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Swing Capital

GE Vernova T&D India Ltd

NSE: GVT&D BSE: 522275Energy

GE T&D is the listed entity of GE’s Grid Solutions business in India. It has been in the power transmission and distribution business for more than 100 years and provides a versatile range of solutions for connecting and evacuating power from generation sources onto the grid. [1]

₹4,325
52W: ₹1755 — ₹4850
PE 99.1 · Book ₹81.5 · +5207% vs book
Market Cap₹1,10,742 Cr
Stock P/E99.1Price to Earnings
ROCE54.7%Return on Capital
ROE40.4%Return on Equity
Div. Yield0.12%Face Value ₹2

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company is expected to give good quarter
  • +Company has delivered good profit growth of 34.8% CAGR over last 5 years
  • +Debtor days have improved from 165 to 125 days.

Weaknesses

  • −Stock is trading at 52.7 times its book value
  • −The company has delivered a poor sales growth of 6.33% over past five years.
  • −Promoter holding has decreased over last 3 years: -24.0%

Shareholding Pattern

Promoters51%
FIIs20.39%
DIIs21.39%
Public7.22%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters75%59.38%▼15.651%▼8.451%51%51%51%51%
FIIs2.04%6.82%▲4.812.04%▲5.213.04%▲1.014.49%▲1.516.15%▲1.718.46%▲2.320.39%▲1.9
DIIs14.96%25.61%▲10.628.4%▲2.828.18%▼0.226.75%▼1.425.2%▼1.623.27%▼1.921.39%▼1.9
Public8%8.19%▲0.28.55%▲0.47.77%▼0.87.74%▼0.07.66%▼0.17.26%▼0.47.22%▼0.0

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales6988399149581,1081,0741,1531,3301,5381,701
Expenses6377428037769038949009431,1421,246
Operating Profit6197111182205180252388396455
OPM %9%12%12%19%18%17%22%29%26%27%
Net Profit374966135145143186291299291
EPS ₹1.451.932.595.255.655.577.2811.3711.711.36

AI Insights

Revenue Trend

TTM revenue at ₹5,722Cr, up 33.3% YoY. OPM at 26%.

Debt Position

Borrowings at ₹30Cr. Debt-to-equity ratio: 0.01x. Healthy balance sheet.

Capex Cycle

CWIP at ₹42Cr (11% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 21.39% (+4.87pp change). FIIs: 20.39% (+20.02pp change). Promoters hold 51%.

Margin & Efficiency

ROCE improving from 18% (Mar 2014) to 55% (Mar 2025). Working capital days: 35.

Valuation

PE 99.1x with 54.7% ROCE. Price is 5207% above book value of ₹81.5. Dividend yield: 0.12%.

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