Q1 2027 GE Vernova T&D India Ltd Earnings Call

August 7, 2026

Speaker #1: Thank you, and over to you, Ms. Gupta.

Speaker #2: Thank you, Robin. Good evening, everyone, and welcome to GE Vernova TMB, India Limited Earnings Call for Q1 of financial year 2027. I'm Megha Gupta from Investor Relations team.

Speaker #2: During the call, we will discuss companies' financial performance, including operational highlights and will share key updates. I'm joined by Mr. Sandeep Zanzaria, CEO and MD of the company, Mr. Sushil Kumar, full-time Director and CFO of the company, Mr. Abhishek Srivastava, Head Business Operations, Ms. Kanika Arora, Communications Leader, and Ms. Shweta Mehta.

Speaker #2: I would like to highlight that today's discussion may contain few public statements, which are subject to risk and uncertainties. These statements are based on our current expectations and actual results may differ materially from those expressed or implied.

Speaker #2: Now, I'll hand over the call to Mr. Sandeep Zanzaria to initiate the discussion.

Speaker #3: Thank you, Megha. Good evening, everyone, and welcome to our first quarterly first quarter earnings call. India is currently executing one of the most ambitious grid expansion plans in the world, with the target of 500 gigawatts of non-fuse fossil capacity addition by 2030, and the roadmap toward 800 gigawatts by 2035.

Speaker #3: The transmission bottleneck is being addressed with unprecedented urgency. Peak power demand is expected to rise meaningfully over the next several years, and the government estimates now attributable a material part of that increase is going to come from newer category of loads which is AI data center and EVs.

Speaker #1: Ladies and gentlemen, good day and welcome to the conference call hosted by GE Vernova T&D India Limited for Q1 of financial year 2026–27. As a reminder, all participant lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes.

Operator: Ladies and gentlemen, good day and welcome to the conference call hosted by GE Vernova T&D India Limited for Q1 of FY26-27. As a reminder, all participant lines will be in the listen only mode. 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. Over to you, Ms. Gupta.

Speaker #3: With our expected to add around 30 gigawatts of India's peak demand, over the next 5 to 6 years. At the same time, distribution losses remain a persistent drag on the system.

Speaker #1: Should you need assistance during this conference, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded.

Speaker #3: The national AT&T losses average today just over 15% in FY25, still well above the government's own target of bringing this down to 10% by 2030.

Speaker #1: 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.

Speaker #3: 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.

Speaker #2: Thank you, Darvin. Good evening, everyone, and welcome to the GE Vernova T&D India Limited earnings call for Q1 of financial year 2027. I'm Megha Gupta from the Investor Relations team.

Megha Gupta: Thank you, Devin. Good evening, everyone. Welcome to GE Vernova T&D India Limited earnings call for Q1 of FY26-27. I am Megha Gupta from Investor Relations team. During the call, we will discuss company's financial performance, including operational highlights. 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 few forward-looking statements, which are subject to risk and uncertainties. These statements are based on our current expectations. 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.

Speaker #3: With 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.

Speaker #2: During the call, we will discuss the company's financial performance, including operational highlights, and will share key updates. I'm joined by Mr. Sandeep Bhandarya, CEO and MD of the company; Mr. Sushil Kumar, full-time Director and CFO; Mr. Abhishek Srivastava, Head of Business Operations; Ms. Kanika Arora, Communications Leader; and Ms. Shweta Mehta.

Speaker #3: Coming to financial performance during this first quarter, we saw order book at 11.4 billion, down 30% year on year. Compared to 16.2 billion in the quarter ended June 25.

Speaker #2: I would like to highlight that today's discussion may contain a few public statements, which are subject to risks and uncertainties. These statements are based on authentic citations, and actual results may differ materially from those expressed or implied.

Speaker #3: The primary reason for the lower order index was due to the lower realization of PGCV market in Q4 25-26. Our Q1 revenue stood at 18.4 billion, versus 13.3 billion, a growth of 38% year on year.

Speaker #2: Now, I'll hand over the call to Mr. Sandeep Bhandarya to initiate the discussion.

Speaker #3: Thank you, Megha. Good evening, everyone, and welcome to our first quarter earnings call. India is currently executing one of the most ambitious grid expansion plans in the world, with the target of 500 gigawatts of non-fossil fuel capacity addition by 2030, and the roadmap towards 800 gigawatts by 2035.

Sandeep Zanzaria: Thank you, Megha. Good evening, everyone, and welcome to our Q1 earnings call. India is currently executing one of the most ambitious grid expansion plans in the world, with the target of 500 GW of non-fossil capacity addition by 2030 and the roadmap towards 800 GW by 2035. The transmission bottleneck is being addressed with unprecedented urgency. Peak power demand is expected to rise meaningfully over the next several years. The government estimates now attributable a material part of that increase is going to come from newer category of loads, which is AI, data center, and EVs, which are expected to add around 30 GW of India's peak demand over the next 5 to 6 years.

Speaker #3: Execution outpaced new orders because of which the order backlog moderated to 209.3 billion, as of June 26, versus 214.6 billion, as of March 26, down by 2.5% quarter on quarter.

Speaker #3: The transmission bottleneck is being addressed with unprecedented urgency. 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 loads, which is AI data centers and EVs.

Speaker #3: The order backlog stands at more than 3 years of our revenue, for FY25-26. Our profit before tax and exceptional items of the quarter ended June 26 was at 4.9 billion INR, compared to around 3.9 billion INR in the corresponding quarter of the previous financial year, growing by more than 1.25x.

Speaker #3: We are expected to add around 30 gigawatts to India's peak demand over the next five to six years. At the same time, distribution losses remain a persistent drag on the system.

Speaker #3: We have had a solid start to the financial year, positioning us well to serve India's ambitious energy transition goal, as the nation's power landscape evolves we remain committed to a disciplined strategy of pursuing marginal creative growth while maintaining operational excellence.

Sandeep Zanzaria: At the same time, distribution losses remain a persistent drag on the system. National AT&C losses averaged 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. Coming to financial performance during Q1, we saw order book at INR 11.4 billion, down 30% year-on-year compared to INR 16.2 billion in the quarter ended June 2025.

Speaker #3: The national AT&T losses average today just over 15% in FY25, still well above the government's own target of bringing this down to 10% by 2030.

Speaker #3: We are successfully translating our order book into revenue through 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.

Speaker #3: We remain committed to the margin profile we have established. I'd like to extend my gratitude toward teams on the ground who are executing the increased scale with discipline and safety standards, that represent GE Vernova.

Speaker #3: The grid aging and renewable energy integration are creating similar infrastructure pressures. Our recent investment in all our manufacturing facilities is tracking on schedule. These CAPEX investments are a strategic necessity to ensure that we can meet the delivery timelines demanded by our customers.

Speaker #3: I will now turn over to Abhishek to walk us through specifics operational highlights for this quarter. Abhishek.

Speaker #4: Thanks. 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.

Speaker #4: So in our continuous journey toward the strengthening of transmission network for India and its neighboring countries, the journey continued for the last quarter. We had commissioned first 400 kV substations in Nepal for NEF Khimchi site, which is going to be the first test zone in the backbone of 400 kV in Nepal.

Speaker #3: Coming to financial performance during the first quarter, we saw the order book at $11.4 billion, down 30% year on year, compared to $16.2 billion in the quarter ended June '25.

Speaker #3: The primary reason for the lower order intake was due to lower realization of PGCV market in Q4 '25–'26. Our Q1 revenue stood at ₹18.4 billion versus ₹13.3 billion, a growth of 38% year-on-year. New orders, because of which the order backlog moderated, stood at ₹209.3 billion as of June '26 versus ₹214.6 billion as of March '26, down by 2.5% quarter-on-quarter.

Sandeep Zanzaria: The primary reason for the lower order intake was due to lower realization of PGCIL market in Q4 FY2025/2026. Our Q1 revenue stood at INR 18.4 billion versus INR 13.3 billion, a growth of 38% year-on-year. Execution outpaced new orders because of which the order backlog moderated to INR 309.3 billion as of June 2026 versus INR 214.6 billion as of March 2026, down by 2.5% quarter-on-quarter. The order backlog stands at more than 3 years of our revenue for FY2025/2026. Our profit before tax and exceptional items for the quarter ended June 2026 was at INR 4.9 billion, compared to around INR 3.9 billion in the corresponding quarter of the previous financial year, growing by more than 1.25 times. We have had a solid start to the financial year, positioning us well to serve India's ambitious energy transition goal.

Speaker #4: Post that, we have also partnered with Adani and had been building substations for evacuation of renewable power from the solar park in Howrah. In addition to that, we had 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 PGCR, Rhizonia, NLC, and similarly a lot of new bays had been commissioned for our customers like Renu, Tata Projects, Adani, BVC, we remain committed and had been working continuously in terms of honoring our commitment through timely completion of these projects and continue in the journey of extending of the transmission network for the country and other neighboring countries.

Speaker #3: The order backlog stands at more than three years of our revenue, for FY25-26. Our profit before tax and exceptional items for the quarter ended June 2026 was ₹4.9 billion, compared to around ₹3.9 billion in the corresponding quarter of the previous financial year, growing by more than 1.25x.

Speaker #3: We have had a solid start to the financial year, positioning us well to serve India's ambitious energy transition goal. As the nation's power landscape evolves, we remain committed to a disciplined strategy of pursuing margin-equitative growth while maintaining operational excellence.

Speaker #4: So this was our performance for last quarter. Now I would hand over to Sushil for further updates.

Sandeep Zanzaria: 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 represent GE Vernova. I will now turn over to Abhishek to walk us through specific operational highlights for the quarter. Abhishek.

Speaker #2: Thank you, Abhishek. Good afternoon, good evening, everyone. Now let me move to our order booking highlights for the quarter. While the headline order intake moderated, I want to emphasize the quality and diversity of what we did.

Speaker #3: We remain committed to the margin profile we established. I'd like to extend my gratitude toward the teams on the ground who are executing the increased scale with discipline and safety standards.

Speaker #2: We secured CTs and CVTs from GE Vernova entity in North America. This order is different from the material RPT approval that we had secured from the shareholders.

Speaker #3: That represents GE Vernova. I will now turn it over to Abhishek to walk us through specific operational highlights for the quarter. Abhishek.

Speaker #2: For that, material RPT order, the group entities are still under discussion and negotiation with the end customer. And now we expect that decision to get finalized in the next 3 to 6 months.

Speaker #4: Thanks. Thanks, Sandeep. Good afternoon, everyone. I'll just take you through the key highlights or the key achievements for our company in the last quarter.

Abhishek Srivastava: Thanks, Kuldeep. Good afternoon, everyone. I will just take you through the key highlights or the key achievements for our company in the last quarter. In our continuous journey towards the strengthening of transmission network for India and its neighboring countries, the journey continued for the last quarter. We had commissioned first 400 kV substation in Nepal for Nepal Electricity Authority Khimti site, which is going to be the first stone in the backbone of 400 kV in Nepal. For that, we have also partnered with Adani Group and have 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. In this journey, we commissioned or added transformation capacity for PGCIL, Resonia, NLCIL.

Abhishek Srivastava: Thanks, Sandeep. Good afternoon, everyone. I will just take you through the key highlights or the key achievements for our company in the last quarter. In our continuous journey towards the strengthening of transmission network for India and its neighboring countries, the journey continued for the last quarter. We had commissioned first 400 kV substation in Nepal for Nepal Electricity Authority Khimti site, which is going to be the first stone in the backbone of 400 kV in Nepal. For that, we have also partnered with Adani Group and have 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. In this journey, we commissioned or added transformation capacity for PGCIL, Resonia, NLCIL.

Speaker #4: So, in our continuous journey towards strengthening our transmission network for India and its neighboring countries, the journey continued for the last quarter. We commissioned the first 400 kV substation in Nepal for NE at the Khimchi site, which is going to be the first stone in the backbone of 400 kV in Nepal.

Speaker #2: We also secured 400 kV GIS order from GE Vernova entities in Spain and Morocco. 155 NVA, 245 kV transformers for a semiconductor customer. Multiple orders for supply of grid automation packages from state utilities, EPCs, and data centers.

Speaker #2: This export diversification is now stamped at 46% of our Q1 orders is explained we have been building forward and had flagged in our earlier calls.

