GVT&D IN EQUITY
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| CUSTOMER | BASIS | EST ₹CR | RANGE | % REV | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| POWERGRIDPower Grid Corporation of India Ltd. | CONTRACT | 3,618 | 3,618–3,618 | 90.0% | CAPEX | FY25 | EST | 85% |
| “Sub: Intimation of Bagging/Receiving of orders/contracts We would like to inform you that GE Vernova T&D India Limited (‘the Company’) has received an order fr…” ORDER p.1 · 04-MAR-25 · +2 DOC | ||||||||
| ADANIPOWERAdani Power Ltd. | UNSTATED | 3,618 | 3,618–3,618 | 90.0% | CAPEX | FY25 | EST | 75% |
| “NATION BUILDING Notable domestic projects executed included 765 kV substation equipments supply and commissioning for customers like Power Grid Corporation of …” AR · +1 DOC | ||||||||
| POWERGRIDPower Grid Corporation of India Ltd. | CONTRACT | 3,618 | 402–3,618 | 90.0% | — | FY26 | EST | 75% |
| “Additionally secured H 8 billion of digital software-related orders from Power Grid Corporation of India Limited involving deployment of advanced control-room …” AR · +2 DOC | ||||||||
| TATAPOWERTata Power Co. Ltd. | UNSTATED | 3,618 | 3,618–3,618 | 90.0% | — | FY25 | EST | 75% |
| “In 400 kV, we supplied and commissioned projects for Uttar Pradesh Power Transmission Corporation Limited, Gujarat Industries Power Company Limited, and Tata P…” AR DOC | ||||||||
| TATAPOWERTata Power Co. Ltd. | UNSTATED | 3,618 | 3,618–3,618 | 90.0% | CAPEX | FY25 | EST | 75% |
| “NATION BUILDING Notable domestic projects executed included 765 kV substation equipments supply and commissioning for customers like Power Grid Corporation of …” AR DOC | ||||||||
| HINDALCOHindalco Industries Ltd. | UNSTATED | 3,618 | 3,618–3,618 | 90.0% | CAPEX | FY25 | EST | 75% |
| “NATION BUILDING Notable domestic projects executed included 765 kV substation equipments supply and commissioning for customers like Power Grid Corporation of …” AR DOC | ||||||||
| RELIANCEReliance Industries Ltd. | UNSTATED | 3,618 | 3,618–3,618 | 90.0% | CAPEX | FY25 | EST | 75% |
| “Supply & commissioning of 400kV and 220kV projects for Reliance Industries Limited in Jamnagar.” AR DOC | ||||||||
| ADANIENSOLAdani Energy Solutions Ltd. | UNSTATED | 3,618 | 3,618–3,618 | 90.0% | CAPEX | FY25 | EST | 75% |
| “Secured order for supply of 765kV power transformers and shunt reactors for Sterlite Group and supply of 765kV & 400kV GIS at Khavda for Adani Energy Solutions.” AR DOC | ||||||||
| ADANIENSOLAdani Energy Solutions Ltd. | UNSTATED | 3,618 | 402–3,618 | 90.0% | — | FY26 | EST | 70% |
| “Key Project Wins During the year under review, your Company successfully secured major orders which include the following: Awarded major HVDC contract for Adan…” AR DOC | ||||||||
| PGCIL | UNSTATED | — | — | — | CAPEX | 2026-11 | EST | 80% |
| “we commissioned 765 kV reactors for our customers PGCIL at Bidar, Resonia at Beawar and then 765 kV generator transformer for NUPPL at Ghatampur” CONCALL p.4 · 30-NOV-26 · +1 DOC | ||||||||
| Power Grid Corporation Ltd | UNSTATED | — | — | — | COGS | 2026-11 | EST | 80% |
| “we have already declared that we are the lowest bidder in power grid for Barmer, and Barmer has already been acquired by Power Grid” CONCALL p.7 · 30-NOV-26 DOC | ||||||||
| Sterlite Grid | CONTRACT | CT 400 | — | — | — | FY25 | EST | 75% |
| “Sub: Intimation of Bagging/Receiving of orders/contracts In compliance with Regulation 30 of the Listing Regulations read with SEBI Circular SEB/HO/CFD/CFD-PoD…” ORDER p.1 · 19-DEC-24 DOC | ||||||||
| Sterlite Power | CONTRACT | CT 400 | — | — | CAPEX | FY25 | EST | 75% |
| “Sub: Intimation of Bagging/Receiving of orders/contracts In compliance with Regulation 30 of the Listing Regulations read with SEBI Circular SEB/HO/CFD/CFD-PoD…” ORDER p.1 · 09-DEC-24 DOC | ||||||||
