The share price of GE Vernova T&D India rose sharply, up 10% intra-day after the company announced a large High Voltage Direct Current (HVDC) transmission project win from AESL Projects. Key brokerage house, Nuvama, reiterated its Buy rating on the stock and maintained a 12-month target price of Rs 3,680, saying the order improves medium-term earnings visibility even as the stock trades close to its recent highs. This implies nearly 20% upside from current levels.
GE Vernova T&D India: Order boost
Nuvama Wealth Management said the latest contract adds meaningfully to GE Vernova T&D India already strong order book and provides revenue comfort over several years due to the long execution period associated with such projects.
According to the company’s disclosure dated December 20, 2025, the order covers the setting up of a 2,500 MW HVDC transmission system, split into two units of 1,250 MW each. The system will be used to move renewable electricity from KPS 3 in Khavda to South Olpad in Gujarat.
Nuvama on GE Vernova T&D: What the order actually involves
Nuvama estimates the value of the order at around Rs 8,000–10,000 crore. The brokerage pointed out that the size of the order is significant when seen against GE Vernova T&D India’s existing order book of about Rs 13,100 crore and its estimated FY26 revenue of Rs 5,500–6,000 crore.
The project will be executed over three to four years, which means revenue from the contract will be recognised gradually during this period rather than upfront.
Nuvama on GE Vernova T&D: Why the Khavda–Olpad link is important
In its note, Nuvama said the Khavda–South Olpad HVDC project forms part of Phase V of India’s renewable energy evacuation programme. The government has set a target of 500 GW of renewable energy capacity by 2030, which has led to a large pipeline of transmission projects aimed at moving power from renewable-rich regions to consumption centres.
Khavda has emerged as one of India’s largest renewable energy hubs. According to the brokerage, transmission links like this are necessary to ensure that electricity generated in such areas can be reliably absorbed into the grid.
The project uses Voltage Source Converter-based HVDC technology, which is typically deployed for long-distance transmission of large power volumes and involves higher technical complexity compared with conventional systems.
Nuvama on GE Vernova T&D: Order book and capacity expansion
Nuvama Wealth Management said GE Vernova T&D India is currently sitting on its highest-ever order backlog of Rs 13,100 crore, which provides strong revenue visibility for the next 30–36 months. The brokerage added that the recent HVDC win further strengthens this visibility.
The company has also announced incremental capital expenditure to support future growth. According to Nuvama, the board has approved additional capex of around Rs 806 crore, on top of the Rs 240 crore announced earlier. This includes expansion of transformer and reactor capacity at Vadodara, higher GIS and AIS capacity at the Hosur and Padappai facilities, and new manufacturing lines for air core reactors and bushings.
Nuvama on GE Vernova T&D: Earnings outlook
Nuvama said the long execution profile of the HVDC project improves earnings visibility for GE Vernova T&D India over the medium term. Based on its assessment, the brokerage sees potential for a 20–30% increase in FY28–FY29 earnings, subject to clarity on final order size and margins.
Nuvama also noted that two more HVDC projects using Line Commutated Converter technology are expected to be awarded over the next 12–18 months, where competition is largely between GE Vernova T&D India and Hitachi Energy India.
Nuvama on GE Vernova T&D: Valuations remain high
While the order improves long-term visibility, Nuvama said the stock is trading close to its peak levels after a sharp run-up over the past year. The shares are priced at over 50 times trailing earnings, indicating that expectations are already elevated.
The company also clarified that neither its promoters nor promoter group entities have any interest in AESL Projects, confirming that the transaction does not involve any related-party arrangement.
