Multibagger stock, up 3,000% in 5 years, gets fresh upside targets at record highs

Multibagger stock: GE Vernova T&D India received revised upside targets on Wednesday following a surprise beat in its June quarter earnings. The upgrades come even as the stock has surged over 3,000 per cent in the past five years and hit a fresh record high earlier in the day. 

GE Vernova T&D India Ltd hit its 5 per cent upper circuit at Rs 2,604.25 on the BSE, marking a new record high.
ICICI Securities has upped its target on the stock to Rs 3,000 from Rs 2,276 earlier, following what it called the surprise margin beat. Emkay Global also revise its target upward by 32 per cent to Rs 2,900, led by earnings revision of 17-20 per cent for FY26-28 and increase in multiple, from 50 times to 55 times on improved margin visibility. Nuvama finds the power transmission and distribution company's stock worth Rs 3,000 against Rs 2,250 earlier.

"GE Vernova T&D beat Q1FY26 estimates by a mile yet again, with OI/execution surging 57 per cent/39 per cent YoY coupled with OPM jumping to 29.1 per cent (life-time high and across peers) led by better GM (pricing benefit)," said Nuvama as it retained ‘Buy’ anticipating 30–35 per cent order inflow and revenue CAGR over FY25-28E coupled with a 20–21 per cent operating profit margin by FY27E/28E on 30 per cent exports mix.

Emkay Global said a healthy mix in the strong order book, a sturdy tender pipeline (including two HVDCs in FY26), and focus on margin improvement give it confidence in the company's robust earnings growth trajectory. 

"Higher export visibility further adds comfort to our positive view. Factoring in the strong Q1FY26 results, we raise earnings by 17 per cent/19 per cent/20 per cent for FY26E/27E/28E. We maintain Buy with an increase in the target to Rs 2,900 (55x FY27E)," Emkay said.

ICICI Securities noted that India is upgrading its grid to prime for evacuation of power from 900 GW capacity against  485 GW now. 

The nation is also targeting 43 per cent of electricity consumption by renewables by 2030. As a result, transmission capex is set to pick up after FY20–24’s subdued investment cycle. 

"We estimate Rs 3.4 lakh crore of capex on inter-state transmission in next 4–5 years. We believe GE can benefit from India’s pursuit of grid strengthening. GE’s order book has doubled YoY to Rs 13,000 crore as of Q1FY26, with book-to-bill of 2.8x. Order outlook remains healthy with tailwinds in transmission capex over the medium term," it said.

Meanwhile, the company has also improved its margins over the last few quarters, ICICI Securities said as it assigned a P/E multiple of 60 times FY28E EPS on account of robust pipeline and revised
upwards our profit estimates basis the improvement in margin.