Archive · 31 Aug 2026
Macquarie Sees Indian Power Stocks Gaining From US Curbs
The United States has introduced restrictions on some foreign-made equipment used in large power systems.
This could make American buyers look for equipment from other countries.
Macquarie believes Indian companies may benefit from this change.
Some Indian businesses already sell transformers, switchgear and other power equipment to the United States.
GE Vernova T&D India exports 33% of its Indian production, the highest share cited in the report.
Siemens Energy India exports 29%, while Hitachi Energy India exports 26%.
Macquarie gave Bharat Electronics the largest possible share-price gain among the listed companies, at 35%.
These figures are brokerage estimates, not guarantees that the stocks will rise.
Macquarie says new US restrictions on certain foreign bulk-power equipment could create export opportunities for Indian manufacturers.
Bharat Electronics has the highest disclosed target-price upside at 35%, followed by Siemens Energy India at 32%.
GE Vernova T&D India and CG Power each have a disclosed upside of 26%, while Hitachi Energy India has 16%.
GE Vernova, Siemens Energy and Hitachi Energy already export significant shares of their Indian production to the United States.
The article lists seven stocks with disclosed targets, although it refers to Macquarie ratings on eight stocks.
- Who
- Macquarie and Indian power and industrial companies, including Bharat Electronics, Siemens Energy India, GE Vernova T&D India, Hitachi Energy India, Cummins India, Larsen & Toubro and CG Power.
- What
- Macquarie rated the listed stocks 'Outperform' and identified potential gains from changing US sourcing rules for bulk-power equipment.
- When
- The Macquarie India Industrials report was dated August 27; the article does not specify the year.
- Where
- The opportunity concerns equipment made in India and sold to buyers in the United States.
- Why
- US restrictions on certain foreign supplies could lead American utilities and other buyers to seek equipment from alternative suppliers, including Indian manufacturers.
- Highest disclosed upside
- Bharat Electronics: 35%, with a target price of Rs 550.
- Second-highest disclosed upside
- Siemens Energy India: 32%, with a target price of Rs 4,400.
- GE Vernova T&D India
- Macquarie target price of Rs 5,470, implying 26% upside.
- Hitachi Energy India
- Macquarie target price of Rs 38,500, implying 16% upside.
- Export share
- GE Vernova exports 33% of its India production, Siemens Energy 29%, Hitachi Energy 26%, and CG Power less than 5%.
- US restrictions
- The order covers certain transformers, reactors, generation equipment and control systems used in power plants, substations and transmission networks of 69kV or above.
- Stock-list discrepancy
- The article says Macquarie has Outperform ratings on eight stocks but provides disclosed targets for seven names.