GE VERNOA T&D Results Analysis

Operating Revenue for Q2FY26 is Rs. 1,538 Crs., 38.9% growth YoY, Total Income is Rs. 1,557 Crs., 40% growth YoY, EBITDA is Rs. 396 Crs., 93.7% growth YoY, EBITDA Margin is 25.77% improved by 729 Basis points YoY, PBT Rs. 401 Crs., 107% growth YoY, PAT Rs. 299 Crs. 107% growth YoY. On QoQ basis Op. Revenue is up by 15.7%, Total Income is up by 15.6%, EBITDA is up by 2.29%, However EBITDA Margin are reduced by 337 Basis points, PBT is up by 2.9% and PAT is also up by 2.8%. Order bookings were at INR 16.1 billion, against INR 46.8 billion in Quarter Ended Sep 2024, down by 66% (due to an exceptionally lumpy base last year). Q2 revenue split: 68% domestic, 32% export. Long-run export execution expected at 30–35%. Management indicates FY26 revenue of INR 5,500–6,000 Cr., implying 35% growth vs FY25. Data Center Order momentum and contribution from FY27 onward.