GE Vernova shares surge 5% after strong Q2 earnings; management retains mid-20s margin guidance for FY27

GE Vernova T&D India shares surged 5% during the trading session on Monday, November 2, as investors reacted to the power transmission equipment maker’s strong July to September quarter financial performance, with the management reaffirming its full-year margins guidance at the mid-20s level for FY27.

NSE data showed that GE Vernova shares jumped 5% to hit an intraday high of ₹4,225 apiece on Monday’s market, in comparison to ₹4,020 apiece at the previous equity market close.

After touching its day-high levels, the company’s stock retracted some of its gains but was trading 2.5% higher at ₹4,134.10 apiece during the afternoon trading session on the stock exchange.

With strong Q2 profit and revenue growth in focus and margins near the upper end of the company’s guidance, the management reaffirmed its outlook for the EBITDA margin for the full year 2026-27.

Investors are also expected to track GE Vernova’s capex plans, major order wins, and export momentum to markets like North America, Europe, among others, as foreign export orders contribute to higher margins than domestic ones as of the second-quarter results for FY27.

Analysts from Antique Stock Broking, an institutional brokerage firm, said that they remain positive on GE Vernova’s growth outlook, with management expecting the export business to remain a key driver with potential upside from the US data-centre opportunities.

How were Q2 earnings?

In the Q2 earnings report, GE Vernova recorded a 44% year-on-year (YoY) surge in its net profit after tax (PAT) to ₹431 crore, from ₹299 crore in the same period a year earlier, as per the exchange filings.

The revenue from core operations also advanced 31.75% YoY to ₹2,027 crore in the period under review, from ₹1,538 crore in the same quarter of the previous financial year, as per the data.

The company’s operating profit or earnings before interest, tax, depreciation, and amortisation (EBITDA), excluding other income, improved 38.6% YoY to ₹550 crore, from earlier ₹396 crore levels last year.

EBITDA margins improved 136 basis points (bps) to 27.12% in Q2 FY27, from 25.76% in Q2 FY26.

“Order bookings were ₹2,440 crore, against ₹1,610 crore in Quarter Ended Sep 2025, up by 52% YoY,” the company said. Key orders from transmission projects in Himachal Pradesh, Andhra Pradesh, and Maharashtra were the highlights in the quarter under review.

The company also secured multiple export orders for AIS/GIS equipment to North America, Europe, the Middle East and Africa.

FY27 management guidance

GE Vernova retained its full-year EBITDA margin guidance for the financial year 2026-27 at mid-20 levels, with key focus of management on evaluating multiple options to utilise cash to optimise returns to shareholders.

In the Q2 results, the export mix data showed that GE Vernova’s export orders were at 21% of the total, with export revenues at 32%.

The company’s raw material costs remained under pressure due to elevated prices in the market. The Q2 earnings showed that the raw material cost surged 27.6% to ₹1,180 crore in the period under review.

“We had another quarter of significant orders and revenue growth as well as EBITDA margin expansion. We're seeing strong momentum backed by solid execution across our project portfolio. As India pushes forward on its renewable energy goals, we're well-positioned to grow alongside that demand, and we're excited about what's ahead,” said Sandeep Zanzaria, Managing Director & CEO of GE Vernova T&D India.

GE Vernova share performance

NSE data showed that GE Vernova shares have delivered more than 3,163% returns to investors in the last five years, over 965% gains in the last three years, and more than 36% returns on their investments in the past one-year period.

Although the stock has risen 31% on a year-to-date (YTD) basis as of Monday’s market session, the company’s shares have declined 2% in the past month. The exchange data also showed that GE Vernova shares have risen 9.7% in the last five market sessions.

Shares of GE Vernova surged to their 52-week high of ₹5,650 apiece on June 23, 2026, while the 52-week low was at ₹2,523.20 apiece on January 21, 2026.

The company’s market capitalisation (m-cap) was at over ₹1.05 lakh crore as of the trading session on Monday, November 2, 2026.