GE Vernova's Strategic Position in India's Renewable Transmission Expansion

India's renewable energy transition is accelerating at an unprecedented pace, with the government targeting 500 gigawatts (GW) of renewable capacity by 2030. However, the success of this vision hinges on a critical but often overlooked enabler: the modernization of transmission infrastructure. High-voltage direct current (HVDC) technology, with its ability to transmit large volumes of power over long distances with minimal losses, is emerging as a cornerstone of this transformation. For investors, GE Vernova's deepening involvement in India's HVDC market-marked by landmark contracts and strategic localization efforts-positions the company as a compelling long-term play in the clean energy infrastructure boom.

A Pivotal Role in India's Renewable Transmission Grid

GE Vernova's recent award of the 2.5 GW Khavda–South Olpad HVDC transmission corridor in Gujarat underscores its growing influence in India's renewable energy landscape. This project, designed to evacuate power from the Khavda renewable energy zone to the national grid, features a ±500 kV, 2,500 MW VSC-based HVDC system-the highest-rated of its kind in India to date according to project details. The company's scope includes end-to-end delivery of the system, leveraging its eLumina™ control platform to ensure grid stability and precise power flow management. With completion slated for 2030, the project aligns with India's urgent need to connect remote renewable generation hubs to load centers, addressing the country's current transmission bottleneck, where over 50 GW of renewable capacity remains stranded.

This contract is not an isolated win. GE Vernova has also secured a refurbishment project for a 1,000-MW back-to-back HVDC link in Chandrapur, marking its first such initiative in India according to PowerMag. These projects highlight the company's technical expertise and adaptability in a market where reliability and scalability are paramount.

A High-Growth Market with Structural Tailwinds

India's HVDC transmission systems market is forecasted to grow from USD 3.86 billion in 2025 to USD 5.84 billion by 2030, driven by a compound annual growth rate of 8.65%. This expansion is fueled by the need to integrate renewable energy, reduce transmission losses, and support interregional power exchanges. Government initiatives like the Green Energy Corridor and the One Nation-One Grid plan are further accelerating adoption, creating a favorable policy environment.

For GE Vernova, the company's focus on localization-allocating ₹800 crore to enhance product lines and increase domestic manufacturing of HVDC components-positions it to capture a larger share of this growth. By reducing reliance on imports and cutting costs, this strategy aligns with India's "Make in India" ethos and strengthens margins.

Investor Implications: Balancing Optimism and Valuation Realities

The company's recent project wins have already driven investor enthusiasm. Shares of GE Vernova T&D India surged over 50% in 2025 following the Khavda contract announcement, reflecting confidence in its order backlog and execution capabilities. However, the stock's elevated valuations-trading at a price-to-earnings (P/E) ratio of 81.48 and a price-to-book (P/B) ratio of 42.27-suggest that much of the near-term optimism is already priced in according to economic analysis.

For long-term investors, the key lies in the structural growth of the HVDC market. With India's renewable transmission needs expected to outpace current infrastructure development, GE Vernova's technical leadership and strategic investments in localization could translate into sustained revenue streams. The company's ability to secure high-margin contracts, such as the Chandrapur refurbishment, further diversifies its revenue base.

Conclusion: A Strategic Bet on Clean Energy Infrastructure

GE Vernova's strategic positioning in India's renewable transmission sector is underpinned by its technological prowess, growing project pipeline, and alignment with national energy goals. While short-term valuations may appear stretched, the long-term outlook for HVDC technology remains robust, driven by India's urgent need to modernize its grid. For investors willing to look beyond near-term multiples, GE Vernova offers a compelling opportunity to participate in the infrastructure revolution enabling the world's fastest-growing renewable energy market.