Ladies and gentlemen, good day and welcome to the conference call hosted by GE Vernova T&D India Limited for Quarter One of Financial Year 2026-2027. As a reminder, all participant lines will be in the listen only mode, and 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, and over to you, Ms. Gupta. Thank you, Robin. Good evening, everyone, and welcome to GE Vernova T&D India Limited Earnings Call for Quarter One of Financial Year 2026-2027. I am Megha Gupta from Investor Relations team. During the call, we will discuss company's financial performance, including operational highlights, and we will share key updates. I am 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, and actual results may differ materially from those expressed or implied. Now I will hand over the call to Mr. Sandeep Zanzaria to initiate the discussion. 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 GW of non-fossil capacity addition by 2030 and the roadmap towards 800 GWs by 2035. 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, which are expected to add around 30 GW of India's peak demand over the next five-six years. At the same time, distribution losses remain a persistent drag on the system. The national AT&C losses average stood at just over 15% in FY 2025, 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, where 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 the first quarter, 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. The primary reason for the lower order intake was due to lower realization of PGCIL market in Q4 2025/2026. 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 209.3 billion as of June 2026 versus INR 213.6 billion as of March 2026, down by 2.5% quarter-on-quarter. Order backlog stands at more than three years of our revenue for FY 2025/2026. 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 1.25x. 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 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? 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 NEA Khimti site, which is going to be the first stone in the backbone of 400 kV in Nepal. Post that, we have also partnered with Adani 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, and in this journey, we commissioned or added transformation capacity for PGCIL, Resonia NLP. Similarly, a lot of new bays have been commissioned for our customers like Renew, Tata Projects, Adani, BVP. 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. Thank you, Abhishek. Good afternoon, good evening, everyone. 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 built. We secured CTs and CVTs from GE Vernova entity in North America. This order is different from the Mitchell RPT approval that we had secured from the shareholder. For that Mitchell RPT order, the group entities are still under discussion and negotiation with the end customer, and we expect that decision to get finalized in the next three-six months. We also secured the 400 kV GIS order from GE Vernova entities in Spain and Morocco. 155 MVA, 245 kV transformer for a semiconductor customer. Multiple orders for supply of grid automation packages from state utilities, EPCs, and data centers. 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 as we closed FY 2026 with. I will characterize this as a healthy number given the pace at which we are converting that backlog into revenue. Turning 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 18.3 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. Gross margins moderated to 41.3% from 48.4% a year ago, and 47% in the last quarter. In our business, comparison with annual margin is a better reference point. During FY 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%. The execution of very high profitable export order in the last financial year. This resulted in 1- 1.5 percentage of reduction in the gross margin. Number two, there is some impact of elevated commodity prices impacting lower savings in execution compared to initial plans. 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. Number three, about 2- 2.5 percentage 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. Moving to profit before tax. Profit before tax for the quarter was INR 4.9 billion, up from INR 3.9 billion in the quarter one of financial year 2026, with finance costs remaining negligible and reflecting our continuous zero debt position. On the balance sheet and capital allocation side, we generated INR 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. Out of this cash balance, the 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 2.5 billion of dividend in quarter two, 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. Private customers now account for 77% of our backlog, with central utilities and PSUs contributing another 21%. State securities exposure just down to 2%. This is consistent with the out-of-pocket de-risking trend we have discussed in prior calls. 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. We are confident of converting our 209 billion backlog profitably over the coming years. With that, I'll hand over for the Question and Answer. Thank you very much. We will now begin the Question and Answer session. Anyone wishes to ask a question, they press star one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star 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 Sameer Thakur with Ambit. Please go ahead. Hi. Thanks. Just wanted to check on this U.S. data center order for which you had RPT approval of up to INR 1,300 crores. 