Growth potential and earnings factored into GE Vernova's valuations

A large HVDC order win, rising transmission capex and renewable energy push strengthen GE Vernova T&D's earnings outlook, but high valuations already price in much of the upside

GE Vernova T&D (GEVTD) has bagged a large order from Adani Energy Solutions for the Khavda phase III project in Gujarat with an overall project size at ₹12,000 crore. The exact order size is not known, but it is estimated to be around ₹8,000 crore-₹10,000 crore. This is very significant given GEVTD’s existing order book was around ₹13,100 crore and FY26 estimated sales ₹5,500 crore- ₹6,000 crore.

 

Assuming a 3-4 year execution profile, it could amount to 20-30 per cent upside to FY28-29 estimated earnings. There are two more line commutated converter high-voltage direct current (LCC HVDC) orders expected over