Speaker #4: For that, we have also partnered with Adani and have been building substations for evacuation of renewable power from the solar park in Kavla. In addition to that, we have been partnering with our key customers in terms of augmenting the power transformation capacity at various existing substations. In this journey, we commissioned or added transformation capacity for PGCR, Rhizonia, NLC, and similarly, a lot of new bays have been commissioned for our customers like Renew, Tata Projects, Adani, and BVC.

Speaker #2: Our order backlog stood at 209 billion, as of June 2026, down about 2.5% equationally from the record 214 billion that we closed financial year 26 with.

Speaker #2: I will characterize this as a healthy number given the pace at which we are converting that backlog into revenue. Thirdly, now to the financial performance for the quarter.

Abhishek Srivastava: Similarly, a lot of new bays have been commissioned for our customers like ReNew, Tata Projects, Adani Group, 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. This was our performance for last quarter. Now, I would hand over to Sushil for further updates.

Speaker #2: Revenue for the quarter came in at 18.4 billion, up 38% year on year from 17.3 billion in the same quarter last year. I do want to address the margins directly here rather than leave it for the question and answer.

Speaker #4: We remain committed and have been working continuously to honor our commitment through the timely completion of these projects, and we continue our journey of strengthening the transmission network for the country and other neighboring countries.

Speaker #2: Gross margins moderated to 41.3% from 48.4% a year ago. And 47% in the last quarter. However, in our business, comparison with annual margin is a better reference point.

Speaker #4: So, this was our performance for last quarter. Now I would like to hand over to Sushil for further updates.

Speaker #2: So during financial year 25-26, we achieved the gross margin of 45.3%. This quarter gross margins are lower at 41.3%, representing a delta of 4%.

Speaker #2: Thank you, Abhishek. Good afternoon, good evening, everyone. Now, let me move to our order booking highlights for the quarter. While the headline order intake moderated, I want to emphasize the quality and diversity of what we booked.

Sushil Kumar: Thank you, Abhishek. Good afternoon, good evening, everyone. Now let me move to our order booking highlights for the quarter. While the headline order intake moderated, I want to emphasize the quality and diversity of work we did. We secured CTs and CVTs from GE Vernova entity in North America. This order is different from the additional RPT approval that we have secured from the shareholders. For that additional RPT order, the group entities are still under discussion and negotiation with the headquarter. Now we expect that this going to get finalized in three to six months now. We also secured the 400 kV GIS order from GE Vernova entities in Spain and Morocco, 155 MVA, 245 kV transformers for a semiconductor customer, multiple orders for supply of grid automation packages from state utilities, EPCs, and data centers.

Speaker #2: This can be classified into three categories. Number one, on account of lower export revenue. So in this quarter we had 30% of revenues from export, whereas last financial year was 33%.

Speaker #2: We secured CTs and CVTs from the GE Vernova entity in North America. This order is different from the national RPT approval that we had secured from the shareholders.

Speaker #2: And also the execution of very high profitable export order in the last financial year. So this resulted in 1 to 1.5 percentage of reduction in the gross margin.

Speaker #2: For that national RPT order, the group entities are still under discussion and negotiation with the end customer. We now expect that decision to get finalized in the next three to six months.

Speaker #2: Number two, there is some impact of elevated commodity prices impacting lower savings in execution compared to initial plan. While we have still executing within our expected margins, but the savings that we anticipated during execution are lower versus the anticipation earlier made by the company.

Speaker #2: And number three, about 2 to 2 and a half percentage points reduction is on account of ramping up our revenues for a part of our HV business, which has lower gross margin compared to the rest of the business, but overall beneficial at the EBITDA level.

Speaker #2: This export diversification now stands at 46% of our Q1 orders. We have shown we have been building forward and had flagged this in our earlier calls.

Sushil Kumar: This export diversification which now stands at 46% of our Q1 orders is a trend we have been building toward and had flagged in our earlier calls. Our order backlog stood at INR 209 billion as of June 2026, down a modest 2.5% sequentially from the record INR 214 billion that we closed FY26 with. I will characterize this as a healthy number given the pace at which we are converting that backlog into revenue. Turning now to the financial performance for the quarter. Revenue for the quarter came in at INR 18.4 billion, up 38% year on year from INR 13.2 billion in the same quarter last year. I do want to address the margins directly here rather than leave it for the question and answer. Gross margins moderated to 41.3% from 48.4% a year ago and 47% in the last quarter.

Speaker #2: Our order backlog stood at $209 billion as of June 2026, down a modest 2.5% sequentially from the record $214 billion that we closed financial year '26 with.

Speaker #2: Due to better operating leverage. So this kind of washes out in the EBITDA. Accordingly, we see the 50% off overall gross margin impact gets mitigated at the EBITDA level, and we delivered an EBITDA of 25.1% in line with mid-20s bands we have consistently guided earlier.

Speaker #2: I will characterize this as a healthy number, given the pace at which we are converting that backlog into revenue. Thirdly, now to the financial performance for the quarter.

Speaker #2: Revenue for the quarter came in at $18.4 billion, up 38% year on year from $17.3 billion in the same quarter last year. I do want to address the margins directly here rather than leave it for the question-and-answer session.

Speaker #2: Going to profit before tax, profit before tax for the quarter was INR 4.9 billion, up from 3.9 billion in the quarter one of financial year 26, with finance cost remaining negligible.

Speaker #2: Gross margins moderated to 41.3% from 48.4% a year ago, and 47% in the last quarter. However, in our business, comparison with the annual margin is a better reference point.

Speaker #2: And if you see our continuous zero debt position. On the balance sheet and capital allocation side, we generated 4.3 billion of cash during the quarter, taking our total available cash, including funds that we lent to the cash pool, to INR 29.3 billion.

Sushil Kumar: However, in our business, comparing the annual margin is a better reference point. During financial year 2025/2026, we achieved a gross margin of 45.3%. This quarter, gross margins are lower at 41.3%, representing a delta of 4%. This can be classified into three categories. Number one. On account of lower export revenue. In this quarter, we had 30% of revenues from export, whereas last financial year was 33%. Also the execution of very high profitable export orders in the last financial year. This resulted in 1% to 1.5% of reduction in the gross margin. Number two, there is some impact of elevated commodity prices impacting lower savings in execution compared to initial plan. While we are still executing within our expected margins, but the savings that we anticipated during execution are lower versus the anticipation earlier made by the company.

Speaker #2: During financial year 2025–26, we achieved a gross margin of 45.3%. This quarter, gross margins are lower at 41.3%, representing a delta of 4%.

Speaker #2: Out of this cash balance, company has announced utilization plan of approximately 13 billion, which includes 10 billion of capacity expansion program announced in the last financial year, and approximately 2.5 billion INR of dividend in quarter two, subject to the approval of shareholders.

Speaker #2: This can be classified into three categories. Number one, on account of lower export revenue. So, in this quarter, we had 30% of revenues from export, whereas last financial year it was 33%.

Speaker #2: The management continues to evaluate various options for utilization of balance cash to optimize the returns to the shareholders. I would also like to highlight the continued quality of our order book, private customers now account for 77% of our backlog.

Speaker #2: And also, the execution of very high profitable export orders in the last financial year. So this resulted in a 1 to 1.5 percent reduction in the gross margin.

Speaker #2: We center utilities and PSUs contributing another 21%. And state utilities exposure just down to 2%. This is consistent with the counterparty de-risking trend we have discussed in prior calls.

Speaker #2: Number two, there is some impact of elevated commodity prices, impacting lower savings in execution compared to the initial plan. While we are still executing within our expected margins, the savings that we anticipated during execution are lower versus the anticipation earlier made by the company.

Speaker #2: So to summarize, before I hand back for the question, order intake for the quarter moderated, but revenue growth, execution pace, cash generation, and backlog quality all remain strong and consistent with our full year expectation.

Speaker #2: And number three, about 2 to 2.5 percentage points, the reduction is on account of ramping up our revenues for a part of our HV business, which has lower gross margin compared to the rest of the business, but overall is beneficial at the EBITDA level.

Sushil Kumar: Number three, about 2% to 2.5% point reduction is on account of ramping up of revenues for a part of our HV business, which has lower gross margin compared to the rest of the business, but overall beneficial at the EBITDA level due to better operating leverage. This kind of washes out in the EBITDA. Accordingly, we see the 50% of overall gross margin impact gets mitigated at the EBITDA level, and we delivered an EBITDA of 25.1%, in line with mid-20s band we have consistently guided earlier. Going to profit before tax. Profit before tax for the quarter was INR 4.9 billion, up from INR 3.9 billion in the Q1 of financial year 2023, with finance cost remaining negligible as we continue our zero debt position.

Speaker #2: And we are confident of converting our 209 billion backlog profitably over the coming year. So with that, I'll hand over for the question and answer.

Speaker #1: Thank you very much. We will now begin the question and answer session. Anyone wishes to ask a question may press star and one on their touchstone telephone.

Speaker #2: Due to better operating leverage, this effect largely washes out at the EBITDA level. Accordingly, we see that the 50% impact on overall gross margin gets mitigated in EBITDA, and we delivered an EBITDA margin of 25.1%, in line with the mid-20s band we have consistently guided earlier.

Speaker #1: If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to please use handsets while asking a question.

Speaker #1: Ladies and gentlemen, we will now wait for a moment. While the question queue assembles, our first question comes from the line of Sameer Thakur with Ambit.

Speaker #2: Going to profit before tax—profit before tax for the quarter was INR 4.9 billion, up from INR 3.9 billion in Q1 of financial year '26, with finance cost remaining negligible.

Speaker #1: Please go ahead.

Speaker #3: Hi, thanks. So I just wanted to check on this US data center order for which you had RPT approval of up to 1,300 crores.

Speaker #2: And if you see our continued zero-debt position on the balance sheet and capital allocation side, we generated ₹4.3 billion of cash during the quarter, taking our total available cash, including funds that we lend to the cash pool, to ₹29.3 billion.

Sushil Kumar: On the balance sheet and capital allocation side, we generated INR 4.2 billion of cash during the quarter, taking our total available cash, including funds that we lend to the cash pool, to INR 29.3 billion. Out of this cash balance, company has announced utilization plan of approximately INR 13 billion, which includes INR 10 billion of capacity expansion program announced in the last financial year and approximately INR 3.5 billion of dividend in Q2, subject to the approval of shareholders. The management continues to evaluate various options for utilization of balance cash to optimize the returns to the shareholder. I would also like to highlight the continued quality of our order book. Valued customers now account for 77% of our backlog, with central utilities and PSUs contributing another 21%, and state securities exposure just down to 2%. This is consistent with the counterparty de-risking trend we have discussed in prior calls.

Speaker #3: So I just want to check, have you booked a part of it in this quarter, or we should expect more orders or the entire order in the second quarter?

Speaker #2: Yeah, thanks. As I highlight, as I highlighted in my opening remarks, we have not booked any part of that order as of now. That order is yet under discussion by our group entities with the end customers.

Speaker #3: That's the question.

Speaker #2: Out of this cash balance, the company has announced a utilization plan of approximately ₹13 billion, which includes ₹10 billion for the capacity expansion program announced in the last financial year and approximately ₹2.5 billion as a dividend in Q2, subject to the approval of shareholders.

Speaker #2: And now we expect the timeline to be quarter two or quarter three of this financial year.

Sushil Kumar: The management continues to evaluate various options for utilization of balance cash to optimize the returns to the shareholder. I would also like to highlight the continued quality of our order book. Valued customers now account for 77% of our backlog, with central utilities and PSUs contributing another 21%, and state securities exposure just down to 2%. This is consistent with the counterparty de-risking trend we have discussed in prior calls.

Speaker #3: Okay, fine. And the 3,000 crore approval which you already had, and that was that is, I think, supposed to get converted in H2 of this year.

Speaker #3: So that is still in place, right? And probably you have to get renew that approval in the AGM in September? Is that right?

Speaker #2: Private customers now account for 77% of our backlog, with inter-utilities and PSCs contributing another 21%. State utilities exposure is now down to just 2%.

Speaker #2: So we had two approvals. I would like Sandeep to answer that.

Speaker #2: This is consistent with the counterparty de-risking trend we have discussed in prior calls. So, to summarize, before I hand back for the questions: order intake for the quarter moderated, but revenue growth, execution pace, cash generation, and backlog quality all remain strong and consistent with our full-year expectations.

