GE Vernova T&D
Stock Snapshot
Price Performance
Vista Outlook
View Technicals Analysis →Basis of our Recommendation
GE Vernova T&D India Limited is navigating a complex landscape characterized by a robust order backlog and strategic capacity expansions, despite facing short-term execution challenges and margin pressures. Management's confidence in the long-term growth trajectory is bolstered by a significant pipeline of domestic and export opportunities, particularly in high-voltage direct current (HVDC) projects and data center infrastructure. The company's focus on operational efficiencies and localization is expected to support its mid-20s EBITDA margin guidance, even as raw material costs pose risks. Vista's financial outlook anticipates moderate revenue growth, stable margins, and a fair valuation, with an expected upside of approximately 21.5%. The ongoing grid modernization initiatives in India and the increasing demand for efficient electricity distribution further enhance the company's competitive position. Over the next 12-24 months, key opportunities include the commissioning of new manufacturing capacities and securing large export contracts, while watchpoints include potential delays in project execution and competitive dynamics in the market
Why We Like This Stock
- Strong order backlog of INR 214.6 billion provides multi-year revenue visibility
- Strategic capacity expansions are expected to enhance operational efficiencies and support margin stability
- Growing demand for HVDC projects and data center infrastructure presents significant growth opportunities
Things To Watch Out For
- Short-term execution challenges and margin pressures due to raw material cost inflation
- Potential delays in large-scale export orders could impact revenue growth
- Intensifying competition in the power equipment sector may affect market share
Key Parameters
Financial Snapshot
| Actuals | Forecast | ||||
|---|---|---|---|---|---|
| FY24 | FY25 | FY26 | FY27 | FY28 | |
| Revenue (Cr.) | 3,168 | 4,292 | 6,206 | 6,665 | 8,824 |
| Profit Before Tax (Cr.) | 263 | 820 | 1,714 | 1,895 | 2,435 |
| PBT Margin | 8.3% | 19.1% | 2761.8% | 28.4% | 27.6% |
| Net Profit (Cr.) | 217 | 592 | 1,242 | 1,379 | 1,772 |
| Earnings Per Share | 8.5 | 23.1 | 48.5 | 53.8 | 69.2 |
Analyst Recommendations
| Broker | Recommendation | Target Price | Date |
|---|---|---|---|
| Citigroup | ▲ Buy | 5,200 | 10-Aug-2026 |
| Emkay Global | ▲ Buy | 4,950 | 10-Aug-2026 |
| ICICI Securities | ▲ Buy | 5,025 | 20-May-2026 |
| IDBI Capital | ▲ Buy | 5,214 | 11-Aug-2026 |
| JPMorgan | ▲ Overweight | 5,200 | 10-Aug-2026 |
| Jeffries | ► Hold | 4,850 | 10-Aug-2026 |
| Macguire | ► Hold | 6,000 | 23-Jun-2026 |
| Moneycontrol | ▲ Overweight | nan | 17-Jun-2026 |
| Motilal Oswal | ▲ Buy | 5,100 | 10-Aug-2026 |
| Nomura | ▲ Buy | 5,675 | 10-Aug-2026 |
Company Overview
Show Company Profile
GE Vernova T&D India Limited engages in building power transmission and distribution infrastructure in India and internationally. It offers power evacuation products, including electrical balance of plants and substations, generator circuit breakers, high/medium-voltage transformers, and high-voltage switchgears; grid interconnection and renewable integration products comprising high-voltage direct current, flexible ac transmission systems, synchronous condensers, HV/MV substation equipment, and wide area monitoring and control. The company also provides power transformers, circuit breakers, gas-insulated switchgear, instrument transformers, substation automation, digital software solutions, turnkey substation solutions, and maintenance support. In addition, it offers power management smart grid solutions for transmission and distribution, including renewable energies integration, as well as power electronics solutions. The company was formerly known as GE T&D India Limited and changed its name to GE Vernova T&D India Limited in October 2024. The company was incorporated in 1957 and is based in Noida, India. GE Vernova T&D India Limited operates as a subsidiary of Grid Equipments Private Limited.