Loading…
Makes power-grid equipment (transformers, switchgear, HVDC) linking power plants to India's electricity grid.
Makes power-grid equipment (transformers, switchgear, HVDC) linking power plants to India's electricity grid.
Wins equipment and turnkey substation orders through tenders from utilities, so revenue follows the order backlog and is booked as projects are delivered rather than evenly. Majority-owned by GE Vernova, the power-equipment group spun out of General Electric in 2024, which supplies the technology. Renamed from GE T&D India in 2024.
In one line: GE Vernova's grid-equipment business, listed separately in India.
Moat: narrow (customer qualification, installed base, brand). GE brand and century-old grid installed base in India; utility tools need lengthy certification.
Headquarters: Noida, India · Founded: 1957 · Employees: 2,402
Size GE Vernova T&D India (GVT&D.NS) is an India Industrials company (Electrical Products) with a market value of $10.9B, the 113th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹4,018 on 6 Nov 2026.
Performance Over six months the shares fell 15.7%, against -21.4% for the median peer and 0.0% for the India market (cap-weighted) — 8th highest of 20 in its peer set.
Growth Revenue grew 41.3% over the last twelve months (peer median +12.6%); the operating margin is 25.9% (peer median 12.7%).
Valuation It trades at 62.7× forward earnings against a peer median of 17.4× (2nd most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 46% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is +33 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 136.4 points above its cost of capital (17.0% WACC).
Next results Next results expected around 14 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹72.0B | ₹62.1B | ₹42.9B | ₹31.7B | ₹27.7B |
| Revenue growth | — | +45% | +35% | +14% | — |
| Gross profit | ₹26.3B | ₹22.7B | ₹12.6B | ₹6.34B | ₹3.59B |
| EBITDA | ₹19.1B | ₹18.0B | ₹8.37B | ₹3.45B | ₹1.56B |
| Net income | ₹14.4B | ₹12.3B | ₹6.08B | ₹1.81B | -₹14.9M |
| Free cash flow | n/a | ₹15.9B | ₹8.41B | ₹4.65B | -₹842M |
| Capital expenditure | n/a | ₹1.88B | ₹874M | ₹292M | ₹164M |
| Total debt | ₹275M | ₹240M | ₹346M | ₹418M | ₹2.73B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| GE Vernova T&D India GVT&D.NS | $10.9B | -16% | +41% | 26% | 62.7× | 45.7% |
| Siemens SIEMENS.NS | $13.4B | -8% | -12% | 9% | 72.7× | n/a |
| ABB India ABB.NS | $15.2B | -6% | +8% | 13% | 85.7× | 47.3% |
| Hitachi Energy India POWERINDIA.NS | $13.1B | -20% | +40% | 15% | 79.8× | 50.3% |
| Bharat Heavy Electricals BHEL.NS | $15.4B | +3% | +29% | 9% | 41.2× | 44.1% |
| CG Power & Industrial Solutions CGPOWER.NS | $12.9B | -10% | +24% | 12% | 72.3× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | GVT&D.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.9% | -15.8% | 8th highest of 21 |
| 6-month return | -15.7% | -21.4% | 8th highest of 20 |
| Distance from 52-week high | -28.9% | -40.2% | 7th highest of 21 |
| Revenue growth (TTM) | +41.3% | +12.6% | highest of 20 |
| Operating margin | 25.9% | 12.7% | highest of 20 |
| Forward P/E | 62.7× | 17.4× | 2nd most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 45.7% | 7.5% | most demanding of 17 |
| Growth delivered (Del g) | +12.4% | +10.9% | 7th highest of 16 |
| Hurdle (Req g minus delivered) | +33.2 pp | -1.3 pp | most demanding of 16 |
| ROIC minus cost of capital | +136.4 pp | +8.4 pp | 2nd highest of 19 |
| EV / EBITDA | 52.6× | 13.6× | 2nd most expensive of 12 |
| Net debt / EBITDA | -1.2× | 0.2× | 4th least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| GE Vernova T&D India GVT&D.NS | India | $10.9B | -16% | +41% | 26% | 62.7× | 45.7% | +12.4% |
| Hyosung Heavy 298040.KS | South Korea | $10.8B | -60% | +13% | 13% | 18.9× | 13.5% | +14.9% |
| Siemens Energy India ENRIN.NS | India | $10.6B | -11% | n/a | 20% | 60.1× | 27.3% | n/a |
| Regal Rexnord RRX | United States | $11.3B | -21% | +5% | 12% | 14.0× | 14.0% | +15.3% |
| Generac GNRC | United States | $10.4B | -34% | +6% | 13% | 14.6× | 20.1% | +11.1% |
| Nordex NDX1.DE | Germany | $11.4B | -7% | +12% | 8% | 19.6× | 3.7% | +10.2% |
| Goneo Group Co., Ltd.Class A 603195.SS | China | $10.4B | -15% | -2% | 25% | 17.4× | -2.1% | +9.8% |
| Innio INIO | United States | $10.3B | n/a | +22% | 13% | 17.5× | 6.5% | +22.1% |
| China Shipbuilding Industry Group Power 600482.SS | China | $10.3B | -21% | +13% | 7% | 23.4× | -19.6% | +16.5% |
| Jiangsu Zhongtian Technology 600522.SS | China | $11.7B | -30% | +22% | 8% | 11.6× | 4.1% | +4.5% |
| Nidec 6594.T | Japan | $11.7B | -33% | +4% | -22% | 11.5× | 8.4% | +10.9% |
| Shanghai Electric 2727.HK | Hong Kong | $12.2B | -40% | +22% | n/a | 21.7× | -2.8% | -2.3% |
| Hd Hyundai Electric 267260.KS | South Korea | $9.71B | -71% | +21% | 25% | 15.0× | 0.7% | +17.6% |
| Kingboard Laminates 1888.HK | Hong Kong | $12.2B | -26% | +32% | 21% | 10.8× | n/a | n/a |
| Fuji Electric 6504.T | Japan | $9.68B | -18% | +9% | 12% | 13.1× | 11.3% | +7.0% |
| Acuity AYI | United States | $9.59B | +10% | +7% | 16% | 15.1× | 6.6% | +6.0% |
| Polycab India POLYCAB.NS | India | $12.5B | -13% | +41% | 13% | 33.8× | n/a | n/a |
| Smiths SMIN.L | United Kingdom | $9.45B | +5% | -34% | 16% | 22.6× | 15.2% | -4.2% |
| Ls Electric 010120.KS | South Korea | $12.8B | -58% | +32% | 10% | 31.6× | 21.9% | +15.6% |
| Dongfang Electric 600875.SS | China | $12.9B | -42% | +2% | 5% | 16.1× | n/a | n/a |
| CG Power & Industrial Solutions CGPOWER.NS | India | $12.9B | -10% | +24% | 12% | 72.3× | n/a | n/a |