GE Vernova T&D India: Stock jumps 8% as company emerges L1 bidder for 6,000 MW HVDC project

GE Vernova T&D India: Shares of GE Vernova T&D India rallied as much as 7.72% to hit a high of ₹4,704.40 apiece in the early trade on Tuesday, September 8, after the company said it has emerged as the L1 bidder for a Power Grid Corporation of India project.

The project involves the design and establishment of a 6,000 MW, ±800 kV HVDC LCC terminal station for evacuating renewable power from Barmer II in Rajasthan to South Kalamb in Maharashtra.

The project involves two 3,000 MW terminal stations and will be executed over multiple years.

The company did not disclose the order value in its exchange filing.

L1 bidder means the bidder that has quoted the lowest price in a tender. It is generally the preferred bidder, but L1 status does not necessarily mean the final contract has been awarded; further approvals and formalities may be required.

HVDC stands for High Voltage Direct Current.

An HVDC project is a large power-transmission system that uses high-voltage direct current to move electricity over long distances with lower transmission losses. In this case, the project will help evacuate renewable power generated in Barmer, Rajasthan, and transmit it to Maharashtra, where it can be supplied to the grid.

In simple terms, it is like a high-capacity electricity highway connecting a renewable-energy-producing region to a major power-consuming region.

What analysts said

Nomura

Nomura said the landmark HVDC order win enhances the company's long-term growth outlook. The investment firm estimates the HVDC order at around ₹13,000 crore, making it a major positive catalyst.

Nomura estimates a 31% FY26-29F PAT CAGR and has raised its FY28F/FY29F revenue estimates by 4%/9%, respectively, following the HVDC order win, which came as a positive surprise. The stock is currently trading at around 39x FY29F EPS of ₹111.

CITI

CITI expects revenue recognition from FY29, which could drive a 25% upside to its earlier FY29 EBITDA and EPS estimates. The investment firm had earlier expected Hitachi Energy India to win the project, given its higher local-content share in LCC-based HVDC and execution bandwidth, making the win a positive catalyst for GE Vernova T&D India.

GE Vernova T&D India Q1 FY27 earnings

The company posted a nearly 25% jump in its net profit to ₹362.99 crore for the June quarter (Q1 FY27).

The company's net profit was $291.2 crore in the corresponding period last year, according to an exchange filing on Wednesday.

Total income rose to ₹1,877.98 crore in the June quarter from ₹1,346.43 crore in the same period a year ago.

Order bookings stood at ₹11.4 billion in the quarter, against ₹16.2 billion in the quarter ended June 2025, marking a 30% year-on-year decline, according to a company release.

Sandeep Zanzaria, Managing Director & CEO, GE Vernova T&D India Ltd, said, "...To better serve our customers, we are investing in capex to strengthen our capabilities across HVDC, transformers and reactors, gas-insulated switchgear, circuit breakers, instrument transformers, disconnectors, bushings, and air-core reactors."

About GE Vernova T&D India

GE Vernova T&D India, formerly GE T&D India, is the listed entity of GE Vernova’s Grid Solutions business in India. The company operates in the power transmission and distribution segment and supplies equipment and solutions used in power generation, transmission, and distribution. Its product portfolio covers voltage levels ranging from medium voltage to ultra-high voltage of up to 1,200 kV.