% a year over 3 years.

🟢 EBITDA Margin has risen from 4.5% to 28.6% over 3 years (+24.1 pts).

🟢 PAT (Net Profit) has turned positive, from -₹1 Cr to ₹1,233 Cr.

🟢 EPS has turned positive, from ₹-0.06 to ₹48.16.

🟢 ROE has risen from -0.1% to 45.8% over 3 years (+46.0 pts).

🟢 ROCE has risen from 5.7% to 58.5% over 3 years (+52.8 pts).

🟢 Total Debt has shrunk at 55.6% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹54 Cr to ₹1,521 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹7,739 Cr

Total Liabilities

₹5,049 Cr

Cash & Equivalents

₹1,525 Cr

Operating Cash Flow

₹1,710 Cr

Capex

-₹188 Cr

Shareholding (proxy)

Institutional Holding

29.7%

Insider Holding

51.7%

Corporate Actions

Dividend Rate

₹10

Ex-Dividend Date

21 Aug 2026

Analyst Consensus

Recommendations

15 Buy · 2 Hold · 1 Sell

Target Price (Mean)

₹5,365.22

+35.5% vs CMP

Target Range

₹4,450 – ₹6,587

Peer Comparison

Company	P/E	ROE
SIEMENS LTD	88.8x	10.5%
ABB INDIA LIMITED	92.6x	19.1%
LARSEN & TOUBRO LTD.	30.1x	15.2%
HAVELLS INDIA LIMITED	43.5x	17.1%

Recent News

1 positive3 mixed2 general

GE Vernova T&D India Limited Announces Change of Registrar and Share Transfer Agent Following Merger

scanx.trade, 15 OctM&A

🟡Mixed / dependsAcquisitions change the balance sheet before they change the earnings. Look at what was paid, how it was funded, and whether debt rose.

GE Vernova T&D India (NSE:GVT&D) Could Be A Buy For Its Upcoming Dividend

Simply Wall Street, 17 AugCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

GE Vernova T&D India (NSE:GVT&D): What Does the Q2 FY27 Share Capital Audit Cover?

Kalkine India, 15 OctResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Industrials Stock Picks: Find out which stock is Elara Capital is betting on from the group

IndiaIPO, 14 Oct

GE Vernova T&D India shares jump 8% to lead midcap gainers; Nomura sees big upside post HVDC order

Moneycontrol.com, 08 SeptPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

GE Vernova T&D India - PL Capital picks 8 largecap stocks with upside potential of up to 41%. See full list

The Economic Times, 14 Oct

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Growth · Profitability · Risk

WeakValuation

Points for each in the Score ↑

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself.

All 5 tripwires holding · see Key things to watch ↑