GE Vernova T&D India’s Barmer HVDC project lifts backlog to nearly five times FY26 revenue outlook, delaying near-term conversion
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GE Vernova T\u0026D India\u0027s Barmer HVDC win has lifted backlog to roughly five times expected FY26 revenue, but a 4.5-year execution profile implies limited near-term revenue conversion. Management guides FY27 EBITDA margins in the mid-20s versus 27.1% in FY26, with rising industry transformer capacity a potential pricing headwind. Order intake fell YoY and large export orders are not expected near term, increasing execution-risk sensitivity.
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GE Vernova T&D India’s Barmer HVDC project has sharply increased its order backlog to nearly five times the revenue expected by FY26, but management expects limited near-term conversion. The company said the project will take about 4.5 years, with only 10–15% of the work completed in the first two years. As of Q1FY27, backlog stood at ₹20,930 crore and quarterly revenue rose 38% year-on-year to ₹1,840 crore. PL Capital projects FY27 revenue of ₹8,239 crore, while management guides FY27 EBITDA margins at around 25%, below FY26’s 27.1%, and does not expect another large export order over the next six months.
