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# POWERGRID’s ₹25,000+ crore Rajasthan win may create an even more interesting opportunity outside POWERGRID.
Because someone now has to supply the:
• HVDC converter stations
• Transformers & switchgear
• Towers
• Conductors
And the biggest opportunity is NOT in the transmission line.
**It’s in the HVDC terminals.** ↓
———
# CTUIL originally estimated the Barmer-II-South Kalamb project at around ₹24,951 crore.
For the similar 6 GW Khavda–Nagpur HVDC project, POWERGRID indicated roughly:
• 65-70% → HVDC terminals + electrical systems
• \~35% → Transmission line
That implies roughly:
**₹16,000-17,500 crore → Terminals**
**₹8,000-9,000 crore → Lines**
That’s the opportunity pool investors should focus on.
———
# The first stock to watch:
**Hitachi Energy India**
Barmer uses 6 GW, ±800 kV LCC HVDC technology. ⭐️
Now look at two similar projects:
Khavda → Nagpur: Hitachi + BHEL
Bhadla → Fatehpur: Hitachi + BHEL
Barmer is another very similar system.
**That makes Hitachi the incumbent to beat.**
And Hitachi Energy India’s FY26 revenue was only about ₹8,148 crore.
So even a several-thousand-crore order could be huge relative to its existing business.
———
# But the more interesting challenger could be:
**GE Vernova T&D India**
GE management has specifically discussed Barmer-South Kalamb and has said it has capacity for another HVDC project. ⭐️
Its FY26 revenue was around:
₹6,210 crore
Order backlog:
₹21,460 crore
So if GE wins a large part of the HVDC package, the order could materially improve its multi-year revenue visibility.
**Hitachi may be the favourite.**
**But GE may have greater surprise value for the stock.**
———
# Then comes: BHEL
BHEL partnered Hitachi on both Khavda-Nagpur and Bhadla-Fatehpur.
Its scope has included:
• Converter transformers
• Reactors
• Switchgear
• Thyristor valves
• AC evacuation equipment
So if the Hitachi+BHEL combination repeats, BHEL should benefit.
**But the stock-market impact is different.**
BHEL already entered FY27 with roughly ₹2.4 lakh crore of orders.
So a ₹5,000 crore order matters far more to Hitachi than to BHEL. ⭐️
———
# The transmission line itself has been split into multiple packages.
That creates opportunities for several EPC companies.
The strongest candidates I’d watch:
**KEC International**
Already has multiple POWERGRID ±800 kV HVDC line wins.
**Transrail Lighting**
Already executing an 800 kV HVDC project at Nagpur.
**Jyoti Structures**
Previously won a ₹741 crore Khavda-Nagpur HVDC line package.
The interesting part is order impact relative to company size.
———
# That’s why Jyoti Structures has the highest small-cap torque.
It entered FY27 with an order book of only around ₹2,274 crore.
So another ₹700-1,000 crore package could be enormous relative to its current business.
**But the warning is equally important:**
Higher order impact does NOT mean better business quality.
Jyoti carries significantly higher execution and balance-sheet risk than Hitachi, KEC or BHEL. ⚠️
———
# Then there’s the picks-and-shovels play:
**APAR Industries**
Barmer allows conductors such as:
• ACSR
• AAAC
• AL59
APAR has developed AL59 specifically for high-voltage applications and also makes:
• OPGW
• Speciality transformer oil
• Transmission conductors
But APAR may NOT receive the order directly from POWERGRID.
The chain could be:
**POWERGRID → KEC / Transrail / Jyoti → APAR**
That also means APAR could potentially supply multiple winning contractors. ⭐️
———
# My beneficiary watchlist:
**Hitachi Energy India** \- Main HVDC terminal opportunity
⭐⭐⭐⭐⭐
**GE Vernova T&D India** \- Biggest challenger
⭐⭐⭐⭐⭐
**BHEL** \- likely consortium/equipment beneficiary
⭐⭐⭐⭐½
**KEC International** \- line EPC
⭐⭐⭐⭐
**Transrail Lighting** \- line EPC with greater size impact
⭐⭐⭐⭐
**Jyoti Structures** \- highest torque, highest risk
⭐⭐⭐½
**APAR Industries** \- conductors + OPGW + transformer oil
⭐⭐⭐½
The biggest misconception?
**The conductor opportunity is NOT the main prize.**
The real battle is likely:
**Hitachi Energy vs GE Vernova**
for a potential ₹16,000+ crore HVDC terminal opportunity. ⭐️
That supplier announcement could become the next major stock-market trigger from POWERGRID’s Rajasthan project.

