GE Vernova T&D India (GVTD IN) – Event Update – Barmer-South Kalamb: A landmark HVDC- LCC win – Upgrade to ‘BUY’
Published on 08 Sep 2026
GE Vernova India has secured the Barmer–South Kalamb HVDC-LCC project, with an NCT-approved cost of ~INR249.7bn. We estimate GE Vernova T&D’s share at ~50%, implying ~INR125bn of potential order value, which would lift its order book to ~INR334.3bn from ~INR209.3bn and strengthen multi-year revenue visibility We estimate the order to drive ~4% upgrade to our EPS estimates for FY28E, making it a key earnings driver. Along with the ongoing 2,500MW Khavda–South Olpad HVDC-VSC project, the win strengthens GE Vernova’s HVDC credentials across LCC and VSC technologies. GVTD IN is currently trading at 72.7x/57.8x/40.9x on FY27E/FY28E/FY29E. After factoring in the HVDC LCC order, we find the valuation attractive given the multi-year strong growth revenue and earning visibility.
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 improvement augur well for strong revenue & profit growth of GVTD. We roll forward our valuation to Sep’28E and upgrade the stock to ‘Buy’, factoring in the Barmer–South Kalamb LCC HVDC award. We value the stock at 65x Sep’28E EPS (65x Mar’28E earlier), resulting in a revised TP of INR5,928 (INR4,701 earlier).
