New Delhi, Sept. 23 -- For GE Vernova T&D India, the problem is no longer a lack of orders. It is how quickly those orders can turn into revenue.

The recently won Barmer-South Kalamb HVDC-LCC project underscores the gap between the two. PL Capital estimates the project at around Rs.12,500 crore, taking GE Vernova's order backlog to Rs.33,430 crore, nearly five times the revenue for fiscal year 2026 (FY26).

Management expects the Barmer project to take about 4.5 years to execute, with only 10-15% of the work coming through in the first two years. GE Vernova's scope includes the two HVDC converter stations, while civil work is excluded. That makes execution of the existing backlog the more immediate earnings driver.

"Project execution ca...