GE Vernova shares jump 9%; Brokerages raise targets on record order book

GE Vernova shares jumped 9% after strong Q4FY26 results. Brokerages raised targets on record ₹21,500-crore backlog, exports and HVDC pipeline

GE Vernova share price today

  GE Vernova Transmission & Distribution India (GVTD) closed financial year 2025-26 (FY26) on a strong note, with its fourth-quarter (Q4FY26) results triggering earnings upgrades and target price revisions from analysts. 

They maintained their buy ratings on the stock, taking into account the company’s record order backlog, improving margin profile, and a robust domestic and global deal pipeline.

  On the bourses, GE Vernova share price zoomed 9.4 per cent to ₹4,800, inching closer to its record high of ₹4,849.85 per share, touched on May 8, 2026.

 

Q4: A quarter of records

For the quarter ended March 31, 2026, GE Vernova reported revenue of ₹1,637.1 crore, up 42 per cent year-on-year (Y-o-Y), driven by strong growth in both domestic operations (up 22 per cent) and exports (up 109 per cent), with exports contributing a third of the revenue mix.  

 

Adjusted Ebitda surged 96 per cent Y-o-Y to ₹500 crore, with adjusted margins touching 30.2 per cent -- the highest in the company's history on a quarterly basis -- despite a one-off mark-to-market (MTM) charge of ₹50 crore on foreign currency derivatives. 

  Adjusted profit after tax came in at ₹347.5 crore, up 86 per cent on year.

  GVTD’s Khavda-South Olpad HVDC contract anchored Q4FY26 order inflows of ₹8,600 crore -- nearly three times the year-ago figure. This propelled the total order backlog to a record ₹21,500 crore, up 70 per cent year-on-year, with the book-to-bill ratio improving to 3.5 times.  CHECK Q4 Results Today 

Eye on exports 

Notably, GE Vernova expects exports to be over ₹4,500 crore in FY27, compared to ₹1,200 crore in FY26.  

Nomura noted that unlike previous upcycles, the current export order book is spread across the United States, Europe, the Middle East, and Australia, suggesting a more durable trend. 

  "Three mega-themes are driving this: renewable energy integration, AI-driven data centre expansion, and grid modernisation. Importantly, data centre projects command premium pricing relative to traditional project categories," the brokerage said.

 

Domestic pipeline remains deep

Back home, management pointed to a steady bid pipeline of 33 transmission packages, including 21 ultra-high voltage (765 kV) projects where GVTD holds strong positioning.  

It expects STATCOM demand to gain momentum in FY27 and anticipates the tendering of at least one HVDC contract per year from the Central Electricity Authority's pipeline, which encompasses 14 projects targeting over 900 gigawatt of non-fossil capacity, six Brahmaputra Basin hydro connectivity projects, and several strategic transmission links.

  "The order outlook remains healthy with tailwinds in transmission capex over medium term. The company has also managed to improve its margins significantly over the last few quarters with Ebitda margin improved ~800bps in FY26 over FY25," ICICI Securities noted. 

Overall, analysts see GE Vernova’s order backlog composition also improving. Private and central utilities, they said, now account for 76 per cent and 22 per cent of the backlog respectively, with state utilities -- a lower-margin, slower-paying segment -- accounting for just 2 per cent.

 

Brokerages turn bullish

Nomura raised its share price target to ₹5,030 from ₹4,000, lifting its FY27-28 earnings per share (EPS) estimates by 9-10 per cent.  

"Revised EPS estimates factor-in higher margins, led by better sales mix (in favour of exports/ private and central utilities); selective bidding; and increasing share of value-added solutions," Nomura said. 

The brokerage also raised its target price-to-earnings (P/E) multiple to 60 times from 55 times, reflecting higher confidence in long-term earnings quality. 

  "We remain constructive on GVTD's long-term earnings growth, driven by robust HVDC prospects, an exports uptick led by data centre demand, and higher adoption of grid automation technologies," it said in a note. 

Likewise, ICICI Securities raised its target price to ₹5,025 from ₹3,650, valuing the stock at 65x FY28 estimated earnings. 

  The brokerage believes GE Vernova stands to benefit from “India’s pursuit of grid strengthening” where the government is targeting 43 per cent of electricity consumption from renewables by 2030. 

  "The company could fund capacity expansion and the manufacturing of new products, via capex, over the next 2-3 years, helping it grab a good share of the strong opportunities ahead," ICICI Securities said. 

Emkay Global raised its target to ₹4,750 from ₹3,900, also maintaining a ‘Buy’. It lifted FY27 and FY28 EPS estimates by 7.6 per cent and 7.2 per cent, respectively, flagging steady Ebitda margin expansion and healthy export contribution of 30-35 per cent of total revenue as structural positives.

 

  =============  Disclaimer: This report is based on brokerage research and management commentary and does not constitute investment advice.