What’s new

• Q4 order intake surged 188% to a record ₹86.1 billion, anchored by Adani Energy's first VSC-HVDC project.
• Full-year EBITDA more than doubled to ₹17 billion, with Q4 margins hitting 27.2%.
• Management guided for sustained mid-20s EBITDA margins and a ₹10 billion-plus capex plan.

Why it matters

The order backlog is now multiple times annual revenue, locking in growth for years. The Adani HVDC win validates GE Vernova's positioning in a critical, high-margin segment. Management's capex and margin guidance signal confidence in sustaining the cycle.

What we’re watching

• Finalisation of large export orders from the U.S. and U.K. in H1 FY27.
• Execution of the ₹10 billion capex plan, particularly the new disconnector facility.
• Whether 27% EBITDA margins hold as the capex cycle ramps up.

The full read

GE Vernova T&D India's order book just hit ₹214.6 billion. That backlog is the direct result of a record quarter where intake surged 188% to ₹86.1 billion, a jump driven almost entirely by the company's first VSC-HVDC project win from Adani Energy. This is the highest-margin, most complex segment of the grid-equipment business, and landing the project validates GE Vernova's technology there. Revenue for the year rose 45%, and EBITDA more than doubled to ₹17 billion, with Q4 margins hitting 27.2%. Management is now guiding for sustained mid-20s margins and plans to deploy over ₹10 billion in capex, including a new disconnector factory. The core of the bull case is simple: the revenue is already booked.

Primary source: BSE · NSE