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Prabhudas Capital's research report on GE Vernova T&D India

We revise our FY27/28E EPS estimates upward by +7.4%/+12.1%, factoring in strong execution momentum and margin gains led by manufacturing efficiencies and a favorable product mix. GE Vernova T&D India (GVTD) reported a strong quarter with 38.9% YoY revenue growth and a 729bps YoY improvement in EBITDA margin to 25.8%. Management remains confident of sustaining mid-20s margins in FY26, supported by continued operational efficiencies and product mix advantages. With a healthy execution ramp-up and robust HVDC prospects (4 projects lined up over the next two years), GVTD is well placed for multi-yea

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