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? Yeah. Thanks. That's the first one. 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 quarter two or quarter three of this financial year. 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? We had two approvals. I would like Sandeep to answer that. Sameer, thanks for the question. Basically, the approval was just for INR 3,000 crores. That project has been put under hold as of today by the customer. When the customer reinitiates 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, I think, I don't see any order getting closed by September. Probably when that opportunity becomes live, we'll have to again go back to the shareholders for revalidation. 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 eLumina HVDC. This South-Kala Amb project is still not awarded. What is your view here? Do you see any risk of delays or cancellations here? South-Kala Amb, the bidding has already happened for the developers, and I think the first stage bidding bid 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, but the risk is not going away. Okay, thank you. I'll get back in the queue. Thank you. Thank you. Our next question is from the line of Parikshit Kandpal with HDFC Securities. Please go ahead. Yeah, hi, sir. Congratulations on a decent quarter. My first question is on the export orders in this quarter seems to be on a very high run rate. Typically, third-party exports used to be about INR 800,000 crore 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? 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. This quarter we have seen a much higher run rate. That's what you're saying, right? 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 parts of the transaction. Is it better now? Yeah, slightly better. Okay. Parikshit, basically see that it all depends upon the opportunities which are coming. You know that not only from data center opportunities. Apart from that, when the data center opportunities are being developed in U.S., there is a lot of utility pipeline also getting generated in the U.S. I think there's a lot of orders which have come from utility customers in U.S. as well. Of course, we have closed some two packages 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 opportunity pipeline for the last quarter was much better, and accordingly, the instrument transformer, a big pipeline got converted. Thankfully, yes, it's close to about INR 550 crores what we booked around for the exports. No, sir. I'm not able to understand it. The voice is really unclear. I don't know. Might be poor. I think can we disconnect and reconnect? Check with operator. Are you able to hear us? Hear us. Ma'am, I will reconnect your line. One moment, please. Ladies and gentlemen, we have reconnected with the management. Over to you, sir. Parikshit, is it better now? Yeah, much better. Thank you. Thanks for the confirmation. The pipeline this time, because of the utility customers in U.S., the requirement for instrument transformers, et cetera, was much better. We had few opportunities of 400 kV GIS, side opportunities. Everything contributed to a much better pipeline and order realization in the export side. Okay. Sir, these RPTs are back to back. There has been delay in both the RPTs, the bigger one, INR 3,000 crore, I mean, you said now it is put on hold, and if the client decides, it come back for again approval. Same thing is happening for data centers. Is it the overall concern around, is it the geopolitics or is it concerns around data centers? 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? 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 on under hold for some time. We are just waiting for them to resolve the internal things and then re-initiate the process of it. Regarding the data center opportunities in U.S., et cetera, yes, because we were very close to the final negotiation going. There were certain other aspects like change of location, change of state. When the state changed, then that complete solution is to be reworked because of different voltages, et cetera. I think there were certain factors which were beyond the control of GE Vernova. That is why this, the whole opportunity has got shifted. Both of them are shifted but can come back. As of now, limited clarity, but as and when they come back then we get it re-initiated or reapproved. Both of them are not lost. Just the last thing on the, how's the now new RPT pipeline developing? Any color on that, for the upcoming approval season? I think 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, but as and when it comes, we'll be coming to the shareholders. Okay. Just one thing I wanted to check, sir, on domestic ordering. I mean, we have seen often 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 have also not seen this for Power Grid coming. I mean they were there last couple of years, this year we've not seen, I mean for some quarters. How is the demand shaping up on the domestic ordering? I think if you look at January to March, for TBCB pipeline was a pretty soft pipeline. 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 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. 