Can GE Vernova T&D India Become India’s Next HVDC Powerhouse?

SYNOPSIS: GE Vernova T&D India Limited is gaining attention after a large HVDC order, strong order backlog and fresh capex, prompting brokerages to see improving earnings visibility and long-term growth potential.

Shares of a leading player in the power transmission and distribution business, and the listed entity of GE Vernova’s Electrification segment in India, are currently in the spotlight. The big question is – will it become the next company to win big HVDC after Hitachi Energy?

You might have already figured out that we are referring to GE Vernova T&D India Limited. In this article, we’ll take a closer look at the company’s latest order wins, order book, capex plans, key execution projects and more.

GE Vernova T&D India Limited is a listed arm of GE Vernova’s Electrification segment in India and a leading player in the power transmission and distribution business. It provides a wide range of products, including power transformers, circuit breakers, gas-insulated switchgear, instrument transformers, substation automation, digital software solutions, turnkey substation solutions, FACTS, HVDC, and maintenance support.

With a market cap of Rs. 81,000 crores, the stock was trading in the red at Rs. 3,068 on BSE, up by around 3 percent, as against its previous closing price of Rs. 3,163. The stock has delivered positive returns of over 46.63 percent in one year, and has gained by around 2.83 percent in the last one month, keeping it firmly on investors’ radar.

Order Book, Capex and More

In Q2 FY26, the company’s Board has approved a capex plan of Rs. 806 crores aimed at significantly expanding the company’s manufacturing capabilities. The investment includes scaling up transformer and reactor capacity at the Vadodara facility by over 50 percent, setting up new manufacturing lines for air core reactors and bushings at the Hosur facility, and expanding capacities for GIS and AIS products at the Hosur and Padappai plants by up to 25 percent. 

The expansion is expected to be completed over a 3-year period from 2026 to 2028 and will be funded through internal accruals. This strategic capex is intended to support rising demand for power transmission equipment across domestic and export markets.

The company reported a healthy order intake during Q2 and H1 FY26. In H1 FY26, total orders stood at Rs. 3,226 crores, with Q1 contributing ~Rs. 1,620 crores and Q2 adding Rs. 1,606 crores. This compares with a higher order intake of Rs. 5,711.4 crores in H1 FY25, driven by a strong Q2 FY25 order intake performance of Rs. 4,682.4 crores. 

During Q2 FY26, key orders included multiple GIS and AIS substation projects across Gujarat, Karnataka, and Maharashtra from private TBCB players, renewable developers, and EPC companies. The quarter also saw orders for 765 kV AIS equipment, grid automation packages, and several export orders for AIS/GIS equipment to Europe, North America, the Middle East, and Africa, reflecting sustained domestic demand and growing international traction.

In terms of financials, in Q2 FY26, GE Vernova experienced a revenue from operations of Rs. 1,538 crores, representing an increase of around 16 percent QoQ and 39 percent YoY. Meanwhile, its net profit stood at Rs. 299 crores, indicating a rise of around 3 percent QoQ and 106 percent YoY.

Brokerages Outlook

I. Nuvama Wealth Management has reiterated its “buy” rating on GE Vernova, with a target price of Rs 3,680. According to the brokerage, the recent order win meaningfully strengthens medium-term earnings visibility, even though the stock is trading near its recent highs. 

On 20th December 2025, the company secured an order from AESL Projects Limited for the design and establishment of 2500 MW, ± 500 kV High Voltage Direct Current (HVDC) VSC Terminal Station (2×1250 MW) for the evacuation of renewable power from KPS 3 (Khavda) to South Olpad. Nuvama estimates the deal value at around Rs. 8,000-10,000 crores, which is significant compared with the company’s current order book of roughly Rs. 13,100 crores and its estimated FY26 revenue of Rs. 5,500-6,000 crores.

The brokerage highlighted that GE Vernova is now sitting on its highest-ever order backlog, offering strong revenue visibility for the next 30-36 months. It added that the long execution cycle of the HVDC project further supports earnings visibility over the medium term. Nuvama also pointed out that two more HVDC projects using Line Commutated Converter technology are likely to be awarded over the next 12-18 months, where competition is expected to be mainly between GE Vernova T&D India and Hitachi Energy India.

II. Nomura has also maintained its “buy” rating on GE Vernova with a target price of Rs. 4,000 per share, pointing to improved long-term growth visibility after a major HVDC order win.

The brokerage noted that the company has secured the Khavda-South Olpad HVDC project, which it values at around Rs. 10,000 crore. According to Nomura, this order significantly boosts long-term revenue visibility and further strengthens the company’s standing in the HVDC space.

Nomura also believes the company is well placed to win at least one more HVDC project by FY27, which could provide an additional earnings tailwind. It added that improving export traction, backed by an upward revision in guidance from the parent company, further supports the medium-to-long-term growth outlook.

Bottom Line

GE Vernova T&D India appears to be well-positioned within India’s expanding power transmission and renewable landscape, supported by a growing order book, rising HVDC exposure, along capex and capacity expansion plans. 

While recent large orders significantly enhance medium-term revenue visibility, execution timelines, and competitive intensity – particularly with players like Hitachi Energy India – and sustained order inflows will remain key factors to watch. Overall, the company’s outlook reflects improving fundamentals, balanced by typical project and execution risks.

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Trade Brains Technologies Private Limited or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.

The post Can GE Vernova T&D India Become India’s Next HVDC Powerhouse? appeared first on Trade Brains.