Shares of GE Vernova T&D India surged 9 per cent on Tuesday after the company was declared the L1 bidder by Power Grid Corporation of India for a major high-voltage direct current (HVDC) project, triggering a sharp upgrade in the stock’s growth outlook among brokerages.
The stock settled 8.77 per cent higher at ₹4,750, after hitting an intraday high of ₹4,793 from the previous close of ₹4,367.20.
The order involves the design and execution of a 6,000 MW, 800 kV HVDC line-commutated converter (LCC) terminal station for the evacuation of renewable power from the Barmer-II renewable energy zone to South Kalamb.
The project is being viewed as a significant positive for the company. Brokerage Nomura retained its Buy rating on GE Vernova T&D India and raised its target price to ₹6,000, calling the HVDC order win a landmark development that strengthens the company’s long-term growth outlook.
Nomura estimates the order could have an estimated value of around ₹13,000 crore, making it a major positive catalyst for the company.
The brokerage expects GE Vernova T&D India to deliver a 31 per cent compound annual growth rate (CAGR) in profit after tax between FY26 and FY29.
It has also raised its FY28 and FY29 revenue estimates by 4 per cent and 9 per cent, respectively, as the HVDC order came in as a positive surprise.
Citi also maintained its Buy rating on GE Vernova T&D India, with a target price of ₹5,400. The brokerage expects revenue recognition from the project to begin from FY29, which it estimates could drive approximately 25 per cent upside to its previous FY29 EBITDA and EPS estimates.
Citi said it had previously expected Hitachi Energy India to win the project, citing the company’s higher local-content share in LCC-based HVDC systems and its execution bandwidth.