GE T&D India Stock Analysis

GE T&D India Limited (“GE T&D” or the “Company”), formerly known as Alstom T&D, is one of leading player in the power transmission business with a product portfolio ranging from medium to extra high voltage (765 kV) for the utility, and infrastructure markets.

GE T&D India has a predominant presence in all stages of the power supply chain, with a wide range of products that include power transformers, circuit breakers, gas insulated switchgears, protection relays and power system automation equipments.

The Company has executed and commissioned large number of turnkey projects for its major customers including Power Grid, Maharashtra State Electricity Transmission Company Limited (MSETCL), West Bengal State Electricity Transmission Company Limited (WBSETCL), Gujarat Energy Transmission Corporation (GETCO), Transmission Corporation of Andhra Pradesh (APTRANSCO) and Megha Infrastructure

Product Portfolio

[1] High Voltage Products and Substations

  • Includes turnkey projects and full range of equipments for long distance transmission at voltage up to 1200 kV.
  • Switchgears for Air Insulated Substations (AIS) or Gas Insulated Substations (GIS),
  • Circuit Breakers,
  • Power Transformers.

[2] Power Electronics

  • Includes high performance applications for Alternate Current (AC)/ Direct Current (DC) conversion and interconnection of DC and AC power in high voltage or medium voltage grids,
  • Power quality stabilization (FACTS) and DC converters for connection of specific energy resources (offshore wind farms, renewable energy sources, battery storage etc.).

[3] Grid Automation and Smart Software Solutions

  • Grid Automation solutions that protect, control and monitor electrical grid. Solutions include agile protection relays, substation digital control systems, and customer support services.
  • Software solutions and platforms for grid control rooms for controlling the power grid including energy management systems, distribution management systems, demand response, load forecasting and analytics solutions.

 Segment-wise Revenue

GE T&D India

Operational Highlights

During FY 2016, GE T&D India has commissioned 40 AIS and GIS substations across 66kV / 132kV / 220kV / 440kV / 765kV. As of June 30, 2016, the Company’s order book stood at Rs. 796 Cr. as compared to Rs. 708 Cr. in June 30, 2015, registering a growth of 12.3 %.

Some of the Main Orders Include –



(Rs. Cr.)

Power Grid Corporation

400 kV AIS Extension Substation with Reactors



400 kV Switchyard Extension Kahalgaon


L & T Power

Generator Transformer package for Khargone


Bihar State Power Transmission Company

Renovation Modernization Extn. Package 61


Bihar State Power Transmission Company

Renovation Modernization Extn. Package 79


Power Grid Corporation

400 kV Daltonganj Substation package


Odisha Power Transmission Corporation

132 kV GIS Substation at Chandbali



Strong Power Generation Growth – “24×7 Power for All”

The Government of India has notified the objective of “24×7 Power for All” to be achieved by 2019 to all states which are required to work in time bound manner to achieve this goal. State Electricity Boards (SEBs) are being encouraged to upgrade their transmission, sub-transmission grids to cope with the additional power generation capacity. This strengthening of Inter and intra state network (66kV – 765kV) is expected to increase business opportunities for your Company.

Government Reforms

The Central Government of India has initiated several reforms to unclog the power sector bottlenecks and facilitate investments in the power and T&D sectors.

New initiatives like Smart Cities, Ujwal Discom Assurance Yojana (UDAY) scheme for Discoms, ramp up in Solar power generation, Integrated Power Distribution Scheme , Power System Development Fund for strengthening of transmission and sub-transmission network are expected to deliver opportunities for transmission & distribution companies.

Highest localization amongst MNC T&D players

GE T&D India was amongst the first MNC T&D companies to identify India as a key market for growth. Even before Power Grid mandated a domestic manufacturing clause for 765kv transformers, the Company had set up a plant in Baroda to address the Indian 765kv transformer demand. The Company was also the first to introduce 400/765kv GIS in India from its Tamil Nadu plant. The government’s recent initiatives to promote “Make in India” would benefit GE T&D the most as its products are amongst the most localized in the country.

Well Positioned To Benefit from Upcoming Opportunities In High-Tech Products

The Indian transmission network has been moving toward higher voltage levels and newer technologies. The shift is beneficial for MNC T&D players like GE T&D who have access to the parent’s product.

The Indian grid has already moved to 765kv voltage and High Voltage Direct Current (HVDC) links are increasingly being deployed to transmit large amounts of power across the country. Post the northern grid blackout, high-technology products such as static variable compensators and Phase Measuring Units (PMUs) etc. are also being deployed to improve grid stability where GE T&D is well placed to bag orders

Capabilities across high-voltage equipment

ge td india


Excess Capacity and Poor State of SEBs

While GE T&D India has been judicious in bidding for viable projects, SEB’s who comprise the largest pool of potential clients for the Company are ‘largely bankrupt‘, a problem highlighted in this post here

The State Electricity Boards are struggling with huge financial losses aggregating to over Rs. 4 trillion (US$ 60 billion), as on 31 March 2016 and are neither able to purchase power nor able to pay generation companies and equipment suppliers. This is impacting new investments in the T&D sector and thereby creating T&D grid network congestion at the State level.