GE VERNOA T&D India Ltd. Results Analysis-Q1FY27

Financial performance and key Operating Metrics (Consolidated) : Operating Revenue for Q1FY27 is Rs. 1,836 Crs., 38.04% growth YoY, Total Income is Rs. 1,878 Crs., 39.48% growth YoY, Gross Profit is Rs. 759 Crs., 17.84% growth YoY, EBITDA is Rs. 461 Crs., 18.88% growth YoY, But EBITDA Margin is 25.1% declined by 404 basis points YoY, PBT Rs.487 Crs., 24.90% growth YoY, PAT Rs. 363 Crs. 24.65% growth YoY. On QoQ basis Operating Revenue is up by 12.16%, Total Income is also up by 12.17%, EBITDA is up by 3.56%, PBT is up by 3.93% and PAT is also up by 3.19%. Order intake: INR 11.4 bn, down 30% YoY (vs INR 16.2 bn). primarily to “lower realization of TBCB in market in Q4 ’25-’26,” which carried into Q1. Margin profile remains guided to mid 20s EBITDA, despite gross margin mix/commodity headwinds; indicates the largest GM drag is HV mix shift (2–2.5 ppt) which is less harmful to EBITDA due to operating leverage. RPT conversion risk is timing/customer-driven, not described as cancellation: one project is on hold (INR 3,000 cr; approval expiring) and the U.S. data center RPT is delayed by design/location changes; Strategic positioning favors private counterparties (77% backlog) and export optionality; management explicitly highlighted counterparty derisking and rising export order share (46% of Q1 orders). HVDC is a medium-term accelerator rather than immediate revenue driver, with management pointing to FY29 onward for meaningful uplift due to back-ended execution structures.