Earnings call Transcript

GEVERNOVA August 14, 2026 The Secretary The Manager GE Vernova T&D India Limited BSE Limited Listing Department (Formerly known as GE T&D India Limited) Phiroze Jeejeebhoy National Stock Exchange of India Ltd. L31102DL1957PLC193993 Towers, Exchange Plaza, Bandra Kurla Corporate Office: T-5 & T-6, Plot 1-14, Axis House, Jaypee Dalal Street Complex, Bandra (East) Wishtown, Sector-128, Noida-201304, Uttar Pradesh Mumbai-400 001 Mumbai-400 051 T +91 120 5021500 F +91 120 5021501 Email id: secretarial.compliance@gevernova.com Code No. 522275 Symbol: GVT&D Website: https://www.gevernova.com/regions/asia/in/gevernova-td- india Dear Sir/Madam, Sub: Transcript - GE Vernova T&D India Limited Earnings Call for Investors held on August 7, 2026 Please find enclosed transcript of earnings conference call with analysts/ institutional investors held on August 7, 2026, in respect of the un-audited financial results for the quarter ended June 30, 2026. This is for your information and records. For GE Vernova T&D India Limited (Formerly known as GE T&D India Limited) Shweta Mehta (Membership No. A18600) Company Secretary & Compliance Officer Contact No.: +91-120-5021500 Regd. Office: A-18, First Floor, FIEE Complex Okhla Industrial Area Phase II, New Delhi – 110020 (India). Tel.: +91-11- 41610660 GEVERNOVA “GE Vernova T&D India Limited Quarter 1 Financial Year 2026-'27” August 07, 2026 GE VERNOVA c 4 O MANAGEMENT: MR. SANDEEP ZANZARIA – CHIEF EXECUTIVE OFFICER AND MANAGING DIRECTOR MR. SUSHIL KUMAR – WHOLE-TIME DIRECTOR AND CHIEF FINANCIAL OFFICER MR. ABHISHEK SRIVASTAVA – HEAD, BUSINESS OPERATIONS MS. KANIKA ARORA – COMMUNICATIONS LEADER MS. SHWETA MEHTA – COMPANY SECRETARY MS. MEGHA GUPTA – INVESTOR RELATIONS Page 1 of 19 GEVERNOVA GE Vernova T&D India Limited August 07, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the conference call hosted by GE Vernova T&D India Limited for Quarter 1 of Financial Year 2026-'27. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Megha Gupta from GE Vernova T&D India Limited. Thank you, and over to you, Ms. Gupta. Megha Gupta: Thank you, Dorwin. Good evening, everyone, and welcome to GE Vernova T&D India Limited Earnings Call for quarter 1 of financial year '26-'27. I am Megha Gupta from Investor Relations team. During the call, we will discuss company's financial performance, including operational highlights and we'll share key updates. I'm joined by Mr. Sandeep Zanzaria, CEO and MD of the company; Mr. Sushil Kumar Whole- Time Director and CFO of the company; Mr. Abhishek Srivastava, Head Business Operations; Ms. Kanika Arora, Communications Leader; and Ms. Shweta Mehta. I would like to highlight that today's discussion may contain a few forward-looking statements, which are subject to risks and uncertainties. These statements are based on our current expectations, and actual results may differ materially from those expressed or implied. Now I'll hand over the call to Mr. Sandeep Zanzaria to initiate the discussion. Sandeep Zanzaria: Thank you, Megha. Good evening, everyone, and welcome to our first quarterly earnings call. India is currently executing one of the most ambitious grid expansion plans in the world. With the target of 500 gigawatt of non-fossil capacity addition by 2030 and the road map towards 800 gigawatt by 2035, the ‘transmission bottleneck’ is being addressed with unprecedented urgency. The peak power demand is expected to rise meaningfully over the next several years, and the government estimates now attribute a material part of that increase to a newer category of load - which is AI, data center and EVs, which are expected to add around 30 gigawatt of India's peak demand over the next 5 to 6 years. At the same time, distribution losses remain a persistent drag in the system. The national AT&C losses average stood at just over 15% in FY25, still well above the government's own target of bringing this down to 10% by 2030. We are successfully translating our order book into revenue through an enhanced manufacturing throughput. Our India for the World strategy continues to yield results as we balance domestic and grid opportunities with strong demand from global markets. The grid aging and renewable integration are creating similar infrastructure pressures. Our recent investment of all our manufacturing facilities are tracking on schedule. These capex investments are a strategic necessity to ensure that we can meet the delivery timelines demanded by our customers. Page 2 of 19 GEVERNOVA GE Vernova T&D India Limited August 07, 2026 Coming to financial performance during the first quarter, we saw order book at INR11.4 billion, down 30% year-on-year compared to INR16.2 billion in the quarter ended June '26. The primary reason for the lower order intake was due to lower realization of TBCB in market in Q4 '25-'26. Our Q1 revenue stood at INR18.4 billion versus INR13.3 billion, a growth of 38% year-on-year. Execution outpaced new orders because of which the order backlog moderated to INR209.3 billion as of June '26 versus INR214.6 billion as of March '26, down by 2.5% quarter-on-quarter. The order backlog stands at more than 3 years of our revenue for FY25, '26. Our profit before tax and exceptional items for the quarter ended June 26 was at INR4.9 billion compared to around INR3.9 billion in the corresponding quarter of the previous financial year, growing by more than 1.25x. We have had a solid start to the financial year, positioning us well to serve India's ambitious energy transition goals. As the nation's power landscape evolves, we remain committed to a disciplined strategy of pursuing margin accretive growth while maintaining operational excellence. We remain committed to the margin profile, we have established. I'd like to extend my gratitude to our teams on the ground who are executing the increased scale with discipline and safety standards that represents GE Vernova. I will now turn over to Abhishek to walk us through specific operational highlights for the quarter. Abhishek? Abhishek Srivastava: Thanks, Sandeep. Good afternoon, everyone. So I will just take you through the key highlights or the key achievements for our company in the last quarter. So in our continuous journey towards the strengthening of transmission network for India and its neighboring country, the journey continued for the last quarter. We had commissioned first 400 kV substation in Nepal for NEA Khimti site, which is going to be the first stone in the backbone of 400 kV in Nepal. Post that, we have also partnered with Adani and had been building substations for evacuation of renewable power from the solar park in Khavda. In addition to that, we have been partnering with our key customers in terms of augmenting the power transformation capacity at various existing substations. And in this journey, we commissioned or added transformation capacity for PGCIL, Resonia, NLP and similarly, a lot of new bays have been commissioned for our customers like Renew, Tata Projects, Adani, DVC. We remain committed and have been working continuously in terms of honoring our commitment through timely completion of these projects and continue in the journey of strengthening of the transmission network for the country and other neighboring countries. So this was our performance for last quarter. Now I would hand over to Sushil for further updates. Sushil Kumar: Thank you, Abhishek. Good afternoon, good evening, everyone. Let me move to our order booking highlights for the quarter. While the headline order intake moderated, I want to Page 3 of 19 GEVERNOVA GE Vernova T&D India Limited August 07, 2026 emphasize t [Showing first 8,000 characters — download PDF for full document]