GE Vernova stock has gained approximately 30% since February 26, 2026, currently trading at ₹5,595.50 with a P/E multiple of 48.1, though this represents a significant premium to Jefferies' target price of ₹6,000 per share. The stock's latest trading level implies an upside potential of around 9% to reach Jefferies' target price. Despite the positive momentum, Jefferies maintains its Hold rating citing limited upside potential, while the stock faces what analysts describe as an "explosive" volatility regime with spiking near-term uncertainty. The company's total backlog grew to $150.2 billion in Q4 2025, up 26% year-over-year, indicating demand is vastly outpacing current revenue capacity.
Jefferies has initiated coverage on GE Vernova T&D India with a Hold rating and a target price of ₹6,000 per share, citing limited upside despite strong sector tailwinds. According to reports from The Financial Express, the brokerage values the stock at 65 times FY28 estimated earnings. In contrast, Jefferies has retained Buy ratings on Hitachi Energy India and Siemens Energy India, with target prices of ₹43,145 and ₹4,500 per share respectively, both implying around 17% upside. The latest developments show Bernstein has also launched coverage on GE Vernova with an Outperform rating and a target price of ₹1,190, representing a significant premium to Jefferies' assessment. However, analysts note that the extreme volatility prevents aggressive positioning, with the stock described as being in an "explosive" volatility regime.
Jefferies expects GE Vernova to deliver about 35-36% EPS CAGR over FY26-29E, as reported by The Financial Express. The brokerage expects this to support revenue CAGR of 29% over FY26-FY29 and EPS CAGR of 35% over the same period. However, Jefferies notes that the absence of large orders from the parent company during FY26 may limit gross margin expansion in FY28 and FY29. The company's Q4 2025 orders surged 65% organically year-over-year to $22.2 billion, with a book-to-bill ratio of approximately 2.0x, demonstrating strong market demand and execution capabilities. Additionally, Jefferies highlights that rapid growth in data centres could emerge as an additional demand driver for the power transmission and distribution sector.
According to The Financial Express, transmission project bids have already jumped from an annual run rate of about ₹390-400 billion in FY24 to over ₹800 billion from FY25 onwards. Management commentary from Power Grid and Adani Energy suggests this pipeline could stay above ₹800 billion through FY27-28 and potentially cross ₹1 trillion on a sustainable basis. Jefferies estimates a USD 100 billion-plus transmission capex pipeline over FY27-36, translating into over ₹14 trillion of national transmission opportunity. The brokerage has expanded its estimates, pegging India's national transmission opportunity at more than ₹14.36 lakh crore, including ₹7.93 lakh crore under the transmission plan for 900 GW of renewable energy by FY36 and another ₹6.43 lakh crore tied to the Brahmaputra basin pipeline across phases. Jefferies expects transmission capex to rise 2.2x to ₹5.9 lakh crore over FY26-FY30 from ₹2.7 lakh crore in FY22-FY26, while overall power capex could rise 2.4x to more than $270 billion over FY26-FY30.
As reported by The Financial Express, with only a handful of qualified high-voltage equipment suppliers and transformer manufacturing capacity expected to rise 80-90% versus FY25 levels—still lagging the demand trajectory—the brokerage believes "supply shortages should continue and pricing should remain firm," supporting margins for key OEMs. Jefferies estimates that roughly 40% of India's transmission spend is addressable to equipment suppliers, pointing to a sizeable and long-duration order funnel. GE Vernova currently holds 23% share in India's operational HVDC capacity and has moved ahead of Siemens Energy in market share across operational plus under-construction HVDC projects after securing the Khavda-South Olpad HVDC VSC project from Adani Energy in January 2026, which could translate into an order value of more than ₹6,500 crore. The company's high-margin services backlog stands at $86 billion, providing a durable recurring revenue stream with high visibility, while the Power segment benefits from new gas turbine slot reservation agreements priced 10-20% higher than current backlog, confirming strong pricing power.