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. Okay. Sure, sir. Thank you. I think those are my questions. Thank you, Parikshit. 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. 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. 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. Yeah. 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. 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 those data center opportunities, but is it going to materialize in next quarter or maybe next two or three quarters? This is something yet to be seen. 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're factoring in for this year. 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. 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 margins? Amit, we maintain our guidance of mid-20s EBITDA for the year. There is no reason that we should deviate from that right now. Understood, sir. Thank you. Thank you so much. Thank you. Our next question is on the line of Jason Soans with IDBI Capital. Please go ahead. 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? 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 makes had been considered, and the bidding had happened in Power Grid. Regarding with the private, whatever private has won the TBCB bid, they have not yet started the discussions. The impact of this Chinese on the GIS, we'll come to know once this thing 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 like 60%, 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. 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%, 70% local content, that capability also needs to be understood. Sure, sir. My next question, sir, pertains 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 which you mentioned were not audible. Could you just repeat that just for clarity's sake? Yeah. Yeah. 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, 2025/2026. Because in our business, a full financial year makes a better representation rather than comparing on each quarter basis. Right. 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 reasons for this. 2%-2.5% of the impact is due to the ramping up of higher revenues 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. Right. Overall EBITDA is 25.1% compared to 27.1% in the last financial year. Other two reasons are approximately 1%-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 prices resulting into the lower execution savings that we anticipated compared to our initial plan. Sure, sir. That's very clear. Thank you so much for repeating that. That's all from my side. Thank you so much. Thank you. Our next question comes from the line of Anuj Jain with Globe Capital. Please go ahead. Hi there. Good evening. I just have one question. Apart from group level, what is our order book? The order. Anuj, overall order that we booked for the quarter was INR 11.4 billion. Out of this, roughly INR 5.5 billion was from the export side. Our business largely, I don't have exact splits for the quarter, but 90%, 95% of orders are coming from the group entities. We can assume roughly INR 5 billion of the order or a broader basis coming from the group entities. Excluding that, we can consider INR 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. Total order book, since you are saying about the quarter, I'm talking about the total order book of 20,900 odd something, out of that. Okay. That is the order backlog which we have. Yeah, right. Order backlog. Right. It's about INR 20,900 crores. We generally do not give a breakup of the backlog in export versus domestic. I'll give you some broader color. Export in the total orders we handle backlog should be about 10-15%, in that range. Okay, sir. Got it. Got it. Thank you. That's it from my side. Wish you all the very best. 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. 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. Please go ahead. Hi, sir. Thanks for the opportunity. Just one, I have one quick clarification on the RPT approvals that you have. You have the INR 1,300 crore, which is for the U.S. 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 crore RPT approval is for? Is that one single project or is that multiple projects? That was one project and that was not a U.S. project. That was a different project altogether. Understood. Currently, you've got INR 4,300 crores of RPT approvals, where the orders are still pending, just to clarify. Yeah. Out of that, INR 3,000 is going to expire by this AGM. It will be only INR 1,300 which will be left. Understood, sir. Secondly, just in your last earnings call, you discussed being confident around base order flows of INR 7,000-INR 8,000 crores a year. This quarter you've done around INR 1,100 crores. Of course, you mentioned that the pipeline TBCB business is soft for this quarter, but it's picking up. Do you remain confident on the INR 7,000-INR 8,000 crore base orders coming through for the full year? Or are you expecting it to miss that guidance? No, we remain confident on. Got it. Just lastly, on the commodity prices. You mentioned that versus FY 2026, your margins in the first quarter 400 basis points lower. You explained that about 300-400 basis points is from the export mix as well as ramp-up in the High Voltage Business, where gross margins are lower. On the elevated commodity prices, 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? I just want to understand how that is working