GE Vernova T&D India

“So, for the entire year, Aditya, we will maintain our guidance of mid-20s EBITDA.”

“So, at one point of time, a large part of the transformers and 100% of valves and controls are coming from outside. But with whatever capex we have done or whatever capex is under progress, all these things have been localized.”

“So, the need of capex versus other players is lower to produce or generate similar or higher volume.”

“I will say that we take an informed view about the market, the supply chain demand, our ability to play in that market, and then only we decide on the capex numbers after due diligence with the Board.”

“What happens is - as and when we will start manufacturing, after our valve factory is commissioned.”

“During quarter 2, we secured an order intake of INR24.4 billion, bringing our cumulative H1 order intake to approximately INR35.8 billion. This represents an 11% growth year-on-year.”

“Order backlog stands at INR214.4 billion as of September '26, versus INR214.6 billion as of March '26. The order backlog stands at more than 3 years of revenue for FY25-'26.”

“No, Aditya, the order was not booked because we took the approval and customer put the project on hold. It's not a part of our backlog.”

“We had also secured another approval for a related party from a U.S. entity, largely for export of goods from India for approximately $151 million.”

“2027, and the order is in discussion stage with the customers. We hope that in H2 of this financial year, we should be able to conclude this order.”

“So as a ratio of the total revenue, the share of software and services may have dropped, while every business is growing year-over-year.”

“There won't be any significant execution from any of the HVDC orders, in this financial year.”

“In fact, the HVDC execution, significant part will start coming from FY28 onwards.”

“Even in the next financial year, we don't expect significant HVDC contribution.”

“Most of the flow orders or the orders which are spread across multiple geographies, they are short cycle.”

“Yes, it is related to data centers in U.S. definitely. And it's related to transformers for data centers in the U.S.”

“The project not yet been cleared by NCT and all. So, it's going to happen in '27 only next year.”

“It is strong because in last 3 to 4 months, there was a substantial strong pipeline of TBCB projects and still the opportunities are coming in. So, I look at least in the next 4, 5 months, the pipeline to remain strong.”

“but we are seeing a strong pipeline for the smaller orders, which don't fall under the category of material RPTs, but then the order inflow for the normal product business is much stronger this year as compared to last year.”

“Everything, many geographies are now seeing a lot of investment coming in and supply chain also getting stretched. So that's creating an additional opportunity.”

“Gross margin for the quarter stood at 44.5%. Disciplined cost management across operations enabled us to deliver an EBITDA of INR5.5 billion, approximately 27.1% of revenue.”

“We have been able to achieve an EBITDA of approximately 26.2%, which is slightly on the higher end of the mid-20s range.”

“There's some slight pressure on the prices, yes, but very little, not significant.”

“Umesh, there has been some ForEx loss, but it's all operational. And overall, I think the growth is in line with the revenue.”

“First, a clarification that the gross margin is not around 55%. It's in the range of 45%.”

“On the balance sheet side, we generated INR10.1 billion of cash during first half, taking our total available cash and cash equivalents, including funds lent to the cash pool to approximately INR32.5 billion.”

“Finance costs remain negligible with our continued net zero debt position.”

“The acquisition has been announced only 2 days back. The whole acquisition process is expected to end in the later part of FY27. So, it's too early to comment on that.”

“So with a larger control over the supply chain, it's going to make us more competitive. Not only competitive, but more secured position in terms of supply chain.”

“So, I don't think that simply they would be ignoring those delivery commitment and start diverting all to internal GE Vernova factory.”

“Management continues to evaluate various options for the utilization of balance cash to optimize returns to the shareholders.”

“So we had secured an approval of roughly INR31 billion in the AGM of 2025. This was for export of various high-voltage switchgear components to 2 related parties in Middle East and France. This lapsed in AGM of 2026 because the shareholder approval for the related party is valid for a period of 1 year.”

“And the reason is that the order is on hold from the customer side due to the operational planning delays from their side.”

“That project actually is of a much bigger size and the hold has been put by the customer. So, we are not very sure whether the hold is going to get lifted in 6 months, 8 months or a year.”

“Today, when we look at our bushing 765 kV, most of the bushings are coming from outside because the manufacturing capacity in India is pretty limited.”

“So yes, supply chain today is one of the things which can have a very severe impact on the operations.”

“Revenue for the quarter, stood at INR20.3 billion, up 32% year-on-year with H1 revenue reaching about INR38.6 billion, up 35%.”

“Profit before tax for the quarter rose to INR5.8 billion and profit after tax is at INR4.3 billion, representing 21.3% of revenue.”

“So today, we are manufacturing transformers in India, valves in India, controls in India.”

“So as a long-term strategy, we will be working in the next phase, on localization of that as well.”

“most of the HVDC is localized because all transformers we manufacture here, thyristor valve, we are manufacturing here.”