5 Stocks to Watch as Cabinet Approves Rs 1.86 Trillion Green Energy Corridor

The battery half

The batteries cost about Rs 10 million (m) per megawatt-hour of storage. The center's Rs 60 bn covers roughly 12% of that bill.

This half is harder to follow. Grid-scale storage in India is young, and the bidding details are yet to come. So, all five stocks below sit on the transmission side, where the link is direct.

5 stocks to watch

Think of them as five points on one line: the owner, the builder, the equipment maker, the wire maker, and the transformer supplier to states.

#1 Power Grid Corporation of India

Power Grid wins more transmission auctions than anyone else. It holds about 44% of the tariff value of all bid projects since bidding began.

It took nine of the 28 projects bid out in the year ended March 2026. This year, it reported six more wins up to July 2026, across both inter-state and intra-state lines. Intra-state lines are exactly what GEC-III will offer.

Work in hand stood near Rs 1.75 tn at the end of June 2026, and 83% of it came from bid projects. Management has guided for Rs 370 bn of capital spending this year.

What needs attention is growth. Profit for the June quarter was flat at Rs 36 bn. Return on equity has slipped from 23% in the year ended March 2022 to about 16.5% in the year ended March 2026. The stock trades at about 15 times earnings, close to its 52-week low.

#2 Techno Electric & Engineering

Techno builds high-voltage substations, the points where voltage goes up or down. That is the 228,903 MVA part of this scheme. Its clients include Power Grid, private line owners, and state utilities. It also bids for lines itself. It has won four and sold three.

The order book stood at Rs 110 bn in August 2026, up from Rs 96 bn at the end of June. Standalone revenue rose 25% to Rs 6.4 bn in the June quarter. The company carries no debt and holds about Rs 12.5 bn in cash and investments.

What needs attention is margin. Operating profit rose just 13%, half the pace of revenue. The stock fell 7% after the results. Part of its cash also goes into a data centre business. Return on equity is near 11%, and the stock trades at about 25 times earnings.

#3 GE Vernova T&D India

GE Vernova T&D makes the hardware inside a substation: transformers, switchgear, and grid control systems.

June quarter revenue rose 38% to Rs 18.4 bn, and profit rose 25% to Rs 3.6 bn. The order backlog stood at Rs 209.3 bn, more than three years of sales.

Two things need attention. First, the company has deliberately cut its exposure to state utilities. They now make up under 2% of its backlog.

So its share of GEC-III will come mainly through the private and central players that win the auctions. Second, order intake fell 30% in the quarter, and gross margin slipped to 41.3%. The stock trades at about 82 times earnings.

#4 APAR Industries

APAR makes conductors, the aluminium wire strung between towers. Some 51,126 circuit kilometres of new lines will need a lot of it. Its premium conductors also push more power down existing routes, which suits the cost-plus upgrades.

Conductors are APAR's biggest business, with Rs 127 bn of revenue in the year ended March 2026. In the June quarter, group revenue rose 29.1% to Rs 65.9 bn and profit jumped 78% to Rs 4.7 bn. Premium products made up 50.3% of conductor sales.

What needs attention is the run-up. The APAR share price has climbed from a 52-week low of Rs 6,800 to about Rs 17,400 and trades at about 60 times earnings. Promoter holding fell 2.35 percentage points in the latest quarter.

Margins have also swung sharply. Net margin was 3.8% in the March quarter and 7.1% in the June quarter.

#5 Transformers & Rectifiers (India)

Of the five, this one has the most direct line to the states. Its recent orders came straight from state transmission utilities in Gujarat, Rajasthan, and Andhra Pradesh. These are the same utilities that will run GEC-III projects in their states.

Orders poured in. June quarter inflows rose 218% to Rs 21.1 bn and took the order book to a record Rs 66.3 bn, up 26%.

What needs attention is delivery. Revenue grew only 8% to Rs 5.7 bn, and profit dipped to Rs 643 m. Expansion work at its Changodar plant cut output. Management lowered its growth guidance for the year to 25% from 30-35%.

The stock is down about 45% over the past year and trades at about 31 times earnings. Promoter holding is down 10.6 percentage points over three years.

What to watch from here

• The first state tenders. Challenge mode means the order in which states qualify will decide where the early money goes.
• Land. Right-of-way problems have already slowed line work in Rajasthan and Gujarat.
• Battery bid rules. The design will decide who can win the Rs 500 bn.
• Price. The market already pays up for some of these names and not for others. Real orders will test that gap.

The bottom line

The scheme hands no company a contract. It builds a pipeline. Companies still have to win bids, deliver on time, and collect from state utilities.

But the logic is hard to argue with. Power that can't travel is worth nothing. For the next six and a half years, India is paying to make sure it can.

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