GE Vernova T&D Q1 FY27: Revenue up 38% YoY, PAT up 25% to ₹363 Cr as margins cool

GE Vernova T&D India's standalone Q1 FY27 (quarter ended 30 June 2026, unaudited) revenue rose 38.0% YoY to ₹1,836.1 Cr (₹1,330.1 Cr in Q1 FY26) and 12.2% QoQ (₹1,637.1 Cr in Q4 FY26). Net profit grew 24.7% YoY to ₹363.0 Cr (₹291.2 Cr) and 3.2% QoQ (₹351.8 Cr), with EPS at ₹14.18 versus ₹11.37 a year ago. Both lines topped Street consensus tracked by TradingView (~₹1,733 Cr revenue, ~₹13.14 EPS), and the revenue growth is consistent with management's prior guidance of continued expansion on a robust order backlog — management has not issued a specific numeric growth target, so this reads as a beat on trajectory rather than against a stated figure. Profitability grew slower than revenue and margins compressed on both counts: net margin eased to 19.8% from 21.6% a year ago (21.0% last quarter), and EBITDA margin (PBT plus finance cost and depreciation, over revenue) fell to 27.4% from 29.1% YoY (27.5% QoQ). Even so, 27.4% sits above management's own guided mid-20s EBITDA range from the Q4 FY26 call, so the compression reads as normalisation from an unusually strong year-ago base rather than a guidance miss. There was no exceptional item this quarter, versus a ₹5.7 Cr exceptional credit in Q4 FY26 and a ₹63.6 Cr full-year FY26 charge tied to new labour-code provisioning — the YoY comparison is clean on both sides and reported PAT growth needs no adjustment. The board approved the results alongside notice for the September 9, 2026 AGM. During the quarter the company reported a ₹55 Cr capacity investment (May 2026), consistent with the >₹1,000 Cr capex plan through 2028 flagged on the prior call; a director's tenure ended in late July, after quarter-close. Management's own release frames the quarter as a solid start to the financial year, citing continued capex across HVDC, transformers, GIS, circuit breakers and instrument transformers — consistent with the 38% topline growth, though the release does not put a number on margins or order book. Brokerages (JPMorgan, Motilal Oswal, Emkay) have flagged a strong export mix, including a potential US data-centre-linked HVDC export order, as the driver behind elevated margins and raised target prices, though none of that is confirmed in this filing. Going into Q2 FY27, the key markers are whether EBITDA margin holds in the high-20s as revenue mix shifts further toward exports, and whether the order backlog materialises into the large export wins analysts are pricing in. The company remains single-segment (T&D equipment) with no subsidiaries as of 30 June 2026.