GE Vernova T&D India's order backlog has reached ₹33,430 crore following the recent award of the Barmer–South Kalamb HVDC-LCC project, valued at approximately ₹12,500 crore according to PL Capital estimates. This substantial backlog now represents nearly five times the company's FY26 revenue, highlighting the significant order book position. The project involves GE Vernova's scope for two HVDC converter stations, with civil work excluded from the company's responsibilities. As reported by PL Capital, the company's existing manufacturing capacity, supported by about ₹1,000 crore of capex, is positioned well for execution, with further investments linked to future project requirements.
Management expects the Barmer project to require approximately 4.5 years for completion, with only 10-15% of work expected to materialize in the first two years. Transformer lead times typically span about two years, making timely capacity expansion critical for meeting project deadlines. At the end of Q1FY27, GE's order backlog stood at ₹20,930 crore, while quarterly revenue rose 38% year-on-year to ₹1,840 crore. The execution of existing backlog has become the more immediate earnings driver, with project execution capabilities remaining well placed according to recent management interactions.
Nomura has highlighted GE Vernova T&D's robust HVDC pipeline, with the recent $1.5 billion order taking the company's estimated HVDC order book to around $2.2 billion. The brokerage expects the company's total addressable market excluding HVDC to expand to $8.5 billion by calendar year 2030 from $5.2 billion in calendar year 2025, representing a compound annual growth rate of around 10%. This growth is driven by investments in grid modernisation, renewable energy and artificial intelligence data centres. Export opportunities are also expected to expand significantly, with management projecting an 18% CAGR in export opportunities between CY25 and CY30, while the company's FY26 export order inflow of around ₹1,200 crore is expected to grow by 10% to 15% year-on-year.
GE Vernova T&D is undertaking significant manufacturing capacity expansion with plans to invest around ₹1,000 crore across transformers, air insulated switchgear and gas insulated switchgear capacity. According to Nomura, the company plans to increase transformer capacity by 50% and AIS and GIS capacity by 25% each by December 2028. It is also adding HVDC and VSC STATCOM valve lines by early 2027 and plans to build an AIS and GIS components plant by December 2026. The strong order book provides healthy revenue visibility, though execution of HVDC projects is expected to be more back-ended, with HVDC projects typically having an execution period of 48 to 54 months compared with 18 to 24 months for transformer projects.
PL Capital expects GE's FY27 revenue to increase to ₹8,239 crore from ₹6,206 crore in FY26, representing a 44.6% year-on-year growth. Management continues to guide for Ebitda margins in the mid-20s for FY27, compared to 27.1% achieved in FY26. Nomura notes that while a higher share of HVDC orders could lead to some gross margin dilution, management expects to sustain EBITDA margins beyond FY27 through operating leverage. Higher volumes, improved execution, and operating leverage are expected to support margin performance, with sustained demand and pricing power supporting a stronger growth cycle for the broader GE Vernova business through 2030 to 2040.
