GE VERNOVA Results Analysis-Q3FY26

Operating Revenue for Q3FY26 is Rs. 1,701 Crs., 58.4% growth YoY, Total Income is Rs. 1,719 Crs., 56.4% growth YoY, Gross Profit is Rs. 725 Crs., 78.94% growth YoY, EBITDA is Rs. 455 Crs., 153% growth YoY, EBITDA Margin is 26.73% improved by 1000 Basis points YoY (Due to volume/operating leverage, price improvement, and execution productivity), PBT Rs. 390 Crs, 105.2% growth YoY (which includes 69.3 Cr. one-time impact of New Labour Code), PAT Rs. 291 Crs, 103.8% growth YoY. On QoQ basis Op. Revenue is up by 10.54%, Total Income is up by 10.42%, Gross Profit is up by 8.1%, EBITDA is up by 14.67%, But PBT is down by 2.88% (which includes 69.3 Cr. one-time impact of New Labour Code), and PAT is also down by 2.9%. Order Book as on 1st January, 2026 is 14,384 Cr.( Export order share in overall backlog estimated at ~24–27%) , Order intake: INR 2,936 Cr. (till 1 Jan 2026) (the highest quarter for orders in this financial year), Orders continued to outpace revenue execution. Expect next year to be stronger on overall transmission ordering. Management argued market demand is expanding and capacity redeployments would occur even if competitors participate; he did not indicate immediate pricing disruption. Management anchored the quarter in India’s accelerating renewables build-out: ~38 GW solar + 6.3 GW wind added in CY2025, and RE at ~50% of installed capacity. This is positioned as structurally supportive for T&D because “every megawatt of renewable capacity added demands robust T&D network.”