The transformer industry in India, along with the wider electrical manufacturing sector, is growing rapidly as the country upgrades its power infrastructure and expands renewable energy capacity.
The Indian transformer market is projected to grow from USD 104.13 million in 2025 to USD 156.80 million by 2030, expanding at a compound annual growth rate of over 8.53 percent during this period. In this article, we compare Hitachi Energy India and GE Vernova T&D India based on their Q1 results, export performance, capex plans, order book, and key financial highlights.
With a market capitalization of Rs. 91,150.48 crore, the shares of Hitachi Energy India Limited were currently trading at Rs. 20,450 per equity share. Similarly, with a market capitalization of Rs. 72,845.24 crore, the shares of GE Vernova T&D India Limited were currently trading at Rs. 2,845 per equity share.
Q1 FY26 Result Walkthrough
Coming into the quarterly results of Hitachi Energy India Limited, the company’s consolidated revenue from operations increased by 11.45 percent YOY, from Rs. 1,327 crore in Q1 FY25 to Rs. 1,479 crore in Q1 FY26, and decreased by 21.50 percent QoQ from Rs. 1,884 crore in Q4 FY25.
In Q1 FY26, Hitachi Energy India Limited’s consolidated net profit increased by 1,220 percent YOY, reaching Rs. 132 crore compared to Rs. 10 crore during the same period last year. As compared to Q4 FY25, the net profit has decreased by 28.26 percent, from Rs. 184 crore.
Correspondingly, GE Vernova T&D India Limited’s consolidated revenue from operations increased by 38.83 percent YOY, from Rs. 958 crore in Q1 FY25 to Rs. 1,330 crore in Q1 FY26, and increased by 15.35 percent QoQ from Rs. 1,153 crore in Q4 FY25.
In Q1 FY26, GE Vernova T&D India Limited’s consolidated net profit increased by 115.56 percent YOY, reaching Rs. 291 crore compared to Rs. 135 crore during the same period last year. As compared to Q4 FY25, the net profit has increased by 56.45 percent, from Rs. 186 crore.
Order Book
In Q1 FY26, Hitachi Energy India Limited achieved its highest-ever quarterly order intake at Rs. 11,339.2 crore, marking a massive 365.4 percent jump from last year, mainly due to the landmark Bhadla-Fatehpur HVDC project.
The company’s order backlog also reached a record Rs. 29,135 crore as of the transcript, with 55–60 percent of it comprising HVDC projects, ensuring strong revenue visibility for several upcoming quarters.
Similarly, GE Vernova T&D India Limited secured new orders worth Rs. 16.2 billion in Q1 FY26, which is 57 percent higher than the same period last year and about 1.25 times its quarterly revenue. Most of these orders (86 percent) came from within India, while 14 percent were exports.
As of June 2025, the company’s order backlog stood at Rs. 129.6 billion, up 2 percent from Rs. 126.6 billion in March 2025. This strong backlog gives the company revenue visibility for nearly the next three years.
CAPEX Plans
Hitachi Energy India Limited is continuing with its planned capital expenditure of Rs. 2,000 crore to strengthen capacity and capabilities. Meanwhile, GE Vernova T&D India Limited has announced a capex plan of Rs. 2.5 billion, with Rs. 1.4 billion allocated for HVDC/STATCOM valves and controls, and Rs. 1.1 billion for debottlenecking to enhance operational efficiency.
Export Performance
Hitachi Energy India Limited derives about 25 percent of its total order book from exports, with demand coming from Europe, South America, and Asia. Within its non-HVDC order backlog, exports account for roughly 20 percent, reflecting the company’s strong global reach beyond its large domestic projects.
Correspondingly, GE Vernova T&D India Limited saw exports contribute around 40 percent to its Q1 FY26 revenues, marking an impressive 80 percent year-on-year growth. Its export backlog now represents about 30 percent of the total order book, up from 20–25 percent earlier, with management expecting the long-term export revenue share to settle at around 30 percent.
Company Overview
Hitachi Energy India Limited was established in 2019 and is a leading technology company in the power sector. It specializes in electrification, power grid technologies, transformers, and services supporting renewable energy and digital solutions.
Likewise, GE Vernova T&D India Limited was established in 1957 and is headquartered in New Delhi. It is a leading company in power transmission and distribution infrastructure. It specializes in engineering, manufacturing, project management, and the supply of products like power transformers, circuit breakers, switchgears, and advanced digital solutions.
Written By – Nikhil Naik
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