Archive · 29 Sep 2026
JPMorgan Picks Power Equipment Stocks as India’s Grid Spending Rises
India is planning to expand its electricity grid and connect more renewable-energy projects.
This means utilities may buy more transformers, transmission lines and other equipment.
JPMorgan highlighted three companies that could benefit from this spending.
Hitachi Energy India has the highest implied upside in the price targets cited.
GE Vernova T&D India is closely tied to transformer demand and domestic orders.
Hitachi Energy India could gain from future HVDC projects, although some orders may take time.
Siemens Energy India is exposed to broader grid expansion and high-voltage equipment demand.
Higher prices for steel, copper and aluminium could reduce the companies’ profit margins if equipment prices do not rise enough.
JPMorgan expects India’s power-equipment ordering to improve as transmission, renewable integration and electricity demand increase.
Hitachi Energy India has the highest implied upside at 24.2%, followed by GE Vernova T&D India at 20.9% and Siemens Energy India at 10.7%.
GE Vernova T&D India is positioned to benefit from transformer demand and improving domestic orders, though raw-material costs remain a concern.
Hitachi Energy India’s growth outlook depends on future HVDC and high-voltage transmission projects, with some projects still awaiting approvals.
Siemens Energy India is expected to benefit mainly from grid expansion, renewable integration and demand for high-voltage equipment.
- Who
- JPMorgan and the power-equipment companies GE Vernova T&D India, Hitachi Energy India and Siemens Energy India.
- What
- JPMorgan identified three Indian power-equipment stocks and outlined different growth drivers and risks for each.
- When
- The sector outlook covers the next 12–18 months; potential capacity-led HVDC projects for Hitachi Energy India could be ordered in CY28.
- Where
- India’s power-transmission and renewable-energy infrastructure market.
- Why
- Rising electricity demand, renewable-energy expansion, electrification and grid investment are expected to increase demand for power equipment.
- Highest implied upside
- Hitachi Energy India: 24.2%
- Hitachi Energy India target price
- Rs 40,500
- GE Vernova T&D India target price
- Rs 5,200, implying 20.9% upside
- Siemens Energy India target price
- Rs 3,600, implying 10.7% upside
- Key demand drivers
- Transmission spending, renewable integration and rising electricity demand
- Main input-cost risks
- CRGO steel, copper and aluminium prices
- Target-price qualification
- The entries came from JPMorgan’s price-history tables and were not presented as fresh targets issued on the report’s dissemination date.