Speaker #4: So Sameer, thanks for the question. So basically, the approval was it took for 3,000 crores plus Garvit has been booked under hold as of today by the customer.

Sushil Kumar: To summarize before I hand back for the question, order intake for the quarter moderated, but revenue growth, execution speed, cash generation, and backlog quality all remained strong and consistent with our full year expectation, and we are confident of converting our INR 209 billion backlog profitably over the coming years. With that, I'll hand over for the question and answer.

Speaker #4: So when the customer re-initiates the process, then at that point of time, we will again go back to the shareholders. If by that time and because the agent is going to happen in September itself, so I think I don't see any order getting closed in like by September.

Speaker #2: And we are confident of converting our $209 billion backlog profitably over the coming years. So with that, I'll hand over for the question-and-answer session.

Speaker #1: Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone.

Operator: Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to please use handsets while asking a question. Ladies and gentlemen, we will now wait for a moment while the question queue assembles. Our first question comes from the line of Samir S. Thakur with Ambit. Please go ahead.

Speaker #4: So probably then that opportunity becomes live. We'll have to again go back to the shareholders for reevaluation.

Speaker #3: Okay, thank you. As a second question is, how do you see the HVDC pipeline? It looks like the Lakaria project is on hold now, and the Begunia was converted to EHVC.

Speaker #1: If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to please use handsets while asking a question.

Speaker #1: Ladies and gentlemen, we will now wait for a moment. While the question queue assembles, our first question comes from the line of Sameer Thakur with Ambit.

Speaker #3: And again, this South Kellam project is still not awarded. So what is your view here? Do you see any risk of delays or cancellations here?

Speaker #4: For South Kellam, the bidding was already happened for the developers and I think the first stage bid or the first stage bidding bid has been submitted by the developers.

Speaker #1: Please go ahead.

Speaker #3: Hi, thanks. So I just wanted to check on this US data center order, for which you had RCT approval of up to ₹1,300 crore.

Sameer S. Thakur: Hi. Thanks. Just wanted to check on this US data center order for which you had RPT approval of up to INR 1,300 crores. Just wanted to see, have you booked a part of it in this quarter, or we should expect more orders or the entire order in Q2?

Sameer Thakur: Hi. Thanks. Just wanted to check on this US data center order for which you had RPT approval of up to INR 1,300 crores. Just wanted to see, have you booked a part of it in this quarter, or we should expect more orders or the entire order in Q2?

Speaker #4: So this should happen probably in August or September. It should get decided on the developers. So that's a good thing. Secondly, I think we are expecting maybe one or two more projects to come in the upcoming entities.

Speaker #3: So I just want to check, sir, have you booked a part of it in this quarter, or should we expect more orders, or the entire order, in the second quarter?

Speaker #2: Yes, thank you. As I highlighted in my opening remarks, we have not booked any part of that order as of now. That order is still under discussion by our group entities with the end customer.

Sushil Kumar: Yeah. Thank you.

Sameer S. Thakur: That's the question.

Sameer Thakur: That's the question.

Speaker #3: That's the question.

Sushil Kumar: As I highlighted in my opening remarks, we have not booked any part of that order as of now. That order is yet under discussion by our group entities with the end customer. Now we expect the timeline to be Q2 or Q3 of this financial year.

Speaker #4: So I'm not saying that the HVDC pipeline is going anywhere. The HVDC pipeline remains strong. Of course, the pace at which we would like it to come is slightly getting delayed, but if it's not going away.

Speaker #2: And now, we expect the timeline to be Q2 or Q3 of this financial year.

Speaker #3: Okay, thank you. And the ₹3,000 crore approval which you already had, I think that is supposed to get converted in H2 of this year.

Sameer S. Thakur: Okay, thank you. The INR 3,000 crore approval, which you already had, and that is, I think, supposed to get converted in H2 of this year. That is still in place, right? Probably you have to renew that approval in the AGM in September. Is that right?

Sameer Thakur: Okay, thank you. The INR 3,000 crore approval, which you already had, and that is, I think, supposed to get converted in H2 of this year. That is still in place, right? Probably you have to renew that approval in the AGM in September. Is that right?

Speaker #3: Okay, thank you. I'll get back in the queue. Thank you.

Speaker #1: Thank you. Our next question is from the line of Parikshit Kandpal with HDFC Securities. Please go ahead.

Speaker #3: So that is still in place, right? And you probably have to renew that approval at the AGM in September—is that right?

Speaker #3: Yeah, I thought congratulations on a decent quarter. So our first question is on the export orders in this quarter. It seems to be on a very high run rate.

Speaker #2: So, we had two approvals. So, I would like Sandeep to answer that.

Sushil Kumar: We had two approvals. I will let Sandeep to answer that.

Speaker #3: Typically, third-party export used to be about 800 to 1,000 crores excluding RPT. So what is driving this? I know some of these are G entities.

Speaker #4: So, Sameer, thanks for the question. Basically, the approval we took for ₹3,000 crores, that project has been put on hold as of today by the customer.

Sandeep Zanzaria: Sameer, thanks for the question. Basically, the approval what we took for INR 3,000 crore, that project has been put on hold as of today by the customer. When the customer reinitiates that process, then at that point of time, we will again go back to the shareholders if by that time. Because the AGM is going to happen on 6 September, I think I don't see any order getting closed by September. Probably when that opportunity becomes alive, we will have to again go back to the shareholders for revitalization.

Speaker #3: So if you can help us understand, in this quarter, how were these orders driven? Is it certification? Is it like so what is basically driving this?

Speaker #4: So when the customer re-initiates the process, then at that point of time, we will again go back to the shareholders. If by that time and because the AGM is going to happen in September itself, so I think I don't see any order getting closed in like by September.

Speaker #3: You, Ambit.

Speaker #2: So I think so if I understand the correction, sorry, if I understand the question, Parikshit, is that normally the overall yearly order intake from exports the third-party and the smaller ones is not so high.

Speaker #4: So, probably when that opportunity becomes live, we'll have to again go back to the shareholders for revalidation.

Speaker #2: But this quarter we have seen a much higher run rate, right? That's what you're saying, right?

Speaker #3: Yeah, yeah, yeah. So yeah, voice is also not clear. Please if you can come closer to the mic, I'm not able to understand. I'm missing a lot of parts of the interaction.

Speaker #3: Okay, thank you. And the second question is, how do you see the HVDC pipelines? It looks like the LaCardia project is on hold now, and the Begonia was converted to EHVC.

Sameer S. Thakur: Okay, thank you. The second question is, how do you see the HVDC pipeline? It looks like the Lakadia project is on hold now, and Begunia was converted to EHV. This South Kalam project is still not awarded. What is your view here? Do you see any risk of delays or cancellations here?

Sameer Thakur: Okay, thank you. The second question is, how do you see the HVDC pipeline? It looks like the Lakadia project is on hold now, and Begunia was converted to EHV. This South Kalam project is still not awarded. What is your view here? Do you see any risk of delays or cancellations here?

Speaker #2: Is it better now?

Speaker #3: Yeah, slightly better.

Speaker #3: And again, this South Kellam project is still not awarded. So, what is your view here? Do you see any risk of delays or cancellations here?

Speaker #2: Okay. So Parikshit, basically see that it all depends upon the opportunities which are coming and you know that not only from so data center opportunities apart from that, when the data center opportunities are being developed in US, then there is a lot of utility pipeline also getting generated in the US.

Speaker #3: Just wanted to hear your view.

Speaker #4: South Kellam, the bidding has already happened for the developers, and I think the first-stage bid, or the first-stage bidding, has been submitted by the developers.

Sandeep Zanzaria: South Kalam, the bidding has already happened from the developers, I think the first stage bidding has been submitted by the developers. This should happen probably in August or September. It should get decided on the developer. That's a good thing. Secondly, I think we are expecting maybe one or two more projects to come in the upcoming entities. I'm not saying that the HVDC pipeline is going anywhere. The HVDC pipeline remains strong. Of course, the pace at which we would like it to come, it's slightly getting delayed, it is not going away.

Speaker #4: So this should happen probably in August or September. It should get decided on the developers, so that's a good thing. Secondly, I think we are expecting maybe one or two more projects to come in the upcoming entities.

Speaker #2: So I think there's a lot of orders which have come from utility customers in US as well, which is and then of course we have closed to some two packages of 400 KB GIS with customers in different countries as well.

Speaker #2: So of course the data was fixed kind of a target for a quarter. So whatever comes and whatever is whatever comes and we are able to bring those orders get booked into the system.

Speaker #3: Okay, thank you. I'll get back in the queue. Thank you.

Sameer S. Thakur: Okay, thank you. I'll get back in touch with you. Thank you.

Sameer Thakur: Okay, thank you. I'll get back in touch with you. Thank you.

Speaker #1: Thank you. Our next question is from the line of Parikshit Kanpal with HDFC Securities. Please go ahead.

Operator: Thank you. Our next question is from the line of Parikshit Kanpal with HDFC Securities. Please go ahead.

Operator: Thank you. Our next question is from the line of Parikshit Kandpal with HDFC Securities. Please go ahead.

Speaker #2: So this time the opportunities the opportunity pipeline for the last quarter was much better and accordingly the instrument transformer a big pipeline got converted.

Speaker #3: Yeah. I'm sorry, Connor. So, for my recent quarter—the first question is on the export orders this quarter. It seems to be at a very high run rate.

Parikshit D. Kandpal: Hi, sir. Congratulations on a decent quarter. Our first question is on the export orders in this quarter. It used to be on a very high run rate. Typically, third-party exports used to be about INR 800 to 1,000 crores excluding RPT. What is driving this? I know some of these are GE entities, if you can help us understand in this quarter, how are these orders driven? Is it certification? What is basically driving this new mandates?

Parikshit Kandpal: Hi, sir. Congratulations on a decent quarter. Our first question is on the export orders in this quarter. It used to be on a very high run rate. Typically, third-party exports used to be about INR 800 to 1,000 crores excluding RPT. What is driving this? I know some of these are GE entities, if you can help us understand in this quarter, how are these orders driven? Is it certification? What is basically driving this new mandates?

Speaker #2: So thankfully yes, it's about 500 and 50 crores what we booked around for the exports.

Speaker #3: Typically, third-party exports used to be about ₹800 to ₹1,000 crore, excluding RPT. So, what is driving this? I know some of these are G entities.

Speaker #3: Also, I'm not able to understand. The voice is really unclear. I don't know.

Speaker #3: So, if you can help us understand, in this quarter, how are these orders driven? Is it certification? So, what is basically driving this?

Speaker #2: I mean, can we disconnect and reconnect?

Speaker #5: Can I check with operator? Are you able to hear us?

Speaker #3: New mandates.

Speaker #2: Hear us?

Speaker #2: So, I think, if I understand the question—sorry, if I understand the question, Parikshit—it’s that normally, the overall yearly order intake from exports, the third-party, and the smaller ones is not so high.

Speaker #1: Ma'am, I will reconnect your line. One moment. Ladies and gentlemen, we have reconnected with the management. Over to you, sir.

Sandeep Zanzaria: If I understand the question, Parikshit, is that normally the overall yearly order intake from exports, the third party and the smaller ones is not so high, but this quarter we have seen a much higher run rate, right? That's what you're saying, right?

Speaker #2: But this quarter, we have seen a much higher run rate, right? That's what you're saying, right?

Speaker #3: Yeah, yeah, yeah. The voice is also not clear. Please, if you can come closer to the mic—I'm not able to understand. I'm missing a lot of parts of the question.

Parikshit D. Kandpal: Yeah. Sir, your voice is also not clear. Please, if you can come closer to the mic, I'm not able to understand. I'm missing a lot of part of your conversation.

Parikshit Kandpal: Yeah. Sir, your voice is also not clear. Please, if you can come closer to the mic, I'm not able to understand. I'm missing a lot of part of your conversation.

Speaker #2: Is it better now?

Sandeep Zanzaria: Is it better now?

Speaker #3: Yeah. Slightly better.

Parikshit D. Kandpal: Yeah, slightly better.

Parikshit Kandpal: Yeah, slightly better.

Speaker #2: Okay. So Parikshit, basically, see that it all depends upon the opportunities which are coming, and you know that not only from the data center opportunities—apart from that, when the data center opportunities are being developed in the US, then there is a lot of utility pipeline also getting generated in the US.

