GE Vernova T&D India Limited has provided an update on its ongoing litigation regarding customs duty exemption, following the Supreme Court's dismissal of its Special Leave Petition. The company disclosed this development in compliance with SEBI listing regulations on April 10, 2026.

Background of the Customs Duty Case

The litigation stems from GE Vernova T&D India Limited's manufacturing operations of electrical equipment, including relays. Between 2002 and 2014, the company availed exemption from Basic Customs Duty on imports of various "parts" used in relay manufacturing. The dispute arose when customs authorities challenged the company's eligibility for these concessional duty rates.

Legal Proceedings Timeline

The legal battle began with an Order-in-Original dated March 25, 2015, passed by the Assistant Commissioner of Excise. The company initially approached the Madras High Court through a writ petition on jurisdictional grounds, but the court dismissed the petition and directed the company to the appellate authority.

Supreme Court Decision

The Supreme Court of India dismissed the Special Leave Petition filed by GE Vernova T&D India Limited on April 8, 2026, with the company receiving the order on April 10, 2026. The court permitted the company to pursue the remedy of filing an appeal before the Commissioner (Appeals) against the original order from 2015.

Previous Penalty Assessment

Earlier, the company had received a separate penalty order from customs authorities regarding duty assessment discrepancies. That order included multiple financial components:

Next Steps

Following the Supreme Court's directive, GE Vernova T&D India Limited will file an appeal on merits before the Commissioner (Appeals) against the Order-in-Original dated March 25, 2015, passed by the Assistant Commissioner of Excise. The company continues to maintain compliance with SEBI regulations through regular disclosures under Regulation 30.

Regulatory Compliance

The update was communicated to both BSE Limited and National Stock Exchange of India Limited through Company Secretary Shweta Mehta. The company operates under BSE code 522275 and NSE symbol GVT&D, maintaining its corporate office in Noida, Uttar Pradesh.

JPMorgan has initiated coverage on GE Vernova T&D India with an Overweight rating, setting a target price of ₹4,300. The investment bank's bullish outlook is anchored on what it describes as a decadal high-voltage equipment upcycle that positions the company favorably in the evolving power infrastructure landscape.

Key Growth Drivers

The investment thesis is built on several compelling growth catalysts that are expected to drive demand for the company's high-voltage equipment solutions:

Market Opportunity Assessment

The renewable energy sector's expansion represents a significant opportunity for GE Vernova T&D India. With 470GW of renewable additions on the horizon, the company is well-positioned to capitalize on the infrastructure requirements needed to integrate these clean energy sources into the existing grid network.

HVDC Technology Prospects

The rising adoption of High Voltage Direct Current (HVDC) technology presents a substantial market opportunity estimated at approximately $14-15 billion. HVDC systems are crucial for efficient long-distance power transmission and grid stability, making them essential components in modern power infrastructure development.

Export Growth Potential

Beyond domestic opportunities, JPMorgan highlights the company's export growth prospects. These are supported by global renewable energy initiatives, widespread grid infrastructure upgrades, and the increasing power demand driven by artificial intelligence applications across international markets.

The combination of domestic renewable energy expansion, technological advancement in HVDC systems, and global export opportunities forms the foundation of JPMorgan's positive investment outlook for GE Vernova T&D India.