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 stock went into the print at ₹4,372, down 1.6% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 2 consecutive quarters; revenue is at a 6-quarter high.

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.