Sandeep Zanzaria: Okay. Parikshit, basically see that it all depends upon the opportunities which are coming, and you know that not only from data center opportunities. When the data center opportunities are being developed in US, there is a lot of utility pipeline also getting generated in the US. I think there's a lot of orders which have come from utility customers in US as well, and then, of course, we are close to some two capacities of 400 kV GIS with customers in different countries as well. Of course, we don't have a fixed kind of a target for a quarter. Whatever comes and we are able to win, those orders get booked into the system. This time the opportunities were according to pipelines for the last quarter was much better and accordingly, the instrument transformer, a big pipeline got converted.

Speaker #2: Parikshit, is it better now?

Speaker #3: Yeah, yeah, much better. Thank you. I'm sorry for cutting off.

Speaker #2: So the pipeline this time, because of the utility customers in US, the requirement for instrument transformer, etc., was much better. And then we had few opportunities of 400 KB GIS, decent side opportunity.

Speaker #2: So I think there's a lot of orders which have come from utility customers in the US as well, which is—and then, of course, we have closed some two packages of 400 kV GIS.

Speaker #2: So everything contributed to a much better pipeline and order realization in the export side.

Speaker #3: Okay. And sir, I mean, these RPTs and back-to-back, there has been delay in both the RPTs. The bigger one, 6,000, I mean, you said now it's put on hold and if the client decides it's come back for again approval.

Speaker #2: But customers in different countries as well. So of course, the data was fixed, kind of a target for a quarter. So, whatever comes in and whatever we are able to win, those orders get booked into the system.

Speaker #3: And same thing is happening for data centers. So is it the overall concern around is it the geopolitics or is it concerns around data centers?

Speaker #3: So why is this delayed decision making from the customer end? And how is RPT pipeline looking for the rest of the new pipeline for the rest of the year?

Speaker #2: So, this time, the opportunity pipeline for the last quarter was much better, and accordingly, the instrument transformer— a big pipeline—got converted.

Speaker #2: So the first one, it was like into the 3,000 crore was into much advanced stage of discussion and negotiation. And that is why we went for the RPT approval of the shareholders.

Speaker #2: So thankfully, yes, it's close to about 550 crores—what we booked around for the exports.

Sandeep Zanzaria: Thankfully, yes, it's close to about INR 550 crores that we booked around for the exports.

Speaker #2: But then suddenly because of budget issues, etc., at the last minute, the utility as kind of I will not use the word backtrack, but that has put it on under hold for some time.

Speaker #3: I'm also not able to understand it. The voice is really unclear. I don't know.

Parikshit D. Kandpal: I'm not able to understand. The voice is really unclear.

Parikshit Kandpal: I'm not able to understand. The voice is really unclear.

Speaker #2: I mean, can we disconnect and reconnect?

Sandeep Zanzaria: Can we disconnect and reconnect?

Speaker #5: I want to check with the operator. Are you able to hear us?

Megha Gupta: Let me check with operator. Are you able to hear them?

Speaker #2: So we are just waiting for them to resolve the internal things and then reinitiate the process of it. Regarding the data center opportunities in US, etc., so yes, we took the because we were very close to the final negotiation going but then there were certain other aspects like change of location, change of state.

Speaker #2: Can you hear us?

Speaker #1: Ma'am, I will reconnect your line. One moment, please. Ladies and gentlemen, we have now reconnected with the management. Over to you, sir.

Operator: Ma'am, I will reconnect your line. One moment please. Ladies and gentlemen, we have reconnected with the management. Over to you, sir.

Speaker #2: So when the state changed, then that complete solution is to be reworked because of different voltages, etc. So I think there were certain factors which were beyond the control of GE Vernova that is why this whole opportunity has got shifted.

Speaker #3: Parikshit, is it better now?

Sandeep Zanzaria: Parikshit, is it better now?

Speaker #2: Yeah. Yeah. Much better.

Parikshit D. Kandpal: Yeah, much better, sir. Thank you. I'm sorry can

Parikshit Kandpal: Yeah, much better, sir. Thank you. I'm sorry can

Speaker #3: Thank you. I'm sorry.

Sandeep Zanzaria: The pipeline this time, because of the utility customers in US, the requirement for instrument transformers, et cetera, was much better. We had few opportunities of 400kV GIS, different side opportunities. Everything contributed to a much better pipeline and order realization in the export side.

Speaker #2: So the pipeline this time, because of the utility customers in the US and the requirement for instrument transformers, etc., was much better. And then we had a few opportunities of 400 kV GIS.

Speaker #3: Okay. So but both of them are shifted, but can come back. So as of now, limited clarity, but as in when they come back, then it reinitiated or reapproved.

Speaker #2: Both of them are not lost.

Speaker #2: Decent side opportunities. So, everything contributed to a much better pipeline and order realization in the export side.

Speaker #3: Okay. And sir, it's the last thing. On the what are the how's the now new RPT pipeline developing? So any color on that for the upcoming approvals this season?

Speaker #3: Okay. And sir, I mean, these RPTs and back-to-back, there has been a delay in both the RPTs. The bigger one, 6,000—I mean, you said now it's put on hold, and if the client decides, it will come back again for approval.

Parikshit D. Kandpal: Okay. Sir, these RPTs and back to back, there has been delay in both the RPTs, the bigger one, INR 6,000, I mean, you said now it's put on hold, if the client decides it come back for again approval, same thing is happening for data centers. Is it the overall concern around, or is it the geopolitics, or is it concerns around data centers? Why is this delayed decision-making from the customer end, and how is the RPT pipeline looking for the rest of the new pipeline for the rest of the year?

Parikshit Kandpal: Okay. Sir, these RPTs and back to back, there has been delay in both the RPTs, the bigger one, INR 6,000, I mean, you said now it's put on hold, if the client decides it come back for again approval, same thing is happening for data centers. Is it the overall concern around, or is it the geopolitics, or is it concerns around data centers? Why is this delayed decision-making from the customer end, and how is the RPT pipeline looking for the rest of the new pipeline for the rest of the year?

Speaker #2: I think so RPT pipeline once they once a large project gets identified, then automatically it comes up. So as of today, it will be difficult to comment on the new RPT pipeline.

Speaker #3: And the same thing is happening for data centers. So is it the overall concern, or is it the geopolitics, or is it concerns around data centers?

Speaker #2: But as in when it comes, we'll be coming to the shareholders.

Speaker #3: So why is there delayed decision-making on the customer end? And how is the RPT pipeline looking for the rest of the new pipeline for the rest of the year?

Speaker #3: Okay. And just one thing I just wanted to check. So on domestic ordering, I mean, we have seen lots of soft quarters. Q4 was a soft quarter.

Speaker #3: This was again a soft quarter. So if we can give some color on domestic ordering when do you expect to pick up? We are also not seeing this quarter for power grid coming.

Speaker #2: So, the first one, it was like in the ₹3,000 crore range and was at a much more advanced stage of discussion and negotiation. And that is why we went further.

Sandeep Zanzaria: The first one, it was like into the INR 3,000 crore was into much advanced stage of discussion and negotiation. That is why we went for the RPT approval of the shareholders. Suddenly because of budget issues, et cetera, at the last minute, the utility has kind of, I will not use the word backtrack, but that has put it under hold for some time. We are just waiting for them to resolve the internal things and then reinitiate the process of it. Regarding the data center opportunities in US, et cetera, yes, Because we were very close to the final negotiation zone. There were certain other aspects like change of location, change of state. When the state changed, then the complete solution is to be reworked because of different voltages, et cetera.

Speaker #3: I mean, they were there last couple of years, but this year we have not seen. I mean, for some quarters. So how is the demand shaping upon the domestic ordering?

Speaker #2: RPT approval of the shareholders. But then, suddenly, because of budget issues, etc., at the last minute, the utility has kind of—I will not use the word backtrack—but has put it on hold for some time.

Speaker #2: I think if you look at January to March, for TPCB pipeline was a pretty soft pipeline. And because of that, you see the order intake which is impacting the April to June order intake which is there.

Speaker #2: So, we are just waiting for them to resolve the internal things and then reinitiate the process of it. Regarding the data center opportunities in the US, etc., yes, we took it because we were very close to the final negotiation, but then there were certain other aspects, like change of location and change of state.

Speaker #2: But we are seeing now the TPCB pipeline or decisions now getting much better. The last few, if you really look at June, July, the pipeline is much better than what it was in January to March.

Speaker #2: The only thing is that with a large pipeline getting decided in July, we'll have to see that when the ordering happens, whether it happens in this quarter or it spills over to the next quarter.

Speaker #2: So, when the state changed, then the complete solution had to be reworked because of different voltages, etc. So, I think there were certain factors which were beyond the control of GE Vernova.

Speaker #2: So that is something to be seen yet.

Sandeep Zanzaria: I think there were certain factors which were beyond the control of GE Vernova. That is why this whole opportunity has got shifted.

Speaker #3: Okay. Sure, sir. Thank you. And the rest of my questions.

Sandeep Zanzaria: I think there were certain factors which were beyond the control of GE Vernova. That is why this whole opportunity has got shifted.

Speaker #2: Thank you, Parikshit.

Speaker #2: That is why this whole opportunity of God shifted.

Speaker #1: Thank you. Our next question is from the line of Vidhi Shah with a CR Kothari and Sons. Please go ahead. Vidhi, your line has been unmuted.

Speaker #3: Okay. So, both of them are shifted, but they can come back. As of now, there is limited clarity, but as and when they come back, then it is re-initiated or re-approved.

Parikshit D. Kandpal: Both of them have shifted but can come back. As of now, limited clarity, but as and when they come back, then get it reinitiated or reapproved.

Parikshit Kandpal: Both of them have shifted but can come back. As of now, limited clarity, but as and when they come back, then get it reinitiated or reapproved.

Speaker #1: You may proceed with your question. As we are not receiving a response from the current participant, we will move to the next question in queue, which is Amit Anwani from PL Capital.

Speaker #2: Both of them are not lost.

Sandeep Zanzaria: Both of them are not lost.

Speaker #3: Okay. And sir, the last thing on the what are the now how's the now new RPT pipeline developing? So any color on that for the upcoming approvals, the season?

Parikshit D. Kandpal: Just the last thing on the how's the now new RPT pipeline developing? Any color on that for the upcoming approval season?

Parikshit Kandpal: Just the last thing on the how's the now new RPT pipeline developing? Any color on that for the upcoming approval season?

Speaker #2: I think, so for the RPT pipeline, once a large project gets identified, then automatically it comes up. So, as of today, it will be difficult to comment on the new RPT pipeline.

Sandeep Zanzaria: I think the RPT pipeline, once a large project gets identified, then automatically it comes up. As of today, it will be difficult to comment on the new RPT pipeline. As and when it comes, we'll be coming to the shareholders.

Speaker #1: Please go ahead.

Speaker #4: Thanks for the opportunity, sir. And congrats for the good set of numbers. My question one is on the data centers. Just wanted to understand what is the data center portion in your current order book?

Speaker #2: But as and when it comes, we’ll be coming to the shareholders.

Speaker #3: Okay, just one thing I wanted to check. So, on domestic ordering—I mean, we have seen lots of soft quarters. Q4 was a soft quarter.

Parikshit D. Kandpal: Okay. Just one thing I wanted to check, sir, on domestic ordering. We have seen lots of soft quarters. Q4 was a soft quarter. This was again a soft quarter. If you can give some color on domestic ordering, when do you expect to pick up? We are also not seeing this bill quarter for Power Grid coming. They were there last couple of years, but this year we've not seen for some quarters. How is the demand shaping up on the domestic ordering?

Parikshit Kandpal: Okay. Just one thing I wanted to check, sir, on domestic ordering. We have seen lots of soft quarters. Q4 was a soft quarter. This was again a soft quarter. If you can give some color on domestic ordering, when do you expect to pick up? We are also not seeing this bill quarter for Power Grid coming. They were there last couple of years, but this year we've not seen for some quarters. How is the demand shaping up on the domestic ordering?

Speaker #4: And second, how is the data center pipeline building up for you? What is the addressable market in the data center capex for you if you could elaborate more on this side?

Speaker #3: This was again a soft quarter, so if you can give some color on domestic ordering—when do you expect it to pick up? We are also not seeing this quarter for Power Grid coming.

Speaker #4: Yeah.

Speaker #3: I mean, they were there the last couple of years, but they said they've not been seen for some quarters. So how is the demand shifting with respect to domestic orders?

