GE Vernova T&D Q2 Revenue Grows 32%, Margins Expand

delivered a strong Q2 FY27 performance, with revenue rising 31.8% year-on-year to ₹2,027 crore, compared with ₹1,538.5 crore in Q2 FY26. Profit after tax (PAT) increased 44.0% to ₹431.4 crore from ₹299.5 crore, reflecting improved operating performance and continued demand for power transmission equipment. EBITDA grew 38.7% to ₹549.7 crore, while EBITDA margin expanded to 27.1% from 25.8% in the year-ago quarter. The company also recorded a strong improvement in order inflows. Q2 order intake increased 52% to ₹2,438 crore, while the order backlog stood at ₹21,440 crore as of September 2026, providing substantial revenue visibility. The company secured orders for 400 kV generator transformers and GIS packages for a pumped-storage hydro project in Maharashtra, 800 kV and 420 kV GIS packages for a transmission project in Andhra Pradesh. Management retained its FY27 EBITDA margin guidance in the mid-20% range and maintained its FY27 base order intake outlook of ₹7,000–8,000 crore. It also expects revenue to grow by more than 30% over the next three to four years. HVDC projects remain a major opportunity, with management expecting two to three projects in the next year and significant execution to begin from FY28. From a research perspective, strong order intake, margin expansion and a large backlog are positive indicators. Investors should monitor order conversion, project execution, gross-margin trends, export orders and capacity expansion. Valuation is also an important consideration given the stock's premium market positioning. Learning Takeaway: In power transmission businesses, a growing order book provides visibility, but sustainable earnings depend on execution, margin discipline, timely project delivery and conversion of orders into cash flows. Disclosure: This post is for educational purposes only and does not constitute investment advice. Any holdings or conflicts of interest should be disclosed separately.