The brokerage said India’s power sector is entering a multi-year investment cycle as the country expands its transmission infrastructure to accommodate growing electricity consumption and renewable energy capacity.
It also highlighted global shortages of high-voltage (HV) equipment, which are creating export opportunities and strengthening pricing power for Indian manufacturers.
According to Macquarie, investments in transmission networks, substations and grid-balancing technologies are expected to accelerate as India pushes ahead with its clean energy transition.
The brokerage believes domestic equipment makers are well-positioned to benefit from this trend, while supply constraints in global HV equipment markets could provide an additional boost through exports.
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What Are Macquarie’s Top Stock Picks?
Macquarie initiated coverage on CG Power & Industrial Solutions with an “Outperform” rating and a price target of ₹1,090, implying an upside of about 20% from the reference price of ₹908.1.
The brokerage firm described the company as a multi-engine growth story with exposure to grid capex, industrials, railways and semiconductors, while export growth offers additional upside. Of 22 analysts tracking CG Power, 17 have a “buy” rating, one has a “hold”, and four others have a ‘sell” recommendation.
On Siemens Energy India, Macquarie assigned an “Outperform” rating and a price target of ₹4,190, indicating a potential upside of about 22% from the base price of ₹3,425. The brokerage said the company offers exposure across power generation, transmission and services, with exports remaining a key long-term growth lever.
Bloomberg data shows nine of 16 analysts covering the stock have a “Buy” recommendation, while three recommend “Hold” and four have “Sell” ratings.
Macquarie gave GE Vernova T&D India an “Outperform” rating as well, and set a target of ₹5,470, implying an upside of around 12% from the base price of ₹4,866.
The brokerage said the company is well-positioned to benefit from India’s grid and renewable energy supercycle, supported by its strong presence in HVDC and FACTS technologies and export markets.
15 of 19 analysts have a “Buy” recommendation for GE Vernova, three say “Hold”, and one says “Sell.”
For Hitachi Energy India, Macquarie assigned an “Outperform” rating and a target of ₹38,500, implying a potential upside of nearly 16% from the reference price of ₹33,265. It highlighted the company’s dominant position in the HVDC segment and its strong leverage to rising grid investments and the broader energy transition.
Eight out of the 19 analysts tracking Hitachi Energy India have a “Buy” rating on the stock, six say “Hold”, and five have a “Sell” rating.
How Macquarie’s targets compare with Street estimates
| Company | Macquarie Rating | Target Price (₹) | Base Price (₹) | Upside/Downside | Consensus TP (₹) |
| CG Power & Industrial Solutions | Outperform | 1,090 | 908.1 | 20% | 926.14 |
| Siemens Energy India | Outperform | 4,190 | 3,425 | 22.3% | 3,549.73 |
| GE Vernova T&D India | Outperform | 5,470 | 4,866 | 12.4% | 5,118.82 |
| Hitachi Energy India | Outperform | 38,500 | 33,265 | 15.7% | 35,059 |
Macquarie said the combination of domestic infrastructure spending and global demand for high-voltage equipment positions the sector as one of the key beneficiaries of India’s ongoing energy transition.
On Thursday, Siemens Energy India shares were up 1.5% at ₹3,476.10, CG Power gained 1.44% to ₹921.20, and Hitachi Energy advanced nearly 1% to ₹33,620. GE Vernova T&D India bucked the trend, falling 1.18% to ₹4,808.50.
