The order is valued at around ₹25,000 crore, with execution spread over the next five years. Anwani said this could increase GE Vernova T&D’s order book by nearly 40% from ₹21,000-22,000 crore to over ₹30,000 crore.
The stronger order book is expected to improve GE Vernova’s revenue visibility through 2031-32 (FY32)- 2032-33 (FY33), making the order a significant multi-year growth driver. Following the development, PL Capital has upgraded the stock to Buy with a target price of ₹6,000, based on a 60x multiple.
The order was particularly important because GE and Hitachi Energy India were the only two companies in the fray, making it a binary outcome. While GE emerged as the winner, Anwani expects some near-term negative sentiment around Hitachi. “There could be some negative rub-off in the near term on Hitachi,” he said.
However, he does not expect the setback to materially hurt Hitachi’s longer-term growth story. The company has increased its capex, has a strong export business and is expanding its addressable market in areas such as data centers. Anwani noted that Hitachi’s existing orders already point to 30-35% compound annual growth rate (CAGR) in revenue, even without the latest order.
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For GE and Hitachi, the broader transmission opportunity remains strong, particularly in high-voltage direct current (HVDC) projects. Anwani said competition and valuations could diverge in the near term, but Hitachi’s long-term thesis remains intact. “This was the binary event,” he said, referring to the order that has now gone GE’s way.
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