GE Vernova T&D's order book swells to ₹214.6 billion on Adani HVDC win
A record quarterly order intake of ₹86.1 billion, up 188%, led to a full-year EBITDA margin of 27.2%. The backlog now provides multiyear revenue visibility.
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 this 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.
Questions answered
- What drove the 188% jump in quarterly orders?
- The surge was led by GE Vernova T&D's first voltage-source-converter (VSC) HVDC project win from Adani Energy. This single order anchored a record quarter for the company.
- How large is the order backlog relative to annual revenue?
- The ₹214.6 billion backlog is reported as providing multiyear revenue visibility, against full-year revenue of ₹62.1 billion.
- What is the company's plan for the ₹10 billion-plus capex?
- The capex is for capacity expansion across multiple product lines, including a new facility for disconnectors. Management outlined this as a key strategic investment alongside export growth.
- Are margins expected to sustain at current levels?
- Yes, management guided for sustained mid-20s EBITDA margins, after achieving 27.2% in Q4. The focus is on maintaining this as capex is deployed.