GVT&D

Company Introdustion

, formerly GE T&D India Ltd, is the Indian arm of GE Vernova’s global Grid Solutions business, active in the power transmission and distribution sector for over a century. The company provides a wide range of products and turnkey solutions like transformers, switchgear, HVDC, and substation automation, catering to voltage levels up to 1200 kV. A leading player in its segment, it monitors around 50% of India’s power flow through its digital solutions. Backed by strong parentage, the company has a wide clientele including NTPC, PowerGrid, Reliance, Adani, and exports to 75+ countries. The company has seen a strong financial turnaround with EBITDA margins rising from -2.7% in FY22 to 19.5% in H1 FY25, supported by better pricing, mix, and operating efficiencies. Its revenue mix has shifted toward product sales and exports, reducing reliance on contract execution. The order book has grown significantly to ₹9,836 Cr as of H1 FY25, with nearly half of the H1 FY25 orders coming from exports. In 2024, it rebranded under the GE Vernova identity, and promoter stake dropped to 59% following a 15.6% stake sale via OFS at ₹1,480 per share.