out. Thanks, Shirom. I will answer it little differently and break it into two pieces just to 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 a standalone supply of transformer to the customer or is a part of a T&D project. In that scope, we get a price escalation. All the commodities like CRGO, steel, et cetera, there is a formula embedded in the contract basis which we get the compensation. That part of the business is not impacted. The other part of business, rest of the businesses, which GIS, turnkey portfolio, et cetera, where we have our approach of building the estimated cost of commodity prices based on our past trends and the future expectation of the commodity prices. Now, with this approach, we have been very successful in the past, as we see our order to execution cycle has a gap of say 18-24 months when we take the order and when we execute the order. Which effectively means, yes, now as we build for the new tenders, we will continue to include the new prices. The impact is likely to come in the execution in the future period. I can just give you confidence that we have a very disciplined policy in terms of costing and going to market in the pricing. Same has been really maintained over the period of years. Thank you. Thank you. Our next question is from the line of Subhadip. I'm sorry, the Subhadip Sujit Mitra. Shirom, are you still connected? Yes, ma'am, you are still connected. Let's take a confirmation that my answer to the last question was duly audible to everyone. Sir, you are audible. The participant from the queue has dropped. All right. Thank you. Thank you. Our next question is Subhadip Sujit Mitra from Nuvama. Please go ahead. 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 Prolec and some larger, I think, transformer orders that Prolec has received over there. Do we see an optionality that the global factories, including the India factories, will likely benefit from these large orders in the U.S.? Yes, it will benefit, Subhadip. Okay. Any ballpark TAM that can come in India's direction? That will all depend upon what kind of order, what kind of rating. It will be a mix. Difficult to predict because that will all depend upon individual opportunities. Understood. Also on the margin side, do we see any lumpiness in margins possible going ahead? While we understand that this quarter there were multiple reasons for margins to have come off, but similar peaks and troughs can happen in future. Would you expect a range of margins somewhere between the mid to high twenties, or you would still want to stick to the mid-twenties? Subhadip, as I mentioned earlier, EBITDA margin of the quarter is in line with the mid-20s that we have been consistently guiding for. Obviously last quarter when we guided for, we had seen the commodity prices going up, and hence the guidance was there. We continue to maintain that band for the financial year 2026, 2027 as of now. Thanks. That's very clear. One last question from my side is, are you able to see the commodity costs pass through, carry on through pricing in the existing order inflows? Subhadip, thanks for this question. I answered this to the previous caller in the previous question. As I explained, there are two parts of our business. Transformer business gets the price escalation clause, irrespective of whether it's a direct supplier as a part of HVDC business. It's a well-defined formula by IEEMA, which gets good compensation of the commodity price increase. For rest of the business, which is non-transformer business, we anticipate the cost of commodity prices based on our past experience and future expected prices. We'll continue to work with that same disciplined approach. As I mentioned that generally there's a lag between the new pricing and the execution. Which means that if for the current orders, we build in the new cost in our tender, those projects will come in execution with a higher compensation in the future, which is a lag of, say, one year to two years in the execution cycle. Okay, perfect. That amply answers the question. Thank you so much. Thank you. Our next question is from the line of Abraham, an individual investor. Please go ahead. Hi. My question was on order inflow for this quarter. We have seen that order inflow as compared to last year, as well as compared to previous quarter, the order inflow was less. I heard that you have covered in the start of the call, but your voice was not clear. What gives you confidence that the order inflow will increase from here on? Thank you. The pipeline for TBCB project is now getting better. That gives the confidence, because when we see from January to March, the pipeline for the TBCB was muted. Now from May onwards or June onwards, not May, but I would say June onwards, the pipeline has picked up. That gives us the confidence that the order numbers will be better now. Thanks. Thanks a lot. Thank you. Our next question comes from the line of Venkatesh S from Logic Tree. Please go ahead. Hi, Sushil. 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. If you take a three or four year view, is there a vision that you have for GE Vernova? Are you looking at some kind of a number? How can the split be, say, data center exports and domestic HVDC? Can you give me a big picture view? Sorry, I think this is not the forum because this will be like kind of a forward-looking statement, so we'll not be able to share any big picture view on the call. 