GVT&D

1. Business Overview Power transmission & distribution (T&D) equipment + EPC player Strong parentage of GE Vernova → global technology + execution strength Key beneficiary of: India’s renewable energy push Grid modernization & HVDC expansion ✅ Strong Growth Revenue growth 35–40% YoY Profit growth > 100% YoY (operating leverage kicking in) ROE 40%+, ROCE 50%+ → excellent efficiency ⚠️ Valuation Concern PE: 85–90+ (very expensive) PB: extremely high (>40–50) 👉 Market already pricing strong future growth 💰 Balance Sheet Almost debt-free / low leverage Strong cash position improving Long Term (3–5 Years) Strong compounder candidate Suitable on corrections only (not at peak)