GE Vernova T&D India Jumps 47% in 2025 on Strong Order Pipeline

Recently, GE Vernova T&D India Ltd. stock has recorded a year-to-date price growth of 47%. In the past six months alone, the share price has surged by around 31%. Experts believe that the growth is driven by the company’s strong order pipeline, large project wins, and solid growth expectations from brokers.

Record Order Backlog and Key Wins

In the September quarter of FY26, GE Vernova reported an order backlog of ₹13,100 crore, which is three times its FY25 revenue of ₹4,292 crore.

Recently, the company received a contract from Adani Energy Solutions to supply High-Voltage Direct Current (HVDC) technology for the 2.5 GW Khavda-South Olpad renewable power transmission corridor in Gujarat over a span of three years. The exact details of the order are yet to be disclosed by the company; analysts estimate the order size to be around ₹7,500 crore to ₹10,000 crore.

GE Vernova also secured an order worth ₹1,230 crore from Power Grid Corporation of India a few days ago. The contract involves the refurbishment of the 2×500 megawatt HVDC Chandrapur back-to-back link, aimed at supporting capacity upgrades across inter-regional transmission corridors.

These orders position GE Vernova to enjoy long-term and recurring revenue streams.

Financial Projections and Operational Expansion

GE Vernova is expecting its revenue to grow over 35% year-on-year in FY26. The company is eyeing a revenue of ₹5,500 crore to ₹6,000 crore. Management also expects its EBITDA margins to remain in the mid-20% range due to an export mix estimated at 30–35%.

In the September quarter, the company announced a capital expenditure programme of ₹800 crore to expand engineering and manufacturing capacity over the next 2–3 years. Major planned investments include boosting transformer and reactor capacity at Vadodara and adding new lines for bushings and air-core reactors at Hosur, beyond a previously announced ₹240 crore of capacity enhancements.

This expansion is designed to support both domestic execution and export growth.

Valuation and Analyst Outlook

The strong share price performance has resulted in a trailing price-to-earnings (P/E) ratio of about 86, a significant premium compared with many peers in the electrical equipment and power sector. Market analysts interpret the premium as a signal of elevated growth expectations. Forward P/E estimates for FY28 range from 44 to 60, according to brokerage projections.

Different brokerage firms have set different price targets. For example, Emkay Global Financial Services expects the company to reach ₹3,350, while PL Capital projects ₹3,531. Independent research also suggests a 20–30% potential upside to FY28–29 earnings, contingent on continued order inflows and execution success.

Sector Dynamics and Demand Drivers

When it comes to the power transmission sector as a whole, India is seeing growth in demand, as the country is increasing its renewable generation capacity and upgrading grid infrastructure. Government targets include reaching 500 GW of non-fossil fuel capacity, with electricity peak demand expected to rise by 80% by 2032.

India’s transmission ecosystem is witnessing increased private sector participation and joint ventures. Companies such as KEC International, which have reported strong order inflows in the power Transmission and Distribution (T&D) segment, exemplify this trend.

Key Takeaways

GE Vernova T&D India’s stock surge of 47 % in 2025 highlights the strong demand for transmission infrastructure and the company’s knack for winning and executing large, long-term contracts. With record-breaking orders, expanding capacity, and optimistic broker targets, the company looks set for continued growth, even as investors keep an eye on execution and broader industry trends.

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