Power Stocks to BUY: Hitachi Energy India, GE Vernova T&D set to soar? Brokerage targets peg upside at 12-16%

Power stocks to Buy: Global brokerage JPMorgan has started coverage on three major Indian power stocks, showing optimism on two while taking a neutral view on the third. The move comes as India’s power sector undergoes rapid change, driven by renewable energy growth and grid modernization.

Shares of Hitachi Energy India pared early gains and were trading steady at Rs 25,915, while GE Vernova T&D held on to a near 3 per cent gain at Rs 3,826. Analysts noted that while short-term fluctuations remain, the medium- to long-term outlook is strong due to these structural growth drivers.

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Hitachi Energy, GE Vernova T&D get JPMorgan’s nod

JPMorgan has given an "overweight" rating to Hitachi Energy India and GE Vernova T&D, while Siemens Energy has been assigned a neutral rating. Hitachi Energy India has been one of the top performers in the market this year.

• Hitachi Energy India: Price target Rs 29,000, suggesting an upside of about 12 per cent
• GE Vernova T&D: Target Rs 4,300, indicating potential gains close to 16 per cent
• Siemens Energy: Target Rs 2,600, pointing to a possible 4 per cent downside

The brokerage said both Hitachi Energy and GE Vernova are well-positioned to benefit from the ongoing expansion of India’s power infrastructure.

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Decadal upcycle in high-voltage equipment

According to JPMorgan, India’s high-voltage power equipment sector is entering a decadal upcycle. This shift is being driven by the push for renewables, adoption of new transmission technologies, and growing export opportunities. The brokerage highlighted three key trends likely to sustain growth over the next three to four years.

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Renewable capacity targets fuel demand

First, India’s renewable energy targets are a major driver. The government aims to add 470 GW of solar and wind capacity over the next decade. Such an expansion will require massive upgrades in high-voltage transmission and distribution infrastructure, providing a strong business opportunity for domestic power equipment makers.

HVDC Technology on the rise

Second, HVDC (high-voltage direct current) technology is gaining ground. This technology is ideal for integrating large renewable power projects over long distances efficiently. Plans to evacuate 80 GW of renewable energy by FY36 could translate into $14–15 billion in orders over the next five to six years, according to JPMorgan.

Exports extend growth cycle

Third, exports are boosting the sector’s prospects. Rising global demand for renewable energy infrastructure, grid modernization, and AI-driven load management is creating new opportunities for Indian companies. The brokerage said this could lengthen the growth cycle for domestic power equipment makers beyond traditional market limits.

Outlook

While Siemens Energy India remains a relatively stable player, JPMorgan’s preference clearly tilts towards Hitachi Energy India and GE Vernova T&D, given their stronger positioning in high-growth segments.

The sector appears to be at the start of a long growth phase. For investors, the story is less about short-term price movements and more about riding a structural shift in India’s energy landscape.