Speaker #2: So Amit, in the present order intake, the data center ordering is not significant, I would say. That it's few product orders which are there in the data center.

Speaker #2: I mean, if you look at January to March, for TBCB, the pipeline was pretty soft. And because of that, you see the order intake, which is impacting the April to June order intake as well.

Sandeep Zanzaria: If you look at January to March, for TBCB pipeline was a pretty soft pipeline, and because of that, you see the order intake, which is impacting the April to June order intake, which is there. We are seeing now the TBCB pipeline of decisions now getting much better. Last few, if you really look at June, July, the pipeline is much better than what it was in January to March. Only thing is that with a large pipeline getting decided in July, we'll have to see that when the ordering happens, whether it happens in this quarter or it spills over to the next quarter. That is something to be seen yet.

Speaker #2: Of course, what we are seeing is that now on the drawing board, we are seeing much larger data center capacity is being planned. Which will be at higher voltages.

Speaker #2: So we are working with the customers on those data center opportunities. But is it going to materialize in next quarter or maybe next two or three quarters?

Speaker #2: But we are seeing now the TBCB pipeline or decisions now getting much better. The last few, if you really look at June and July, the pipeline is much better than what it was in January to March.

Speaker #2: This is something yet to be seen.

Speaker #2: The only thing is that with a large pipeline getting decided in July, we'll have to see, when the ordering happens, whether it takes place this quarter or spills over into the next quarter.

Speaker #4: Correct. Second, sir, I want to again follow on the domestic ordering question. You did highlighted that the ordering during January to March the tender pipeline was soft and that's why the conversions got impacted.

Speaker #2: So, that is something to be seen yet.

Speaker #3: Okay, sure, sir. Thank you, and wish you all the best. Those were my questions.

Parikshit D. Kandpal: Okay. Sure, sir. Thank you, Anish. Those are my questions.

Parikshit Kandpal: Okay. Sure, sir. Thank you, Sandeep. Those are my questions.

Speaker #4: But how one should look for the full year in terms of base order, especially the domestic one for this year? Will it be double digit growth or if you could give some medium to long-term sense as to how much you're factoring in for this year?

Speaker #2: Thank you, Parikshit.

Sandeep Zanzaria: Thank you, Parikshit.

Speaker #1: Thank you. Our next question is from the line of Vidhi Shah with CR Kothari and Sons. Please go ahead. Vidhi, your line has been unmuted.

Operator: Thank you. Our next question is from the line of Vidhi Shah with C.R. Kothari & Sons. Please go ahead. Vidhi, your line has been unmuted. You may proceed with your question. As we're not receiving a response from the current participant, we will move to the next questioner in queue, which is Amit Anwani from PL Capital. Please go ahead.

Speaker #2: So when we talk about market, I don't expect a double digit growth, but I'm not looking at a slowdown of the market as well for the year.

Speaker #1: You may proceed with your question. As we're not receiving a response from the current participant, we will move to the next question in queue, which is Amit Anvani from PL Capital.

Speaker #2: So market will either remain at the same level or we might see about 6, 7 percent growth in the overall market, which will be realized this year.

Speaker #1: Please go ahead.

Speaker #2: On the TPCB side.

Speaker #4: Thanks for the opportunity, sir, and congrats on the good numbers. My first question is on data centers. I just wanted to understand what portion of your current order book is related to data centers?

Amit Anwani: Thanks for the opportunity, sir, congrats for the good set of numbers. My question, one is on the data centers. Just wanted to understand what is the data center portion in your current order book. Second, how is the data center pipeline building up for you? What is the addressable market in the data center CapEx for you? If you could elaborate more on this side.

Speaker #4: Right. Lastly, sir, on margin, you did explain the margin variation for this quarter. And you have been guiding mid-20 for the full year. So are we sticking to that or is there any change to the guidance for this year on margin?

Speaker #4: And second, how is the data center pipeline building up for you? What is the addressable market in the data center capex for you, if you could elaborate more on this idea?

Speaker #2: So Amit, we maintain our guidance of mid-20 EBITDA for the year. There is no reason that we should deviate from that right now.

Speaker #2: So, Amit, in the present order intake, data center ordering is not significant, I would say. But there are a few product orders in the data center.

Sandeep Zanzaria: Amit, in the present order intake, the data center ordering is not significant, I would say, but it's few product orders which are there in the data center. Of course, what we are seeing is that now on the drawing board, we are seeing much larger data center capacity is being planned, which will be at higher voltages. We are working with the customers on the data center opportunities. Is it going to materialize in next quarter or maybe in next two or three quarters? This is something yet to be seen.

Speaker #4: Understood, sir. Thank you. Thank you so much.

Speaker #1: Thank you. Our next question is from the line of Jason Soans with IDBI Capital. Please go ahead.

Speaker #2: Of course, what we are seeing is that now, on the drawing board, we are seeing much larger data center capacities being planned, which will be at higher voltages.

Speaker #3: Yes, sir. Thank you so much for taking my question. So my first question, just pertains to the I mean, of course, the notification of the four Chinese players which have been added.

Speaker #2: So we are working with the customers on those data center opportunities. But is it going to materialize in the next quarter, or maybe in the next two or three quarters?

Speaker #3: And of course, it increases competition particularly on the GIS side. So I just wanted to know, on a GIS, definitely the core product for us as well.

Speaker #2: This is something yet to be seen.

Speaker #3: So just wanted some color from you on the side of how this can probably play on the margins or the orders. How do you see this shaping up for us going ahead?

Speaker #4: Correct. Second, sir, I want to again follow up on the domestic ordering question. You did highlight that the ordering during January to March, the tender pipeline was soft, and that's why the conversions got impacted.

Amit Anwani: Correct. Second, sir, I want to again follow on the domestic ordering question. You did highlight that the ordering during January to March, the tender pipeline was soft, and that's why the conversions got impacted. How one should look for the full year in terms of base orders, especially the domestic one for this year? Will it be a double-digit growth? If you could give some medium to long-term sense as to how much you are factoring in for this year.

Speaker #2: So thanks, Jason. We are also watching because it has just got approved and subsequent to that, so normally whatever power grid bidding happened had happened before that.

Speaker #4: But how should one look at the full year in terms of base orders, especially the domestic ones for this year? Will it be double-digit growth, or could you give some medium- to long-term sense as to how much you're factoring in for this year?

Speaker #2: So they were all with the domestic GI or the non-Chinese GIS makes had been considered and the bidding had happened in power grid. Regarding with the private so whatever private has won the TPCB bid, they have not yet started the discussion.

Speaker #2: So, when we talk about the market, I don't expect double-digit growth. But I'm also not looking at a slowdown of the market for the year.

Sandeep Zanzaria: When we talk about market, I don't expect a double-digit growth, but I'm not looking at a slowdown of the market as well for the year. Market will either remain at the same level, or we might see about 6%, 7% growth in the overall market, which will be realized this year on the TBCB side.

Speaker #2: So the impact of this Chinese on the GIS will come to know once the listing will start the negotiation process will start. But we'll also have to understand one thing, that the government has approved so if you look at Chinese before they got before they were restricted from participating in the Indian market, the Make in India clause of like 60, 65 percent local content was not there.

Speaker #2: So, the market will either remain at the same level or we might see about 6–7% growth in the overall market, which will be realized this year.

Speaker #2: On the TBCB side.

Speaker #4: Right. Lastly, sir, on margin—you did explain the margin variation for this quarter, and you have been guiding mid-20s for the full year. So, are we sticking to that or is there any change to the guidance for this year on margin?

Amit Anwani: Right. Lastly, sir, on margin, you did explain the margin variation for this quarter. You have been guiding mid-20 for the full year. Are we sticking to that, or is there any change to the guidance for this year on margin?

Speaker #2: So what will be the Chinese leverage to go down on prices with 60, 65 percent or 70 percent local content is also to be seen in the market.

Speaker #2: So, Amit, we maintain our guidance of mid-20s EBITDA for the year. There is no reason that we should deviate from that right now.

Sandeep Zanzaria: Amit, we maintain our guidance of mid-20s EBITDA for a year. There is no reason that we should deviate from that right now.

Speaker #2: And if they were not present or they were not operational in the country for like last three, four years, and then suddenly to take orders and deliver in 18 months with 60, 70 percent local content, that capability also needs to be understood.

Speaker #4: Understood, sir. Thank you. Thank you so much.

Amit Anwani: Understood, sir. Thank you. Thank you so much.

Speaker #1: Thank you. Our next question is from the line of Jason Sones with IDBI Capital. Please go ahead.

Operator: Thank you. Our next question is from the line of Jason Soans with IDBI Capital. Please go ahead.

Speaker #3: Sure. Sure, sir. So my next questions, sir, pertains to I mean, your voice was a little bit muffled as an earlier participant has spoken.

Speaker #3: Yes, sir. Thank you so much for taking my question. So, my first question just pertains to, I mean, of course, the notification of the four Chinese players that have been added.

Jason Soans: Yeah, sir. Thank you so much for taking my question. My first question just pertains to the, of course, the notification of the four Chinese players which have been added. Of course, it increases competition, particularly on the GIS side. I just wanted to know, GIS definitely is a core product for us as well. Just wanted some color from you on the side of how this can probably play on the margins or the orders. How do you see this shaping up for us going ahead?

Speaker #3: So you did mention the reason for the lower gross margins. I got one aspect of it that it was due to lower exports and execution of a higher profitability export orders in the last quarter.

Speaker #3: And of course, it increases competition, particularly on the GIS side. So I just wanted to note, on GIS, definitely the core product for us as well.

Speaker #3: But the other two reasons which you mentioned were not audible. Could you just repeat that for just for clarity's sake?

Speaker #3: So, just wanted some color from you on how this can probably play out on the margins or the orders. How do you see this shaping up for us going ahead?

Speaker #2: Yeah. Hi, Jason. I'll answer it again for the benefit of all the participants. So we are comparing our current quarter gross margin with the entire financial year 25, 26 because in our business, a full financial year than comparing on each quarter basis.

Speaker #2: So, thanks Jason. We are also watching because it has just got approved, and subsequent to that—so, normally, whatever Power Grid bidding happened had happened before that.

Sandeep Zanzaria: Thanks, Jason. We are also watching because it has just got approved and subsequent to that, normally whatever Power Grid bidding happened had happened before that. They were all with the domestic, the non-Chinese GIS mix had been considered, and the bidding had happened in Power Grid.

Speaker #2: So they were all with the domestic GIS. The non-Chinese GIS makes had been considered, and the bidding had happened in Power Grid. Regarding the private, so whatever private has won the TBCB bid, they have not yet started the discussion.

Speaker #2: So last financial year, we did 45.3 percent gross margin. And this quarter, we are achieving 41.3 percent. So there is a delta of 4 percent.

Speaker #2: I highlighted three broader reasons for this. Two percent to two and a half percent of the impact is due to the ramping up of higher revenues from the part of the HP business, which gives the lower gross margin compared to the rest of the business.

Sandeep Zanzaria: Regarding the private, whatever private has won the TBCB bid, they have not yet started the discussions. The impact of the Chinese and the GIS, we'll come to know once the listing will start, the negotiation processes will start. We'll also have to understand one thing that the government has approved. If you look at Chinese, before they were restricted from participating in the Indian market, the Make in India clause of 60% and 65% local content was not there. What will be the Chinese leverage to go down on prices with 60%, 65% or 70% local content is also to be seen in the market. And if they were not present or they were not operational in the country for last three, four years and then suddenly to take orders and deliver in 18 months with 60% and 70% local content.

Speaker #2: So the impact of this Chinese on the GIS, we will come to know once the thing will start, the negotiation process will start. But we'll also have to understand one thing: that the government has approved. So if you look at Chinese, before they were restricted from participating in the Indian market, the Make in India clause of like 60, 65 percent local content was not there.

Speaker #2: But also, it enables a better operating latency because we are growing volume with the help of this business. And hence, that impact largely gets eliminated at the EBITDA level.

Speaker #2: That is why you said that overall EBITDA is 25.1 percent compared to 27.1 percent with the last financial year. Now, other two reasons are approximately one to 1.5 percent of the impact on account of relatively lower export share in the current quarter and also execution of high profitable export order in the last financial year.

Speaker #2: So, what will be the Chinese leverage to go down on prices with 60%, 65%, or 70% local content is also to be seen in the market.