| Grid Solutions SAS | CONTRACT | CT 6 | — | — | — | FY25 | EST | 75% |
| “Sub: Intimation of Bagging/Receiving of orders/contracts In compliance with Regulation 30 of the Listing Regulations read with SEBI Circular SEB/HO/CFD/CFD-PoD…” ORDER p.1 · 11-SEP-24 · +2 DOC | ||||||||
| GRID SOLUTIONS Middle East FZE | CONTRACT | CT 6 | — | — | — | FY25 | EST | 75% |
| “Sub: Intimation of Bagging/Receiving of orders/contracts In compliance with Regulation 30 of the Listing Regulations read with SEBI Circular SEB/HO/CFD/CFD-PoD…” ORDER p.1 · 11-SEP-24 · +2 DOC | ||||||||
| South East Asia | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Total exports accounted for 33% of your company’s revenues and accounted for 8% of total order book with new geographies being added in Europe, South-East Asia…” AR DOC | ||||||||
| CASTROLINDCastrol India Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Ms. Joshi served as an Executive Director at Veedol Corporation Limited and Castrol India Limited, listed entities, for nearly a decade.” AR DOC | ||||||||
| GODREJINDGodrej Industries Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “In the past, she also served on the Board of Thirdware Solutions Ltd, Godrej Industries Ltd and Castrol Philippines.” AR DOC | ||||||||
| JSWENERGYJSW Energy Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “He served as Joint Managing Director & CEO of JSW Energy Ltd. from 2012 to 2017, a period during which the company made its successful entry into hydro power g…” AR · +1 DOC | ||||||||
| South East Asia | UNSTATED | — | — | — | CAPEX | FY26 | EST | 75% |
| “Your company also secured export orders for the supply of high voltage substation products to Portugal, Spain, and to countries in South-East Asia, Latin Ameri…” AR · +1 DOC | ||||||||
| Uttar Pradesh Power Corporation Limited | UNSTATED | — | — | — | CAPEX | FY25 | EST | 75% |
| “NATION BUILDING Notable domestic projects executed included 765 kV substation equipments supply and commissioning for customers like Power Grid Corporation of …” AR · +1 DOC | ||||||||
| Karnataka | UNSTATED | — | — | — | CAPEX | FY25 | EST | 75% |
| “NATION BUILDING Notable domestic projects executed included 765 kV substation equipments supply and commissioning for customers like Power Grid Corporation of …” AR · +1 DOC | ||||||||
| China. | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “Major exports of Drives to Canada, USA, Brazil, France, Italy, Germany, and China.” AR DOC | ||||||||
| Australia | UNSTATED | — | — | — | CAPEX | FY25 | EST | 75% |
| “Major exports of Instrument Transformers (ITR) to Norway, Sweden, Italy, Australia, and Mexico.” AR DOC | ||||||||
| Uttar Pradesh Power Corporation Limited | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “In 400 kV, we supplied and commissioned projects for Uttar Pradesh Power Transmission Corporation Limited, Gujarat Industries Power Company Limited, and Tata P…” AR DOC | ||||||||
| Himachal Pradesh | UNSTATED | — | — | — | CAPEX | FY25 | EST | 75% |
| “NATION BUILDING Notable domestic projects executed included 765 kV substation equipments supply and commissioning for customers like Power Grid Corporation of …” AR · +1 DOC | ||||||||
| Australia | UNSTATED | — | — | — | COGS | FY25 | EST | 75% |
| “Major export of Gas Insulated Switchgears (GIS) components to France, Spain, Algeria, Australia, Malaysia, Oman, Saudi Arabia, and Qatar.” AR DOC | ||||||||
| ADANIPOWERAdani Power Ltd. | UNSTATED | — | — | — | — | FY32 | — | 75% |
| “Target of 596 GW of renewable energy by FY 2032, which will make up 68.4% of total capacity and meetAnnual Repor t 2024-25 Directors’ Repor t GE Vernova T&D In…” AR DOC | ||||||||
