GE Vernova T&D India declared L1 bidder for Barmer II–South Kalamb HVDC project
GE Vernova T&D India was named the L1 bidder by Power Grid Corporation of India for the design and establishment of a 6,000 MW, ±800 kV High Voltage Direct Current (HVDC) Line Commutated Converter (LCC) terminal station, comprising two 3,000 MW units, intended to evacuate renewable power from Barmer II to South Kalamb. Power Grid issued a letter to GE Vernova T&D India informing it of the L1 status, and the work covers design, supply, and execution over a multi-year period, according to the company's exchange filing.
Shares surge 9% on the L1 disclosure
The disclosure triggered a sharp intraday rally: GE Vernova T&D India opened about 7.9% higher at ₹4,636.10 and climbed to an intraday high of ₹4,747.10 on the National Stock Exchange, with roughly 3 million shares changing hands by mid-morning. On the BSE, the stock touched ₹4,755, closing near ₹4,752, a gain of 8.92–8.98% from the prior close of ₹4,363. The price action sharply outperformed the Nifty 50, which traded about 0.45% lower during the same session.
Brokerages lift targets and model higher order intake
Analysts reacted with upgraded price targets and higher order-inflow assumptions. Nomura raised its target to ₹6,000 from ₹5,675, lifted its FY27 order inflow estimate to ₹23,100 crore from ₹12,000 crore, and increased FY28 and FY29 revenue estimates by 4% and 9%, respectively. PL Capital upgraded the stock to Buy with a ₹6,000 target on a 60x multiple, said FY29 earnings estimates could rise about 15%, and projected the order book would expand from ₹21,000–22,000 crore to over ₹30,000 crore. Emkay Global kept its Buy rating with a ₹5,300 target, while Citi recommended Buy with a ₹5,400 target.
Contract value and revenue visibility
Estimates of the contract value range from ₹12,980 crore (Nomura, reflecting the HVDC scope) to about ₹13,000 crore in broader market reporting and ₹25,000 crore on a total project basis cited by PL Capital, with execution spread over roughly five years. Nomura models HVDC revenue of ₹2,250 crore in FY28 and ₹4,800 crore in FY29, with execution back-ended and revenue contribution beginning in the second half of FY28. Emkay estimates that, once finalized, the order would lift the backlog to around ₹28,000 crore, providing revenue visibility of approximately 4.2 times trailing-twelve-month revenue. PL Capital expects revenue visibility to extend through FY32–FY33. GE Vernova T&D India also held a net cash position of ₹29.3 billion as of 1QFY27, supporting planned capex and working capital needs.
Bidders and broader transmission context
The order was a binary contest, as only GE Vernova T&D India and Hitachi Energy India were in the fray, with GE emerging as the winner. The bid was conducted under the tariff-based competitive bidding process after Power Grid was declared the successful bidder for the Barmer–South Kalamb interstate transmission system on September 2. Separately, the L1 status could lift the company's order inflow to around ₹23,100 crore, nearly four times its FY26 revenue, underscoring the scale of the transmission opportunity tied to renewable energy evacuation.
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