Speaker #2: And if they were not present, or they were not operational in the country for, like, the last three or four years, and then suddenly they have to take orders and deliver in 18 months with 60–70% local content—that capability also needs to be understood.

Speaker #2: That's you rightly highlighted. And the third reason I mentioned is the elevated commodity prices resulting into the lower execution savings that we anticipated compared to our initial plan.

Sandeep Zanzaria: That capability also needs to be understood.

Speaker #3: Sure, sir. That's very clear. Thank you so much for repeating that. And that's all from my side. Thank you so much.

Speaker #3: Sure. Sure, sir. So my next questions pertain to— I mean, your voice was a little bit muffled when the earlier participant spoke. You did mention the reason for the lower gross margins.

Jason Soans: Sure, sir. My next questions are pertained to, your voice was a little bit muffled as an earlier participant spoken. You did mention the reason for the lower gross margins. I got one aspect of it, that it was due to lower exports and execution of a higher profitability export orders in the last quarter. The other two reasons that you mentioned were not audible. Could we just repeat that just for clarity sake?

Speaker #1: Thank you. Our next question comes from the line of Anuj Jain with Globe Capital. Please go ahead.

Speaker #5: Hi, sir. Good evening. I just have one question. I mean, apart from group level, what is our order book?

Speaker #3: I got one aspect of it, that it was due to lower exports and execution of higher profitability export orders in the last quarter.

Speaker #3: But the other two reasons that you mentioned were not audible. Could you just repeat those, just for clarity's sake?

Speaker #2: The order? Anuj, overall order that we book for the quarter, was 11,700. And out of this, roughly 5.5 billion was from the export side.

Speaker #2: Yeah, thanks, Jason. I'll answer it again for the benefit of all the participants. So, we are comparing our current quarter gross margin with the entire financial year 2025–26 because, in our business, a full financial year makes a better representation rather than comparing on a quarter-by-quarter basis.

Sandeep Zanzaria: Yeah.

Jason Soans: Yeah.

Sandeep Zanzaria: Thanks, Jason. I'll answer it again for the benefit of all the participants. We are comparing our current quarter gross margin with the entire financial year FY25, FY26, because in our business, a full financial year makes a better representation rather than comparing on each quarter basis.

Speaker #2: And our business largely I don't have exact split for the quarter, but 90, 95 percent of orders are coming from the group entities. So we can assume roughly 5 billion of the order on a broader basis coming from the group entities.

Speaker #2: So, last financial year, we took a 45.3 percent gross margin, and this quarter we are achieving 41.3 percent. So, there is a delta of 4 percent.

Jason Soans: Right.

Sandeep Zanzaria: Last financial year, we achieved 45.3% gross margin. This quarter we are achieving 41.3%. There is a delta of 4%. I highlighted three broader impacts for this. 2% to 2.5% of the impact is due to the ramping up of higher business from the part of the HV business, which gives a lower gross margin compared to the rest of the business, but also it enables a better operating leverage because we are growing volume with the help of this business. Hence, that impact largely gets eliminated at the EBITDA level. That is the reason that overall EBITDA is 25.1% compared to 27.1% in the last financial year.

Speaker #2: So excluding that, we can consider 6.5 billion of orders coming from the third parties, which includes large portion of the domestic customer and small portion from third-party customers in the export segment.

Speaker #2: I highlighted three broader reasons for this. Two percent to two and a half percent of the impact is due to the ramping up of higher revenue from the part of the HP business, which gives the lower gross margin compared to the rest of the business.

Speaker #5: And total order book? Because you are saying about the quarter and talking about the total order book of 20,900 odd something. Out of that.

Speaker #2: Oh, okay. So that is the order backlog which we have.

Speaker #5: Yeah, right. Order backlog, right.

Speaker #2: But also, it enables a better operating rating because we are growing volume with the help of this business. And hence, that impact largely gets eliminated at the EBITDA level.

Speaker #2: 2,900 crores.

Speaker #5: We generally do not give a breakup of.

Speaker #2: The backlog in export versus domestic. But I'll give you some broader color. So the export in the total order handle backlog should be about 10 to 15 percent in that range.

Speaker #2: That is the reason that overall EBITDA is 25.1 percent compared to 27.1 percent in the last financial year. Now, the other two reasons are approximately 1 to 1.5 percent of the impact on account of a relatively lower export share in the current quarter, and also the execution of a high profitable export order in the last financial year.

Sandeep Zanzaria: Other two reasons are approximately 1% to 1.5% of the impact on account of relatively lower export share in the current quarter, and also execution of high profitable export order in the last financial year. That you rightly highlighted. The third reason I mentioned is the elevated commodity pricing resulting into a lower execution savings that we anticipated compared to our initial plan.

Speaker #5: Okay, sir. Got it, sir. Got it. Thank you. That's it from my side. And wish you all the very best.

Speaker #1: Thank you. Our next question is on the line of Ankush Khandelwal, an individual investor. Please go ahead. Ankush Khandelwal, your line has been unmuted.

Speaker #2: That you rightly highlighted. And the third reason I mentioned is the elevated commodity prices resulting in lower execution savings than we anticipated compared to our initial plan.

Speaker #1: You may proceed with your question. As there's no response from the current participant, we will move to the next participant in the queue, which is Shirom Kapur with Jefferies.

Speaker #3: Sure, sir. That's very clear. Thank you so much for repeating that. And that's all from my side. Thank you so much.

Jason Soans: Sure, sir. That's very clear. Thank you so much for repeating that. That's all from my side. Thank you so much.

Speaker #1: Thank you. Our next question comes from the line of Anuj Chen with Globe Capital. Please go ahead.

Operator: Thank you. Our next question comes from the line of Anuj Jain with Globe Capital. Please go ahead.

Speaker #1: Please go ahead.

Speaker #6: Hi, sir. Thanks for the opportunity. Just one I have one quick clarification on the RPT approvals that you have. So the you have three the 1,300 crores, which is for the US data center order.

Anuj Jain: Hi there. Good evening. I just have one question. Apart from group level, what is our order book?

Speaker #3: Hi, Jason. Good evening. I just have one question. I mean, apart from group level, what is our order book?

Speaker #6: That is not part of the total 3,000 crore RPT approvals you've taken, right? Could you clarify what that balance 3,000 RPT approval is for?

Speaker #2: The order? Anuj, overall order that we booked for the quarter was 11,000. And out of this, roughly $5.5 billion was for the export side.

Sandeep Zanzaria: Anuj, overall order that we booked for the quarter was INR 11,900 crore. Out of this, roughly INR 5.5 billion was from the export side. In our business largely, I don't have exact split for the quarter, 80%, 90%, 95% of orders are coming from the group entities. We can assume roughly INR 5 billion of the order or its broader business coming from the group entities. Excluding that, we can consider INR 6.5 billion of orders coming from the third party, which includes large portion of the domestic customer and small portion from third party customer in the export segment.

Speaker #6: Is that one single project, or is that multiple projects?

Speaker #2: So that was one project, and that was not a US project. That was a different project altogether.

Speaker #2: And our business—largely, I don't have the exact split for the quarter, but 90–95% of orders are coming from the group entities. So we can assume roughly $5 billion of the orders, on a broader basis, are coming from the group entities.

Speaker #6: Understood. So currently, you have about 4,300 crores of RPT approvals, where the orders are still pending. Just to clarify.

Speaker #2: So, excluding that, we can consider ₹6.5 billion of orders coming from third parties, which includes a large portion from domestic customers and a small portion from third-party customers in the export segment.

Speaker #2: Yeah, but out of that 3,000 is going to expire by this AGM. So then it will be only 1,300 which will be left.

Speaker #6: Understood, sir. And secondly, just in your last earnings call, you discussed being confident around base order flow flows of 7 to 8,000 crores a year.

Speaker #3: And the total order book—you are saying this is about the quarter, and you're talking about the total order book of 20,900-odd-something. Out of that, okay.

Anuj Jain: Total order book, since you are saying about the quarter, I'm talking about the total order book of INR 2,900 odd something, out of that.

Speaker #6: And this quarter, you've done around 1,100 crores. So of course, you mentioned that the pipeline TPC deals a little soft for this quarter, but it's picking up.

Sandeep Zanzaria: Okay. That is the order backlog which we have.

Speaker #2: So that is the order backlog which we have.

Speaker #3: Yeah, right. Order backlog, right.

Anuj Jain: Yeah, right. Order backlog. Right.

Sandeep Zanzaria: It's about INR 2,900 crores.

Speaker #2: 2,900 crores.

Sushil Kumar: We generally do not give a breakup of the backlog in export versus domestic. I'll give you some broader color.

Speaker #3: We generally do not provide a breakup of the backlog.

Speaker #6: So do you remain confident on the 7 to 8,000 crore base orders coming through for the full year, or are you expecting it to miss that guidance?

Speaker #2: In export versus domestic, I'll give you some broader color. So, the export in the total order we handle backlog should be about 10 to 15 percent, in that range.

Anuj Jain: The export in the total orders we handle backlog should be about 10% to 15%, in that range. Okay, sir. Got it, sir. Got it. Thank you. That's it from my side. Wish you all the very best.

Speaker #2: No, we remain confident on.

Speaker #6: Got it, sir. And just lastly, on the commodity prices. So you mentioned that versus FY26, your margins in the first quarter 400 bits lower.

Speaker #3: Okay, sir. Got it, sir. Got it. Thank you. That's it from my side, and wish you all the very best.

Speaker #6: You explained that about 3 to 400 is from the export mix as well as ramp-up in the high-voltage business. Where gross margins are lower.

Speaker #1: Thank you. Our next question is from the line of Ankush Khandelwal, an individual investor. Please go ahead. Ankush Khandelwal, your line has been unmuted.

Operator: Thank you. Our next question is from the line of Ankkush Khandelwal, an individual investor. Please go ahead. Ankkush Khandelwal, your line has been unmuted. You may proceed with your question. As there's no response from the current participant, we will move to the next participant in the queue, which is Shirong Kapoor with Jefferies. Please go ahead.

Speaker #6: On the elevated commodity price, do you see this continuing to impact us for the next few quarters? Are you taking any kind of price hikes or being able to pass through this to the customers?

Speaker #1: You may proceed with your question. As there's no response from the current participant, we will move to the next participant in the queue, which is Shirom Kapoor with Jefferies.

Speaker #6: Just want to understand how that is working out.

Speaker #2: Thanks, Shirom. I will answer it a little differently and break it into two pieces. Just to explain the nature of our business. So first is that, yes, definitely the commodity prices are elevated and quite volatile given the geopolitical and other challenges.

Speaker #1: Please go ahead.

Speaker #3: Hi, sir. Thanks for the opportunity. Just wanted to have one quick clarification on the RPT approvals that you have. So, you have three: the ₹1,300 crore, which is for the US data center order.

Shirong Kapoor: Hi, sir. Thanks for the opportunity. Just have one quick clarification on the RPT approvals that you have. You have the INR 1,300 crore, which is for the US data center order. That is not part of the total INR 3,000 crore RPT approvals you've taken, right? Could you clarify what that balance INR 3,000 RPT approval is for? Is that one single project or is that multiple projects?

Shirom Kapur: Hi, sir. Thanks for the opportunity. Just have one quick clarification on the RPT approvals that you have. You have the INR 1,300 crore, which is for the US data center order. That is not part of the total INR 3,000 crore RPT approvals you've taken, right? Could you clarify what that balance INR 3,000 RPT approval is for? Is that one single project or is that multiple projects?

Speaker #2: And in our business, there is a transformer business, whether it is a standalone supply of transformer to the customer or as a part of HVDC project.

Speaker #3: That is not part of the total ₹3,000 crore RPT approvals you've taken, right? Could you clarify what that balance ₹3,000 crore RPT approval is for?

Speaker #2: In that scope, we get a price escalation. So all the commodities like ESGO, steel, etc., there is a formula embedded in the contract. This is which we get the compensation.

Speaker #3: Is that one single project, or is that multiple projects?

Speaker #2: So that was one project, and that was not a U.S. project. That was a different project altogether.

Sandeep Zanzaria: That was one project, and that was not a US project. That was a different project altogether.

Speaker #2: So that part of the business is not impacted. Then the other part of business, the rest of the business is switched GHG as turnkey portfolio, etc.

Shirong Kapoor: Understood. Currently, you have about INR 4,300 crore of RPT approvals, where the orders are still pending, just to clarify.

