GE Vernova T&D India Ltd
GE T&D is the listed entity of GE’s Grid Solutions business in India. It has been in the power transmission and distribution business for more than 100 years and provides a versatile range of solutions for connecting and evacuating power from generation sources onto the grid. [1]
- Market Cap ₹ 78,044 Cr.
- Current Price ₹ 3,048
- High / Low ₹ 3,215 / 1,253
- Stock P/E 102
- Book Value ₹ 69.2
- Dividend Yield 0.16 %
- ROCE 54.7 %
- ROE 40.4 %
- Face Value ₹ 2.00
Pros
- Company is almost debt free.
- Company is expected to give good quarter
- Company has delivered good profit growth of 34.8% CAGR over last 5 years
- Debtor days have improved from 165 to 125 days.
Cons
- Stock is trading at 44.0 times its book value
- The company has delivered a poor sales growth of 6.33% over past five years.
- Promoter holding has decreased over last 3 years: -24.0%
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Industrials Capital Goods Electrical Equipment Heavy Electrical Equipment
Part of Nifty 500 BSE MidCap Nifty Energy Nifty Alpha 50 BSE Allcap
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
3,524 | 3,711 | 3,303 | 4,052 | 4,332 | 4,219 | 3,159 | 3,452 | 3,066 | 2,773 | 3,168 | 4,292 | 4,664 | |
3,211 | 3,379 | 3,197 | 3,996 | 4,057 | 3,765 | 3,354 | 3,282 | 3,155 | 2,652 | 2,836 | 3,461 | 3,640 | |
Operating Profit | 313 | 332 | 107 | 57 | 275 | 454 | -195 | 171 | -89 | 121 | 332 | 831 | 1,024 |
OPM % | 9% | 9% | 3% | 1% | 6% | 11% | -6% | 5% | -3% | 4% | 10% | 19% | 22% |
44 | 11 | 142 | 141 | 239 | 49 | 5 | 69 | 136 | 22 | 22 | 62 | 67 | |
Interest | 92 | 91 | 107 | 182 | 106 | 85 | 87 | 84 | 59 | 61 | 41 | 27 | 15 |
Depreciation | 87 | 82 | 86 | 88 | 90 | 83 | 78 | 66 | 58 | 55 | 50 | 47 | 46 |
Profit before tax | 177 | 170 | 56 | -73 | 319 | 335 | -356 | 89 | -69 | 27 | 263 | 820 | 1,030 |
Tax % | 34% | 29% | 38% | 18% | 35% | 36% | -15% | 32% | -29% | 106% | 31% | 26% | |
117 | 121 | 34 | -87 | 209 | 213 | -303 | 60 | -50 | -1 | 181 | 608 | 765 | |
EPS in Rs | 4.57 | 4.71 | 1.35 | -3.38 | 8.15 | 8.31 | -11.82 | 2.36 | -1.94 | -0.06 | 7.07 | 23.76 | 29.87 |
Dividend Payout % | 39% | 38% | 134% | -53% | 22% | 22% | 0% | 0% | 0% | 0% | 28% | 21% |
Compounded Sales Growth | |
---|---|
10 Years: | 1% |
5 Years: | 6% |
3 Years: | 12% |
TTM: | 37% |
Compounded Profit Growth | |
---|---|
10 Years: | 18% |
5 Years: | 35% |
3 Years: | 81% |
TTM: | 166% |
Stock Price CAGR | |
---|---|
10 Years: | 19% |
5 Years: | 103% |
3 Years: | 188% |
1 Year: | 72% |
Return on Equity | |
---|---|
10 Years: | 7% |
5 Years: | 12% |
3 Years: | 21% |
Last Year: | 40% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 |
Reserves | 1,198 | 1,261 | 1,127 | 982 | 1,138 | 1,377 | 1,000 | 1,071 | 1,029 | 1,022 | 1,192 | 1,722 |
493 | 280 | 504 | 518 | 100 | 81 | 599 | 316 | 226 | 273 | 42 | 35 | |
2,957 | 2,900 | 3,090 | 3,563 | 3,479 | 2,688 | 2,503 | 2,630 | 2,461 | 2,333 | 2,300 | 2,853 | |
Total Liabilities | 4,700 | 4,492 | 4,772 | 5,114 | 4,769 | 4,196 | 4,154 | 4,069 | 3,767 | 3,679 | 3,584 | 4,661 |
639 | 687 | 684 | 656 | 586 | 513 | 538 | 494 | 457 | 421 | 401 | 379 | |
CWIP | 110 | 70 | 33 | 25 | 18 | 5 | 12 | 22 | 9 | 9 | 11 | 47 |
Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
3,950 | 3,735 | 4,055 | 4,433 | 4,165 | 3,679 | 3,604 | 3,554 | 3,302 | 3,250 | 3,173 | 4,234 | |
Total Assets | 4,700 | 4,492 | 4,772 | 5,114 | 4,769 | 4,196 | 4,154 | 4,069 | 3,767 | 3,679 | 3,584 | 4,661 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
-141 | 502 | -91 | 188 | 1,054 | -355 | -260 | 311 | 8 | -37 | 518 | 904 | |
-119 | -137 | -50 | -47 | -306 | 287 | -30 | 12 | 116 | 3 | -172 | -495 | |
219 | -320 | 120 | -131 | -585 | -114 | 290 | -324 | -102 | 9 | -259 | -69 | |
Net Cash Flow | -42 | 45 | -20 | 11 | 163 | -182 | -0 | -1 | 22 | -26 | 87 | 339 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 238 | 211 | 228 | 205 | 152 | 175 | 219 | 201 | 186 | 204 | 166 | 125 |
Inventory Days | 247 | 292 | 511 | 542 | 234 | 136 | 177 | 143 | 96 | 119 | 103 | 100 |
Days Payable | 673 | 766 | 823 | 805 | 389 | 247 | 272 | 275 | 171 | 197 | 156 | 146 |
Cash Conversion Cycle | -188 | -262 | -84 | -58 | -4 | 63 | 125 | 69 | 111 | 127 | 114 | 79 |
Working Capital Days | 50 | 50 | 22 | -2 | -18 | 48 | 78 | 23 | 13 | 20 | 29 | 35 |
ROCE % | 18% | 16% | 10% | 7% | 30% | 31% | -14% | 11% | -9% | 8% | 23% | 55% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Credit Rating
8h - SES ESG assigned 62.5 ESG score for GE Vernova T&D India, FY2024-25; report prepared independently.
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Closure of Trading Window
26 Sep - Trading window closed Oct 1, 2025 until 48 hours after declaration of Sep 30, 2025 results.
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Announcement under Regulation 30 (LODR)-Credit Rating
24 Sep - CRISIL ESG assigned score 58; report independent, based on FY2025 public data; company didn't engage CRISIL.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
11 Sep - GE Vernova T&D India: investor/analyst meetings Sep 16-17, 2025; presentation attached.
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Announcement under Regulation 30 (LODR)-Change in Management
11 Sep - Re-appoint Sanjay Sagar as Independent Director (01-Jul-2025 to 30-Jun-2030); appoint RMG & Associates as secretarial auditor (2025-26 to 2029-30).
Annual reports
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Financial Year 2025
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2010
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Concalls
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Parentage
The company is a part of the GE Vernova group, a global energy company that includes the Power, Wind, and Electrification segments. GE Vernova is headquartered in Cambridge, Massachusetts, U.S., with over 75,000 employees across more than 100 countries. [1]