GE Vernova T&D India Ltd has emerged as a standout performer in the datacentre equipment sector, gaining 110.55% in the last one year compared to a 5.46% slide in NIFTY and 13.15% decline in the Nifty Energy index. The stock continued its strong momentum, gaining 2.72% in the latest trading session and marking its third consecutive session of gains. As per Business Standard, the stock was quoted at ₹5,099.5 as of 12:49 IST on NSE, with the June futures contract trading at ₹5,145, up 2.68% on the day. The stock has also gained 11.37% in the last one month, significantly outperforming the broader market.
Global brokerage Nomura believes India's datacentre industry is entering a multi-year growth phase driven by accelerating digitalisation, cloud adoption and rising artificial intelligence-linked demand. According to Nomura's report, India's datacentre industry is likely to record over 30 per cent CAGR during CY25-30, outperforming the broader APAC market as the country emerges as one of the fastest-growing datacentre hubs globally. India's datacentre IT load capacity increased from around 350 MW in 2019 to nearly 1.5-1.6 GW in 2025, implying around 29 per cent CAGR compared with about 20 per cent globally, as reported by Cushman & Wakefield and Bloomberg.
India's share in global datacentre capacity has increased from around 1.5 per cent in 2019 to nearly 2-3 per cent in 2025. Nomura estimates India's datacentre capacity could reach nearly 7 GW by CY30, supported by visibility on more than 15 GW of incremental announced pipeline capacity over the next decade. The brokerage noted that demand is being driven by rising mobile data consumption, increasing enterprise digitalisation and growing adoption of cloud and generative AI technologies, with AI workloads accelerating the shift toward high-density, GPU-heavy datacentres. Scaling to gigawatt-level IT loads changes design constraints, increasing emphasis on substation-level equipment, medium-voltage switchgear, and export-quality manufacturing for AIS/GIS products.
India remains cost competitive with datacentre construction costs of around $6-7 million per MW compared with $10-18 million per MW across developed APAC and Western markets. According to Nomura, competitive electricity sourcing through open access, renewable power purchase agreements and captive power arrangements further strengthen India's operating cost advantage. The most attractive listed market opportunity lies in the industrial equipment supply chain catering to datacentre infrastructure, with five key product categories accounting for nearly 60-75 per cent of datacentre capex budgets. Rapid data centre capacity growth typically drives outsized demand for three infrastructure categories: high-voltage grid interface and switchgear, uninterruptible power supplies and generators, and precision cooling systems.
Nomura identified ABB India, Siemens, Hitachi Energy India, GE Vernova T&D India, CG Power and Cummins India as major participants in the datacentre ecosystem. Among these, the brokerage has assigned buy ratings only to GE Vernova T&D India and CG Power, while ABB India carries a reduce rating, Siemens and Cummins India are rated neutral, and Hitachi Energy India is not rated. Nomura has set a target price of ₹5,675 on GE Vernova T&D India (about 17% upside) and ₹1,050 on CG Power (about 19.4% upside). The brokerage highlighted that delivery lead times of two to four years have created a favourable seller's market with multi-year order backlogs for companies operating in the datacentre supply chain.
GE Vernova T&D India has emerged as a key beneficiary through localisation investments that have made it a cost-competitive export base for air-insulated switchgear (AIS) and gas-insulated switchgear (GIS) equipment serving Europe, the Middle East and Africa. These regions are witnessing grid modernisation alongside growing power demand from data centres, creating a long-term growth runway for the company's high-voltage equipment business. Nomura expects profitability to improve as data centre-linked orders form a larger portion of the company's order book, with higher volumes and premium pricing for critical delivery timelines strengthening margins. CG Power has secured a ₹900 crore transformer export order in January 2026 from US-based Tallgrass Integrated Logistics for a hyperscale data centre project, demonstrating the growing opportunity. The brokerage estimates that transformers and switchgear account for 15-20% of total capital expenditure in both traditional and AI-focused data centres, with CG Power expected to deliver a 31% earnings per share CAGR between FY26 and FY29.