Shirom Kapur: Understood. Currently, you have about INR 4,300 crore of RPT approvals, where the orders are still pending, just to clarify.

Speaker #3: ₹4,300 crore of RPT approvals, where the orders are still pending—just to clarify.

Speaker #2: Where we have our approach of building the estimated cost of commodity prices is our past trend and the future expectation of the commodity prices.

Speaker #2: Yeah, but out of the 3,000, it's going to expire by this AGM. So then, it will be only 1,300 which will be left.

Sandeep Zanzaria: Yeah, out of the 3,000 is going to expire by this AGM, it will be only 1,300 which will be left.

Speaker #3: Understood, sir. And secondly, just in your last earnings call, you discussed being confident around base order flows of ₹7,000 to ₹8,000 crore a year.

Shirong Kapoor: Understood, sir. Secondly, just in your last earnings call, you discussed being confident around base order flows of INR 7,000 to 8,000 crore a year. This quarter you have done around INR 1,100 crore. Of course, you mentioned that the pipeline TBC business is a little soft for this quarter, but it is picking up. Do you remain confident on the INR 7,000 to 8,000 crore base orders coming through for the full year? Are you expecting it to miss that guidance?

Shirom Kapur: Understood, sir. Secondly, just in your last earnings call, you discussed being confident around base order flows of INR 7,000 to 8,000 crore a year. This quarter you have done around INR 1,100 crore. Of course, you mentioned that the pipeline TBC business is a little soft for this quarter, but it is picking up. Do you remain confident on the INR 7,000 to 8,000 crore base orders coming through for the full year? Are you expecting it to miss that guidance?

Speaker #2: Now, with this approach, we have been very successful in the past. And as we see our order to execution cycle has a gap of, say, 18 to 24 months.

Speaker #3: And this quarter, you've done around ₹1,100 crore. So of course, you mentioned that the pipeline TPCD was a little soft for this quarter, but it's picking up.

Speaker #2: When we take the order and when we execute the order. So which effectively means, yes, now as we build for the new tenders, we will continue to improve the new prices.

Speaker #3: So, do you remain confident on the ₹7,000 to ₹8,000 crore base orders coming through for the full year, or are you expecting to miss that guidance?

Speaker #2: But the impact is likely to come in the execution in the future period. And I can just give you confidence that we have a very disciplined policy in terms of costing and going.

Speaker #2: No, we remain confident on.

Sandeep Zanzaria: No, we remain confident on it.

Speaker #3: Got it, sir. And just lastly, on the commodity prices—you mentioned that versus FY26, your margins in the first quarter are 400 bps lower.

Shirong Kapoor: Got it. Lastly, on the commodity prices. You mentioned that versus FY26, your margins in Q1 were a bit lower. You explained that about 300 to 400 is from the export mix as well as ramp-up in the high voltage business, where gross margins are lower. On the elevated commodity price, do you seeing this continuing to impact us for the next few quarters? Are you taking any kind of price hikes or being able to pass through this to the customer? Just want to understand how that is working out.

Shirom Kapur: Got it. Lastly, on the commodity prices. You mentioned that versus FY26, your margins in Q1 were a bit lower. You explained that about 300 to 400 is from the export mix as well as ramp-up in the high voltage business, where gross margins are lower. On the elevated commodity price, do you seeing this continuing to impact us for the next few quarters? Are you taking any kind of price hikes or being able to pass through this to the customer? Just want to understand how that is working out.

Speaker #3: Your path guide has been confirmed. Please wait.

Speaker #2: Same has been duly maintained over the period of years.

Speaker #3: You explained that about $300 to $400 million is from the export mix, as well as the ramp-up in the high-voltage business, where gross margins are lower.

Speaker #1: Thank you. Our next question is from the line of Subhadip I'm sorry, that's Subhadip Sushit Mitra. Yes, ma'am, you're still connected.

Speaker #3: On the elevated impact us for the next few quarters? Are you taking any kind of price hikes or being able to pass through this to the customers?

Speaker #3: Just want to understand how that is working out.

Speaker #2: Let's take a confirmation that my answer to the last question was duly audible to everyone.

Speaker #2: Thanks, Shirom. I will answer it a little differently and break it into two pieces, just to explain the nature of our business. First, yes, the commodity prices are definitely elevated and quite volatile, given the geopolitical and other challenges.

Sandeep Zanzaria: Thanks, Shirong. I will answer it little differently and break it in two pieces, which will explain the nature of our business. First is that, yes, definitely the commodity prices are elevated and quite volatile given the geopolitical and other challenges. In our business, there is a transformer business, whether it is standalone supply of transformer to the customer or is a part of HVDC project. In that scope, we get a price escalation. All the commodities like CRGO, steel, et cetera, there is a four

Sandeep Zanzaria: Thanks, Shirom. I will answer it little differently and break it in two pieces, which will explain the nature of our business. First is that, yes, definitely the commodity prices are elevated and quite volatile given the geopolitical and other challenges. In our business, there is a transformer business, whether it is standalone supply of transformer to the customer or is a part of HVDC project. In that scope, we get a price escalation. All the commodities like CRGO, steel, et cetera, there is a four.

Speaker #1: Ma'am, sir, you are audible. The participant from the queue has dropped.

Speaker #2: All right. Thank you.

Speaker #1: Thank you. Our next questioner is Subhadip Sushit Mitra from Novama. Please go ahead.

Speaker #7: Good evening, sir. And thank you for the opportunity. Just wanted to understand that on the export front, do we see more optionalities opening up, especially with GE Vernova Global acquiring 100% in ProLect and some larger I think transformer orders that ProLect has received over there?

Speaker #2: And in our business, there is a transformer business, whether it is a standalone supply of transformers to the customer or is a part of an HVDC project.

Speaker #7: Do we see an optionality that the global factories, including the India factories, will likely benefit from these large orders in the US?

Speaker #2: Yes, it will benefit. Shivadeep.

Speaker #7: Okay. Any ballpark TAM that can come in India's direction?

Speaker #2: So that will all depend upon what kind of order, what kind of rating so it will be a mix. Difficult to predict because that will all depend upon individual opportunities.

Speaker #7: Understood. Understood. Also, on the margin side, do we see any lumpiness in margins possible going ahead? So while we understand that this quarter, there were multiple reasons for margins to have come off, but similar peaks and troughs can happen in the future.

Speaker #7: So would you expect a range of margins somewhere between the mid to high 20s, or you would still want to stick to the mid 20s?

Speaker #2: So Shivadeep, as I mentioned earlier, even a margin off the quarter is in line with the mid 20s that we have been consistently guiding for.

Speaker #2: And obviously, last quarter when we guided for, we had seen the commodity prices going up and have the guidance of there. So we continue to maintain that band for the financial year 26, 27 as of now.

Speaker #7: Thanks. Thanks. That's very clear. One last question from my side is, are you able to see the commodity cost pass through carry on through pricing in the existing order and flows?

Speaker #2: Shivadeep, thanks for this question. I answered this to the previous caller. The previous in the previous question. So as I explained, there are two parts of our business.

Speaker #2: Transformer business gets the price escalation clause, which is effective of whether it's a direct supply or as a part of HVDC business. And it's a well-defined formula by EMA, which gets good compensation of the commodity price increase.

Speaker #2: For rest of the business, which is non-transformer business, we anticipate the cost of commodity prices basis our past experience and future expected prices. So we'll continue to work with that same discipline approach.

Speaker #2: And as I mentioned, that generally there is a lag between the new prices and the execution. So which means that if for the current orders, we build in the new cost in our tender, those projects will come in execution.

Speaker #2: With a higher compensation in the future. Which is a lag of, say, one year to two year in the execution cycle.

Speaker #7: Okay. Perfect. That amply answers the question. Thank you so much.

Speaker #1: Thank you. Our next question is from the line of Abraham. An individual investor. Please go ahead.

Speaker #2: Hi. My question was on order inflow for this quarter. So we have seen that order inflow as compared to last year as well as as compared to previous quarter.

Speaker #2: The order inflow was less. So I have heard that you have covered in the start of the call, but your voice was not clear.

Speaker #2: So what gives you confidence that the order inflow will increase from year on? Thank you. So the pipeline for TPCB project is now getting better.

Speaker #2: So that gives the confidence because when we see from January to March, the pipeline for the TPCB was muted. And now from like May onwards or June onwards, not May, but I would say June onwards, the pipeline has picked up.

Speaker #2: So that gives us the confidence that the order numbers will be better now.

Speaker #1: Thank you. Thanks a lot. Thank you. Our next question comes from the line of Venkatesh S. from Logic Tree. Please go ahead.

Speaker #8: Hi, sir. Good afternoon. I wanted to check with you on a kind of a big picture view, considering the opportunity in HVDC as well as data centers plus exports.

Speaker #8: If you take a three-year, four-year view, what is is there a vision that you have for GE Vernova, and what would are you looking at some kind of a number?

Speaker #8: And what how can the split be, say, data center exports and domestic HVDC? Can you give me a big picture view?

Speaker #2: So sorry, I think this is not like kind of a forward-looking statement. So we'll not be able to share any big picture view on the call.

Speaker #8: But would you be able to give me a kind of a proportion in terms of these three key businesses? What could the contribution of exports, domestic HVDC, and data centers?

Speaker #8: Would that be a possibility?

Speaker #2: Yeah. Thanks. Hi, Venkatesh. This is Sushil Desai. Maybe I'll try to give some color and answer it differently. First of all, the taker that you are seeking, typically we don't give it because we look at this as a one-integrated portfolio.

Speaker #2: And if we see the past trend, this taker changes significantly year on year. Quarter on quarter, depending on the execution of different types of projects.

Speaker #2: But on an overall basis, we have revenue growth of 38% in this quarter, driven up driven by the ramping up of the execution of the high backlog.

Speaker #2: So our backlog stands at 209 billion now. Now, so this high backlog gives us a confidence that we have the potential to grow at a significant pace in the future also.

Speaker #2: Because the current backlog is roughly 3.5 times of our revenue. And this is a multi-year high. And the backlog, this is multi-year visibility. However, the growth will not be linear.

Speaker #2: Meaning financial year 27 and 28 will continue to see a healthy growth in terms of our core portfolio, which is what you have projected for us, export all put together.

Speaker #2: But the HVDC backlog, that has a back-ended execution as per the typical structure of the HVDC project. And we see a meaningful growth from the financial year 29 onwards.

Speaker #2: So our growth trajectory overall is over. Meaningful in next couple of years, but have significant improvement in the financial year 29 onwards. This is the execution of HVDC.

Speaker #8: Right, sir. So two more questions. One is, is there a guidance what is the kind of based on the projections for the future, over the next 12 to 24 months, what is the capex that you would probably be planning?

Speaker #2: So we already announced the capex of about 10 billion in the last financial year. And the we have 29 billion of surplus cash available.

Speaker #2: As I mentioned in the beginning, 10 billion is there for capex that we already announced. 2.5 billion for dividends. So we have roughly another 16 billion off surplus cash over and above that.

Speaker #2: Announced plans. So as I said in the beginning, alignment and the board continuously evaluate what are the options available for the company for maximizing the returns to the shareholder.

Speaker #2: As of now, there are different options that are evaluation. That means nothing is concrete. And as per the requirement also, we need to inform to the in case of such capex plan.

Speaker #2: So it is difficult to call out a number in this call because nothing is firmed up as of now.

Speaker #8: Right, sir. Last question from my side. If you look at the competitive scenario apart from the Chinese suppliers etc., the three or four major players in the Indian markets, Siemens or Hitachi or yourself etc., what is what do you think can be GE Vernova's competitive advantage compared to the other serious players?

Speaker #2: So of course, technology, lean, and when we talk about localization. So these three we feel are the distinct advantages what we have.

Speaker #8: Okay, sir. Thank you very much. I'll join with you. Thanks.

Speaker #1: Thank you. The next question is from the line of Sameer Thakur with Ambit. Please go ahead.

Speaker #3: Hi. Thanks for taking the question again. I just have one. I was just coming back to the competitive scenario here. So are you seeing any competition from peer-to suppliers?

Speaker #3: Has that increased recently? And are you seeing any risk of risk to market share in domestic market from peer-to suppliers? What's the big ones?

Speaker #2: So it started the competition from peer-to supplier is only now the competition from peer-to suppliers has been for some time but that also depends upon product-to-product.

