Shares of power generation-related companies were on a roll, with the BSE Power index hitting a new high of 8,497 on Wednesday due to strong demand and order book positions. In the past two months, the BSE Power index has surged 24 per cent.
The BSE Power index was the top gainer among sectoral indices and was up 3.3 per cent as compared to a 0.2 per cent decline in the BSE Sensex. Six out of 15 stocks from the BSE Power index hit their respective all-time highs, including Adani Power, Bharat Heavy Electricals (BHEL), CG Power and Industrial Solutions, GE Vernova T&D India, Hitachi Energy India and Siemens Energy India.
Among individual stocks, Siemens Energy India soared 9 per cent, while CG Power and Industrial Solutions rallied 6.4 per cent, followed by ABB at 6 per cent. GE Vernova T&D India gained 5.2 per cent, followed by JSW Energy at 4.5 per cent and Thermax at 3.5 per cent.
Post its March-quarter results, Hitachi Energy India highlighted a strong multi-year growth outlook driven by rising power demand, renewable energy integration, electrification and data centre expansion. The March 2026 quarter saw a surge in total order backlog to Rs 29,555 crore, providing strong revenue visibility for several quarters, the company said.
It has secured over Rs 20,000 crore worth of High-Voltage Direct Current (HVDC) orders and is currently executing two mega 6 GW HVDC projects — Khavda-Nagpur and Bhadla-Fatehpur. Hitachi Energy also announced an additional Rs 2,000 crore capex for its Vadodara transformer facility, taking the cumulative announced investment to Rs 4,000 crore. In Q4CY25, revenue rose 46.2 per cent year-on-year (Y-o-Y) to Rs 2,754 crore, while profit after tax jumped 80 per cent Y-o-Y to Rs 330 crore.
Adani Green Energy commissioned a cumulative 3.37 GWh Battery Energy Storage System (BESS) at Khavda, Gujarat, making it the world’s largest single-location battery storage deployment outside China and among the fastest executed globally. The project, completed within 10 months, includes 1.37 GWh commissioned in March 2026 and is aimed at strengthening grid reliability and enabling round-the-clock renewable power supply. The company plans to add over 10 GWh of battery storage capacity in FY27 and scale the total storage capacity to 50 GWh over the next five years.
CG Power and Industrial Solutions pointed out that order flow remained strong during Q4FY26, with several key wins, taking the order backlog up 59 per cent Y-o-Y to Rs 15,719 crore and offering strong revenue visibility for FY27. The company is well positioned to benefit from strong industry tailwinds, particularly in the power systems segment, where rising investments in renewable energy, data centres and thermal power are driving strong demand for transformers and switchgear.
To capitalise on this momentum, the company has recently completed a major capacity expansion of its power transformer capacity to 50,000 MVA from 17,000 MVA and is working to increase it to 65,000 MVA in the near term.
FY27 is expected to be a year of accelerating earnings delivery. The sizeable projects commissioned during FY26 will stabilise and contribute to full-year EBITDA, driving a meaningful step-up in the company’s financial performance.