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, would that be a possibility? Yeah. I think this is Sushil this side. Maybe I'll try to give some color and answer it differently. First of all, the take-up that we are taking, typically we don't give it because we look this as a one integrated portfolio. If we see the past trend, this take-up changes significantly year on year, quarter on quarter, depending on the execution of different types of projects. On an overall basis, we have a revenue growth of 38% in this quarter, driven by the ramp-up of the execution of the high backlogs. Our backlog stands at INR 209 billion now. This high backlog gives us a confidence that we have the potential to grow at a significant pace in the future also. Because the current backlog is roughly 3.5x of our revenue, and this is a multi-year high, and the backlog gives us multi-year visibility. However, the growth will not be linear, meaning financial year 2027 and 2028 will continue to see a healthy growth in terms of our core portfolio, which is project and products export all put together. The HVDC backlog, that has a back-ended execution as per the typical structure of the HVDC projects, we see a meaningful growth from the financial year 2029 onwards. Our growth visibility overall is over, meaningful in next couple of years, but has significant improvement in the financial year 2029 onwards. This is the execution of HVDC. Right, sir. Two more questions. One is, can you guide us what is the kind of, based on the projections for the future, over the next 12- 24 months, what is the CapEx that you would probably be planning? We already announced the CapEx of about INR 10 billion in the last financial year. We have INR 29 billion of surplus cash available. As I mentioned in the beginning, INR 10 billion is there for CapEx that we already announced. INR 2.5 billion for dividends. We have roughly another INR 16 billion of surplus cash over and above the announced plan. As I said in the beginning, the management and the board continuously evaluate whatever options available for the company for maximizing the returns to the shareholder. As of now, there are different options under evaluation, but since nothing is concrete, and as per the requirement also, we need to inform to the stock exchange in case of such CapEx plans. It is difficult to call out a number in this call because nothing is firmed up as of now. Right, sir. Last question from my side. If you look at the competitive scenario apart from the Chinese suppliers, et cetera, the three or four major players in the Indian markets, Siemens or Hitachi or yourself, et cetera. What do you think can be GE Vernova's competitive advantage compared to the other serious players? Of course, technology, lean, and when we talk about localization. These three we feel are the distinct advantages that we have. Okay, sir. Thank you very much. I'll join the queue. Thanks. Thank you. The next question is from the line of Sameer Thakur with Ambit. Please go ahead. Hi, thanks for taking the question again. I just have one. Just coming back to the competitive scenario here. Are you seeing any competition from Tier 2 suppliers? Has that increased recently? Are you seeing any risk to market share in domestic market from Tier 2 suppliers or the big ones? It's not that the competition from Tier 2 supplier is only now. The competition from Tier 2 suppliers has been for some time. That also depends upon product to product. For example, when you look at circuit breakers or when you look at, for example, gas insulated switches, et cetera, or automation products, et cetera, you don't have a software side. You don't have much of a competition coming from Tier 2 suppliers. In some domain it is there, some domain it is not there. In the other domain, it has been there for some time now. Okay. Thank you. I'm not sure if it's a repeat because I got disconnected in between. For pricing in the new orders, so how do you see that? 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. How do you see the pricing in the orders? Has that stabilized over a year or that is also increasing? The transformers and all, whatever is the impact of the material which is there has been, we're able to pass on to the customer, but we've not been able to pass on extra margins, et cetera, to the customer. What is the new orders? In order to what Sandeep said, I would like to add that this commodity price increase is a market phenomenon. It is applicable to all the competitors. Obviously, everyone has to factor in the increased level of commodity price in their costing while making the bid. Overall demand supply dynamics doesn't change because of change in the commodity prices. Okay. Thank you. Thank you. The next question is from the line of Umesh Raut with Nomura. Please go ahead. Hi, sir. Good evening. Thanks for this opportunity. My first question is pertaining to synchronous condenser packages which are being quoted recently. There were, I think, couple of packages and each having project cost of about INR 7,000 crore-INR 8,000 crore. What could be our scope of work in these projects? What we can supply from India operations? Thank you, Umesh, and good evening. Synchronous condenser is manufactured by GE Vernova, that is not part of grid portfolio. The transformer and the