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Shares of GE Vernova T&D India Ltd. opened another 9% higher on Thursday, January 29, after the stock surged nearly 7% on Wednesday following a strong December quarter performance that beat Street expectations.
The company reported its strongest revenue growth since Q2FY25, driven by faster execution and a sharp expansion in margins.
Management said that the reported order inflows for the quarter do not include the recently secured HVDC order. Export orders accounted for 14% of total order inflows during the quarter and rose 32% year-on-year.
The company also reported an exceptional impact of ₹69.3 crore due to the implementation of the new wage code.
During the post-earnings concall, management upgraded its FY26 margin guidance, raising it from the mid-20s earlier to the higher end of the 20s.
The export mix currently forms around 24%-27% of the overall order backlog. The South Olpad HVDC project is expected to be accounted for in Q4FY26.
Management said it is not witnessing any slowdown in domestic TBCB ordering activity. However, it cited some delays in decision-making by export customers, with these orders now likely to materialise in the second half of FY27.
Brokerage firm Nomura has maintained a 'Buy' rating on GE Vernova with a price target of ₹4,000.
Nomura said the company delivered an all-round performance, resulting in a 41% beat on earnings estimates. The brokerage said the upward revision in margin guidance and a buoyant demand outlook.
The stock is currently trading at around 40x FY28E earnings.
Nomura raised its FY28 EPS estimates by 9% to factor in a faster ramp-up in HVDC project execution and slower-than-expected dilution in pricing power.
Shares of GE Vernova T&D India ended Wednesday's session 6.52% higher at ₹2,909.05. The stock has gained 13% over the past five trading sessions.
The company reported its strongest revenue growth since Q2FY25, driven by faster execution and a sharp expansion in margins.
Management said that the reported order inflows for the quarter do not include the recently secured HVDC order. Export orders accounted for 14% of total order inflows during the quarter and rose 32% year-on-year.
The company also reported an exceptional impact of ₹69.3 crore due to the implementation of the new wage code.
YoY
In crore
|
|||||
Q3FY26
|
Q3FY26
|
Yoy%
|
Vs CNBC Poll
|
% Change
|
|
Rev
|
1700
|
1073.6
|
58.35%
|
1453
|
17.00%
|
Ebitda
|
454.30
|
179.60
|
152.95%
|
342.80
|
32.53%
|
EBITDA margin
|
26.72%
|
16.73%
|
23.59%
|
13.27%
|
|
PAT
|
290
|
142
|
104.23%
|
259
|
11.97%
|
During the post-earnings concall, management upgraded its FY26 margin guidance, raising it from the mid-20s earlier to the higher end of the 20s.
The export mix currently forms around 24%-27% of the overall order backlog. The South Olpad HVDC project is expected to be accounted for in Q4FY26.
Management said it is not witnessing any slowdown in domestic TBCB ordering activity. However, it cited some delays in decision-making by export customers, with these orders now likely to materialise in the second half of FY27.
Brokerage firm Nomura has maintained a 'Buy' rating on GE Vernova with a price target of ₹4,000.
Nomura said the company delivered an all-round performance, resulting in a 41% beat on earnings estimates. The brokerage said the upward revision in margin guidance and a buoyant demand outlook.
The stock is currently trading at around 40x FY28E earnings.
Nomura raised its FY28 EPS estimates by 9% to factor in a faster ramp-up in HVDC project execution and slower-than-expected dilution in pricing power.
Shares of GE Vernova T&D India ended Wednesday's session 6.52% higher at ₹2,909.05. The stock has gained 13% over the past five trading sessions.
