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Prabhudas Lilladher Report
We revise our FY25/26E earnings per share estimates of GE T&D India Ltd. by +38.0%/+32.4% factoring in better margin profile owing to operating leverage and upgrade the rating to ‘Hold' from ‘Reduce' with a revised target price of Rs 1,601 (Rs 1,100 earlier).
GE T&D India reported robust quarterly performance with 33.6% YoY revenue growth and Ebitda margin improvement of 1,193 basis points YoY to 19.0%. Grid integration and grid automation offerings along with components such as transformers are expected to sustain growth momentum driven by energy transition.
High voltage direct current will continue to remain focused growth driver with two projects to be awarded in next 12-18 months. Company's approach to selective high margin order booking and cost control initiatives are expected to yield better margins.
Robust order book gives significant revenue visibility with further opportunities available in high growth sectors such as data centers.
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