GE Vernova, Atlanta Electricals among top beneficiaries of India's transmission expansion

The transmission sector outlook remains constructive, supported by robust demand and persistent supply constraints in the extra-high-voltage transformer segment. Approved Chinese manufacturers are unlikely to disrupt the market in the near term, while expected revival in tender activity from Q2FY27 should support order inflows as commodity prices soften. GE Vernova T&D India and Atlanta Electricals are highlighted as key beneficiaries, with price targets of Rs 5200 and Rs 1950 respectively, backed by strong order books of about Rs 148b and Rs 25b respectively.