GE Vernova T&D shares fell to a day’s low of Rs 4,051 on Thursday despite a 25% profit jump, dragged down by weak margins and falling orders.

Here’s the full picture. Net profit for the quarter rose 25% year on year to Rs 363 crore, up from Rs 291 crore a year earlier. Revenue jumped too, climbing 38% to Rs 1,836 crore from Rs 1,330 crore.

On paper, both numbers came in ahead of what analysts were expecting. But due to margins the stock falls. Profitability slipped to its weakest level since the March 2025 quarter, as the company dealt with rising costs and a smaller share of exports in its revenue mix this time around.

New order inflows also cooled off, dropping 30% year on year to Rs 1,140 crore from Rs 1,620 crore, well below the company’s usual quarterly pace. That said, the company isn’t slowing down on the investment front.

Managing Director and CEO Sandeep Zanzaria said GE Vernova continues to put money into expanding capacity across HVDC systems, transformers, switchgear, circuit breakers and related equipment, betting on long-term demand from India’s power grid build-out.

The company still carries a large pending order book, which stood at Rs 21,460 crore as of March, giving it a fair runway of work already lined up even with slower fresh bookings this quarter.

Shares had fallen as much as 6% earlier in the session before recovering some ground. As of around 12:50 pm on Thursday, GE Vernova T&D shares were trading at Rs 4,285.90 on the NSE, down 2.81% for the day.

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