Jefferies initiates coverage on GE Vernova, bullish on 2 other power transmission stocks

Jefferies initiated coverage on GE Vernova T&D India with a Hold rating and target of Rs 6,000 (65x FY28E earnings), while retaining Buy on Hitachi Energy India with target Rs 43,145 and Siemens Energy India with target Rs 4,500, both implying around 17% upside on a 40%+ earnings CAGR view. The brokerage highlights India's transmission project awards jumping from about Rs 390-400 billion in FY24 to over Rs 800 billion from FY25 onwards, with a USD 100 billion-plus transmission capex pipeline over FY27-36 and tight transformer manufacturing capacity (rising 80-90% versus FY25) supporting firm pricing and margins for OEMs.