India’s energy infrastructure is undergoing modernization through renewables integration, grid expansions, and power generation upgrades. Companies supplying turbines, equipment, and services are key beneficiaries. The sector’s trajectory depends on government capex, industrial demand, and execution capabilities amid inflation and global uncertainties.
BHEL is India’s government-owned engineering and manufacturing giant, with capabilities spanning thermal, hydro, nuclear, and renewable energy systems. In FY 2025, BHEL reported a 19% rise in consolidated revenue to ₹28,339 crore. Profit before tax surged 230% to ₹725 crore. New orders stood at ₹92,535 crore, with an all-time high order backlog of ₹1,96,328 crore.
The industrial segment was a major contributor to profits in Q4 FY 2025, when net profit rose ~4% YoY to ₹504 crore. BHEL is benefiting from the revival in thermal projects and steady infrastructure demand.
A niche player specializing in small and industrial steam turbines, Triveni Turbine has become a preferred supplier for decentralized energy systems, sugar mills, and industrial utilities.
In FY 2025, Triveni delivered a record revenue of ₹2,005.8 crore, up ~21% YoY. PAT increased by ~33% to ₹357.2 crore, supported by robust domestic and international orders. Operating margins were high at 21.8%, reflecting cost discipline and strong execution.
Triveni remains a focused mid-cap industrial stock with high capital efficiency and increasing export exposure.
Recently demerged and listed, Siemens Energy India focuses on power transmission, renewable integration, grid automation, and generation equipment.
In Q3 FY 2026, net profit rose 80% YoY to ₹263 crore on a 20% increase in revenue to ₹1,785 crore. Orders for the quarter surged 94% to ₹3,290 crore. Margins stood at a strong 17.6%.
In the previous quarter (Q2 FY 2026), net profit had risen 36% to ₹246 crore. Analysts expect 50% annual EPS growth between FY 2024 and FY 2027, fueled by India’s push for energy transition and industrial automation.
GE Power India operates in the supply of boilers, turbines, hydro solutions, and thermal services. The company struggled with losses in earlier quarters but saw a turnaround in FY 2025.
For Q3 FY 2025, it reported a loss of ₹18.5 crore due to high input costs, though order inflows grew. By FY-end, GE Power reported net income of ₹20.3 crore, versus a loss of ₹17.1 crore in the previous year.
In Q4 FY 2025, it returned to profit with ₹25.94 crore net income. In Q1 FY 2026, it posted a further profit of ₹34.72 crore on ₹286.85 crore revenue, showing steady recovery.
| Company | FY 2025 Revenue | FY 2025 Profit | Order Book / Inflows | Core Strength |
|---|---|---|---|---|
| BHEL | ₹28,339 crore | ₹725 crore PBT | ₹92,535 crore orders; ₹1.96 lakh crore backlog | Scale, diversified portfolio |
| Triveni Turbine | ₹2,005.8 crore | ₹357.2 crore | Healthy execution and margins | Steam turbines niche, exports |
| Siemens Energy | ₹1,785 crore (Q3) | ₹263 crore (Q3) | ₹3,290 crore in Q3 orders | Transmission, energy transition |
| GE Power India | ₹1,048 crore | ₹20.3 crore | ₹2,706 crore backlog | Turnaround underway |
BHEL’s revival has been led by government-driven infrastructure and power projects. With an emphasis on indigenization, it is regaining momentum in the thermal and nuclear segments. However, execution delays and low private capex still pose risks.
With higher operating leverage and minimal debt, Triveni delivers consistent returns on capital. Its order book diversification and export-led growth in Asia, Africa, and Europe provide medium-term growth visibility.
Backed by global Siemens Group, the Indian entity is agile in energy transition, electrification, and digital grid integration. It benefits from policy focus on smart transmission, renewable integration, and grid automation.
Despite headwinds in the steam segment, cost optimization and focused EPC execution have helped GE Power return to profitability. However, volatility remains due to pending litigation and lumpy orders.
Investors looking for India’s core power infrastructure exposure will find BHEL appealing. It offers order visibility and a wide manufacturing footprint, though governance and working capital risks must be monitored.
Triveni is ideal for investors seeking capital-efficient industrial companies. It combines engineering precision, export revenue growth, and margin discipline, with a favorable risk-reward profile.
A strong candidate for those betting on India’s decarbonization and grid modernization story. Siemens Energy India’s earnings momentum, order visibility, and global parentage make it a growth stock to watch.
Suitable for value-focused investors willing to take a risk. With losses turning into profits and a leaner cost structure, the stock has upside potential, but sustainability of recovery remains key.
Power Capex Revival: Government-backed power sector investments will benefit BHEL, Siemens Energy, and GE Power.
Renewable Integration: Siemens Energy stands to gain from smart grid and transmission buildouts.
Decentralized Energy: Triveni Turbine’s relevance will grow in localized industrial power setups.
Privatization Push: Greater private participation in EPC contracts may improve competitive dynamics.
| Investor Goal | Best Fit |
|---|---|
| Stable, scale-driven PSU exposure | BHEL |
| Mid-cap industrial efficiency | Triveni Turbine |
| High-growth, energy transition | Siemens Energy India |
| Risk-tolerant turnaround play | GE Power India |
The Indian power equipment landscape is diverse—from BHEL’s command of large government projects to Triveni’s specialized turbines and Siemens Energy’s grid technology dominance. Investors can build a diversified approach to capture structural growth, niche margins, and recovery plays in a sector poised for transformation.
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