GE Vernova T&D India profit jumps 89% as margin expands
Standalone operating margin improved 5.30 percentage points year on year, while other income contributed 9.15% of pre-tax profit.
Filed 18 May 2026, 19:19 IST · after market close · GE Vernova T&D India Ltd (GVT&D)
Key takeaways
- Standalone revenue grew 42.04% year on year to Rs 1,637.08 cr, while expenses grew 32.40%, lifting operating margin by 5.30 percentage points.
- Net profit rose 88.63% year on year to Rs 351.77 cr, helped by a tax rate that fell 2.24 percentage points and other income equal to 9.15% of pre-tax profit.
- The stock fell 0.94% initially but gained 9.52% in five sessions, versus a 5.00% median absolute move after the last eight results.
Price around the results
Revenue growth outpaced the cost base
Standalone revenue increased 42.04% year on year, while expenses rose 32.40%, taking operating profit growth to 76.47%. Sequentially, revenue declined 3.74%, but expenses fell faster at 4.32%, so operating margin still widened 0.45 percentage points to 27.18%. The margin was 11.52 percentage points above the 15.66% median for 71 Industrials peers that had reported.
Margin recovery continued, but profit quality needs context
Operating margin rose from 21.88% in Q4FY25 to 29.14% in Q1FY26, then eased to 25.77% in Q2FY26 before recovering to 26.73% and 27.18% in the next two quarters. This is a recovery from the Q2FY26 trough rather than a new quarterly peak. Other income was 9.15% of pre-tax profit, while the year-on-year tax-rate reduction of 2.24 percentage points also supported net profit growth.
Net profit growth was faster than operating profit growth
Net profit rose 88.63% year on year, ahead of the 76.47% increase in operating profit, as other income more than doubled year on year and the tax rate declined. Interest expense increased 23.54% year on year and 148.40% sequentially, but its effect was smaller than the operating profit improvement and other-income contribution. Sequentially, pre-tax profit and net profit increased 20.28% and 20.97%, respectively, despite lower revenue.
The market reaction was positive after an initial decline
The stock opened with a 1.73% gap down and ended the first session 0.94% lower, before gaining 9.52% over five sessions. That five-session move was larger than the 5.00% median absolute reaction across the last eight results. The historical pattern has been positive in seven of eight instances, so the later rise was consistent with the stock's usual direction but above its typical move size.
Q4FY26 at a glance
Standalone figures as filed with NSE — cross-checked against an independent source.
| Line item | Q4FY26 | Q3FY26 | QoQ | YoY |
|---|---|---|---|---|
| Revenue | ₹1,637 cr | ₹1,701 cr | -3.74% | +42.04% |
| Other income | ₹43 cr | ₹-51 cr | — | +103.17% |
| Expenses | ₹1,192 cr | ₹1,246 cr | -4.32% | +32.40% |
| Operating profit | ₹445 cr | ₹455 cr | -2.13% | +76.47% |
| Operating margin (%) | 27.18% | 26.73% | — | — |
| Interest | ₹7 cr | ₹3 cr | +148.40% | +23.54% |
| Depreciation | ₹12 cr | ₹12 cr | +4.84% | +5.57% |
| Profit before tax | ₹469 cr | ₹390 cr | +20.28% | +83.01% |
| Tax | ₹117 cr | ₹99 cr | +18.25% | +67.97% |
| Net profit | ₹352 cr | ₹291 cr | +20.97% | +88.63% |
| EPS (₹) | ₹13.74 | ₹11.36 | +20.95% | +88.74% |
Operating margin of 27.18% compares with a Industrials sector median of 15.66% across 71 peers that have reported Q4FY26.
How the stock reacted
| Window | Stock | vs NIFTY |
|---|---|---|
| Results day | -0.94% | -0.80% |
| Next session | +5.71% | — |
| 5 sessions | +9.52% | +8.41% |
| 15 sessions | +9.92% | — |
| 30 sessions | +8.95% | — |
Volume on the results session was 1.45× its 20-day average.
What to watch
- Whether operating margin holds above 27.18% after recovering from 25.77% in Q2FY26.
- Whether revenue builds from Rs 1,637.08 cr after the 3.74% sequential decline.
- Whether other income remains close to or below 9.15% of pre-tax profit.