# POWERGRID’s ₹25,000+ crore Rajasthan win may create an even more interesting opportunity outside POWERGRID.
Because someone now has to supply the:
• HVDC converter stations
• Transformers & switchgear
• Towers
• Conductors
And the biggest opportunity is NOT in the transmission line.
**It’s in the HVDC terminals.** ↓
———
# CTUIL originally estimated the Barmer-II-South Kalamb project at around ₹24,951 crore.
For the similar 6 GW Khavda–Nagpur HVDC project, POWERGRID indicated roughly:
• 65-70% → HVDC terminals + electrical systems
• \~35% → Transmission line
That implies roughly:
**₹16,000-17,500 crore → Terminals**
**₹8,000-9,000 crore → Lines**
That’s the opportunity pool investors should focus on.
———
# The first stock to watch:
**Hitachi Energy India**
Barmer uses 6 GW, ±800 kV LCC HVDC technology. ⭐️
Now look at two similar projects:
Khavda → Nagpur: Hitachi + BHEL
Bhadla → Fatehpur: Hitachi + BHEL
Barmer is another very similar system.
**That makes Hitachi the incumbent to beat.**
And Hitachi Energy India’s FY26 revenue was only about ₹8,148 crore.
So even a several-thousand-crore order could be huge relative to its existing business.
———
# But the more interesting challenger could be:
**GE Vernova T&D India**
GE management has specifically discussed Barmer-South Kalamb and has said it has capacity for another HVDC project. ⭐️
Its FY26 revenue was around:
₹6,210 crore
Order backlog:
₹21,460 crore
So if GE wins a large part of the HVDC package, the order could materially improve its multi-year revenue visibility.
**Hitachi may be the favourite.**
**But GE may have greater surprise value for the stock.**
———
# Then comes: BHEL
BHEL partnered Hitachi on both Khavda-Nagpur and Bhadla-Fatehpur.
Its scope has included:
• Converter transformers
• Reactors
• Switchgear
• Thyristor valves
• AC evacuation equipment
So if the Hitachi+BHEL combination repeats, BHEL should benefit.
**But the stock-market impact is different.**
BHEL already entered FY27 with roughly ₹2.4 lakh crore of orders.
So a ₹5,000 crore order matters far more to Hitachi than to BHEL. ⭐️
———
# The transmission line itself has been split into multiple packages.
That creates opportunities for several EPC companies.
The strongest candidates I’d watch:
**KEC International**
Already has multiple POWERGRID ±800 kV HVDC line wins.
**Transrail Lighting**
Already executing an 800 kV HVDC project at Nagpur.
**Jyoti Structures**
Previously won a ₹741 crore Khavda-Nagpur HVDC line package.
The interesting part is order impact relative to company size.
———
# That’s why Jyoti Structures has the highest small-cap torque.
It entered FY27 with an order book of only around ₹2,274 crore.
So another ₹700-1,000 crore package could be enormous relative to its current business.
**But the warning is equally important:**
Higher order impact does NOT mean better business quality.
Jyoti carries significantly higher execution and balance-sheet risk than Hitachi, KEC or BHEL. ⚠️
———
# Then there’s the picks-and-shovels play:
**APAR Industries**
Barmer allows conductors such as:
• ACSR
• AAAC
• AL59
APAR has developed AL59 specifically for high-voltage applications and also makes:
• OPGW
• Speciality transformer oil
• Transmission conductors
But APAR may NOT receive the order directly from POWERGRID.
The chain could be:
**POWERGRID → KEC / Transrail / Jyoti → APAR**
That also means APAR could potentially supply multiple winning contractors. ⭐️
———
# My beneficiary watchlist:
**Hitachi Energy India** \- Main HVDC terminal opportunity
⭐⭐⭐⭐⭐
**GE Vernova T&D India** \- Biggest challenger
⭐⭐⭐⭐⭐
**BHEL** \- likely consortium/equipment beneficiary
⭐⭐⭐⭐½
**KEC International** \- line EPC
⭐⭐⭐⭐
**Transrail Lighting** \- line EPC with greater size impact
⭐⭐⭐⭐
**Jyoti Structures** \- highest torque, highest risk
⭐⭐⭐½
**APAR Industries** \- conductors + OPGW + transformer oil
⭐⭐⭐½
The biggest misconception?
**The conductor opportunity is NOT the main prize.**
The real battle is likely:
**Hitachi Energy vs GE Vernova**
for a potential ₹16,000+ crore HVDC terminal opportunity. ⭐️
That supplier announcement could become the next major stock-market trigger from POWERGRID’s Rajasthan project.