GVT&D lifts margin as revenue growth outpaces expenses
Standalone net profit rose 44.05% YoY, though interest expense increased 254.30% and other income remained a notable part of pre-tax profit.
Filed 30 Oct 2026, 16:39 IST · after market close · GE Vernova T&D India Ltd (GVT&D)
Key takeaways
- Standalone Q2FY27 operating margin recovered 2.02 percentage points QoQ to 27.12% as revenue grew +10.39% while expenses grew +7.41%.
- Revenue grew +31.75% YoY and net profit rose +44.05%, although other income contributed 8.68% of pre-tax profit.
- The filing came after market close; across the last eight result reactions, the stock rose six times versus two falls, with a 5.0% median absolute move.
Price around the results
Q2 revenue growth lifts standalone earnings
Standalone revenue rose +31.75% YoY and +10.39% QoQ, while operating profit grew +38.66% and +19.30%, respectively. Pre-tax profit increased +44.54% YoY to Rs 580.00 cr, as operating growth more than offset higher interest costs.
Expense leverage widened margins despite higher interest
Expenses grew +29.36% YoY and +7.41% QoQ, slower than revenue in both comparisons, lifting operating margin by 1.35 percentage points YoY and 2.02 percentage points QoQ. Interest rose +254.30% YoY and +128.95% QoQ, but did not prevent profit before tax from rising. The tax rate increased 0.25 percentage points YoY and 0.14 percentage points QoQ, so net profit growth was not helped by a lower tax rate; other income accounted for 8.68% of pre-tax profit.
Margin recovers from Q1FY27 but remains below the earlier peak
Operating margin rebounded from 25.10% in Q1FY27 to 27.12%, after reaching 27.18% in Q4FY26 and 29.14% in Q1FY26. The company remained well above the Industrials median: its 27.12% margin was 14.69 percentage points higher than the 12.43% median across 75 reported peers.
Management reports commissioning activity and a pending order
Management said the company commissioned 400 kV GIS bays at Barhabise, Nepal, and 275 MVA 765 kV single-phase generator transformers for NUPP Lhatampur. The presentation also said an order involving GE Grid Solutions LLC was under negotiation.
After-close filing leaves the immediate share response open
The results were filed after market close, so the immediate share-price response is not yet available. In the last eight result reactions, the stock rose six times and fell twice, with a 5.0% median absolute move.
Q2FY27 at a glance
Standalone figures as filed with NSE — cross-checked against an independent source.
| Line item | Q2FY27 | Q1FY27 | QoQ | YoY |
|---|---|---|---|---|
| Revenue | ₹2,027 cr | ₹1,836 cr | +10.39% | +31.75% |
| Other income | ₹50 cr | ₹42 cr | +20.29% | +170.16% |
| Expenses | ₹1,477 cr | ₹1,375 cr | +7.41% | +29.36% |
| Operating profit | ₹550 cr | ₹461 cr | +19.30% | +38.66% |
| Operating margin (%) | 27.12% | 25.10% | — | — |
| Interest | ₹8 cr | ₹3 cr | +128.95% | +254.30% |
| Depreciation | ₹12 cr | ₹12 cr | +1.32% | +5.43% |
| Profit before tax | ₹580 cr | ₹487 cr | +19.06% | +44.54% |
| Tax | ₹149 cr | ₹124 cr | +19.71% | +46.00% |
| Net profit | ₹431 cr | ₹363 cr | +18.84% | +44.05% |
| EPS (₹) | ₹16.84 | ₹14.18 | +18.76% | +43.93% |
Operating margin of 27.12% compares with a Industrials sector median of 12.43% across 75 peers that have reported Q2FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
Expansion
- The company commissioned 400 kV GIS bays at Barhabise, Nepal.
- The company commissioned 275 MVA 765 kV single-phase generator transformers for NUPP Lhatampur.
Problems & risks
- An order involving GE Grid Solutions LLC was under negotiation.
What to watch
- Whether operating margin holds above 27.12% after the Q2 rebound.
- Whether expense growth remains below revenue growth after +7.41% QoQ versus +10.39%.
- Whether interest growth moderates from +128.95% QoQ and other income remains within 8.68% of pre-tax profit.