HVDC converter stations (LCC and VSC), STATCOMs and other FACTS devices that move bulk power long distances and stabilise a renewable-heavy grid.
Hitachi Energy IndiaDirect supplier · HighListed
GE Vernova T&D IndiaDirect supplier · HighListed
Bharat Heavy ElectricalsDirect supplier · MediumListed
Siemens Energy IndiaDirect supplier · MediumListed
Quality Power Electrical EquipmentsDirect supplier · HighListed
Bharat Heavy Electricals (BHEL)
State engineering major; HVDC consortium partner with Hitachi Energy, plus power transformers and substations (also in energy, railways and naval sectors)
Price
₹419.00
snapshot 6 Nov 2026
Strengths
Partner on India's ±800 kV HVDC terminals (Khavda-Nagpur for POWERGRID; Rajasthan for AESL)
Bhopal and Jhansi transformer plants and long utility relationships
Risks
Transmission is small next to its thermal-power order book
History of slow execution and weak margins
Key stats — company snapshot as of 6 Nov 2026
Mkt Cap
₹1.46L Cr
Stock P/E
50.7x
Div Yield
0.33%
ROCE
9.1%
ROE
6.3%
P/B
5.5x
Revenue growth
+19.2%FY26
Profit growth
+199.6%FY26
Net margin
4.7%FY26
1Y vs Nifty
+63 ptsNifty −1.9%
Revenue, ₹ Cr (5-yr) — company table
21,211FY22
23,365FY23
23,893FY24
28,339FY25
33,782FY26
Stock price return · as of 6 Nov 2026
1Y price return
+61%
3Y CAGR
+48%
5Y CAGR
+42%
Trend94th percentile
52-week range as of 6 Nov 2026 vs snapshot price · 9.7% below its high
Note: Transmission is a small part next to thermal power
Market cap, ratios, CAGR and revenue: company table snapshot as of 6 Nov 2026 (the same figures on every page). Price: snapshot as of 6 Nov 2026. Not investment advice.
Where it fits
Builds the converter stations at each end of an HVDC link - valves, converter transformers, filters and controls - and the STATCOM and reactive-power devices that keep voltage steady as solar and wind swing. Only a handful of global groups own the technology; Indian partners do civil, transformers and parts of the build.
Why it matters
HVDC carries bulk power with lower losses over 1,000+ km, which is how Khavda's and Rajasthan's renewables reach Maharashtra. Two ±800 kV, 6 GW terminal pairs are now under order: Khavda-Nagpur (BHEL-Hitachi Energy, Nov 2024) and Barmer-II to South Kalamb (GE Vernova T&D, Sep 2026), plus AESL's Rajasthan link. These are among the largest single orders the equipment makers have ever booked.
Where the value pool sits
Large, lumpy orders (several thousand crore per terminal pair) with long execution (3-4 years). Margins are decent for the technology owner but projects carry execution and penalty risk. Converter transformers are the biggest equipment item.
Key drivers
Renewable zones in Rajasthan, Gujarat and Ladakh far from load centres
STATCOMs for grid stability with high renewable share
Cross-border links (Sri Lanka, Nepal, Bangladesh)
Potential bottlenecks
Only three or four HVDC technology suppliers worldwide, all booked by European offshore-wind and interconnector demand
Converter-transformer and valve capacity
Terrain: the Leh-Kaithal (Ladakh) HVDC tender drew a single bidder and POWERGRID is weighing an AC design (FY26)
Investor metrics to watch
HVDC orders booked and timing of revenue recognition