Financial Performance Overview
GE Vernova T&D India Limited reported exceptional financial results for FY 2025-26 with revenue from operations surging 45% to ₹62,063.1 million and profit before tax more than doubling to ₹16,497.2 million. The company maintained a strong order backlog of ₹214,557 million and remained debt-free with cash and bank balances of ₹24,987.6 million. Basic EPS stood at ₹48.16, reflecting robust operational performance and efficient capital management.
Dividend and Corporate Actions
The Board recommended a final dividend of 500% (₹10 per equity share) totaling approximately ₹2,560.5 million, subject to shareholder approval at the 70th AGM scheduled for September 9, 2026. The company also unveiled ₹10.5 billion in capital expenditure for manufacturing expansion, including HVDC valve production capabilities to support renewable energy integration projects.
Governance and Board Composition
The Board underwent composition changes with the appointment of Ms. Rashmi Joshi as Independent Director and the re-appointment of key executives including Mr. Sandeep Zanzaria as Managing Director & CEO and Mr. Sushil Kumar as Whole-time Director & CFO. The company seeks shareholder approval for reappointing Mr. Sushil Kumar as CFO for another five-year term with total annual fixed compensation of ₹1.51 crore plus incentives.
Auditor Appointments and Compliance
Shareholders will vote on reappointing Deloitte Haskins & Sells as statutory auditors for a second five-year term until the 75th AGM, with proposed remuneration of ₹14.9 million plus taxes for FY2026-27. Forvis Mazars LLP provided independent assurance on the Business Responsibility and Sustainability Report, concluding reasonable assurance on BRSR Core indicators and limited assurance on other disclosures.
Related Party Transactions and Lending
A significant resolution proposes lending up to ₹51,000 million to related party LM Wind Power Blades (India) Private Limited through cash pool arrangements and term loans, secured by a guarantee from ultimate parent GE Vernova Inc. The transaction represents 82.17% of the company's annual consolidated turnover and aims to efficiently deploy surplus funds while earning competitive interest rates.
Shareholder Approvals and AGM Matters
The 70th AGM agenda includes ratification of cost auditor remuneration, appointment of Mr. Marco Simiano as Additional Director, and approval for increased commission payments to Non-Executive Directors up to ₹20 million annually. The company also seeks to increase overall limits for loans, guarantees, and investments under Section 186 of the Companies Act from ₹28,684.10 million to ₹51,000 million.
Risk Management and Contingencies
The company faces contingent liabilities including sales tax and GST matters of ₹2,669.0 million, direct tax matters of ₹332.0 million, and custom/excise duty matters of ₹1,362.0 million. Key audit matters focused on revenue recognition from long-term contracts and provisions for tax litigations totaling ₹10,148.2 million, requiring significant management judgment in assessing possible outcomes.
Corporate Social Responsibility and Sustainability
The company spent ₹73.42 million of its ₹74 million CSR obligation on education, healthcare, rural development, and environmental sustainability projects. The BRSR report received independent assurance covering nine ESG attributes across five manufacturing facilities and corporate offices, demonstrating commitment to comprehensive sustainability reporting.