bay which comes with the synchronous condenser, that can be our part of the scope, which is very small as compared to the synchronous condenser scope. Okay. If I understand correctly, that portfolio is available in the parent entity. Is that fair assumption? Yes. Okay. Normally, synchronous condensers are basically a type of generating equipment. We are a T&D player, that generating manufacturing capacities are not available with this entity. Understood. Second question is pertaining to STATCOM. I think there were cases in Khavda in the month of June, May as well, there were some certain instabilities in the grid, now there is an urgency in terms of floating out tenders for STATCOM. Do you think these tenders materially pick up in next few months? Yeah, it should pick up. I think what you're saying is right, that with Khavda, the amount of generation we lost, I think this should create more opportunities for grid stability opportunities. Understood. Last question is pertaining to capacity allocation. We kind of cater to domestic demand at the same time to exports with respect to our parent entities as well. How do you assess capacity which is kind of available for three different type of opportunities? Considering that there were a couple of RPT approvals which were in play for near term in terms of, I think, the order awarding. Would that be a case where you were slightly more selective in domestic market in last six months while going into bidding? Thank you, Umesh. I think we have to find a balance. Basically, we keep on a very close watch and the opportunities they do come in. Like for example, if it is an RPT opportunity, then what kind of timeframe the order is getting decided, what kind of deliveries they are looking forward to, what kind of domestic opportunities are coming up, they are overlapping in terms of deliveries, not overlapping. We have a constant mechanism by which these opportunities are tracked and accordingly the decisions are taken that, for example, in RPT also what is the maturity stage. For example, suppose if the maturity stage is not there but it is just like 24 months delivery, then whether it is going to be 24 months from now or it is going to be 24 months after six months, that is a conscious call we take and accordingly we target whether it is export or whether it is domestic. 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-month validity and you have other places where bids are going. There again, we have a three-month validity. You have to take a conscious call, what is more targeted there to put more aggressive and how to plan the capacities. Understood. Last question pertaining to current capacity utilization, how it is faring as of now? I would say it is consistent with whatever we have been explaining in the last few calls that few of the factories we have loaded pretty well and few factories we still have opportunity to grow. That remains our position and I think that it is. Understood. Okay. Thank you. Thank you so much. Thank you. Our next question comes from the line of Mahesh Patil with ICICI Securities. Please go ahead. Hi, sir. Thanks for the opportunity. My first question is on this Power Grid mentioning that the TBCB project timelines, the approvals have gone up from 18-24 months earlier to now around 24-30 months. How does that impact us or our calculation in terms of our order cycling and capacity utilization and CapEx maps? If you can just throw some color on it. Sorry, on the CapEx side it is not going to impact anything on that capacity utilization. Of course, whatever orders we have, they are with a definite timeframe, the orders that we have received. I think the impact which can come on the ordering part is that suppose it goes to a few projects, it has gone to 30 months. For example, earlier when it was 18-24 months, as soon as the customers were winning in 1-2 months, they were deciding the order in the market. As it become 30 months, then they have some, probably a quarter, like maybe 3-4 months where they can take a decision. The ordering cycle gets slightly stressed in the case when it becomes 30 months. Sir, second question is on the margin profile. If you can throw some color on the margin profiles of our key market segments. Let's say data center is picking up, then we are doing also transmission. If you can just throw some color subjectively, how does that vary between our key market segments? Hi, Mahesh. Margins by market segment or customer type is something that we don't share. It is a very confidential part of our business strategy. However, we do have shared in the past that exports generally have better margins, that's in the four to six% compared to the domestic orders. Okay. Got you. Thank you. Thank you. The next question is from the line of Arunachalam, an individual investor. Please go ahead. Good evening, sir. First of all, congratulations on your numbers. I just wanted to know of update on the Vallam project, the INR 55 crore project, which you had decided to roll out sometime in December 2026. Is the deadline likely to be met or how is it, sir? We are working on that project. I think part of the capacity we should be able to come up with in Q1 of 2027. That is there, the balance capacity will come, I think, probably by end of 2027. We're working towards it. Thank you. Thank you. Our next question comes from the line of Vidhi Shah