Power Index Rises 1%; Siemens Energy, GE Vernova Jump Up to 5%

A New Transmission Corridor Puts Grid Equipment Makers in Focus

The proposed high-voltage link highlights the infrastructure needed to connect renewable power with industrial demand.

The transmission plan is designed to move renewable power across regions

The National Committee on Transmission approved a first-of-its-kind 1,150 kV project worth ₹68,816 crore. Its proposed Raigarh–Kotra–Rourkela–Kolaghat double-circuit corridor is intended to connect renewable energy hubs in Gujarat and Rajasthan with emerging green hydrogen and industrial demand centres in eastern India.

The plan includes evacuating power from 12 GW of renewable capacity at Bhadla-IV and Ramgarh-II, alongside associated battery storage and storage developments in the North Eastern region. The committee also considered future additions of 124 GW of battery energy storage and 42 GW of pumped storage. These figures point to the scale of infrastructure that may be required as generation and demand become more geographically dispersed; they should not be read as completed capacity or awarded contracts.

The investment opportunity depends on delivery and procurement

The project is expected to take about six years to complete. ICICI Securities said the higher-voltage technology could transfer more power with lower transmission losses and less right-of-way requirement than multiple 765 kV corridors. If implemented, the scale and duration could create opportunities for transmission engineering and construction companies, as well as suppliers of transformers, switchgear and high-voltage equipment.

The brokerage identified Siemens Energy, Hitachi Energy India, GE Vernova T&D, BHEL, ABB India, CG Power, Transformers and Rectifiers (India), L&T and Kalpataru Projects International as potential beneficiaries, subject to participation and order wins. Approval is an important step, but it does not establish which companies will secure work, on what terms or when. Investors will need to distinguish the sector’s long-term opportunity from near-term revenue certainty.

Hitachi Energy’s growth came with a margin trade-off

The BSE Power index rose 1% in intraday trade while the Sensex was down 0.21%. Hitachi Energy India advanced 12% after its September-quarter results, while GE Vernova T&D gained 5% and Siemens Energy India rose 4%. Other power and equipment stocks also posted gains. The divergence in the broader market suggests the sector’s infrastructure outlook was attracting attention, while company-specific results contributed to individual moves.

Hitachi Energy India’s standalone revenue grew 63.5% year on year to ₹2,996.5 crore and EBITDA rose 35.9% to ₹406.3 crore. However, its EBITDA margin narrowed by 276 basis points to 13.6%. Profit after tax increased 20.5% to ₹318.5 crore. Orders climbed 85.9% to ₹4,120.8 crore, and the company reported a record-high backlog of ₹33,335.4 crore as of September 2026. The figures show strong demand and revenue visibility, but the margin decline is a reminder that growth does not automatically translate into stronger operating profitability.

Demand growth strengthens the case for grid investment

India generated 536 billion units of electricity in the quarter, up 11% year on year, while peak demand met reached 270 GW, compared with 230 GW a year earlier. Those increases offer context for the push to modernise transmission and connect new sources of supply. They also underline why investment in grid capacity, storage and equipment may matter beyond renewable generation itself.

Key Highlights

• The NCT approved a ₹68,816-crore, 1,150 kV transmission project.
• The corridor is intended to link renewable hubs with eastern industrial and green hydrogen demand centres.
• Completion is expected to take about six years; company benefits depend on participation and order wins.
• Hitachi Energy India reported 63.5% revenue growth, but its EBITDA margin declined to 13.6%.
• Its order backlog reached ₹33,335.4 crore as of September 2026.

Investor Note: The transmission approval and rising electricity demand support a constructive long-term outlook for grid investment, but investors should track project execution, order conversion and margins rather than treating a sector-wide opportunity as guaranteed company growth.