GE Vernova T&D shares slipped 2% on Thursday, trading below the ₹6,000 target set by Nomura, which has kept its buy recommendation unchanged after a management briefing.
The company’s HVDC pipeline swelled to $2.2 billion after a fresh $1.5 billion order, up from $1.0 billion a year earlier, giving the firm a 10% CAGR in the segment. Nomura noted that the remaining addressable market will climb to $8.5 billion by 2030 from $5.2 billion in 2025, while export opportunities are projected to grow 18% CAGR between CY25 and CY30.
Manufacturing expansion is set to cost ₹1,000 crore, with transformer capacity slated to rise 50% and AIS/GIS lines 25% each by December 2028. HVDC and VSC STATCOM valve lines will roll out by early 2027, and a new AIS/GIS plant is targeted for completion in December 2026.
Management reiterated a mid‑20% EBITDA margin target for FY27, noting that HVDC projects typically span 48‑54 months versus 18‑24 months for transformer work, which may pressure gross margins. However, the firm expects operational leverage to preserve margins beyond FY27.
Looking ahead, Nomura sees sustained demand and pricing power to support a stronger growth cycle for GE Vernova’s broader business through 2030‑2040. The firm’s order book gives it healthy revenue visibility, but execution timelines will be a key focus as the company scales its HVDC and grid‑modernisation ambitions.