GE Vernova T&D emerges as top BSE Power multibagger with 164% returns; should investors buy now?

GE Vernova T&D India shares have delivered a power-packed performance over the past year, soaring 164% to emerge as the top multibagger in the BSE Power index. Riding strong summer demand, the stock continues to gain momentum, supported by better-than-expected Q4 earnings and robust fundamentals.

At Rs 4,679, GE Vernova shares have been hovering near their 52-week high of Rs 4,849 and displaying a strong uptrend following the January-March quarter earnings announcement, where the transmission & distribution major reported an 89% year-on-year jump in net profit to Rs 352 crore compared to Rs 186 crore in the same period last year. Revenue soared 42% YoY to Rs 1,640 crore, while its Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) climbed 77% to Rs 440 crore, highlighting strong operational momentum.

The scrip is currently trading above its 50-day and 200-day simple moving averages (SMAs) of Rs 4,086 and 3,288, respectively, according to Trendlyne data.

Decoding the charts, Virat Jagad, Senior Technical Research Analyst at Bonanza, sees GE Vernova T&D India shares trading in a strong bullish zone on the daily chart after a sharp rally from lower levels. Price is trading above key moving averages, indicating that the broader trend remains positive, while RSI near the 50 zone suggests momentum cooling after an overbought phase, he said.

However, the stock is currently witnessing healthy consolidation near the upper range of its rising channel, Jagad said, placing immediate support around Rs 4,250–4,150, followed by a stronger demand zone near Rs 3,950, while resistance is seen around Rs 4,550–4,750. “A sustained breakout above Rs 4,750 could trigger fresh upside momentum toward new highs, while holding above support zones may continue to attract buying interest in the medium term,” he added.

Seasonality remains a factor around this time of the year as long summers in North India increase the peak power demand. At the index level, BSE PSU is up 20% on the basis of one-year returns Power stocks remain in to

Q4 earnings

GE Vernova T&D India reported Q4FY26 results ahead of HDFC Securities’ expectations, driven by a sharp improvement in margins. The brokerage also noted that adjusted margins stood at a robust 30% during the quarter, supported by a healthy revenue mix, variable pricing clauses, and operating leverage benefits.
HDFC Securities further highlighted that annual order inflows remained strong at Rs 14,800 crore, up 37% YoY, although domestic base ordering could remain subdued in the near term until industry capacities ramp up.

HDFC Securities believes export orders, particularly from the US, are likely to offset the temporary domestic weakness while the company management remains confident of securing Rs 7,000–8,000 crore worth of domestic base orders excluding HVDC projects.

Based on the current earnings, PL Capital revised its FY27 and FY28 EPS estimates upwards by 3.7% and 4.8%, respectively. It also highlighted the company’s planned Rs 1,000 crore capex programme aimed at boosting localisation in HVDC systems and strengthening manufacturing capabilities in key transmission products.

According to PL Capital, domestic transmission ordering activity remains healthy with nearly 33 projects under bidding, while export demand is improving on the back of renewable integration and grid modernisation opportunities globally. The brokerage also sees medium-term growth opportunities emerging from hyperscale data centres and the shift toward higher-voltage transmission infrastructure. It remains positive on the company’s strong order pipeline, healthy order book of Rs 21,230 crore and margin improvement initiatives.

Ge Vernova vs peers

Power and capital goods stocks have delivered a mixed performance over the past one year, with Hitachi Energy India Limited emerging as the top performer with a stellar 124% return as of May 20, 2026. It was followed by Adani Power Limited, which gained 98%, while Bharat Heavy Electricals Limited rallied 67% amid continued optimism around power infrastructure and transmission spending. Other notable gainers included Adani Green Energy Limited with 37% returns, Thermax Limited at 26%, CG Power and Industrial Solutions Limited at 24%, and Siemens Limited with an 18% rise. ABB India Limited, Torrent Power Limited, JSW Energy Limited and Tata Power Company Limited posted comparatively modest gains ranging between 4% and 15%, while Power Grid Corporation of India Limited remained largely flat with a 1% return.

On the other hand, renewable and utility-linked names such as Reliance Power Limited, Suzlon Energy Limited and NHPC Limited underperformed sharply, declining 39%, 13% and 8%, respectively.

Should you buy?

Factoring in stronger profitability, HDFC Securities raised its FY27 and FY28 earnings estimates by 7% and 8%, respectively, and maintained a ‘Buy’ rating on the stock with a revised target price of Rs 5,200 from Rs 4,750 earlier.

Meanwhile PL Capital has suggested an ‘Accumulate’ rating, downgrading the stock from ‘Buy’ while raising the target price to Rs 4,650, which is already surpassed. The rating correction comes on the back of strong rally over the past year.

PL Capital said GE Vernova T&D delivered a strong operational performance in Q4FY26, with revenue rising 42% year-on-year and EBITDA margins expanding 400 basis points, aided by a better mix of exports and high-value services as well as the gradual completion of lower-margin legacy contracts.

PL Capital downgraded the stock to ‘Accumulate’ from ‘Buy’ after the sharp rally in share price. It raised the target price to Rs 4,650 from Rs 4,050 earlier.

(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)