GE Vernova T&D India profit rises, but margin slips as costs outpace sales
Standalone revenue grew 38.04% YoY, while expenses rose 45.92%, reducing operating margin by 4.04 percentage points to 25.10%.
Filed 05 Aug 2026, 22:09 IST · after market close · GE Vernova T&D India Ltd (GVT&D)
Key takeaways
- Standalone revenue grew 38.04% YoY, but expenses rose 45.92%, cutting operating margin by 4.04 percentage points.
- Net profit increased 24.65% YoY to Rs 362.99 cr, while other income contributed 8.59% of pre-tax profit.
- Operating margin of 25.10% was 10.60 percentage points above the median for 52 reported Industrials peers.
Price around the results
Profit growth lagged the revenue expansion
GE Vernova T&D India’s standalone revenue growth of 38.04% YoY translated into only 18.88% growth in operating profit, as expenses increased faster than sales. Net profit rose 24.65% YoY to Rs 362.99 cr, helped by a 156.69% increase in other income.
Costs drove the margin contraction
Expenses grew 45.92% YoY against 38.04% revenue growth, narrowing operating margin by 4.04 percentage points; sequentially, the margin fell 2.08 percentage points as costs also grew faster than revenue. Interest expense rose 24.36% YoY, although it dropped 51.00% QoQ and partly supported the sequential increase in pre-tax profit. Other income accounted for 8.59% of pre-tax profit, while the tax rate was broadly stable, rising 0.14 percentage points YoY.
Margin remains above peers after a sequential setback
Operating margin had risen from 25.77% in Q2FY26 to 27.18% in Q4FY26 before falling to 25.10% in Q1FY27, reversing the recent improvement rather than marking a third straight decline. The quarter’s margin was 10.60 percentage points above the 14.50% median among 52 Industrials peers that had reported.
No post-result move yet
The standalone results were filed after market close, so there was no market reaction to report at the time of filing. Across eight recent result reactions, the stock rose after seven and fell after one, with a median absolute move of 5.00%.
Q1FY27 at a glance
Standalone figures as filed with NSE — cross-checked against an independent source.
| Line item | Q1FY27 | Q4FY26 | QoQ | YoY |
|---|---|---|---|---|
| Revenue | ₹1,836 cr | ₹1,637 cr | +12.16% | +38.04% |
| Other income | ₹42 cr | ₹43 cr | -2.45% | +156.69% |
| Expenses | ₹1,375 cr | ₹1,192 cr | +15.37% | +45.92% |
| Operating profit | ₹461 cr | ₹445 cr | +3.56% | +18.88% |
| Operating margin (%) | 25.10% | 27.18% | — | — |
| Interest | ₹3 cr | ₹7 cr | -51.00% | +24.36% |
| Depreciation | ₹12 cr | ₹12 cr | -0.33% | +8.44% |
| Profit before tax | ₹487 cr | ₹469 cr | +3.93% | +24.90% |
| Tax | ₹124 cr | ₹117 cr | +6.14% | +25.64% |
| Net profit | ₹363 cr | ₹352 cr | +3.19% | +24.65% |
| EPS (₹) | ₹14.18 | ₹13.74 | +3.20% | +24.71% |
Operating margin of 25.10% compares with a Industrials sector median of 14.50% across 52 peers that have reported Q1FY27.
What to watch
- Whether operating margin holds above 25.10% after the Q1FY27 decline.
- Whether expense growth stays below the 45.92% YoY rate recorded this quarter.
- Whether other income remains below its 8.59% share of pre-tax profit.