| RELIANCEReliance Industries Ltd. | UNSTATED | — | — | — | — | FY32 | — | 75% |
| “Target of 596 GW of renewable energy by FY 2032, which will make up 68.4% of total capacity and meetAnnual Repor t 2024-25 Directors’ Repor t GE Vernova T&D In…” AR DOC | ||||||||
| HINDALCOHindalco Industries Ltd. | UNSTATED | — | — | — | — | FY32 | — | 75% |
| “Target of 596 GW of renewable energy by FY 2032, which will make up 68.4% of total capacity and meetAnnual Repor t 2024-25 Directors’ Repor t GE Vernova T&D In…” AR DOC | ||||||||
| KECKec International Ltd. | UNSTATED | — | — | — | CAPEX | FY25 | EST | 75% |
| “Supply of 400kV substation equipments to KEC International Limited in Kallam.” AR DOC | ||||||||
| Renewable Energy | UNSTATED | — | — | — | CAPEX | FY25 | EST | 75% |
| “Renewable Energy Integration Projects Supply and commissioning of 400kV and 220kV substations in Gadag/ Narendra, facilitating Renewable Energy evacuation.” AR DOC | ||||||||
| PGCIL | CONTRACT | — | — | — | — | FY26 | EST | 70% |
| “Sub: Intimation of Bagging/Receiving of orders/contracts Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 …” ORDER p.1 · 17-DEC-25 · +2 DOC | ||||||||
| China. | UNSTATED | — | — | — | CAPEX | FY26 | EST | 70% |
| “Customers use our equipment to generate twenty-five percent of the world’s electricity—approximately one third of the world’s electricity excluding China—and n…” AR DOC | ||||||||
| Maharashtra | UNSTATED | — | — | — | CAPEX | FY26 | EST | 70% |
| “Won multiple GIS substation orders across voltage classes up to 765 kV, including 765/400/220 kV GIS substations in Gujarat, and Maharashtra, and 420/245 kV GI…” AR DOC | ||||||||
| Securities and Exchange Board of India | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “(c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018;- Not Applicable (d) The Securities and Exchang…” AR · +1 DOC | ||||||||
| ENGINERSINEngineers India Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “As a testament to the Company's commitment to effective implementation of affirmative action policies, during the year under review, your Company received vari…” AR DOC | ||||||||
| Karnataka | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “As a testament to the Company's commitment to effective implementation of affirmative action policies, during the year under review, your Company received vari…” AR · +1 DOC | ||||||||
| KECKec International Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “Significant projects were executed across key voltage levels for customers included: 765 kV: Power Grid Corporation of India, Doosan Power Systems India 400 kV…” AR DOC | ||||||||
| Himachal Pradesh | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “Significant projects were executed across key voltage levels for customers included: 765 kV: Power Grid Corporation of India, Doosan Power Systems India 400 kV…” AR DOC | ||||||||
| Financial Year | UNSTATED | — | — | — | — | FY24 | EST | 70% |
| “Further employees can raise EHS Policy related concerns through Vigil Mechanism established by the Company.Annual Repor t 2024-25 Business Responsibility & Sus…” AR DOC | ||||||||
| Financial Year | UNSTATED | — | — | — | SG&A | FY24 | EST | 70% |
| “Additionally, the product manual provides information on environmental and social parameters relevant to the product, as applicable.Annual Repor t 2024-25 Busi…” AR DOC | ||||||||
| CRAFTSMANCraftsman Automation Ltd. | UNSTATED | — | — | — | SG&A | FY26 | EST | 70% |
| “During the year, the Company has received the following awards: Appreciation of Development Award - Mstar Crankcase – 2025 Mahindra & Mahindra Best Supplier Aw…” AR DOC | ||||||||
