GE Vernova T&D India (GVTD IN) – Management Meet Update – Robust backlog supports multi-year growth visibility – BUY
Published on 21 Sep 2026
We interacted with the management of GE Vernova T&D India (GVTD), during which they discussed the scope of their recently secured Barmer–South Kalamb HVDC-LCC project, pipeline across domestic and export market and outlook on margin and capex. GVTD recently secured the Barmer–South Kalamb HVDC-LCC project. While the company did not disclose the order size, we estimate it has an ~INR125bn of potential order value. We believe, 1) GVTD’s strong position in HVDC with the recent Barmer- South Kalamb win, 2) a robust order book, and 3) the management’s focus on margin resilience augur well for strong revenue & profit growth of GVTD. We maintain our ‘Buy’ valuing the stock at 65x Sep’28E EPS (same as earlier), resulting in a TP of INR5,928 (same as earlier).
