India's power transmission sector has experienced a significant rally over the past year, with GE Vernova T&D India surging 176% and Hitachi Energy India rallying 115%, while Siemens Energy India gained a more modest 11%. According to reports from Mint, Hitachi Energy India reached a fresh all-time high of ₹29,900 per share on Monday, highlighting growing investor interest in the power transmission space. The sector momentum has now extended to Adani Power Ltd, which has surged to a fresh 52-week high of ₹205.25 on April 20, 2026, extending a remarkable 12-day winning streak that has propelled the stock up by 34.09% in this period alone. From a 52-week low of ₹101.06, Adani Power has nearly doubled in value over the past year, delivering an impressive 84.86% return compared to the Sensex's slight decline of 0.22%.
The latest surge in Adani Power shares was driven by the company's strategic expansion into nuclear energy, with Adani Atomic Energy incorporating its wholly-owned subsidiary Coastal-Maha Atomic Energy (CMAEL) on April 13, 2026, and receiving the certificate of incorporation on April 18. As reported by The Economic Times, CMAEL has been incorporated with an authorised capital of ₹5 lakh, divided into 50,000 equity shares worth ₹10 each. This follows the earlier incorporation of Adani Atomic Energy in February 2026, demonstrating the company's systematic approach to diversifying into nuclear power generation, transmission and distribution. The stock has seen significant momentum with a 13% surge in one week and 35% in one month as rising temperatures boosted hopes for heightened power demand across India in the upcoming months.
According to JM Financial's recent report, power demand had peaked in early March, but a sudden weather disturbance caused by a rare western disturbance beginning on March 20, with a 1,000 km cloud cover stretching from Afghanistan through Pakistan into India, brought widespread rain and unseasonably cold conditions. However, the massive cloud band across North India is now moving away, and experts expect hot summers and subsequent high power demand ahead. As noted by JM Financial, El Niño years have historically led to significant power demand spikes - during 2015, extended hot and humid weather up to October led to peak demand growing 4-5% during September-November versus 1% in FY16. In 2019, another El Niño year saw average temperature of 2.80°C+ on 64 days out of 91 days, with peak demand growing at an unprecedented 7-9% during April-June 2019. JM Financial anticipates a shortfall in hydro generation and spike in coal-fired generation, with extension of Section-11 and high merchant prices benefiting companies like Adani Power and Adani Green Energy.
India's HVDC transmission market presents compelling growth opportunities, valued at $3.86 billion in 2025 and projected to reach $6.31 billion by 2031, representing a compounded annual growth rate of 8.55% according to Mordor Intelligence data cited by Mint. As reported, the market is expected to grow from $4.19 billion in 2026, driven by the increasing need for long-distance transmission as renewable capacity expands across solar parks and windy coastlines. This structural shift is making HVDC transmission a critical enabler for India's clean energy transition, with sectoral indices such as S&P BSE Power and NIFTY PSU Utilities also hitting new 52-week highs, signalling strength in the power segment despite the overall market softness.
Order books across major players demonstrate sustained demand visibility, with GE's backlog rising to ₹14,380 crore in the December quarter from ₹13,110 crore in the previous quarter, as reported by Mint. Hitachi Energy is sitting on a record-high order backlog of ₹29,872 crore as of end of December 2025 quarter, while Siemens Energy's last disclosed order book stood at ₹16,200 crore as of September-end. Export performance has also emerged as a key support factor, with Hitachi Energy's export share climbing to around 27% in FY25 from 20% in FY21, and GE Vernova India achieving roughly 27% in FY25 from 22% in FY21. Adani Power has shown encouraging fundamental trends with three consecutive quarters of improving earnings power supported by 12-month net sales growth that underpins the price appreciation.