| GETCO | UNSTATED | — | — | — | COGS | 2026-11 | EST | 70% |
| “After that, 400 kV GIS station was commissioned for GETCO at Babarzar.” CONCALL p.4 · 30-NOV-26 DOC | ||||||||
| Resonia | UNSTATED | — | — | — | CAPEX | 2026-11 | EST | 70% |
| “we commissioned 765 kV reactors for our customers PGCIL at Bidar, Resonia at Beawar and then 765 kV generator transformer for NUPPL at Ghatampur” CONCALL p.4 · 30-NOV-26 DOC | ||||||||
| NUPPL | UNSTATED | — | — | — | CAPEX | 2026-11 | EST | 70% |
| “we commissioned 765 kV reactors for our customers PGCIL at Bidar, Resonia at Beawar and then 765 kV generator transformer for NUPPL at Ghatampur” CONCALL p.4 · 30-NOV-26 DOC | ||||||||
| Power Grid Corporation Ltd | UNSTATED | — | — | — | — | 2026-02 | EST | 65% |
| “This quarter order performance includes the refurbishment of Chandrapur HVDC order from Power Grid.” CONCALL · +1 DOC | ||||||||
| Middle East | UNSTATED | — | — | — | CAPEX | 2026-11 | EST | 65% |
| “GE Vernova T&D India Limited October 30, 2026 Page 4 of 21 Supply of 765 kV shunt reactor for a TBCB transmission project in the state of Andhra Pradesh, and c…” CONCALL p.5 · 30-NOV-26 DOC | ||||||||
| Middle East | UNSTATED | — | — | — | COGS | 2026-11 | EST | 65% |
| “This was for export of various high-voltage switchgear components to 2 related parties in Middle East and France.” CONCALL p.5 · 30-NOV-26 DOC | ||||||||
| Barmer II | CONTRACT | — | — | — | — | FY27 | EST | 60% |
| “Sub: Intimation of Bagging/Receiving of orders/contracts Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 …” ORDER p.1 · 07-SEP-26 DOC | ||||||||
| CDSLCentral Depository Services (India) Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 60% |
| “The password to open the .pdf file is your 8 digit client ID for NSDL account, last 8 digits of client ID for CDSL account or folio number for shares held in p…” AR DOC | ||||||||
| Maharashtra | UNSTATED | — | — | — | — | 2026-02 | EST | 60% |
| “I don't think that we are seeing any slowdown in the ordering and now with states also going for TBCB, for example, we have seen Maharashtra and Karnataka goin…” CONCALL DOC | ||||||||
| SUPPLIER | BASIS | EST ₹CR | RANGE | % COST | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| Financial Year | UNSTATED | — | — | — | COGS | FY24 | EST | 75% |
| “Percentage of input material (inputs to total inputs by value) sourced from suppliers: FY 2024-25 (Current Financial Year) FY 2023-24 (Previous Financial Year)…” AR DOC | ||||||||
| Others | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Cash and cash equivalents As at 31 March 2026 As at 31 March 2025 Balances with banks - in current accounts 698.8 1,503.0 - in EEFC accounts 64.2 196.6 - depos…” AR DOC | ||||||||
| SOURCE | READ | % | LAST READ |
|---|---|---|---|
| ANNOUNCEMENTS | 15/15 | 100% | 15-OCT-26 |
| ANNUAL | 2/2 | 100% | 15-OCT-26 |
| CONCALL | 5/5 | 100% | 08-NOV-26 |
| ORDERS | 14/14 | 100% | 15-OCT-26 |
| RATINGS | 0/5 | 0% | — |
| SCREENER | 1/1 | 100% | 08-NOV-26 |
| SIGNAL | VALUE | AS OF | INPUTS |
|---|---|---|---|
| CUSTOMER HHI | 0.167 | 14-NOV-26 | Power Grid Corporation of India Ltd. share 17% · Reliance Industries Ltd. share 17% · Adani Energy Solutions Ltd. share 17% · Adani Power Ltd. share 17% · Tata Power Co. Ltd. share 17% · Hindalco Industries Ltd. share 17% |
| CUST MOM 1M | +5.2% | 14-NOV-26 | from 15-OCT-26 · Reliance Industries Ltd. +10.3% w 0 · Kec International Ltd. -6.3% w 0 · Adani Energy Solutions Ltd. +6.2% w 0 · Central Depository Services (India) Ltd. +11.9% w 0 · Castrol India Ltd. -3.1% w 0 · Godrej Industries Ltd. +8.4% w 0 |
| DISTRESS SCORE | 0.311 | 13-OCT-26 | roe 0.19 · operatingMargin 0.12 · debtToEquity 0.89 · interestCoverage 3.45 · assetTurnover 0.9 · leverage 4.45 |