with C.R. Kothari & Sons. Please go ahead. Hello, sir. Am I audible? Yeah. Sir, I wanted to understand what kind of margin profile and asset turn can we look at in the next coming year? Vidhi, we answered this, that for the financial year 2026/2027, we continue to maintain our EBITDA guidance of mid-20s. Okay. Asset turn, sir? Asset turns, we don't typically calculate it that way because in our business, assets can be utilized differently, because capacities are fungible. For instance, if we use the assets for HVDC project, the asset has become quite significant because HVDC projects have lot of bottle component, et cetera. Internally, as internal management, we are not working on capacity utilization in terms of asset turns, but as we look forward to specific projects that we can execute using our existing capacities. All right. Thank you and all the best, sir. Thank you. Our next question comes from the line of Shivang Pandya from UpperCrust Wealth. Please go ahead. Hello. Am I audible? Yeah. You're audible. Yeah. With all the dividends scaling rapidly and cash reserves also growing, how are you thinking about the balance between shareholder returns, funding capacity expansions, especially as global peers like ORTEPower, Hitachi are actively acquiring niche capabilities to capture the same HVDC and FACTS demand wave? Shivang, I already mentioned in the call in the beginning as well as answer to one of the investors, that out of the INR 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. We have already announced INR 10 billion of CapEx and about INR 2.5 billion annual dividend. As I mentioned, we continuously as management and board look forward to the balance between shareholder return and maximized return on the investment. The amount which remains unutilized is parked in the cash pool in the facility and fixed deposit. 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. We have almost all the product range in terms of the HV equipment portfolio. Wherever we could do the capacity expansion, we have already announced. One important point you will note is that most of the capacity investment that we have announced, INR 10 billion, is largely within our existing plants, where we already have the surplus land. Which means that we don't need to invest in land, but we can have better return to the shareholder by investing in the existing facility. The land was taken long time ago, so it's at a very lower rate as compared to the current prices. That is how we try to maximize the shareholder return by making maximum utilization of our assets and investment. 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 lean, which means continuous improvement in our existing facilities. While the CapEx may not look to be significant, the output of that investment is very significant in terms of revenues and return to the shareholder. Right. Thank you so much. Thanks. Thank you. Our next question comes from the line of Pratik Dharmshi with Union Mutual Fund. Please go ahead. Yeah, sir. Many congratulations for great set of numbers. Just one question from my side. Considering so much of capacity additions from the competition expected over the next couple of years, do we reckon the demand-supply dynamics to be in an oversupply zone maybe after two, three years? You are confident on the cycle? How should one look at it? I think you are right. If you look at only the domestic demand, definitely if the capacities which are expanding are going to feed only the domestic market, then yes, we look at the oversupply situation. Today, if you look at energy transition, which is happening globally, there's a big shortfall in the availability of the equipments globally. My assessment is that a large part of this capacity will also be used to feed the export market or the global demand. Of course, we look at India market also growing. With this growth and the exports, we should still be in the position to retain the balance of demand and supply. Got it. Yep. Thank you. Thank you. Our next question is from the line of Jason Soans with IDBI Capital. Please go ahead. Yes, sir. Thanks for taking my question again. It might sound very basic, but sir, just wanted to understand, because this figure varies from project to project, just some clarity on that. Of course, when an HVDC project comes through Barmer South, probably INR 25,000 crore odd what project costs are, what is the typical size of our addressable market from this? You could just give me a ballpark number. I understand project to project is different, but just as a ballpark, what will be GE's share from this INR 25,000 crore odd? Jason, this project is under bidding, as of today, we're not able to share any numbers on this. Okay, sir. For a typical order, probably then you can share what percentage can be our addressable size. No, sir. That again, you said that it will be different. If I can suppose similar project comes where it is a 1,000 km line or a 2,000 km line, the share will change. Okay. Sure, sir. Sure. Thanks for that. Thank you. Thanks. 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. Over to you, ma'am. 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. 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. Thank you. On behalf of GE Vernova T&D India Limited, that concludes this conference. Thank you all for joining us. You may now disconnect your lines.