Speaker #2: For example, when you look at circuit breakers or when you look at, for example, gas insulated switches etc., you don't have or automation products etc., you don't have a software side.

Speaker #2: You don't have much of a competition coming from peer-to supplier. So in some domain it is there. It is not some domain it is not there.

Speaker #2: But in the other domains it has been there for a for some time now.

Speaker #3: Okay. Thank you. I'm not sure whether it's a repeat because I got disconnected in between. But for pricing in the new orders, so how do you see that?

Speaker #3: Is that flattish over a year or has that increased? Because commodity prices have increased. Like copper has increased by more than 50% over a year.

Speaker #3: But how do you see the pricing in the orders? Has that stabilized over a year or that is also increasing?

Speaker #2: So the transformer then also whatever is the impact of the material which is there has been very able to pass on to the customers.

Speaker #2: But there not been able to pass on like extra margins etc. to the customer.

Speaker #3: I mean, what is the new order?

Speaker #2: In order to what Sandeep said, I would like to highlight that this commodity price increase is a market phenomenon. It is applicable to all the competitors.

Speaker #2: So obviously everyone has to factor in the increased level of commodity price and their costing while making the bid. So overall demand demand supply dynamics doesn't change because of change in the commodity prices.

Speaker #3: Okay. Thank you.

Speaker #1: Thank you. The next question is from the line of Umesh Raut with Nomura. Please go ahead.

Speaker #3: Hi sir. Good evening. Thanks for this opportunity. My first question is pertaining to synchronous condenser packages which are being floated recently. There were, I think, a couple of packages and each having project cost of about 7 to 8 thousand crore.

Speaker #3: So what could be our scope of work in these projects? What we can supply from India operations?

Speaker #2: So Singra, thank you Umesh and good evening. So synchronous condenser is manufactured by GE Vernova but that is not part of grid portfolio. But the transformer and the bay which comes with the synchronous condenser, that can be our part of the scope.

Speaker #2: Which is a very small as compared to the synchronous condenser.

Speaker #3: Okay. Okay. So if I understand correctly, that portfolio is available in the parent entity. Is that is that fair as of just?

Speaker #2: Yes.

Speaker #3: Oh, okay.

Speaker #2: And normally synchronous condensers are basically a type of a generating equipment. So we are at TND players. So that generating manufacturing capacities are not available with this entity.

Speaker #3: Understood. Understood. Second question is pertaining to STATCOM. I think there were a couple of I think there were cases in Gowda in the month of June, May as well.

Speaker #3: And I think there were some certain earnings instabilities in the grid. And now there is a urgency in terms of floating out tenders for STATCOM.

Speaker #3: So do you think I think these tenders materially pick up in next few months?

Speaker #2: Yeah, it should pick up. I think what you're saying is right that with the Gowda that the amount of generation we lost. I think this should create more opportunities for grid stability.

Speaker #2: Opportunities.

Speaker #3: Understood. Understood. Last question is pertaining to capacity allocation. I mean, we kind of cater to domestic demand and at the same time to exports and then with respect to our parent entities as well.

Speaker #3: So how do you assess capacity which is kind of available for three different type of opportunities and considering that there were a couple of RPT approvals which were in phase or near term in terms of I think the order awarding.

Speaker #3: So would that be a case where you were slightly more selective in domestic market and last six months while going into bidding?

Speaker #2: So thank you Umesh and so I think you have to find a balance. So basically we keep on a very close watch and the opportunities which do come in.

Speaker #2: Like for example, if it is an RPT opportunity then what kind of time frame the order is getting decided, what kind of deliveries they are looking forward to, what kind of domestic opportunities are coming, are they overlapping in terms of deliveries, not overlapping.

Speaker #2: So we have a constraint mechanism by which these opportunities are tracked. And accordingly the decisions are taken that for example in RPT also what is the maturity stage?

Speaker #2: For example, suppose the maturity stage is not there but it is like 24 months delivery then whether it's going to be 24 months from now or it is going to be 24 months after six months.

Speaker #2: That's a conscious call we take and then accordingly we target whether it is export or whether it is domestic. But that challenge is always there in terms of domestic as well because for example if you are putting a bid where you have a three months validity and then you have other places where bids are going.

Speaker #2: So there again you have a three months validity. You have to take a conscious call what is more targeted where to put more aggressive and how to plan the capacities.

Speaker #3: Understood. Understood. Last question pertaining to current capacity utilization. How it is varying as of now?

Speaker #2: I would say it is consistent with whatever we have been explaining in the last few calls that if you have the factories we are loaded pretty well and few factories we still have opportunity to grow.

Speaker #2: So that remains our position and I think that is understood.

Speaker #3: Okay. Thank you. Thank you so much.

Speaker #1: Thank you. Our next question comes from the line of Mahesh Patil with ICICI Securities. Please go ahead.

Speaker #4: Yeah. Hi sir. Thanks for the opportunity. So my first question is on this power grid mentioning that TPCB project timelines. They have the approvals have gone up from 18 to 24 months earlier to now around 24 to 30 months.

Speaker #4: So how does that impact us or our calculation in terms of our order cycling and capacity utilization and capex plans? You can just throw some color on it.

Speaker #2: Sir, on the capex side it is not going to impact anything. On the capacity utilization of course they are whatever orders we have they are with a definite time frame.

Speaker #2: The orders what we have received I think the impact which can come on the ordering part is that suppose it goes to so it has for few project if it's gone to 30 months so there the customer so for example earlier when it was 18 to 24 months as soon as the customers were winning in like one to two months they were deciding the order in the market.

Speaker #2: But as it becomes 30 months then they have some obviously a quarter like maybe three to four months where they can take a decision.

Speaker #2: So the ordering cycle gets slightly stretched in the case when it becomes 30 months.

Speaker #4: Okay. Got it. And sir second question is on the margin profile. If you can if you can throw some color on the margin profiles of our key market segments like let's say data center is picking up then we are doing also transmission.

Speaker #4: So if you can just throw some color subjectively how does that vary between our key market segments?

Speaker #2: Yeah. Hi Mahesh. So margins by market segment or customer type is something that we don't share. That's a very confidential part of our business strategy.

Speaker #2: However we do have shared in the past at exports generally have better margins to the extent of four to six percent compared to the domestic orders.

Speaker #4: Okay. Yeah. Got it. Thank you.

Speaker #1: Thank you. The next question is from the line of Arunachalam an individual investor. Please go ahead.

Speaker #5: Good evening sir. First of all congratulations on your numbers. See I just wanted to know update on the Vellum project the 55 crore project which he had decided to roll out sometime in December 2026.

Speaker #5: Is it the deadline exactly to be met or how is it?

Speaker #2: So we are working on that project I think part of the capacity we should be able to come up with in Q1 of 27.

Speaker #2: That is there. But the balance capacity will come I think probably by end of 27. So we are working towards it.

Speaker #5: Thank you sir.

Speaker #1: Thank you. Our next question comes from the line of Vidhi Shah with CR Kothari and Sons. Please go ahead.

Speaker #6: Hello sir. I know what it is.

Speaker #2: Yeah.

Speaker #6: Sir, I wanted to understand what kind of margin profile and asset term can we look at in the next coming year?

Speaker #2: Did you be answer this that for the financial year 26 27 we continue to maintain our beta guidance of mid 20s.

Speaker #6: Okay. And asset terms sir?

Speaker #2: So asset terms we don't typically calculate it that way because in our business the assets can be utilized differently because capacities are fungible. For instance if we use the assets for accuracy project that's the asset terms become quite significant.

Speaker #2: But because accuracy projects have lot of bought out components etc. So internally as an internal management we are not working on capacity utilization in terms of asset terms but as we look forward to specific project that we can execute using our existing capacities.

Speaker #6: Okay. Thank you and all the best sir.

Speaker #1: Thank you. Our next question comes from the line of Shivang Pandya from Upper Crust Wealth. Please go ahead.

Speaker #7: Hello. Am I audible?

Speaker #2: Yeah.

Speaker #1: You're audible.

Speaker #7: Yeah. With all the dividends scaling rapidly and cash is also growing how are you thinking about the balance between shareholder returns funding capacity expansions especially as global peers like Quality Power Hitachi are actively acquiring niche capabilities to capture the same HPDs and banks demand wave?

Speaker #2: So Shivang I already mentioned in the call in the beginning as well as answered to one of the investors. That out of the 29 billion cash we have we have already announced utilization of almost 45% of that cash in the form of dividend as well as capex.

Speaker #2: So we have already announced 10 billion of capex and about 2.5 billion annual dividend. And as I mentioned we continuously as management and board look forward to the balance between shareholder return and next cycle return of the investment.

Speaker #2: The amount which remains unutilized is parked in the cash pool facility and fixed deposit. And we continuously look forward to all the investment options a good part for us is that our business to a large extent is already comprehensive.

Speaker #2: We have almost all the product range in terms of the HP equipment portfolio. And wherever we could do the capacity expansion we have already announced.

Speaker #2: One important point you will note is that most of the capacity investment that we have announced 10 billion is largely within our existing plans where we already had the surplus land which means that we don't need to invest in land but we can have better return to the shareholder.

Speaker #2: By investing in the existing facility and the land was taken long time ago so it's a very very lower rate as compared to the current prices.

Speaker #2: So that is how we try to maximize the shareholder return by making a maximum utilization of our assets. And investment. And the last point is that we have been continuously communicating in last multiple calls that we also have a very good mechanism of working on lead which means continuous improvement in our existing facilities while the capex may not look to be significant but the output of that investment is very significant in terms of revenues and return to the shareholder.

Speaker #1: Right. Right. Thank you so much. Thanks. Thank you. Our next question comes from the line of Prateek Dharmshi with Union Mutual Fund. Please go ahead.

Speaker #7: Yeah sir. Many congratulations for a great set of numbers. Just one question from my side. Considering so much of capacity additions from the competition expected over next couple of years do we reckon the demand supply dynamics to be in a oversupply zone maybe after two three years or you are confident on the cycle?

Speaker #7: How should one look at it?

Speaker #2: I think you are right. If you look at the only the domestic demand that definitely if the capacities which are expanding are going to feed only the domestic market then yes we look at a oversupply situation.

Speaker #2: But today if you look at energy transition which is happening globally and there's a big shortfall in the availability of the equipments globally. So my assessment is that a large part of this capacity will also be used to feed the export market or the global demand.

Speaker #2: I think there will be there will and of course we look at India market also growing so with this growth and the exports we should still be in a position to retain the balance of demand and supply.

Speaker #7: Got it. Yep. Thank you.

Speaker #1: Thank you. Our next question is from the line of Jason Soans with IDBI Capital. Please go ahead.

Speaker #4: Yeah sir. Thanks for taking my question again. Just basically I mean might sound very basic but sir just wanted to understand because this figure kind of you know varies from project to project.

Speaker #4: So just some clarity on that. So of course when an HVDC project comes through BAMA South Korea I'm probably 25,000 crore odd worth project cost.

Speaker #4: So what is the typical size of our addressable market from this? You could just give me a ballpark number. I mean I understand project to project is different but just as a ballpark what will be GE share from this 25,000 crores odd?

Speaker #2: So given this project is under bidding so as of today we'll not be able to share any numbers on this.

Speaker #4: Okay sir. For a typical order probably then you can share what percentage of can be our addressable size?

Speaker #2: No sir. That's again you said that it will be different. For example suppose similar projects under it is a 1,000 kilometer line or a 2,000 kilometer line.

Speaker #2: The share will change you know.

Speaker #4: Okay. Sure sir. Sure. Thanks for that. Thank you.

Speaker #2: Thank you.

Speaker #1: Thank you. We have no further questions. Ladies and gentlemen I would now like to hand the conference over to Ms. Megha Gupta for closing comments.

Speaker #1: Over to you ma'am.

Speaker #5: Thank you all for joining the call today. We hope the insights provided by our speakers have been informative and valuable to you. We value the trust and support of our investors and analysts and ensure to remain committed to maintain transparent communication and fostering strong relationships.

Speaker #5: If you have any further questions or require additional information please do not hesitate to reach out to me or our communications leader. Thank you.

Speaker #1: Thank you. On behalf of GE Vernova TND India Limited that concludes this conference. Thank you all for joining us. You may now disconnect your lines.

Browse all earnings call transcripts

Q1 2027 GE Vernova T&D India Ltd Earnings Call

Request TrialDemo

GE Vernova

Earnings