Q1 2027 GE Vernova T&D India Ltd Earnings Call Transcript
Key Points
- Revenue grew 38% year-on-year to INR18.4 billion, driven by strong execution of the order backlog.
- Order backlog remains robust at INR209.3 billion, providing over three years of revenue visibility.
- EBITDA margin of 25.1% was delivered, in line with the company's mid-20s guidance.
- Export diversification is strengthening, with exports accounting for 46% of Q1 orders, including new wins from North America, Spain, and Morocco.
- The company maintains a zero-debt position and generated INR4.3 billion of cash during the quarter, with a total cash balance of INR29.3 billion.
- Order intake declined 30% year-on-year to INR11.4 billion due to a soft TBCB (Tariff-Based Competitive Bidding) pipeline in the previous quarter.
- Gross margins contracted to 41.3% from 45.3% in FY26, impacted by lower export revenue mix, elevated commodity prices, and ramp-up of lower-margin HV business.
- A large INR3,000 crore RPT (Related Party Transaction) order has been put on hold by the customer, and the approval is set to expire at the upcoming AGM.
- The INR1,300 crore US data center RPT order has been delayed due to changes in project location and scope, with finalization now expected in Q2 or Q3.
- The HVDC project pipeline is experiencing delays, with the Lakadia project on hold and the Begunia project converted to EHVAC, though the pipeline remains intact.
Ladies and gentlemen, good day, and welcome to the conference call hosted by GE Vernova T&D India Limited for quarter one of financial year 2026-'27. (Operator Instructions) Please note that this conference is being recorded.
I now hand the conference over to Ms. Megha Gupta from GE Vernova T&D India Limited. Thank you, and over to you, Ms. Gupta.
Thank you, Rahul. Good evening, everyone, and welcome to GE Vernova T&D India Limited Earnings Call for quarter one of financial year '26 -'27. I am Megha Gupta from Investor Relations team. During the call, we will discuss company's financial performance, including operational highlights and we'll share key updates. I'm joined by Mr.
Sandeep Zanzaria, CEO and MD of the company; Mr. Sushil Kumar Whole-Time Director and CFO of the company; Mr. Abhishek Srivastava, Head Business Operations; Ms. Kanika Arora, Communications Leader; and Ms. Shweta Mehta.
I would like to highlight that today's discussion may
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