HVDC Stocks in India: 3 Companies Set to Gain From the ₹1.6 Lakh Crore Grid Boom

India's clean power story is told through solar parks and wind farms. But making power is half the job. Moving it is the other half.

That job belongs to the grid. And the grid is due for a big upgrade. For anyone tracking HVDC stocks in India, this is where the next leg of the power theme sits.

Citi Research thinks the High Voltage Direct Current (HVDC) gear market alone could be worth ₹1.6 lakh crore for makers. In June 2026, Citi began coverage with Buy calls on Hitachi Energy India, GE Vernova T&D India and CG Power.

Why HVDC matters for India's grid

Big solar and wind farms sit far from cities. Power from Rajasthan or Gujarat may travel many hundred kilometres. It has to reach a plant or a home.

Normal AC lines lose too much power over that stretch. HVDC lines do not. They carry more power, waste less, and hold the grid steady too.

So HVDC is the default choice for long green corridors. India wants 500 GW of non-fossil power by 2030. The Central Electricity Authority's plan points to about ₹7.9 lakh crore of grid spending. That is to soak up close to 900 GW of green power by FY36.

Much of this build lands in the next decade. Siemens Energy India, citing the national plan, sees India adding 15,432 ckm of HVDC lines by FY32. Transfer size should rise by 32,250 MW. That is close to double what the grid can move today.

Why new players find it hard to enter

HVDC is not a commodity. Orders need a track record, local plants and tested gear. So the list of firms that can bid stays short.

One thing has shifted. On 24 June 2026, the Finance Ministry gave a two-year waiver under the public purchase order. It went to four China-linked firms that build in India. They are TBEA Energy India, Nanjing Electric India, New Northeast Electric India and Taikai Electric (India). All four can now bid for state contracts without prior sign-up.

That adds rivals in transformers, switchgear and HVDC gear. But these firms have little HVDC track record in India. So the near-term risk sits more in transformers than in converter stations.

1. Hitachi Energy India: HVDC is already earning

Hitachi Energy India (NSE: POWERINDIA) is strong in both HVDC types. LCC, or Line Commutated Converter, suits bulk power over very long routes. VSC, or Voltage Source Converter, suits weak grids and green tie-ins.

FY26 was a record year. Sales rose 27.6% to ₹8,147.7 crore. Net profit jumped 157.3% to ₹987.8 crore. The order book closed at ₹29,555.3 crore, up 53.5%.

HVDC brought in about ₹1,100 crore of FY26 sales. That is close to 15% of the top line. The company also called it margin accretive. It built India's first HVDC city centre infeed in Mumbai this year.

New plants are on the way. The board cleared ₹2,000 crore more for a new large transformer plant at Karjan, Vadodara. It should run by the end of 2028. With an earlier plan from October 2024, the total spend plan is now ₹4,000 crore.

2. GE Vernova T&D India: a book built for FY29

GE Vernova T&D India (NSE: GVT&D) sells both LCC and VSC systems. FY26 wins put it firmly in the HVDC race.

It won an HVDC VSC terminal station from Adani Energy Solutions. That serves the 2.5 GW Khavda–South Olpad green corridor. It also won the rebuild of Power Grid's 2×500 MW Chandrapur HVDC back-to-back station.

FY26 order intake hit ₹14,776 crore, up 37%. The March quarter alone brought ₹8,614 crore, a 188% jump. The order book stood at ₹21,460 crore on 31 March 2026, up 49%. Some 98% of it comes from private or central utilities. FY26 sales were ₹6,210 crore, up 45%.

Here is the catch. HVDC deals run long. The company has said real billing from these starts only from FY28–29. Till then, the order book is a promise, not profit.

The pipeline stays busy. Over 33 projects are under bid, and more than 10 of them are HVDC. The firm expects to win about one HVDC deal a year. It put over ₹1,000 crore into new lines in FY26. It is also making thyristor valves and controls in India.

3. Siemens Energy India: betting on VSC

Siemens Energy India (NSE: ENRIN) reads the market a bit differently. It sees demand tilting to VSC over time. VSC comes with built-in grid support. That suits a grid taking in a lot of green power.

The firm already has scale here. About 30% of India's HVDC base runs on Siemens tech. That includes links across borders.

Its grid arm is growing fast. For the half year to 31 March 2026, grid sales rose about 29.7% to ₹2,400 crore. That arm's order book grew 27.5% to ₹12,500 crore. The whole firm's book stood at ₹18,433 crore.

The board has cleared ₹2,060 crore to raise large transformer output to about 30,000 MVA. But that plant should start work only between 2030 and 2032. All HVDC design work happens in India. The firm still buys IGBTs, a key chip input, from abroad.

How the three compare

What the stock returns actually say

The market has treated these three very differently. Returns below are to the 6 August 2026 close on the NSE.

Siemens Energy India is the odd one out. Over one year it is nearly flat. Yet it is up over 28% in 2026 so far. The stock ran to ₹3,872 and then gave most of it back. So the start date changes the story. Keep that in mind when a return is quoted with no time frame.

Risks worth watching

Four things can go wrong here.

• Timing. Orders are booked now but billed years later. GE Vernova's HVDC sales start only near FY29. Patience is part of the cost.
• Price. These stocks have run hard. A record order book is often priced in long before it turns into cash.
• Delivery. Converter stations are complex. Delays, cost overruns and site issues hit margins fast.
• Rivals. The two-year waiver lets four China-linked firms bid. That can squeeze prices on transformers and switchgear.

A big order book is a starting point, not the answer. Anyone reading this space should still check margins, cash flow and how much of the book can be billed in two years. The same test applies to PSU stocks and solar energy stocks riding the same power theme.

For a wider frame on picking names in a hot sector, see how growth stocks and monopoly stocks are screened. It also helps to know what makes a real multibagger stand apart from a crowded trade.

Sources: Q4 FY26 and H1 FY26 results and earnings calls of Hitachi Energy India, GE Vernova T&D India and Siemens Energy India; Central Electricity Authority National Electricity Plan (Transmission); Ministry of Finance public procurement waiver dated 24 June 2026; Citi Research sector note, June 2026; NSE prices as of 6 August 2026. For information only. This is not investment advice.