GE Vernova T&D India Ltd

GE Vernova T&D India Limited trading window closes from Oct 1, 2026 and reopens 48 hours after declaration of un-audited financial results for the quarter and half year ending Sept 30, 2026

ESG Rating

• CRSIL ESG assigned overall rating CRSIL ESG 68 and Core ESG 74.
• Company says CRSIL ESG was not engaged; report based on public data.

Business overview

• Core business: HV transformers, HVDC, grid automation, and related services.
• Strategy emphasizes exports, localization, and data center market expansion.

Operational highlights

• Capex plan: ₹8.1B through Dec 2028.
• Capacity expansion: ₹10B across facilities.
• Transformer & Reactor capacity up 50%; AIS up 25%.
• New lines for HVDC valves and HV equipment.
• Backlog: two significant projects support revenue growth.
• 5GW Khavda VSC-based HVDC win.
• Commissioned 6GW Champa–Kurukshetra HVDC project.
• Won 1GW Chandrapur HVDC LCC refurbishment.
• 100+ Grid Control Centers delivered in India.

Financial performance

• Revenue growth YoY >45%.
• Q1 FY2026-27 cash generation ₹4.3B.
• Available cash balance ₹29.3B.
• Capex through Dec 2028 ₹8.1B.
• Capex by early 2027 ₹1.4B.
• Fresh capacity expansion investment ₹10B.
• Backlog supports revenue growth.

Capital structure & liquidity

• Disciplined capex with strong cash conversion.
• Liquidity healthy with ₹29.3B cash.
• Capex funded by cash flow; working capital efficiency.

Strategic priorities & outlook

• Target DC networks; localization and execution credibility.
• Exports expansion to Americas, Europe, Middle East.
• Maintain lead times, cost and margin discipline.
• Capex execution to capture demand; data center market entry.

Meeting Details

• Dates: 21–23 September 2026, during business hours (exact times not provided).
• Type/Mode: Physical one-on-one and group meetings.
• Organiser: Nomura India.
• Purpose: Analyst and institutional investor interaction.
• Key company participant: Company Secretary & Compliance Officer.

AGM details

• AGM held on 9 Sep 2026; 3:03 PM to 4:57 PM; mode: video conferencing.
• Record date: 02-09-2026.

Dividend and financials

• Final dividend of Rs 2 per equity share approved.
• Adoption of audited financial statements for year ended 31 March 2026.

Key resolutions and outcomes

• Resolution 1: Adoption of audited financials — passed.
• Resolution 2: Final dividend of Rs 2 per share — passed.
• Resolution 3: Appoint Sushil Kumar as director; rotate eligibility — passed.
• Resolution 4: Re-appoint Deloitte Haskins & Sells as statutory auditors — passed.
• Resolution 5: Ratify remuneration of cost auditor for year ending 31 Mar 2027 — passed.
• Resolution 6: Re-appoint Marco Simi as independent director for five years — passed.
• Resolution 7: Re-appoint Sushil Kumar as WTD for Jan 1–Dec 31, 2027 — passed.
• Resolution 8: Remuneration to non-executive directors for five years from Apr 1, 2026 — passed.
• Resolution 9: Approve RPT with LM Wind Power Blades — passed.
• Resolution 10: Approve RPT with GE Vernova Inc. — passed.
• Resolution 11: Increase in overall limits under section 186 — passed.

Directors and auditors

• Statutory auditors re-appointed: Deloitte Haskins & Sells.
• Remuneration for Cost Auditor ratified.

Related party transactions

• Material RPT approved with LM Wind Power Blades.
• Material RPT approved with GE Vernova Inc.

Other material approvals

• Special resolution approved to increase overall limits under section 186.

Governance actions

• Re-appointment of Sushil Kumar as Whole-time Director from Jan 1, 2027 to Dec 31, 2031
• Appointment of Marco Simiano as Non-Executive, Non-Independent Director
• Re-appointment of Deloitte Haskins & Sells as Statutory Auditors for five years through 2031

AGM details

• AGM held on 9 September 2026 per Scrutinizer's Report.
• Detailed voting results will be submitted in due course.

AGM Details

• Date and mode: 9 September 2026, via Video Conferencing.
• Time: 3:03 PM to 4:57 PM IST.
• Deemed venue: registered office.
• Remote e-Voting window: 5–8 September 2026.
• Meeting duration included 30 minutes for e-voting.

Key Resolutions

• Resolution 1 (Ordinary): Adopt audited financial statements for year ended March 31, 2026.
• Resolution 2 (Ordinary): Declare dividend of ₹10 per share.
• Resolution 3 (Ordinary): Appoint Mr. Sushil Kumar as Director liable to retire by rotation.
• Resolution 4 (Ordinary): Re-appoint Deloitte Haskins & Sells as Statutory Auditors for five years.
• Resolution 5 (Ordinary): Ratify remuneration to Ramanath Iyer & Co. as Cost Auditors for 2027.
• Resolution 6 (Ordinary): Appoint Mr. Marco Simiano as Non-Executive Non-Independent Director.
• Resolution 7 (Ordinary): Re-appoint Mr. Sushil Kumar as Whole-time Director (2027–2031).
• Resolution 8 (Ordinary): Approve remuneration to Non-Executive Directors for five years starting 2026.
• Resolution 9 (Ordinary): Approve related party transactions with LM Wind Power Blades (India) Pvt Ltd.
• Resolution 10 (Ordinary): Approve related party transactions with GE Vernova Inc.
• Resolution 11 (Special): Increase in overall limits under section 186.

Voting Results

• Resolution 1: Voting results not disclosed in the document.
• Resolution 2: Voting results not disclosed.
• Resolution 3: Voting results not disclosed.
• Resolution 4: Voting results not disclosed.
• Resolution 5: Voting results not disclosed.
• Resolution 6: Voting results not disclosed.
• Resolution 7: Voting results not disclosed.
• Resolution 8: Voting results not disclosed.
• Resolution 9: Voting results not disclosed.
• Resolution 10: Voting results not disclosed.
• Resolution 11: Voting results not disclosed.

Dividend

• Dividend of ₹10 per equity share approved.

Director Changes

• Appointed Mr. Sushil Kumar as Director liable to retire by rotation.
• Appointed Mr. Marco Simiano as Non-Executive Non-Independent Director.
• Re-appointment of Mr. Sushil Kumar as Whole-time Director (2027–2031).
• Remuneration to Non-Executive Directors approved for five years from Apr 1, 2026.

Auditor Appointments

• Re-appointed Deloitte Haskins & Sells as Statutory Auditors for five years (to 2031).
• Remuneration to Cost Auditors Ramanath Iyer & Co. ratified for FY 2027.

Material Related Party Transactions

• Approve material RPT with LM Wind Power Blades (India) Pvt Ltd.
• Approve material RPT with GE Vernova Inc.

Other Material Approvals

• Special Resolution: Increase in overall limits under section 186.

Order details

• Awarding entity: Power Grid Corporation of India Limited (Power Grid).
• Nature of order: Design and build 6000 MW HVDC LCC Terminal Station (2x3000 MW) Barmer to South Kalamb.
• Contract value: Not disclosed.
• Awarding entity is domestic.
• Execution period: Over a period of multiple years.
• L1 bidder status: GE Vernova T&D India named L1 bidder.
• Related party: Not applicable.
• Material impact: Not disclosed.