GE Vernova T&D India shares surged 9% to ₹4,750 following the announcement of a major renewable energy transmission project from Power Grid Corporation of India. The stock opened 8.77% higher at ₹4,750 and extended gains to hit an intraday high of ₹4,793 from the previous close of ₹4,367.20. As per NSE data, nearly 3 million shares changed hands around the same time, making it one of the most active stocks on the exchange. The company's market capitalisation stood at around ₹1.19 lakh crore based on Tuesday's trading. The stock has delivered more than 1,200% returns in the past three years, while in 2026 so far, the stock has been up over 46%, sharply outperforming the Nifty 50, which is down around 9% over the same period.
GE Vernova T&D India has emerged as the L-1 bidder for a major renewable energy transmission project from Power Grid Corporation of India. According to the company's exchange filing dated September 7, Power Grid has issued a letter informing GE Vernova T&D India that it is the L1 bidder for the design and establishment of a 6,000 MW, ±800 kV High Voltage Direct Current LCC Terminal Station for evacuation of renewable power from Barmer-II renewable energy zone to South Kalamb. The project was offered under TBCB (tariff-based competitive bidding) with a winning tariff quote of ₹3,240 crore, with the project value estimated at ₹25,000-26,000 crore, where the HVDC portion alone is worth at least ₹8,000 crore. The company will undertake the design, supply, and execution of the complete project, with the multi-year execution period providing revenue visibility once the contract is formally awarded. The filing, however, did not disclose the exact value of the contract.
The project win is expected to significantly boost GE Vernova T&D India's financial outlook, with PL Capital Group's Amit Anwani projecting a 15% increase in FY29 earnings estimates. The order is valued at around ₹25,000 crore with execution spread over the next five years. According to PL Capital, this could increase the company's order book by nearly 40% from ₹21,000-22,000 crore to over ₹30,000 crore. The stronger order book is expected to improve revenue visibility through 2031-32 (FY32)-2033 (FY33), making the order a significant multi-year growth driver. PL Capital has upgraded the stock to Buy with a target price of ₹6,000, based on a 60x multiple. Emkay Global has retained its 'Buy' rating and maintained a target price of ₹5,300, implying an upside of 21% from the previous close of ₹4,367.20. Once the order finalises in favour of GVTD, the order backlog will scale up to around ₹280 billion, providing revenue visibility of 4.2x its TTM revenue.
GE Vernova T&D India has undergone a remarkable transformation over the past five years, with the company going from a modest transmission equipment business to a high-value technology provider. The financial numbers demonstrate this dramatic change: revenue increased by 80% from ₹3,452 crore in FY21 to ₹6,206 crore in FY26, while operating profit jumped more than 11 times from ₹145 crore to ₹1,637 crore. Most significantly, operating margin expanded from just 4.2% in FY21 to 26.4% in FY26, representing a 22.2 percentage point improvement. Profit after tax surged 20.4 times from ₹60 crore to ₹1,233 crore over the same period. The order backlog has expanded nearly fivefold from ₹4,590 crore to ₹21,456 crore, reflecting the company's successful transition to higher-value technologies including high-voltage direct current, 765 kV equipment, digital grid solutions and renewable power evacuation systems.
Nomura has retained its Buy rating on GE Vernova T&D India and raised its target price to ₹6,000, calling the HVDC order win a landmark development that strengthens the company's long-term growth outlook. Nomura estimates the order could have an estimated value of around ₹13,000 crore, making it a major positive catalyst for the company. The brokerage expects GE Vernova T&D India to deliver a 31% compound annual growth rate (CAGR) in profit after tax between FY26 and FY29. Citi also maintained its Buy rating on GE Vernova T&D India, with a target price of ₹5,400, expecting revenue recognition from the project to begin from FY29, which it estimates could drive approximately 25% upside to its previous FY29 EBITDA and EPS estimates. Citi noted it had previously expected Hitachi Energy India to win the project, citing the company's higher local-content share in LCC-based HVDC systems and its execution bandwidth.
GE Vernova T&D India delivered strong financial results for Q1 FY27, with net profit jumping nearly 25% to ₹362.99 crore compared to ₹291.2 crore in the corresponding period last year. According to an exchange filing, total income rose to ₹1,877.98 crore in the June quarter from ₹1,346.43 crore in the same period a year ago. However, order bookings declined 30% year-on-year to ₹11.4 billion in the quarter, against ₹16.2 billion in Q1 FY26. Managing Director & CEO Sandeep Zanzaria stated that the company is investing in capex to strengthen capabilities across HVDC, transformers and reactors, gas-insulated switchgear, circuit breakers, instrument transformers, disconnectors, bushings, and air-core reactors to better serve customers.
