GE Vernova T&D Bags 'Add' Rating As Yes Securities Initiates Coverage — Check Target Price 

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Yes Securities Report

Yes Securities initiates coverage on GE Vernova T&D Ltd. with a 'Add rating and a target price of Rs. 3,200, which implies potential upside of 10% from current market price of Rs 2,913 backed by-

1. Sharp increase in energy installations to require acceleration in transmission network installations,

2. Domestic electrification market to incur capex of $50 billion during 2025-30,

3. Global T&D market seeing once in half a century opportunity,

4. Current orderbook of Rs 131 billion provides revenue visibility for the next two years,

5. Revenues to grow at >30% CAGR during FY25-28; Ebitda margins to expand further supported by better gross margins amidst higher exports as well as operating leverage.

Risk to investment thesis

• Material slowdown in transmission tendering and awarding by the government.

• Delays in tendering of HVDC orders.

• Sharp increase in raw material prices.

• Increased competition.

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